Icahn Enterprises Financials

IEP

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Icahn Enterprises (IEP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI IEP FY2025 2026-04-22

Balance-sheet contraction, not cleaner earnings, is the main mechanic as cash generation swings with asset release and leverage rises.

In FY2025, reported losses narrowed to -$299M while operating cash flow turned negative at -$313M, so accounting results and cash results moved in opposite directions. That matters because FY2023 produced $3.7B of operating cash flow despite a -$684M net loss, which is more consistent with working-capital release and balance-sheet unwind than with durable earnings power.

As revenue kept shrinking, interest expense still stayed near $500M a year, a sign of a sticky financing burden rather than a cost base that flexes down with sales. With debt-to-equity at 3.1x and equity down to $3.4B, each loss year presses on a thinner capital cushion.

Capex stayed below depreciation in FY2025, at $341M versus $603M, so the cash shortfall was not created by unusually heavy reinvestment. That makes the drop to -$654M of free cash flow look like an operating cash problem, not a growth-spending problem.

Financial Health Signals

Financial Profile 16/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Icahn Enterprises's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Icahn Enterprises's revenue declined 3.6% year-over-year, from $10.0B to $9.7B. This contraction results in a growth score of 23/100.

Leverage

Icahn Enterprises has a moderate D/E ratio of 3.15. This balance of debt and equity financing earns a leverage score of 38/100.

Cash Flow

While Icahn Enterprises generated -$313.0M in operating cash flow, capex of $341.0M consumed most of it, leaving -$654.0M in free cash flow. This results in a low score of 36/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Icahn Enterprises generates a -8.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -9.6% the prior year.

Piotroski F-Score Weak

2/9

Icahn Enterprises passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

1.05x

For every $1 of reported earnings, Icahn Enterprises generates $1.05 in operating cash flow (-$313.0M OCF vs -$299.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$9.7B

YoY-3.6%

5Y CAGR+9.5%

10Y CAGR-4.5%

Icahn Enterprises generated $9.7B in revenue in fiscal year 2025. This represents a decrease of 3.6% from the prior year.

EBITDA

N/A

Net Income

-$299.0M

YoY+32.8%

Icahn Enterprises reported -$299.0M in net income in fiscal year 2025. This represents an increase of 32.8% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$654.0M

YoY-218.5%

Icahn Enterprises generated -$654.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 218.5% from the prior year.

Cash & Debt

$1.4B

YoY-44.3%

5Y CAGR-2.9%

10Y CAGR-3.5%

Icahn Enterprises held $1.4B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-3.1%

YoY+1.3pp

5Y CAGR+23.9pp

10Y CAGR+4.7pp

Icahn Enterprises's net profit margin was -3.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.3 percentage points from the prior year.

Return on Equity

-8.7%

YoY+0.9pp

5Y CAGR+9.1pp

10Y CAGR+21.2pp

Icahn Enterprises's ROE was -8.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$341.0M

YoY+21.8%

5Y CAGR+11.4%

10Y CAGR-12.9%

Icahn Enterprises invested $341.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 21.8% from the prior year.

IEP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$9.7B-3.6%	$10.0B-8.4%	$10.9B-23.0%	$14.2B+25.2%	$11.3B+85.2%	$6.1B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$837.0M+6.9%	$783.0M-8.1%	$852.0M-31.8%	$1.3B+1.0%	$1.2B+3.9%	$1.2B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$504.0M-3.6%	$523.0M-5.6%	$554.0M-2.5%	$568.0M-14.7%	$666.0M-3.2%	$688.0M
Income Tax	-$19.0M+24.0%	-$25.0M-127.8%	$90.0M+164.7%	$34.0M+143.6%	-$78.0M+32.8%	-$116.0M
Net Income	-$299.0M+32.8%	-$445.0M+34.9%	-$684.0M-273.8%	-$183.0M+64.7%	-$518.0M+68.7%	-$1.7B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$2.7B-1.0%	$2.7B+15.0%	$2.4B+26.9%	$1.9B-27.0%	$2.6B-8.3%	$2.8B+26.8%	$2.2B-10.9%	$2.5B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$211.0M-3.2%	$218.0M+5.3%	$207.0M+3.0%	$201.0M-2.0%	$205.0M+1.5%	$202.0M+10.4%	$183.0M-5.2%	$193.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$125.0M+2.5%	$122.0M-5.4%	$129.0M+0.8%	$128.0M-0.8%	$129.0M-0.8%	$130.0M+1.6%	$128.0M-5.9%	$136.0M
Income Tax	-$27.0M-121.3%	$127.0M+382.2%	-$45.0M+39.2%	-$74.0M-221.7%	-$23.0M-76.9%	-$13.0M-425.0%	$4.0M-42.9%	$7.0M
Net Income	$1.0M-99.7%	$287.0M+273.9%	-$165.0M+60.9%	-$422.0M-330.6%	-$98.0M-545.5%	$22.0M+106.6%	-$331.0M-771.1%	-$38.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

IEP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$14.2B-12.7%	$16.3B-22.0%	$20.9B-25.3%	$27.9B+0.6%	$27.7B+11.0%	$25.0B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$1.4B-44.3%	$2.6B-11.8%	$3.0B+26.3%	$2.3B+0.7%	$2.3B+38.2%	$1.7B
Inventory	$845.0M-5.8%	$897.0M-14.3%	$1.0B-31.6%	$1.5B+3.6%	$1.5B-6.5%	$1.6B
Accounts Receivable	$393.0M-18.0%	$479.0M-1.2%	$485.0M-20.0%	$606.0M+11.0%	$546.0M+9.0%	$501.0M
Goodwill	$290.0M+0.7%	$288.0M0.0%	$288.0M0.0%	$288.0M-0.7%	$290.0M-1.4%	$294.0M
Total Liabilities	$10.8B-7.5%	$11.7B-21.1%	$14.8B-19.5%	$18.4B-0.3%	$18.4B+17.0%	$15.7B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$3.4B-25.9%	$4.6B-23.9%	$6.1B-36.5%	$9.6B+2.3%	$9.3B+0.9%	$9.3B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$14.2B-4.1%	$14.8B-0.1%	$14.8B-4.1%	$15.5B-4.9%	$16.3B-6.7%	$17.4B-3.0%	$18.0B-10.3%	$20.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$1.4B-18.9%	$1.8B-0.9%	$1.8B-17.4%	$2.2B-16.1%	$2.6B+13.5%	$2.3B+3.4%	$2.2B-10.1%	$2.5B
Inventory	$845.0M-5.3%	$892.0M-1.4%	$905.0M-9.5%	$1.0B+11.5%	$897.0M+1.6%	$883.0M-9.0%	$970.0M-6.6%	$1.0B
Accounts Receivable	$393.0M-6.0%	$418.0M-0.5%	$420.0M-16.5%	$503.0M+5.0%	$479.0M+0.6%	$476.0M-3.6%	$494.0M+10.5%	$447.0M
Goodwill	$290.0M0.0%	$290.0M0.0%	$290.0M+0.7%	$288.0M0.0%	$288.0M-0.3%	$289.0M+0.3%	$288.0M0.0%	$288.0M
Total Liabilities	$10.8B-5.4%	$11.4B-0.1%	$11.4B-2.8%	$11.7B+0.7%	$11.7B-7.6%	$12.6B+0.1%	$12.6B-12.7%	$14.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$3.4B+0.2%	$3.4B-0.1%	$3.4B-8.5%	$3.7B-19.0%	$4.6B-4.3%	$4.8B-10.4%	$5.4B-4.2%	$5.6B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

IEP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$313.0M-137.6%	$832.0M-77.7%	$3.7B+254.1%	$1.1B+228.7%	$321.0M+177.2%	-$416.0M
Capital Expenditures	$341.0M+21.8%	$280.0M-7.6%	$303.0M-10.4%	$338.0M+10.8%	$305.0M+53.3%	$199.0M
Free Cash Flow	-$654.0M-218.5%	$552.0M-83.9%	$3.4B+378.8%	$717.0M+4381.3%	$16.0M+102.6%	-$615.0M
Investing Cash Flow	-$402.0M-87.0%	-$215.0M+25.9%	-$290.0M-11.5%	-$260.0M-149.2%	$528.0M+190.9%	-$581.0M
Financing Cash Flow	-$1.1B+16.5%	-$1.3B+44.5%	-$2.4B-593.3%	-$344.0M-217.4%	$293.0M+144.9%	-$653.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	$526.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$421.0M-2906.7%	$15.0M-94.5%	$275.0M+251.1%	-$182.0M-174.6%	$244.0M+551.9%	-$54.0M-106.0%	$893.0M+455.8%	-$251.0M
Capital Expenditures	$75.0M-8.5%	$82.0M-14.6%	$96.0M+9.1%	$88.0M0.0%	$88.0M+51.7%	$58.0M-12.1%	$66.0M-2.9%	$68.0M
Free Cash Flow	-$496.0M-640.3%	-$67.0M-137.4%	$179.0M+166.3%	-$270.0M-273.1%	$156.0M+239.3%	-$112.0M-113.5%	$827.0M+359.2%	-$319.0M
Investing Cash Flow	-$65.0M-97.0%	-$33.0M+82.3%	-$186.0M-57.6%	-$118.0M-1172.7%	$11.0M+118.6%	-$59.0M+35.9%	-$92.0M-22.7%	-$75.0M
Financing Cash Flow	-$124.0M+71.2%	-$431.0M+11.1%	-$485.0M-646.2%	-$65.0M-126.0%	$250.0M+130.7%	-$815.0M-376.6%	-$171.0M+70.9%	-$587.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

IEP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-3.1%+1.3pp	-4.4%+1.8pp	-6.3%-5.0pp	-1.3%+3.3pp	-4.6%+22.4pp	-27.0%
Return on Equity	-8.7%+0.9pp	-9.6%+1.6pp	-11.3%-9.3pp	-1.9%+3.6pp	-5.5%+12.3pp	-17.8%
Return on Assets	-2.1%+0.6pp	-2.7%+0.6pp	-3.3%-2.6pp	-0.7%+1.2pp	-1.9%+4.7pp	-6.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	3.15+0.6	2.52+0.1	2.43+0.5	1.92-0.0	1.97+0.3	1.70
FCF Margin	-6.8%-12.3pp	5.5%-25.9pp	31.4%+26.4pp	5.1%+4.9pp	0.1%+10.2pp	-10.0%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	0.0%-10.5pp	10.5%+17.5pp	-7.0%+15.6pp	-22.6%-18.8pp	-3.8%-4.6pp	0.8%+15.8pp	-15.0%-13.5pp	-1.5%
Return on Equity	0.0%-8.4pp	8.4%+13.2pp	-4.8%+6.5pp	-11.3%-9.2pp	-2.1%-2.6pp	0.5%+6.6pp	-6.2%-5.5pp	-0.7%
Return on Assets	0.0%-1.9pp	1.9%+3.0pp	-1.1%+1.6pp	-2.7%-2.1pp	-0.6%-0.7pp	0.1%+2.0pp	-1.8%-1.7pp	-0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	3.15-0.2	3.340.0	3.34+0.2	3.14+0.6	2.52-0.1	2.61+0.3	2.34-0.2	2.57
FCF Margin	-18.4%-15.9pp	-2.5%-10.0pp	7.6%+22.0pp	-14.5%-20.6pp	6.1%+10.1pp	-4.0%-41.6pp	37.6%+50.5pp	-12.9%

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Frequently Asked Questions

What is Icahn Enterprises's annual revenue?

Icahn Enterprises (IEP) reported $9.7B in total revenue for fiscal year 2025. This represents a -3.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Icahn Enterprises's revenue growing?

Icahn Enterprises (IEP) revenue declined by 3.6% year-over-year, from $10.0B to $9.7B in fiscal year 2025.

Is Icahn Enterprises profitable?

No, Icahn Enterprises (IEP) reported a net income of -$299.0M in fiscal year 2025, with a net profit margin of -3.1%.

What is Icahn Enterprises's net profit margin?

Icahn Enterprises (IEP) had a net profit margin of -3.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Icahn Enterprises's return on equity (ROE)?

Icahn Enterprises (IEP) has a return on equity of -8.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Icahn Enterprises's free cash flow?

Icahn Enterprises (IEP) generated -$654.0M in free cash flow during fiscal year 2025. This represents a -218.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Icahn Enterprises's operating cash flow?

Icahn Enterprises (IEP) generated -$313.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Icahn Enterprises's total assets?

Icahn Enterprises (IEP) had $14.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Icahn Enterprises's capital expenditures?

Icahn Enterprises (IEP) invested $341.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Icahn Enterprises's debt-to-equity ratio?

Icahn Enterprises (IEP) had a debt-to-equity ratio of 3.15 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Icahn Enterprises's return on assets (ROA)?

Icahn Enterprises (IEP) had a return on assets of -2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Icahn Enterprises's cash runway?

Based on fiscal year 2025 data, Icahn Enterprises (IEP) had $1.4B in cash against an annual operating cash burn of $313.0M. This gives an estimated cash runway of approximately 56 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Icahn Enterprises's Piotroski F-Score?

Icahn Enterprises (IEP) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Icahn Enterprises's earnings high quality?

Icahn Enterprises (IEP) has an earnings quality ratio of 1.05x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Icahn Enterprises?

Icahn Enterprises (IEP) scores 16 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.