Icahn Enterprises Financials

IEP

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 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 17 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 2026-05-06

Losses narrowed while cash generation collapsed, revealing a business increasingly supported by a thinner equity cushion.

From FY2023 to FY2025, reported losses improved from -$684M to -$299M. Yet cash conversion moved the opposite way, with operating cash flow falling from $3.7B to -$313M, implying the earlier cash surge likely came from harvesting working capital rather than from a durable earnings engine.

The asset base is contracting much faster than reported losses are healing: total assets fell from $20.9B in FY2023 to $14.2B in FY2025, which usually means less room to absorb volatility from one year to the next. Meanwhile debt-to-equity reached 3.1x, so the partnership is operating with a thinner owner cushion and greater dependence on financing discipline rather than retained profits.

The cash cushion stopped acting as a shock absorber, dropping from $2.6B to $1.45B in FY2025 after staying comparatively resilient in prior years. Because capital spending was only $341M while free cash flow fell to -$654M, the pressure came mainly from weaker operating inflows rather than a sudden burst of investment.

Financial Health Signals

Financial health score pending refresh

We are recalculating Icahn Enterprises's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

2/5

Icahn Enterprises passes 2 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$2.2B-18.2%	$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
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	$209.0M-0.9%	$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
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$123.0M-1.6%	$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
Income Tax	-$49.0M-81.5%	-$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
Net Income	-$459.0M-46000.0%	$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
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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$12.9B-9.0%	$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
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$1.3B-10.4%	$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
Inventory	$927.0M+9.7%	$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
Accounts Receivable	$481.0M+22.4%	$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
Goodwill	$290.0M0.0%	$290.0M0.0%	$290.0M0.0%	$290.0M+0.7%	$288.0M0.0%	$288.0M-0.3%	$289.0M+0.3%	$288.0M
Total Liabilities	$10.6B-1.9%	$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
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	$2.3B-31.5%	$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
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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$397.0M+194.3%	-$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
Capital Expenditures	$114.0M+52.0%	$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
Free Cash Flow	$283.0M+157.1%	-$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
Investing Cash Flow	-$110.0M-69.2%	-$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
Financing Cash Flow	-$412.0M-232.3%	-$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
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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	-20.8%-20.9pp	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%
Return on Equity	-19.6%-19.6pp	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%
Return on Assets	-3.5%-3.6pp	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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	4.51+1.4	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
FCF Margin	12.8%+31.2pp	-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%

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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 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.