Icahn Enterprises L.P (IEP) Financials

IEP

Trailing 12 months to June 30, 2026

Revenue $10.6B +10.6% YoY

Net Income -$526.0M +20.7% YoY

Free Cash Flow -$244.0M -419.1% YoY

Operating Cash Flow $107.0M -62.2% YoY

Market Cap $5.0B as of Sep 12, 2026

Price / Sales 0.5x on $10.6B revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book 2.3x on $2.1B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 5, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the IEP SEC filings page.

Icahn Enterprises L.P (IEP) reported $10.6B in revenue over the twelve months to Jun 30, 2026, up 10.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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 2026-08-29

Shrinking assets, expanding leverage, and a 2025 cash reversal reveal a balance sheet where asset contraction outpaces deleveraging.

By FY2025, revenue was $9.7B while total assets had nearly halved from FY2021, indicating contraction in the asset base rather than merely a margin cycle. Meanwhile, debt-to-equity rose from 2.0x to 3.1x as equity shrank, meaning the remaining asset base carries more financial claims relative to owners’ capital.

Operating cash flow moved from $832M in FY2024 to -$313M in FY2025, reversing the company’s cash-conversion profile. Free cash flow also turned negative despite capital expenditures of $341M, separating reported earnings from cash generation and showing that investment plus operating needs exceeded internally generated funds.

Liabilities fell from $18.4B in FY2021 to $10.8B in FY2025, but equity fell faster; that is deleveraging in dollars but greater leverage relative to the capital base. The reported liquidity measure equaled 55.6 months of the latest annual operating outflow, while the higher leverage ratio shows liquidity and solvency are different questions.

Financial Health Signals

Financial health score not available

Icahn Enterprises L.P does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

2/6

Icahn Enterprises L.P passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 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 No Cash Backing

N/A

Icahn Enterprises L.P reported a net loss of $299.0M while operations used $313.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Revenue

$3.0B

YoY+25.6%

QoQ+34.9%

5Y CAGR-0.1%

10Y CAGR-3.7%

Icahn Enterprises L.P generated $3.0B in revenue in Q2 2026. This represents an increase of 25.6% from the same quarter a year earlier. Against the prior quarter it is up 34.9%.

Net Income

-$355.0M

YoY-115.2%

QoQ+22.7%

Icahn Enterprises L.P reported -$355.0M in net income in Q2 2026. This represents a decrease of 115.2% from the same quarter a year earlier. Against the prior quarter it is up 22.7%.

EBITDA

Not reported for Q2 2026.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$36.0M

YoY-79.9%

QoQ-87.3%

5Y CAGR-13.9%

10Y CAGR-14.4%

Icahn Enterprises L.P generated $36.0M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 79.9% from the same quarter a year earlier. Against the prior quarter it is down 87.3%.

Cash & Debt

$1.2B

YoY-32.3%

QoQ-6.0%

5Y CAGR-11.1%

10Y CAGR-4.4%

Icahn Enterprises L.P held $1.2B in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

711M

YoY+24.0%

QoQ+5.8%

5Y CAGR+21.9%

10Y CAGR+17.8%

Icahn Enterprises L.P had 711M shares outstanding in Q2 2026. This represents an increase of 24.0% from the same quarter a year earlier. Against the prior quarter it is up 5.8%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Net Margin

-11.9%

YoY-5.0pp

QoQ+8.9pp

5Y change-7.4pp

10Y change-10.3pp

Icahn Enterprises L.P's net profit margin was -11.9% in Q2 2026, showing the share of revenue converted to profit. This is down 5.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 8.9 percentage points.

Return on Equity

-16.5%

YoY-11.7pp

QoQ+3.0pp

5Y change-15.2pp

10Y change-13.8pp

Icahn Enterprises L.P's ROE was -16.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 11.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.0 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

$80.0M

YoY-16.7%

QoQ-29.8%

5Y CAGR-6.3%

10Y CAGR-9.2%

Icahn Enterprises L.P invested $80.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 16.7% from the same quarter a year earlier. Against the prior quarter it is down 29.8%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

IEP Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

IEP quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$10.6B	$9.7B-3.6%	$10.0B-8.4%	$10.9B-23.0%	$14.2B+25.2%	$11.3B+85.2%	$6.1B-31.9%	$9.0B-23.6%	$11.8B-6.7%	$12.6B+71.0%	$7.4B-51.7%	$15.3B-20.3%	$19.2B-7.4%	$20.7B+30.9%	$15.8B+31.4%	$12.0B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$15.0B+11.9%	$13.4B+5.3%	$12.7B-22.7%	$16.5B+4.3%	$15.8B+25.4%	$12.6B+60.2%	$7.9B
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$2.4B+60.5%	-$6.0B-338.4%	$2.5B-5.3%	$2.7B-45.2%	$4.9B+52.8%	$3.2B-23.1%	$4.1B
SG&A Expenses	$841.0M	$837.0M+6.9%	$783.0M-8.1%	$852.0M-31.8%	$1.3B+1.0%	$1.2B+3.9%	$1.2B-13.4%	$1.4B-0.8%	$1.4B+9.2%	$1.3B+26.8%	$1.0B-47.5%	$1.9B+17.4%	$1.6B+14.7%	$1.4B+11.1%	$1.3B+3.1%	$1.2B
Interest Expense	$491.0M	$504.0M-3.6%	$523.0M-5.6%	$554.0M-2.5%	$568.0M-14.7%	$666.0M-3.2%	$688.0M+13.7%	$605.0M+15.5%	$524.0M-20.0%	$655.0M-5.3%	$692.0M-40.0%	$1.2B+36.2%	$847.0M+51.2%	$560.0M-2.1%	$572.0M+16.7%	$490.0M
Income Tax	$53.0M	-$19.0M+24.0%	-$25.0M-127.8%	$90.0M+164.7%	$34.0M+143.6%	-$78.0M+32.8%	-$116.0M-680.0%	$20.0M+242.9%	-$14.0M+97.4%	-$532.0M-504.5%	-$88.0M-229.4%	$68.0M+166.0%	-$103.0M+12.7%	-$118.0M-45.7%	-$81.0M-338.2%	$34.0M
Net Income	-$526.0M	-$299.0M+32.8%	-$445.0M+34.9%	-$684.0M-273.8%	-$183.0M+64.7%	-$518.0M+68.7%	-$1.7B-50.5%	-$1.1B-174.1%	$1.5B-39.6%	$2.5B+317.6%	-$1.1B+5.5%	-$1.2B-220.1%	-$373.0M-136.4%	$1.0B+158.8%	$396.0M-47.2%	$750.0M
Diluted Shares (Avg)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	126M+5.9%	119M+7.2%	111M+8.8%	102M+9.7%	93M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$3.0B+25.6%	$2.2B+18.2%	$2.7B+5.4%	$2.7B-2.4%	$2.4B+7.6%	$1.9B-24.4%	$2.6B-5.0%	$2.8B-7.3%
SG&A Expenses	$203.0M-1.9%	$209.0M+4.0%	$211.0M+2.9%	$218.0M+7.9%	$207.0M+13.1%	$201.0M+4.1%	$205.0M+3.0%	$202.0M-3.3%
Interest Expense	$121.0M-6.2%	$123.0M-3.9%	$125.0M-3.1%	$122.0M-6.2%	$129.0M+0.8%	$128.0M-5.9%	$129.0M+0.8%	$130.0M-12.2%
Income Tax	$2.0M+104.4%	-$49.0M+33.8%	-$27.0M-17.4%	$127.0M+1076.9%	-$45.0M-1225.0%	-$74.0M-1157.1%	-$23.0M-387.5%	-$13.0M-113.5%
Net Income	-$355.0M-115.2%	-$459.0M-8.8%	$1.0M+101.0%	$287.0M+1204.5%	-$165.0M+50.2%	-$422.0M-1010.5%	-$98.0M+29.5%	$22.0M+466.7%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

IEP Balance Sheet

IEP quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$14.2B-12.7%	$16.3B-22.0%	$20.9B-25.3%	$27.9B+0.6%	$27.7B+11.0%	$25.0B+1.4%	$24.6B+4.9%	$23.5B-26.1%	$31.8B-4.7%	$33.4B-8.3%	$36.4B+1.7%	$35.8B+12.7%	$31.7B+22.4%	$25.9B+3.2%	$25.1B
Cash & Equivalents	$1.4B-44.3%	$2.6B-11.8%	$3.0B+26.3%	$2.3B+0.7%	$2.3B+38.2%	$1.7B-55.7%	$3.8B+42.8%	$2.7B+128.2%	$1.2B-36.5%	$1.8B-11.8%	$2.1B-28.5%	$2.9B-10.7%	$3.3B+5.0%	$3.1B+33.2%	$2.3B
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$845.0M-5.8%	$897.0M-14.3%	$1.0B-31.6%	$1.5B+3.6%	$1.5B-6.5%	$1.6B-12.0%	$1.8B+0.9%	$1.8B+2.8%	$1.7B-42.0%	$3.0B+32.0%	$2.3B+20.2%	$1.9B-1.2%	$1.9B-2.7%	$2.0B+45.5%	$1.3B
Accounts Receivable	$393.0M-18.0%	$479.0M-1.2%	$485.0M-20.0%	$606.0M+11.0%	$546.0M+9.0%	$501.0M+3.7%	$483.0M+1.9%	$474.0M+0.2%	$473.0M-70.6%	$1.6B-4.5%	$1.7B-0.4%	$1.7B-3.4%	$1.8B-5.6%	$1.9B+30.2%	$1.4B
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$290.0M+0.7%	$288.0M0.0%	$288.0M0.0%	$288.0M-0.7%	$290.0M-1.4%	$294.0M+4.3%	$282.0M+14.2%	$247.0M-24.5%	$327.0M-71.2%	$1.1B-24.5%	$1.5B-24.8%	$2.0B-3.6%	$2.1B-0.4%	$2.1B+84.7%	$1.1B
Total Liabilities	$10.8B-7.5%	$11.7B-21.1%	$14.8B-19.5%	$18.4B-0.3%	$18.4B+17.0%	$15.7B+14.8%	$13.7B-19.1%	$16.9B-17.1%	$20.4B-19.4%	$25.4B-3.9%	$26.4B+12.7%	$23.4B-8.8%	$25.7B+59.2%	$16.1B-6.9%	$17.3B
Total Equity	$3.4B-25.9%	$4.6B-23.9%	$6.1B-36.5%	$9.6B+2.3%	$9.3B+0.9%	$9.3B-15.4%	$10.9B+66.8%	$6.6B+28.5%	$5.1B+137.0%	$2.2B-46.0%	$4.0B-26.7%	$5.4B-10.7%	$6.1B+30.5%	$4.7B+24.3%	$3.8B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$12.9B-13.1%	$12.9B-16.5%	$14.2B-12.7%	$14.8B-15.0%	$14.8B-17.5%	$15.5B-22.8%	$16.3B-22.0%	$17.4B-19.8%
Cash & Equivalents	$1.2B-32.3%	$1.3B-40.5%	$1.4B-44.3%	$1.8B-22.1%	$1.8B-18.7%	$2.2B-11.5%	$2.6B-11.8%	$2.3B-20.6%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$978.0M+8.1%	$927.0M-7.3%	$845.0M-5.8%	$892.0M+1.0%	$905.0M-6.7%	$1.0B-3.8%	$897.0M-14.3%	$883.0M-18.6%
Accounts Receivable	$488.0M+16.2%	$481.0M-4.4%	$393.0M-18.0%	$418.0M-12.2%	$420.0M-15.0%	$503.0M+12.5%	$479.0M-1.2%	$476.0M-7.9%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$289.0M-0.3%	$290.0M+0.7%	$290.0M+0.7%	$290.0M+0.3%	$290.0M+0.7%	$288.0M0.0%	$288.0M0.0%	$289.0M+0.3%
Total Liabilities	$10.7B-5.9%	$10.6B-9.8%	$10.8B-7.5%	$11.4B-9.6%	$11.4B-9.4%	$11.7B-18.7%	$11.7B-21.1%	$12.6B-16.6%
Total Equity	$2.1B-37.3%	$2.3B-37.3%	$3.4B-25.9%	$3.4B-29.2%	$3.4B-36.4%	$3.7B-33.5%	$4.6B-23.9%	$4.8B-27.2%

Not reported in any period shown, so not listed: Current Assets, Current Liabilities, Non-Current Liabilities, Long-Term Debt, Retained Earnings.

IEP Cash Flow Statement

IEP quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$107.0M	-$313.0M-137.6%	$832.0M-77.7%	$3.7B+254.1%	$1.1B+228.7%	$321.0M+177.2%	-$416.0M+71.5%	-$1.5B-258.2%	$923.0M+168.5%	-$1.3B-210.7%	$1.2B+62.8%	$748.0M+291.8%	-$390.0M-154.4%	$717.0M-55.4%	$1.6B-22.8%	$2.1B
Depreciation & Amortization	N/A	$603.0M+18.0%	$511.0M-1.4%	$518.0M+1.8%	$509.0M-1.5%	$517.0M+1.4%	$510.0M-1.7%	$519.0M+2.2%	$508.0M-1.9%	$518.0M-1.5%	$526.0M-38.0%	$849.0M+7.7%	$788.0M+11.3%	$708.0M+16.6%	$607.0M+29.4%	$469.0M
Capital Expenditures	$351.0M	$341.0M+21.8%	$280.0M-7.6%	$303.0M-10.4%	$338.0M+10.8%	$305.0M+53.3%	$199.0M-20.4%	$250.0M-8.1%	$272.0M-13.9%	$316.0M+27.9%	$247.0M-81.8%	$1.4B-3.7%	$1.4B+21.5%	$1.2B+24.0%	$936.0M+89.5%	$494.0M
Free Cash Flow	-$244.0M	-$654.0M-218.5%	$552.0M-83.9%	$3.4B+378.8%	$717.0M+4381.3%	$16.0M+102.6%	-$615.0M+64.0%	-$1.7B-362.7%	$651.0M+139.1%	-$1.7B-271.4%	$971.0M+258.9%	-$611.0M+66.1%	-$1.8B-305.6%	-$444.0M-166.2%	$671.0M-57.7%	$1.6B
Investing Cash Flow	-$284.0M	-$402.0M-87.0%	-$215.0M+25.9%	-$290.0M-11.5%	-$260.0M-149.2%	$528.0M+190.9%	-$581.0M-199.1%	$586.0M-77.3%	$2.6B+279.3%	$682.0M+137.0%	-$1.8B+22.6%	-$2.4B-21.9%	-$2.0B-34.4%	-$1.5B+37.3%	-$2.3B-282.5%	-$607.0M
Financing Cash Flow	-$1.1B	-$1.1B+16.5%	-$1.3B+44.5%	-$2.4B-593.3%	-$344.0M-217.4%	$293.0M+144.9%	-$653.0M-215.4%	$566.0M+460.5%	-$157.0M-142.5%	$369.0M+536.2%	$58.0M-93.0%	$826.0M-58.9%	$2.0B+121.1%	$908.0M-38.6%	$1.5B+170.0%	-$2.1B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	$526.0M+369.6%	$112.0M+15.5%	$97.0M+19.8%	$81.0M-21.4%	$103.0M	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$116.0M-57.8%	$397.0M+318.1%	-$421.0M-272.5%	$15.0M+127.8%	$275.0M-69.2%	-$182.0M+27.5%	$244.0M+112.2%	-$54.0M-103.3%
Depreciation & Amortization	$124.0M-6.1%	$123.0M+4.2%	$195.0M+51.2%	$158.0M+25.4%	$132.0M+3.9%	$118.0M-8.5%	$129.0M-3.7%	$126.0M-5.3%
Capital Expenditures	$80.0M-16.7%	$114.0M+29.5%	$75.0M-14.8%	$82.0M+41.4%	$96.0M+45.5%	$88.0M+29.4%	$88.0M-13.7%	$58.0M-17.1%
Free Cash Flow	$36.0M-79.9%	$283.0M+204.8%	-$496.0M-417.9%	-$67.0M+40.2%	$179.0M-78.4%	-$270.0M+15.4%	$156.0M+1100.0%	-$112.0M-107.2%
Investing Cash Flow	-$76.0M+59.1%	-$110.0M+6.8%	-$65.0M-690.9%	-$33.0M+44.1%	-$186.0M-102.2%	-$118.0M-57.3%	$11.0M+105.3%	-$59.0M-164.1%
Financing Cash Flow	-$142.0M+70.7%	-$412.0M-533.8%	-$124.0M-149.6%	-$431.0M+47.1%	-$485.0M-183.6%	-$65.0M+88.9%	$250.0M+452.1%	-$815.0M-17.6%

Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.

IEP Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

IEP quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-18.9%+62.9pp	-81.8%-98.3pp	16.6%+2.6pp	14.0%-9.6pp	23.6%+3.4pp	20.2%-14.3pp	34.5%
Net Margin	-3.1%+1.3pp	-4.4%+1.8pp	-6.3%-5.0pp	-1.3%+3.3pp	-4.6%+22.4pp	-27.0%-14.8pp	-12.2%-24.8pp	12.6%-6.9pp	19.4%+34.7pp	-15.3%-7.5pp	-7.8%-5.9pp	-1.9%-6.9pp	5.0%+2.4pp	2.5%-3.7pp	6.2%
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%-7.8pp	-10.0%-32.6pp	22.6%-25.5pp	48.1%+100.4pp	-52.4%-22.4pp	-29.9%-23.1pp	-6.9%-23.7pp	16.8%+8.3pp	8.5%-11.5pp	20.0%
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%-2.2pp	-4.5%-10.8pp	6.3%-1.4pp	7.7%+11.1pp	-3.4%-0.1pp	-3.3%-2.2pp	-1.0%-4.3pp	3.2%+1.7pp	1.5%-1.5pp	3.0%
Debt-to-Equity	3.15+0.6x	2.52+0.1x	2.43+0.5x	1.920.0x	1.97+0.3x	1.70+0.4x	1.25-1.3x	2.58-1.4x	4.00-7.8x	11.77+5.2x	6.62+2.3x	4.30+0.1x	4.21+0.8x	3.45-1.2x	4.61
Asset Turnover	0.68+0.1x	0.62+0.1x	0.520.0x	0.51+0.1x	0.41+0.2x	0.24-0.1x	0.36-0.1x	0.50+0.1x	0.40+0.2x	0.22-0.2x	0.42-0.1x	0.54-0.1x	0.650.0x	0.61+0.1x	0.48
FCF Margin	-6.8%-12.3pp	5.5%-25.9pp	31.4%+26.4pp	5.1%+4.9pp	0.1%+10.2pp	-10.0%+9.0pp	-19.0%-24.5pp	5.5%+18.7pp	-13.2%-26.3pp	13.2%+17.2pp	-4.0%+5.4pp	-9.4%-7.3pp	-2.1%-6.4pp	4.3%-9.0pp	13.2%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Net Margin	-11.9%-5.0pp	-20.8%+1.8pp	0.0%+3.9pp	10.5%+9.7pp	-7.0%+8.1pp	-22.6%-21.1pp	-3.8%+1.3pp	0.8%+1.0pp
Return on Equity	-16.5%-11.7pp	-19.6%-8.3pp	0.0%+2.2pp	8.4%+7.9pp	-4.8%+1.3pp	-11.3%-10.6pp	-2.1%+0.2pp	0.5%+0.5pp
Return on Assets	-2.8%-1.6pp	-3.5%-0.8pp	0.0%+0.6pp	1.9%+1.8pp	-1.1%+0.7pp	-2.7%-2.5pp	-0.6%+0.1pp	0.1%+0.2pp
Debt-to-Equity	5.01+1.7x	4.51+1.4x	3.15+0.6x	3.34+0.7x	3.34+1.0x	3.14+0.6x	2.52+0.1x	2.61+0.3x
Asset Turnover	0.23+0.1x	0.17+0.1x	0.190.0x	0.180.0x	0.160.0x	0.120.0x	0.160.0x	0.160.0x
FCF Margin	1.2%-6.3pp	12.8%+27.3pp	-18.4%-24.5pp	-2.5%+1.5pp	7.6%-30.0pp	-14.5%-1.6pp	6.1%+5.6pp	-4.0%-55.7pp

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Icahn Enterprises L.P IEP	FY2025	$9.7B	-$299.0M	-3.1%	$5.0B	—
SUNOCO L.P. SUN	FY2025	$25.2B	$527.0M	2.1%	$14.6B	34/100
PBF ENERGY INC. PBF	FY2025	$29.3B	-$158.5M	-0.5%	$9.3B	23/100
CVR ENERGY, INC. CVI	FY2025	$7.2B	$27.0M	0.4%	$5.0B	39/100
HF Sinclair Corporation DINO	FY2025	$26.9B	$579.0M	2.1%	$19.2B	42/100
DELEK LOGISTICS PARTNERS, LP DKL	FY2025	$1.0B	$176.5M	17.4%	$3.3B	45/100

Where Icahn Enterprises L.P Ranks

Frequently Asked Questions

What is Icahn Enterprises L.P's annual revenue?

Icahn Enterprises L.P (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 L.P's revenue growing?

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

Is Icahn Enterprises L.P profitable?

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

What is Icahn Enterprises L.P's net profit margin?

Icahn Enterprises L.P (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 L.P's return on equity (ROE)?

Icahn Enterprises L.P (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 L.P's free cash flow?

Icahn Enterprises L.P (IEP) recorded an outflow of $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 L.P's operating cash flow?

Icahn Enterprises L.P (IEP) recorded an outflow of $313.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Icahn Enterprises L.P's total assets?

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

What are Icahn Enterprises L.P's capital expenditures?

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

How many shares does Icahn Enterprises L.P have outstanding?

Icahn Enterprises L.P (IEP) had 637M shares outstanding as of fiscal year 2025.

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

Icahn Enterprises L.P (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 L.P's return on assets (ROA)?

Icahn Enterprises L.P (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 L.P's P/E ratio?

Icahn Enterprises L.P (IEP) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $5.0B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Icahn Enterprises L.P's price-to-sales ratio?

Icahn Enterprises L.P (IEP) trades at 0.5x sales, its market capitalization divided by revenue of $10.6B revenue, trailing 12 months to June 30, 2026. The market capitalization is $5.0B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Icahn Enterprises L.P's liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Icahn Enterprises L.P (IEP) held $1.4B in cash, cash equivalents and investments, and reported an operating cash outflow of $313.0M over that year. Dividing the one by the other, the reported balance equals about 56 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Icahn Enterprises L.P's Piotroski F-Score?

Icahn Enterprises L.P (IEP) has a Piotroski F-Score of 2 out of 6 computable signals; 3 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 L.P's earnings high quality?

Icahn Enterprises L.P (IEP) reported a net loss of $299.0M while operations used $313.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.