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[8-K] Icahn Enterprises L.P Reports Material Event

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TL;DR: Top-line beat offset by margin squeeze; FY25 trajectory weak due to customer share loss.

Revenue growth and better gross margin show mobile mix stabilising, yet opex rose 24% as management doubles R&D for next-gen RF. Operating leverage turned negative, cutting EPS despite buybacks. Cash generation remains strong, but >$1 bn returned to shareholders outpaces FCF, trimming cash reserves ahead of $499 m note maturity in 2026. Management’s disclosure that a key customer will trim share starting Q4 signals another step-down; expect FY26 consensus revisions. Valuation support now rests on dividend and repurchase capacity, not earnings momentum.

TL;DR: Balance sheet solid, but rising execution and concentration risks warrant caution.

Net cash still positive and liquidity covers near-term debt, yet classification of 2026 notes as current highlights upcoming refinancing need amid softer earnings. Customer concentration risk materialises with projected revenue loss; litigation with Denso adds event risk though likely immaterial near term. Shareholder returns remain aggressive; if softness persists, leverage could rise. Overall, filing skews moderately negative for credit and equity risk outlook.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): August 5, 2025

 

(Commission File
Number)

(Exact Name of Registrant as Specified in its Charter)

(Address of Principal Executive Offices) (Zip Code)

(Telephone Number)

(State or Other
Jurisdiction of
Incorporation or
Organization)

(I.R.S. Employer

Identification
No.)

1-9516

ICAHN ENTERPRISES L.P.

16690 Collins Ave, PH-1

Sunny Isles Beach, FL 33160

(305) 422-4100

Delaware 13-3398766

 

(Former Name or Former Address, if Changed Since Last Report)

N/A

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:   Trading
Symbol(s)
  Name of each exchange on which
registered:
Depositary Units of Icahn Enterprises L.P. Representing Limited Partner Interests   IEP   Nasdaq Global Select Market

  

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 8.01 Other Events.

 

On August 5, 2025, Icahn Enterprises L.P. (“Icahn Enterprises”) issued a press release announcing that it, together with Icahn Enterprises Finance Corp. (together with Icahn Enterprises, the “Issuers”), priced their offering of additional $500,000,000 aggregate principal amount of 10.000% Senior Secured Notes due 2029 (the “Notes”) in a private placement not registered under the Securities Act of 1933, as amended (such offering, the “Notes Offering”). The Notes Offering is expected to close on August 19, 2025, subject to customary closing conditions. The Notes will be guaranteed by Icahn Enterprises Holdings L.P. (the “Guarantor”). The Notes will be secured by substantially all of the assets directly owned by the Issuers and the Guarantor, subject to customary exceptions. The net proceeds from the Notes Offering will be used, together with cash on hand, to partially redeem the Issuers’ existing 6.250% Senior Notes due 2026. There can be no assurance that the issuance and sale of any debt securities of the Issuers will be consummated.

 

A copy of the press release is attached hereto as Exhibit 99.1.

 

This Current Report on Form 8-K is neither an offer to sell nor a solicitation of an offer to buy any securities of Icahn Enterprises.

 

Item 9.01. Financial Statements and Exhibits

 

(d) Exhibits

 

99.1 - Press Release dated August 5, 2025.

104 - Cover Page Interactive Data File (formatted in Inline XBRL in Exhibit 101).

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  ICAHN ENTERPRISES L.P.
(Registrant)
     
  By: Icahn Enterprises G.P. Inc.
    its general partner  
     
Date: August 5, 2025   By:  /s/ Ted Papapostolou
      Ted Papapostolou
      Chief Financial Officer

 

 

Icahn Enterprises

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