Icahn Enterprises (IEP) Financials

$8.06 +0.06 (+0.69%)

As of 10:23 AM Eastern

Annual Income Statements for Icahn Enterprises

This table shows Icahn Enterprises' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-1,194	-1,128	2,454	1,482	-1,098	-1,653	-518	-183	-684	-445	-299
Consolidated Net Income / (Loss)	-2,127	-2,220	2,632	2,001	-1,791	-2,468	-500	-25	-1,012	-542	-326
Net Income / (Loss) Continuing Operations	-2,127	-2,285	2,398	237	-1,759	-2,468	-500	-25	-1,012	-542	-326
Total Pre-Tax Income	-2,059	-2,373	1,866	223	-1,739	-2,584	-578	9.00	-922	-567	-345
Total Operating Income	-905	-1,681	2,521	193	-1,134	-1,865	172	257	-1,012	-517	-376
Total Gross Profit	2,531	542	4,399	2,230	789	-149	1,937	1,604	320	325	546
Total Revenue	15,272	7,379	12,619	11,223	8,994	6,171	11,422	13,876	10,290	9,547	9,123
Operating Revenue	13,886	7,379	12,619	10,576	8,994	5,563	10,775	13,128	9,520	8,840	8,459
Other Revenue	1,386	-	-	647	-	608	647	748	770	707	664
Total Cost of Revenue	12,741	6,837	8,220	8,993	8,205	6,320	9,485	12,272	9,970	9,222	8,577
Operating Cost of Revenue	12,741	6,837	8,220	8,993	8,205	6,320	9,485	11,689	9,327	8,619	7,978
Other Cost of Revenue	-	-	-	-	-	-	-	583	643	603	599
Total Operating Expenses	3,436	2,223	1,878	2,037	1,923	1,716	1,765	1,347	1,332	842	922
Selling, General & Admin Expense	2,551	1,632	1,269	1,386	1,375	1,191	1,238	1,250	852	783	837
Other Operating Expenses / (Income)	-	-	518	538	528	487	522	95	472	56	35
Impairment Charge	788	586	87	92	2.00	11	0.00	0.00	7.00	0.00	40
Restructuring Charge	97	5.00	4.00	21	18	10	5.00	2.00	1.00	3.00	10
Total Other Income / (Expense), net	-1,154	-692	-655	30	-605	-719	-750	-248	90	-50	31
Interest Expense	1,154	692	655	524	605	688	666	568	554	523	504
Interest & Investment Income	-	-	-	470	-	-	-	328	636	477	288
Other Income / (Expense), net	-	-	-	84	-	-31	-84	-8.00	8.00	-4.00	247
Income Tax Expense	68	-88	-532	-14	20	-116	-78	34	90	-25	-19
Net Income / (Loss) Attributable to Noncontrolling Interest	-933	-1,092	178	519	-693	-815	18	158	-328	-97	-27
Basic Earnings per Share	($9.29)	($8.07)	$14.94	$11.33	($5.38)	($7.33)	($2.32)	($0.57)	($1.75)	($0.94)	($0.52)
Weighted Average Basic Shares Outstanding	126M	137M	161M	180M	200M	221M	260M	316M	382M	466M	562M
Diluted Earnings per Share	($9.29)	($8.07)	$14.94	$11.33	($5.38)	($7.33)	($2.32)	($0.57)	($1.75)	($0.94)	($0.52)
Weighted Average Diluted Shares Outstanding	126M	137M	161M	180M	200M	221M	260M	316M	382M	466M	562M
Weighted Average Basic & Diluted Shares Outstanding	126M	137M	161M	180M	200M	221M	260M	316M	382M	466M	562M
Cash Dividends to Common per Share	$6.00	$6.00	$6.00	$7.00	$8.00	$8.00	$8.00	$8.00	$6.00	$3.50	$2.00

This table shows Icahn Enterprises' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-6.00	-139	-38	-331	22	-98	-422	-165	287	1.00	-459
Consolidated Net Income / (Loss)	-30	-205	-26	-486	80	-110	-580	-201	411	44	-563
Net Income / (Loss) Continuing Operations	-30	-198	-26	-486	80	-110	-580	-201	411	44	-563
Total Pre-Tax Income	66	-197	-19	-482	67	-133	-654	-246	538	17	-612
Total Operating Income	69	-429	-20	-476	82	-244	-606	-233	372	91	-534
Total Gross Profit	323	-494	193	-280	299	-315	-380	-19	602	343	-320
Total Revenue	2,865	2,364	2,333	2,078	2,677	2,338	1,787	2,253	2,437	2,646	2,161
Operating Revenue	2,662	2,182	2,159	1,896	2,495	2,197	1,619	2,081	2,269	2,490	2,000
Other Revenue	203	182	174	182	182	141	168	172	168	156	161
Total Cost of Revenue	2,542	2,858	2,140	2,358	2,378	2,653	2,167	2,272	1,835	2,303	2,481
Operating Cost of Revenue	2,377	2,380	1,991	2,208	2,227	2,205	2,016	2,118	1,685	2,159	2,340
Other Cost of Revenue	165	-	149	150	151	-	151	154	150	144	141
Total Operating Expenses	254	-65	213	196	217	-71	226	214	230	252	214
Selling, General & Admin Expense	209	199	193	183	202	205	201	207	218	211	209
Other Operating Expenses / (Income)	44	-271	20	13	14	-278	8.00	7.00	10	10	5.00
Impairment Charge	-	-	0.00	0.00	0.00	-	10	2.00	0.00	28	0.00
Restructuring Charge	1.00	-	0.00	1.00	0.00	-	7.00	-2.00	2.00	3.00	0.00
Total Other Income / (Expense), net	-3.00	239	1.00	-6.00	-15	115	-48	-13	166	-74	-78
Interest Expense	148	128	136	128	130	129	128	129	122	125	123
Interest & Investment Income	143	-	143	122	115	-	83	69	70	66	47
Other Income / (Expense), net	2.00	45	-6.00	-	-	25	-3.00	47	218	-15	-2.00
Income Tax Expense	96	8.00	7.00	4.00	-13	-23	-74	-45	127	-27	-49
Net Income / (Loss) Attributable to Noncontrolling Interest	-24	-66	12	-155	58	-12	-158	-36	124	43	-104
Basic Earnings per Share	($0.01)	($0.27)	($0.09)	($0.72)	$0.05	($0.18)	($0.79)	($0.30)	$0.49	$0.08	($0.71)
Weighted Average Basic Shares Outstanding	394M	382M	429M	450M	477M	466M	523M	545M	575M	562M	637M
Diluted Earnings per Share	($0.01)	($0.27)	($0.09)	($0.72)	$0.05	($0.18)	($0.79)	($0.30)	$0.49	$0.08	($0.71)
Weighted Average Diluted Shares Outstanding	394M	382M	429M	450M	477M	466M	523M	545M	575M	562M	637M
Weighted Average Basic & Diluted Shares Outstanding	394M	382M	429M	450M	477M	466M	523M	545M	575M	562M	637M
Cash Dividends to Common per Share	$1.00	$1.00	$1.00	$1.00	$1.00	$0.50	$0.50	$0.50	$0.50	$0.50	$0.50

This table details how cash moves in and out of Icahn Enterprises' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-830	-734	27	3,427	-393	-1,654	1,145	450	1,060	-707	-1,820
Net Cash From Operating Activities	748	1,218	-1,348	923	-1,460	-416	321	1,055	3,736	832	-313
Net Cash From Continuing Operating Activities	748	379	-2,042	444	-1,460	-416	321	1,055	3,736	832	-313
Net Income / (Loss) Continuing Operations	-2,127	-2,285	2,398	237	-1,759	-2,468	-500	-25	-1,012	-542	-326
Consolidated Net Income / (Loss)	-2,127	-2,220	2,632	2,001	-1,791	-2,468	-500	-25	-1,012	-542	-326
Depreciation Expense	863	526	518	508	519	510	517	509	518	511	603
Non-Cash Adjustments To Reconcile Net Income	2,612	1,312	-4,277	1,236	-1,758	1,794	-59	972	3,494	996	-144
Changes in Operating Assets and Liabilities, net	-600	826	-681	-1,537	1,538	-252	363	-401	736	-133	-446
Net Cash From Investing Activities	-2,385	-1,845	682	2,587	586	-581	528	-260	-290	-215	-402
Net Cash From Continuing Investing Activities	-2,385	-1,252	1,262	3,024	586	-581	528	-260	-290	-215	-402
Purchase of Property, Plant & Equipment	-1,359	-247	-316	-272	-250	-199	-305	-338	-303	-280	-341
Acquisitions	-855	-1,009	-249	-15	-39	-8.00	-20	0.00	-20	-2.00	0.00
Divestitures	90	31	1,983	3,370	505	25	414	4.00	33	93	120
Other Investing Activities, net	84	-27	-80	0.00	-38	-160	-6.00	-79	0.00	-26	-181
Net Cash From Financing Activities	826	58	369	-157	566	-653	293	-344	-2,385	-1,323	-1,105
Net Cash From Continuing Financing Activities	826	290	630	6.00	566	-653	293	-344	-2,385	-1,323	-1,105
Repayment of Debt	-992	-1,941	-3,881	-1,346	-2,554	-3,018	-2,760	-716	-1,285	-2,046	-740
Payment of Dividends	-368	-176	-156	-236	-231	-562	-240	-519	-2,825	-997	-891
Issuance of Debt	1,972	1,908	3,804	1,283	3,317	2,812	2,379	115	1,382	1,628	513
Issuance of Common Equity	-	-	600	310	220	13	79	9.00	0.00	1.00	0.00
Other Financing Activities, net	271	499	263	-5.00	-186	102	835	767	343	91	13
Effect of Exchange Rate Changes	-7.00	0.00	3.00	-7.00	-2.00	-4.00	3.00	-1.00	-1.00	-1.00	0.00

This table details how cash moves in and out of Icahn Enterprises' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	1,026	-166	-913	627	-926	505	-364	-399	-451	-606	-125
Net Cash From Operating Activities	1,627	115	-251	893	-54	244	-182	275	15	-421	397
Net Cash From Continuing Operating Activities	1,627	115	-251	893	-54	244	-182	275	15	-421	397
Net Income / (Loss) Continuing Operations	-30	-205	-26	-486	80	-110	-580	-201	411	44	-563
Consolidated Net Income / (Loss)	-30	-205	-26	-486	80	-110	-580	-201	411	44	-563
Depreciation Expense	133	134	129	127	126	129	118	132	158	195	123
Non-Cash Adjustments To Reconcile Net Income	1,524	179	-110	1,069	-135	172	268	15	-245	-182	689
Changes in Operating Assets and Liabilities, net	-	7.00	-244	183	-125	53	12	329	-309	-478	148
Net Cash From Investing Activities	92	-209	-75	-92	-59	11	-118	-186	-33	-65	-110
Net Cash From Continuing Investing Activities	92	-209	-75	-92	-59	11	-118	-186	-33	-65	-110
Purchase of Property, Plant & Equipment	-70	-102	-68	-66	-58	-88	-88	-96	-82	-75	-114
Divestitures	4.00	9.00	2.00	3.00	1.00	84	6.00	55	51	8.00	0.00
Other Investing Activities, net	-	62	-9.00	-27	-2.00	15	-36	-145	-2.00	2.00	4.00
Net Cash From Financing Activities	-693	-71	-587	-171	-815	250	-65	-485	-431	-124	-412
Net Cash From Continuing Financing Activities	-693	-71	-587	-171	-815	250	-65	-485	-431	-124	-412
Repayment of Debt	-16	-1,218	-611	-760	-175	-500	-18	-105	-525	-92	-1,266
Payment of Dividends	-681	-357	-33	-237	-649	-78	-12	-389	-409	-81	-177
Issuance of Debt	4.00	1,346	7.00	776	5.00	840	0.00	12	492	9.00	1,007
Other Financing Activities, net	-	158	50	49	4.00	-12	-35	-3.00	11	40	24
Effect of Exchange Rate Changes	-	-1.00	0.00	-	2.00	-	1.00	-3.00	-2.00	4.00	0.00

This table presents Icahn Enterprises' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	36,407	33,371	31,801	23,489	24,639	24,989	27,746	27,914	20,858	16,279	14,215
Total Current Assets	7,304	8,711	4,620	16,592	7,223	8,809	6,460	14,074	11,845	8,264	6,313
Cash & Equivalents	2,078	1,833	1,164	2,656	3,794	1,679	2,321	2,337	2,951	2,603	1,450
Restricted Cash	1,282	804	747	2,682	1,151	1,612	2,115	2,549	2,995	2,636	1,969
Accounts Receivable	1,685	1,609	473	474	483	501	546	606	485	479	393
Inventories, net	2,259	2,983	1,730	1,779	1,795	1,580	1,478	1,531	1,047	897	845
Other Current Assets	-	1,482	506	664	-	3,437	-	7,051	4,367	1,624	1,656
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	0.00	25	0.00
Plant, Property, & Equipment, net	9,535	10,122	5,186	4,688	4,454	4,228	4,085	4,038	3,969	3,843	3,670
Total Noncurrent Assets	19,568	14,538	21,995	2,209	12,962	11,952	17,201	9,802	5,044	4,172	4,232
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	0.00	11	7.00	129
Goodwill	1,504	1,136	327	247	282	294	290	288	288	288	290
Intangible Assets	1,108	1,116	544	501	431	660	595	533	466	409	349
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	127	184	160	165
Other Noncurrent Operating Assets	16,956	12,286	21,124	1,461	12,249	10,998	16,316	8,854	4,095	3,308	3,299
Total Liabilities & Shareholders' Equity	36,407	33,371	31,801	23,489	24,639	24,989	27,746	27,914	20,858	16,279	14,215
Total Liabilities	26,374	25,354	20,433	10,509	13,697	15,731	18,403	18,356	14,785	11,658	10,789
Total Current Liabilities	11,350	9,663	5,319	2,489	3,642	7,104	10,321	10,922	7,179	4,518	3,859
Accounts Payable	1,416	1,765	980	832	945	738	805	870	830	802	690
Accrued Expenses	1,823	1,895	984	1,012	1,453	1,588	1,778	1,981	1,596	1,547	1,192
Other Current Liabilities	8,111	4,864	2,080	609	1,244	4,778	6,951	8,071	4,753	2,169	1,977
Total Noncurrent Liabilities	15,024	15,691	15,114	8,020	10,055	8,627	8,082	7,434	7,606	7,140	6,930
Long-Term Debt	12,594	11,119	7,372	7,326	8,192	8,059	7,692	7,096	7,207	6,809	6,616
Noncurrent Deferred & Payable Income Tax Liabilities	1,201	1,613	732	694	639	568	390	338	399	331	314
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	10,033	8,017	11,368	12,980	10,942	9,258	9,343	9,558	6,073	4,621	3,426
Total Preferred & Common Equity	3,987	2,154	5,106	6,560	5,456	3,383	3,544	3,900	3,208	2,466	1,942
Total Common Equity	3,987	2,154	5,106	6,560	5,456	3,383	3,544	3,900	3,208	2,466	1,942
Common Stock	3,987	2,154	5,106	6,560	5,456	3,383	3,544	3,900	3,208	2,466	1,942
Noncontrolling Interest	6,046	5,863	6,262	6,420	5,486	5,875	5,799	5,658	2,865	2,155	1,484

This table presents Icahn Enterprises' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	27,520	26,269	22,214	21,757	20,064	17,988	17,443	15,481	14,839	14,826	12,933
Total Current Assets	15,241	6,713	10,815	12,391	10,840	9,840	9,069	6,403	7,087	7,059	5,674
Cash & Equivalents	2,432	2,608	2,488	2,890	2,468	2,218	2,294	2,183	1,804	1,787	1,299
Restricted Cash	4,778	2,481	2,598	3,222	2,565	3,442	2,440	2,692	2,672	2,238	1,995
Accounts Receivable	610	527	495	517	447	494	476	503	420	418	481
Inventories, net	1,674	1,097	1,015	1,085	1,039	970	883	1,000	905	892	927
Other Current Assets	5,747	-	4,219	4,677	4,321	2,716	2,976	-	1,261	1,724	945
Other Current Nonoperating Assets	-	-	-	-	-	-	-	25	25	0.00	27
Plant, Property, & Equipment, net	4,057	3,986	3,959	3,937	3,940	3,909	3,865	3,824	3,786	3,742	3,634
Total Noncurrent Assets	8,222	15,363	7,440	5,429	5,284	4,239	4,509	5,254	3,966	4,025	3,625
Noncurrent Note & Lease Receivables	-	-	82	59	11	7.00	7.00	-	-	124	132
Goodwill	286	288	288	288	288	288	289	288	290	290	290
Intangible Assets	547	517	502	487	452	437	423	395	381	368	340
Noncurrent Deferred & Refundable Income Taxes	-	-	184	171	190	162	168	179	179	143	184
Other Noncurrent Operating Assets	7,389	14,558	6,384	4,424	4,343	3,345	3,622	4,392	3,116	3,100	2,679
Total Liabilities & Shareholders' Equity	27,520	26,269	22,214	21,757	20,064	17,988	17,443	15,481	14,839	14,826	12,933
Total Liabilities	17,653	17,773	15,027	15,129	14,439	12,602	12,616	11,739	11,416	11,407	10,586
Total Current Liabilities	10,182	10,346	7,595	7,700	7,441	5,636	5,800	4,667	4,470	4,402	3,918
Accounts Payable	1,007	774	723	819	795	747	679	870	690	673	757
Accrued Expenses	2,019	2,646	1,878	1,926	2,044	1,559	1,660	1,952	1,698	1,292	1,678
Other Current Liabilities	7,156	6,318	4,994	4,955	4,602	3,330	3,461	933	2,082	2,437	1,483
Total Noncurrent Liabilities	7,471	7,427	7,432	7,429	6,998	6,966	6,816	7,072	6,946	7,005	6,668
Long-Term Debt	7,127	7,091	7,078	7,075	6,608	6,625	6,447	6,794	6,713	6,688	6,392
Noncurrent Deferred & Payable Income Tax Liabilities	344	336	354	354	390	341	369	278	233	317	276
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	9,867	8,496	7,187	6,628	5,625	5,386	4,827	3,742	3,423	3,419	2,347
Total Preferred & Common Equity	4,003	3,091	3,396	3,453	2,781	2,727	2,645	1,774	1,743	1,950	1,147
Total Common Equity	4,003	3,091	3,396	3,453	2,781	2,727	2,645	1,774	1,743	1,950	1,147
Common Stock	4,003	3,091	3,396	3,453	2,781	2,727	2,645	1,774	1,743	1,950	1,147
Noncontrolling Interest	5,864	5,405	3,791	3,175	2,844	2,659	2,182	1,968	1,680	1,469	1,200

This table displays calculated financial ratios and metrics derived from Icahn Enterprises' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-20.28%	-51.68%	71.01%	-11.06%	-19.86%	-31.39%	85.09%	21.48%	-25.84%	-7.22%	-4.44%
EBITDA Growth	-104.10%	-2,650.00%	363.12%	-74.17%	-178.34%	-125.37%	143.65%	25.29%	-164.12%	97.94%	4,840.00%
EBIT Growth	-520.93%	-85.75%	249.97%	-89.01%	-509.39%	-67.20%	104.64%	182.95%	-503.21%	48.11%	75.24%
NOPAT Growth	-520.93%	-85.75%	375.32%	-93.67%	-487.00%	-64.46%	109.22%	-692.93%	0.77%	48.91%	27.27%
Net Income Growth	-302.08%	-4.37%	218.56%	-23.97%	-189.51%	-37.80%	79.74%	95.00%	-3,948.00%	46.44%	39.85%
EPS Growth	-201.62%	13.13%	285.13%	-24.16%	-147.48%	-36.25%	68.35%	75.43%	-207.02%	46.29%	44.68%
Operating Cash Flow Growth	291.79%	62.83%	-210.67%	168.47%	-258.18%	71.51%	177.16%	228.66%	254.12%	-77.73%	-137.62%
Free Cash Flow Firm Growth	49.58%	267.83%	513.25%	319.73%	-171.43%	86.26%	166.56%	18.90%	312.07%	-78.36%	-189.34%
Invested Capital Growth	-1.85%	-8.45%	2.64%	-63.17%	112.82%	-1.15%	-4.56%	-12.09%	-37.68%	-15.93%	7.41%
Revenue Q/Q Growth	-4.76%	-50.56%	63.88%	19.80%	5.60%	9.16%	4.86%	-7.46%	1.27%	-0.27%	2.09%
EBITDA Q/Q Growth	-105.56%	39.72%	27.31%	-37.94%	40.58%	37.90%	-37.89%	-64.40%	61.09%	94.12%	1,536.36%
EBIT Q/Q Growth	-862.77%	41.85%	14.18%	-64.03%	26.79%	30.83%	-80.79%	-84.60%	43.02%	24.05%	77.37%
NOPAT Q/Q Growth	-862.77%	41.85%	46.73%	-61.95%	38.54%	31.96%	-76.09%	-157.55%	45.80%	26.35%	34.04%
Net Income Q/Q Growth	-94.42%	41.61%	42.97%	87.18%	-285.99%	17.71%	-171.43%	94.36%	16.71%	14.91%	32.08%
EPS Q/Q Growth	-108.76%	48.50%	27.91%	123.91%	0.00%	0.00%	0.00%	64.60%	24.89%	8.74%	33.33%
Operating Cash Flow Q/Q Growth	1.22%	-21.92%	-32.42%	996.12%	-14.42%	-136.75%	129.89%	-70.65%	179.64%	18.35%	-188.92%
Free Cash Flow Firm Q/Q Growth	-544.74%	-96.01%	129.13%	2,121.78%	-402.23%	-248.32%	989.95%	-80.71%	320.45%	44.05%	-1,320.68%
Invested Capital Q/Q Growth	-8.19%	131.20%	-6.48%	-65.59%	-7.45%	10.95%	1.17%	20.28%	-3.39%	-5.72%	8.90%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.57%	7.35%	34.86%	19.87%	8.77%	-2.41%	16.96%	11.56%	3.11%	3.40%	5.98%
EBITDA Margin	-0.28%	-15.65%	24.08%	6.99%	-6.84%	-22.46%	5.30%	5.46%	-4.72%	-0.10%	5.20%
Operating Margin	-5.93%	-22.78%	19.98%	1.72%	-12.61%	-30.22%	1.51%	1.85%	-9.83%	-5.42%	-4.12%
EBIT Margin	-5.93%	-22.78%	19.98%	2.47%	-12.61%	-30.72%	0.77%	1.79%	-9.76%	-5.46%	-1.41%
Profit (Net Income) Margin	-13.93%	-30.09%	20.86%	17.83%	-19.91%	-39.99%	-4.38%	-0.18%	-9.83%	-5.68%	-3.57%
Tax Burden Percent	103.30%	93.55%	141.05%	897.31%	102.99%	95.51%	86.51%	-277.78%	109.76%	95.59%	94.49%
Interest Burden Percent	227.51%	141.17%	74.02%	80.51%	153.35%	136.29%	-656.82%	3.61%	91.83%	108.83%	267.44%
Effective Tax Rate	0.00%	0.00%	-28.51%	-6.28%	0.00%	0.00%	0.00%	377.78%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-3.26%	-6.38%	18.13%	1.66%	-7.61%	-9.25%	0.88%	-5.68%	-7.42%	-5.36%	-4.12%
ROIC Less NNEP Spread (ROIC-NNEP)	-21.39%	-17.44%	10.70%	850.77%	57.44%	-38.26%	-13.20%	16.36%	-24.91%	-18.20%	-6.76%
Return on Net Nonoperating Assets (RNNOA)	-15.71%	-18.22%	9.03%	14.78%	-7.36%	-15.18%	-6.25%	5.41%	-5.53%	-4.78%	-3.99%
Return on Equity (ROE)	-18.97%	-24.60%	27.16%	16.44%	-14.97%	-24.44%	-5.38%	-0.26%	-12.95%	-10.14%	-8.10%
Cash Return on Invested Capital (CROIC)	-1.39%	2.45%	15.52%	94.00%	-79.74%	-8.10%	5.55%	7.19%	39.01%	11.94%	-11.26%
Operating Return on Assets (OROA)	-2.51%	-4.82%	7.74%	1.00%	-4.71%	-7.64%	0.33%	0.89%	-4.12%	-2.81%	-0.85%
Return on Assets (ROA)	-5.89%	-6.36%	8.08%	7.24%	-7.44%	-9.95%	-1.90%	-0.09%	-4.15%	-2.92%	-2.14%
Return on Common Equity (ROCE)	-7.98%	-8.37%	10.17%	7.88%	-7.52%	-10.69%	-2.00%	-0.10%	-5.89%	-5.38%	-4.44%
Return on Equity Simple (ROE_SIMPLE)	-53.35%	-103.06%	51.55%	30.50%	-32.83%	-72.95%	-14.11%	-0.64%	-31.55%	-21.98%	0.00%
Net Operating Profit after Tax (NOPAT)	-634	-1,177	3,240	205	-794	-1,306	120	-714	-708	-362	-263
NOPAT Margin	-4.15%	-15.95%	25.67%	1.83%	-8.83%	-21.16%	1.05%	-5.14%	-6.88%	-3.79%	-2.89%
Net Nonoperating Expense Percent (NNEP)	18.13%	11.07%	7.43%	-849.12%	-65.05%	29.01%	14.08%	-22.03%	17.49%	12.84%	2.65%
Return On Investment Capital (ROIC_SIMPLE)	-2.80%	-5.80%	16.19%	1.01%	-4.15%	-7.54%	0.68%	-4.29%	-5.33%	-3.17%	-2.62%
Cost of Revenue to Revenue	83.43%	92.65%	65.14%	80.13%	91.23%	102.41%	83.04%	88.44%	96.89%	96.60%	94.02%
SG&A Expenses to Revenue	16.70%	22.12%	10.06%	12.35%	15.29%	19.30%	10.84%	9.01%	8.28%	8.20%	9.17%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	22.50%	30.13%	14.88%	18.15%	21.38%	27.81%	15.45%	9.71%	12.94%	8.82%	10.11%
Earnings before Interest and Taxes (EBIT)	-905	-1,681	2,521	277	-1,134	-1,896	88	249	-1,004	-521	-129
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-42	-1,155	3,039	785	-615	-1,386	605	758	-486	-10	474
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.51	1.12	0.55	0.57	0.91	1.57	1.98	2.60	1.58	1.56	2.18
Price to Tangible Book Value (P/TBV)	1.48	0.00	0.66	0.64	1.05	2.18	2.64	3.30	2.06	2.17	3.26
Price to Revenue (P/Rev)	0.13	0.33	0.22	0.33	0.55	0.86	0.62	0.73	0.49	0.40	0.47
Price to Earnings (P/E)	0.00	0.00	1.14	2.51	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	37.21%	34.20%	34.61%	33.93%	32.20%	33.39%	36.98%	24.91%	45.32%	42.49%	26.49%
Earnings Yield	0.00%	0.00%	87.91%	39.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.90	1.01	0.87	0.57	0.97	1.14	1.26	1.53	1.25	1.23	1.35
Enterprise Value to Revenue (EV/Rev)	1.13	2.42	1.25	0.34	1.52	2.58	1.48	1.30	0.89	0.79	0.98
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	5.20	4.87	0.00	0.00	27.89	23.77	0.00	0.00	18.83
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	6.26	13.79	0.00	0.00	191.74	72.36	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	4.87	18.62	0.00	0.00	140.15	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	23.14	14.69	0.00	4.14	0.00	0.00	52.57	17.08	2.46	9.09	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	39.55	5.69	0.33	0.00	0.00	22.19	19.93	2.47	9.38	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.26	1.53	0.76	0.57	0.75	0.87	0.91	0.74	1.19	1.47	1.93
Long-Term Debt to Equity	1.26	1.39	0.65	0.56	0.75	0.87	0.82	0.74	1.19	1.47	1.93
Financial Leverage	0.73	1.04	0.84	0.02	-0.13	0.40	0.47	0.33	0.22	0.26	0.59
Leverage Ratio	3.22	3.87	3.36	2.27	2.01	2.46	2.84	2.94	3.12	3.47	3.79
Compound Leverage Factor	7.33	5.46	2.49	1.83	3.09	3.35	-18.62	0.11	2.87	3.78	10.13
Debt to Total Capital	55.66%	60.46%	43.20%	36.19%	42.81%	46.54%	47.58%	42.61%	54.27%	59.57%	65.88%
Short-Term Debt to Total Capital	0.00%	5.62%	6.37%	0.18%	0.00%	0.00%	4.42%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	55.66%	54.84%	36.83%	36.01%	42.81%	46.54%	43.16%	42.61%	54.27%	59.57%	65.88%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	26.72%	28.92%	31.29%	31.56%	28.67%	33.93%	32.54%	33.97%	21.57%	18.85%	14.78%
Common Equity to Total Capital	17.62%	10.62%	25.51%	32.25%	28.51%	19.54%	19.89%	23.42%	24.16%	21.57%	19.34%
Debt to EBITDA	-299.86	-10.61	2.85	9.38	-13.32	-5.81	14.01	9.36	-14.83	-680.90	13.96
Net Debt to EBITDA	-219.86	-8.33	2.22	-8.04	-5.28	-3.44	6.68	2.92	-2.59	-157.00	6.74
Long-Term Debt to EBITDA	-299.86	-9.63	2.43	9.33	-13.32	-5.81	12.71	9.36	-14.83	-680.90	13.96
Debt to NOPAT	-19.88	-10.42	2.67	35.89	-10.32	-6.17	70.42	-9.94	-10.17	-18.81	-25.14
Net Debt to NOPAT	-14.58	-8.18	2.08	-30.78	-4.09	-3.65	33.58	-3.10	-1.78	-4.34	-12.15
Long-Term Debt to NOPAT	-19.88	-9.45	2.28	35.72	-10.32	-6.17	63.89	-9.94	-10.17	-18.81	-25.14
Altman Z-Score	0.25	0.08	0.71	1.45	0.61	0.28	0.48	0.99	0.81	0.95	1.06
Noncontrolling Interest Sharing Ratio	57.95%	65.98%	62.55%	52.09%	49.77%	56.24%	62.76%	60.62%	54.53%	46.94%	45.22%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.64	0.90	0.87	6.67	1.98	1.24	0.63	1.29	1.65	1.83	1.64
Quick Ratio	0.33	0.36	0.31	4.61	1.17	0.31	0.28	0.27	0.48	0.68	0.48
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-270	452	2,774	11,642	-8,316	-1,143	760	904	3,726	806	-720
Operating Cash Flow to CapEx	55.04%	493.12%	-426.58%	339.34%	-584.00%	-209.05%	105.25%	312.13%	1,233.00%	297.14%	-91.79%
Free Cash Flow to Firm to Interest Expense	-0.23	0.65	4.23	22.22	-13.75	-1.66	1.14	1.59	6.72	1.54	-1.43
Operating Cash Flow to Interest Expense	0.65	1.76	-2.06	1.76	-2.41	-0.60	0.48	1.86	6.74	1.59	-0.62
Operating Cash Flow Less CapEx to Interest Expense	-0.53	1.40	-2.54	1.24	-2.83	-0.89	0.02	1.26	6.20	1.06	-1.30
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.42	0.21	0.39	0.41	0.37	0.25	0.43	0.50	0.42	0.51	0.60
Accounts Receivable Turnover	9.05	4.48	12.12	23.70	18.80	12.54	21.82	24.09	18.86	19.81	20.92
Inventory Turnover	6.16	2.61	3.49	5.13	4.59	3.75	6.20	8.16	7.73	9.49	9.85
Fixed Asset Turnover	1.66	0.75	1.65	2.27	1.97	1.42	2.75	3.42	2.57	2.44	2.43
Accounts Payable Turnover	9.09	4.30	5.99	9.93	9.23	7.51	12.29	14.65	11.73	11.30	11.50
Days Sales Outstanding (DSO)	40.34	81.47	30.11	15.40	19.42	29.10	16.73	15.15	19.35	18.43	17.44
Days Inventory Outstanding (DIO)	59.27	139.92	104.64	71.21	79.49	97.46	58.84	44.75	47.19	38.47	37.07
Days Payable Outstanding (DPO)	40.15	84.91	60.94	36.77	39.53	48.60	29.69	24.91	31.12	32.30	31.75
Cash Conversion Cycle (CCC)	59.47	136.48	73.80	49.84	59.39	77.96	45.88	34.99	35.42	24.60	22.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	19,267	17,638	18,104	6,667	14,189	14,026	13,386	11,768	7,334	6,166	6,623
Invested Capital Turnover	0.79	0.40	0.71	0.91	0.86	0.44	0.83	1.10	1.08	1.41	1.43
Increase / (Decrease) in Invested Capital	-364	-1,629	466	-11,437	7,522	-163	-640	-1,618	-4,434	-1,168	457
Enterprise Value (EV)	17,312	17,888	15,789	3,820	13,702	15,939	16,874	18,017	9,184	7,563	8,924
Market Capitalization	2,032	2,404	2,791	3,713	4,969	5,296	7,032	10,149	5,058	3,838	4,243
Book Value per Share	$30.92	$15.20	$30.20	$35.15	$26.30	$14.58	$12.72	$11.56	$7.81	$4.89	$3.24
Tangible Book Value per Share	$10.66	($0.69)	$25.05	$31.14	$22.86	$10.47	$9.54	$9.12	$5.97	$3.51	$2.17
Total Capital	22,627	20,275	20,015	20,342	19,134	17,317	17,822	16,654	13,280	11,430	10,042
Total Debt	12,594	12,258	8,647	7,362	8,192	8,059	8,479	7,096	7,207	6,809	6,616
Total Long-Term Debt	12,594	11,119	7,372	7,326	8,192	8,059	7,692	7,096	7,207	6,809	6,616
Net Debt	9,234	9,621	6,736	-6,313	3,247	4,768	4,043	2,210	1,261	1,570	3,197
Capital Expenditures (CapEx)	1,359	247	316	272	250	199	305	338	303	280	341
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-7,406	-2,450	-1,335	464	-1,364	-1,586	-7,510	-1,734	-1,280	-1,493	-965
Debt-free Net Working Capital (DFNWC)	-4,046	187	576	14,139	3,581	1,705	-3,074	3,152	4,666	3,746	2,454
Net Working Capital (NWC)	-4,046	-952	-699	14,103	3,581	1,705	-3,861	3,152	4,666	3,746	2,454
Net Nonoperating Expense (NNE)	1,494	1,043	608	-1,796	997	1,163	620	-689	304	180	63
Net Nonoperating Obligations (NNO)	9,234	9,621	6,736	-6,313	3,247	4,768	4,043	2,210	1,261	1,545	3,197
Total Depreciation and Amortization (D&A)	863	526	518	508	519	510	517	509	518	511	603
Debt-free, Cash-free Net Working Capital to Revenue	-48.49%	-33.20%	-10.58%	4.13%	-15.17%	-25.70%	-65.75%	-12.50%	-12.44%	-15.64%	-10.58%
Debt-free Net Working Capital to Revenue	-26.49%	2.53%	4.56%	125.98%	39.82%	27.63%	-26.91%	22.72%	45.35%	39.24%	26.90%
Net Working Capital to Revenue	-26.49%	-12.90%	-5.54%	125.66%	39.82%	27.63%	-33.80%	22.72%	45.35%	39.24%	26.90%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($9.29)	($8.07)	$14.80	$11.46	($5.38)	($7.33)	$0.00	$0.00	($1.75)	($0.94)	($0.52)
Adjusted Weighted Average Basic Shares Outstanding	126M	137M	161M	180M	200M	241.34M	0.00	0.00	382M	466M	562M
Adjusted Diluted Earnings per Share	($9.29)	($8.07)	$14.80	$11.46	($5.38)	($7.33)	$0.00	$0.00	($1.75)	($0.94)	($0.52)
Adjusted Weighted Average Diluted Shares Outstanding	126M	137M	161M	180M	200M	241.34M	0.00	0.00	382M	466M	562M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	($7.33)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	131.48M	137M	161M	180M	200M	221M	0.00	0.00	382M	466M	562M
Normalized Net Operating Profit after Tax (NOPAT)	-14	-763	1,828	214	-780	-1,279	124	181	-703	-360	-228
Normalized NOPAT Margin	-0.09%	-10.34%	14.49%	1.91%	-8.67%	-20.72%	1.08%	1.31%	-6.83%	-3.77%	-2.50%
Pre Tax Income Margin	-13.48%	-32.16%	14.79%	1.99%	-19.34%	-41.87%	-5.06%	0.06%	-8.96%	-5.94%	-3.78%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.78	-2.43	3.85	0.53	-1.87	-2.76	0.13	0.44	-1.81	-1.00	-0.26
NOPAT to Interest Expense	-0.55	-1.70	4.95	0.39	-1.31	-1.90	0.18	-1.26	-1.28	-0.69	-0.52
EBIT Less CapEx to Interest Expense	-1.96	-2.79	3.37	0.01	-2.29	-3.05	-0.33	-0.16	-2.36	-1.53	-0.93
NOPAT Less CapEx to Interest Expense	-1.73	-2.06	4.46	-0.13	-1.73	-2.19	-0.28	-1.85	-1.83	-1.23	-1.20
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-17.30%	-7.93%	5.93%	11.79%	-12.90%	-22.77%	-48.00%	-2,076.00%	-279.15%	-183.95%	-273.31%
Augmented Payout Ratio	-19.98%	-7.93%	5.93%	11.79%	-12.90%	-22.77%	-48.00%	-2,076.00%	-279.15%	-183.95%	-273.31%

This table displays calculated financial ratios and metrics derived from Icahn Enterprises' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	637,209,452.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	637,209,452.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.72
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-18.86%	5.77%	-6.83%	-13.99%	-6.56%	-1.10%	-23.40%	8.42%	-8.97%	7.60%	20.93%
EBITDA Growth	38.78%	75.32%	136.65%	-45.28%	1.96%	64.00%	-576.70%	84.53%	259.62%	942.31%	15.89%
EBIT Growth	343.75%	66.37%	93.55%	-24.31%	15.49%	42.97%	-2,242.31%	60.92%	619.51%	173.79%	11.99%
NOPAT Growth	-201.83%	66.59%	99.46%	-25.98%	415.99%	43.12%	-2,930.00%	51.05%	190.25%	426.67%	11.88%
Net Income Growth	86.05%	49.75%	92.74%	-15.99%	366.67%	46.34%	-2,130.77%	58.64%	413.75%	140.00%	2.93%
EPS Growth	97.30%	68.24%	88.00%	0.00%	600.00%	33.33%	-777.78%	58.33%	880.00%	144.44%	10.13%
Operating Cash Flow Growth	128.83%	105.03%	-194.72%	-48.35%	-103.32%	112.17%	27.49%	-69.20%	127.78%	-272.54%	318.13%
Free Cash Flow Firm Growth	-37.84%	474.76%	1,668.77%	106.86%	-46.79%	-75.88%	-93.82%	-77.84%	-35.40%	-120.21%	231.96%
Invested Capital Growth	-22.41%	-37.68%	-33.94%	-30.81%	-13.85%	-15.93%	-9.06%	-11.27%	-7.00%	7.41%	-17.26%
Revenue Q/Q Growth	11.96%	-17.49%	-1.40%	-5.58%	21.63%	-12.66%	-23.57%	26.08%	8.17%	8.58%	-18.33%
EBITDA Q/Q Growth	228.30%	-222.55%	141.20%	-324.27%	190.04%	-143.27%	-445.56%	89.00%	1,485.19%	-63.77%	-252.40%
EBIT Q/Q Growth	124.65%	-640.85%	93.23%	-1,276.92%	122.91%	-367.07%	-178.08%	69.46%	417.20%	-87.12%	-805.26%
NOPAT Q/Q Growth	84.06%	-857.48%	99.53%	-17,600.00%	139.99%	-272.34%	-148.36%	61.55%	274.24%	-17.12%	-258.71%
Net Income Q/Q Growth	92.84%	-583.33%	87.32%	-1,769.23%	116.46%	-237.50%	-427.27%	65.34%	304.48%	-89.29%	-1,379.55%
EPS Q/Q Growth	98.61%	-2,600.00%	66.67%	-700.00%	106.94%	-460.00%	-338.89%	62.03%	263.33%	-83.67%	-987.50%
Operating Cash Flow Q/Q Growth	-5.90%	-92.93%	-318.26%	455.78%	-106.05%	551.85%	-174.59%	251.10%	-94.55%	-2,906.67%	194.30%
Free Cash Flow Firm Q/Q Growth	73.31%	91.23%	-10.55%	-30.22%	-55.43%	-13.29%	-77.16%	142.71%	34.24%	-129.84%	441.44%
Invested Capital Q/Q Growth	-17.30%	-3.39%	-1.83%	-11.79%	2.98%	-5.72%	6.20%	-13.94%	7.93%	8.90%	-18.19%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	11.27%	-20.90%	14.76%	-0.14%	11.17%	-13.47%	-21.26%	-0.84%	24.70%	12.96%	-14.81%
EBITDA Margin	7.12%	-10.58%	4.42%	-10.50%	7.77%	-3.85%	-27.48%	-2.40%	30.69%	10.24%	-19.11%
Operating Margin	2.41%	-18.15%	-0.09%	-16.08%	3.10%	-10.44%	-33.91%	-10.34%	15.26%	3.44%	-24.71%
EBIT Margin	2.48%	-16.24%	-1.12%	-16.27%	3.06%	-9.37%	-34.08%	-8.26%	24.21%	2.87%	-24.80%
Profit (Net Income) Margin	-1.05%	-8.67%	-1.12%	-22.08%	2.99%	-4.70%	-32.46%	-8.92%	16.87%	1.66%	-26.05%
Tax Burden Percent	-45.45%	104.06%	136.84%	100.83%	119.40%	82.71%	88.69%	81.71%	76.39%	258.82%	91.99%
Interest Burden Percent	92.96%	51.30%	73.08%	134.64%	81.71%	60.73%	107.39%	132.26%	91.19%	22.37%	114.18%
Effective Tax Rate	145.45%	0.00%	0.00%	0.00%	-19.40%	0.00%	0.00%	0.00%	23.61%	-158.82%	0.00%
Return on Invested Capital (ROIC)	-1.28%	-13.69%	-0.07%	-14.15%	5.02%	-10.33%	-31.08%	-11.08%	16.51%	12.70%	-27.46%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.97%	-8.19%	-1.30%	-30.26%	3.59%	-6.00%	-38.20%	-13.47%	22.31%	4.62%	-33.90%
Return on Net Nonoperating Assets (RNNOA)	-0.05%	-1.82%	-0.37%	-7.12%	0.84%	-1.57%	-17.86%	-4.86%	11.84%	2.72%	-32.72%
Return on Equity (ROE)	-1.33%	-15.51%	-0.43%	-21.27%	5.85%	-11.91%	-48.95%	-15.94%	28.35%	15.42%	-60.17%
Cash Return on Invested Capital (CROIC)	10.20%	39.01%	35.90%	29.97%	7.92%	11.94%	-1.75%	1.90%	0.93%	-11.26%	15.33%
Operating Return on Assets (OROA)	1.02%	-6.85%	-0.49%	-7.90%	1.50%	-4.82%	-17.26%	-4.62%	13.41%	1.72%	-16.58%
Return on Assets (ROA)	-0.43%	-3.66%	-0.49%	-10.72%	1.46%	-2.42%	-16.44%	-4.99%	9.34%	1.00%	-17.42%
Return on Common Equity (ROCE)	-0.60%	-7.05%	-0.18%	-10.36%	3.12%	-6.32%	-23.80%	-8.09%	15.80%	8.45%	-28.87%
Return on Equity Simple (ROE_SIMPLE)	-35.19%	0.00%	-24.45%	-27.39%	-24.08%	0.00%	-61.78%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-31	-300	-1.40	-248	99	-171	-424	-163	284	236	-374
NOPAT Margin	-1.09%	-12.70%	-0.06%	-11.26%	3.70%	-7.31%	-23.74%	-7.24%	11.66%	8.90%	-17.30%
Net Nonoperating Expense Percent (NNEP)	-0.31%	-5.49%	1.24%	16.11%	1.43%	-4.33%	7.11%	2.39%	-5.80%	8.08%	6.44%
Return On Investment Capital (ROIC_SIMPLE)	-0.23%	-2.26%	-0.01%	-2.06%	0.88%	-1.49%	-3.71%	-1.61%	2.81%	2.35%	-4.28%
Cost of Revenue to Revenue	88.73%	120.90%	85.24%	100.14%	88.83%	113.47%	121.26%	100.84%	75.30%	87.04%	114.81%
SG&A Expenses to Revenue	7.29%	8.42%	8.28%	8.31%	7.55%	8.77%	11.25%	9.19%	8.95%	7.97%	9.67%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	8.87%	-2.75%	14.84%	15.95%	8.07%	-3.04%	12.65%	9.50%	9.44%	9.52%	9.90%
Earnings before Interest and Taxes (EBIT)	71	-384	-26	-358	82	-219	-609	-186	590	76	-536
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	204	-250	103	-231	208	-90	-491	-54	748	271	-413
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.65	1.58	2.13	2.33	2.22	1.56	2.67	2.38	2.48	2.18	4.19
Price to Tangible Book Value (P/TBV)	2.13	2.06	2.90	3.18	3.04	2.17	4.34	3.87	3.75	3.26	9.30
Price to Revenue (P/Rev)	0.56	0.49	0.59	0.65	0.61	0.40	0.53	0.45	0.54	0.47	0.51
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	48.42%	45.32%	36.23%	28.28%	32.44%	42.49%	33.11%	32.82%	23.75%	26.49%	26.49%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.30	1.25	1.44	1.57	1.49	1.23	1.46	1.43	1.48	1.35	1.68
Enterprise Value to Revenue (EV/Rev)	0.97	0.89	1.02	1.02	1.02	0.79	1.06	0.88	1.00	0.98	0.96
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	18.83	16.50
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	7.36	2.46	3.21	4.19	13.91	9.09	10.59	28.51	25.49	0.00	34.24
Enterprise Value to Free Cash Flow (EV/FCFF)	11.10	2.47	3.18	4.29	17.47	9.38	0.00	70.77	152.09	0.00	9.93
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.07	1.19	1.17	1.23	1.34	1.47	2.06	1.96	1.96	1.93	2.72
Long-Term Debt to Equity	1.07	1.19	1.17	1.23	1.34	1.47	1.82	1.96	1.96	1.93	2.72
Financial Leverage	0.05	0.22	0.28	0.24	0.23	0.26	0.47	0.36	0.53	0.59	0.97
Leverage Ratio	2.99	3.12	3.28	3.20	3.42	3.47	3.79	3.73	3.91	3.79	4.67
Compound Leverage Factor	2.78	1.60	2.40	4.31	2.80	2.11	4.08	4.93	3.57	0.85	5.33
Debt to Total Capital	51.63%	54.27%	54.02%	55.16%	57.18%	59.57%	67.31%	66.23%	66.17%	65.88%	73.14%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.97%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	51.63%	54.27%	54.02%	55.16%	57.18%	59.57%	59.35%	66.23%	66.17%	65.88%	73.14%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	23.17%	21.57%	23.25%	22.14%	19.35%	18.85%	17.19%	16.57%	14.53%	14.78%	13.73%
Common Equity to Total Capital	25.20%	24.16%	22.73%	22.70%	23.46%	21.57%	15.50%	17.20%	19.29%	19.34%	13.13%
Debt to EBITDA	-5.66	-14.83	-64.78	-38.07	-37.92	-680.90	-12.76	-18.91	-202.67	13.96	11.58
Net Debt to EBITDA	-0.77	-2.59	-15.44	-5.55	-10.08	-157.00	-4.69	-6.30	-80.70	6.74	5.61
Long-Term Debt to EBITDA	-5.66	-14.83	-64.78	-38.07	-37.92	-680.90	-11.25	-18.91	-202.67	13.96	11.58
Debt to NOPAT	-5.41	-10.17	-14.68	-13.22	-13.12	-18.81	-9.98	-11.15	-16.76	-25.14	-30.04
Net Debt to NOPAT	-0.74	-1.78	-3.50	-1.93	-3.49	-4.34	-3.67	-3.72	-6.67	-12.15	-14.56
Long-Term Debt to NOPAT	-5.41	-10.17	-14.68	-13.22	-13.12	-18.81	-8.80	-11.15	-16.76	-25.14	-30.04
Altman Z-Score	0.96	0.91	0.95	1.06	1.07	1.02	0.83	1.01	1.20	1.10	1.03
Noncontrolling Interest Sharing Ratio	54.80%	54.53%	58.42%	51.30%	46.77%	46.94%	51.37%	49.26%	44.28%	45.22%	52.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.61	1.65	1.46	1.75	1.56	1.83	1.37	1.59	1.60	1.64	1.45
Quick Ratio	0.44	0.48	0.39	0.48	0.48	0.68	0.58	0.50	0.50	0.48	0.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,162	4,134	3,698	2,580	1,150	997	228	553	742	-221	756
Operating Cash Flow to CapEx	2,324.29%	112.75%	-369.12%	1,353.03%	-93.10%	277.27%	-206.82%	286.46%	18.29%	-561.33%	348.25%
Free Cash Flow to Firm to Interest Expense	14.61	32.29	27.19	20.16	8.85	7.73	1.78	4.29	6.08	-1.77	6.15
Operating Cash Flow to Interest Expense	10.99	0.90	-1.85	6.98	-0.42	1.89	-1.42	2.13	0.12	-3.37	3.23
Operating Cash Flow Less CapEx to Interest Expense	10.52	0.10	-2.35	6.46	-0.86	1.21	-2.11	1.39	-0.55	-3.97	2.30
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.41	0.42	0.44	0.49	0.49	0.51	0.51	0.56	0.55	0.60	0.67
Accounts Receivable Turnover	18.03	18.86	20.78	19.74	19.28	19.81	18.95	20.08	19.99	20.92	19.30
Inventory Turnover	7.72	7.73	9.08	9.66	9.58	9.49	9.07	9.77	9.71	9.85	9.23
Fixed Asset Turnover	2.54	2.57	2.55	2.48	2.45	2.44	2.32	2.38	2.35	2.43	2.55
Accounts Payable Turnover	11.66	11.73	12.36	13.05	12.59	11.30	11.11	12.75	12.75	11.50	10.93
Days Sales Outstanding (DSO)	20.24	19.35	17.57	18.49	18.93	18.43	19.26	18.18	18.26	17.44	18.91
Days Inventory Outstanding (DIO)	47.30	47.19	40.20	37.77	38.10	38.47	40.23	37.34	37.58	37.07	39.55
Days Payable Outstanding (DPO)	31.30	31.12	29.53	27.97	29.00	32.30	32.85	28.62	28.62	31.75	33.40
Cash Conversion Cycle (CCC)	36.24	35.42	28.24	28.29	28.03	24.60	26.64	26.90	27.21	22.76	25.07
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,591	7,334	7,200	6,351	6,540	6,166	6,548	5,635	6,082	6,623	5,418
Invested Capital Turnover	1.17	1.08	1.12	1.26	1.35	1.41	1.31	1.53	1.42	1.43	1.59
Increase / (Decrease) in Invested Capital	-2,193	-4,434	-3,699	-2,828	-1,051	-1,168	-652	-716	-458	457	-1,130
Enterprise Value (EV)	9,834	9,184	10,340	9,989	9,776	7,563	9,537	8,068	8,974	8,924	9,107
Market Capitalization	5,696	5,058	5,921	6,365	5,881	3,838	4,738	4,151	4,842	4,243	4,809
Book Value per Share	$8.78	$7.81	$6.48	$6.04	$5.56	$4.89	$3.39	$3.19	$3.40	$3.24	$1.80
Tangible Book Value per Share	$6.81	$5.97	$4.76	$4.44	$4.07	$3.51	$2.09	$1.96	$2.25	$2.17	$0.81
Total Capital	13,703	13,280	12,233	12,011	11,274	11,430	11,448	10,136	10,107	10,042	8,739
Total Debt	7,075	7,207	6,608	6,625	6,447	6,809	7,706	6,713	6,688	6,616	6,392
Total Long-Term Debt	7,075	7,207	6,608	6,625	6,447	6,809	6,794	6,713	6,688	6,616	6,392
Net Debt	963	1,261	1,575	965	1,713	1,570	2,831	2,237	2,663	3,197	3,098
Capital Expenditures (CapEx)	70	102	68	66	58	88	88	96	82	75	114
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,421	-1,280	-1,634	-1,456	-1,465	-1,493	-2,227	-1,859	-1,368	-965	-1,538
Debt-free Net Working Capital (DFNWC)	4,691	4,666	3,399	4,204	3,269	3,746	2,648	2,617	2,657	2,454	1,756
Net Working Capital (NWC)	4,691	4,666	3,399	4,204	3,269	3,746	1,736	2,617	2,657	2,454	1,756
Net Nonoperating Expense (NNE)	-1.36	-95	25	238	19	-61	156	38	-127	192	189
Net Nonoperating Obligations (NNO)	963	1,261	1,575	965	1,713	1,545	2,806	2,212	2,663	3,197	3,071
Total Depreciation and Amortization (D&A)	133	134	129	127	126	129	118	132	158	195	123
Debt-free, Cash-free Net Working Capital to Revenue	-13.98%	-12.44%	-16.15%	-14.92%	-15.30%	-15.64%	-24.74%	-20.26%	-15.31%	-10.58%	-16.19%
Debt-free Net Working Capital to Revenue	46.17%	45.35%	33.59%	43.07%	34.15%	39.24%	29.42%	28.52%	29.73%	26.90%	18.49%
Net Working Capital to Revenue	46.17%	45.35%	33.59%	43.07%	34.15%	39.24%	19.29%	28.52%	29.73%	26.90%	18.49%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.01)	($0.27)	($0.09)	($0.72)	$0.05	($0.18)	($0.79)	($0.30)	$0.49	$0.08	($0.71)
Adjusted Weighted Average Basic Shares Outstanding	394M	382M	429M	450M	477M	466M	523M	545M	575M	562M	637M
Adjusted Diluted Earnings per Share	($0.01)	($0.27)	($0.09)	($0.72)	$0.05	($0.18)	($0.79)	($0.30)	$0.49	$0.08	($0.71)
Adjusted Weighted Average Diluted Shares Outstanding	394M	382M	429M	450M	477M	466M	523M	545M	575M	562M	637M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	394M	382M	429M	450M	477M	466M	523M	545M	575M	562M	637M
Normalized Net Operating Profit after Tax (NOPAT)	49	-300	-1.40	-247	58	-171	-412	-163	286	85	-374
Normalized NOPAT Margin	1.71%	-12.70%	-0.06%	-11.23%	2.17%	-7.31%	-23.07%	-7.24%	11.72%	3.23%	-17.30%
Pre Tax Income Margin	2.30%	-8.33%	-0.82%	-21.90%	2.50%	-5.69%	-36.60%	-10.92%	22.08%	0.64%	-28.32%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.48	-3.00	-0.19	-2.80	0.63	-1.70	-4.76	-1.44	4.84	0.61	-4.36
NOPAT to Interest Expense	-0.21	-2.35	-0.01	-1.94	0.76	-1.32	-3.31	-1.26	2.33	1.88	-3.04
EBIT Less CapEx to Interest Expense	0.01	-3.80	-0.69	-3.31	0.18	-2.38	-5.45	-2.19	4.16	0.01	-5.28
NOPAT Less CapEx to Interest Expense	-0.68	-3.14	-0.51	-2.45	0.32	-2.01	-4.00	-2.01	1.66	1.28	-3.97
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-212.92%	-279.15%	-407.79%	-175.10%	-200.31%	-183.95%	-89.05%	-139.09%	-185.00%	-273.31%	-341.75%
Augmented Payout Ratio	-212.92%	-279.15%	-407.79%	-175.10%	-200.31%	-183.95%	-89.05%	-139.09%	-185.00%	-273.31%	-341.75%

Financials Breakdown Chart

Key Financial Trends

Here are the top-line observations from Icahn Enterprises (IEP) across the last four years, focusing on revenue, profitability, cash flow, and the balance sheet. The notes draw from quarterly income statements, cash flow statements, and balance sheets provided for 2022–2025.

Revenue growth: Total revenue in 2025 Q4 rose to about $2.646B, up from roughly $2.364B in 2023 Q4 and $2.235B in 2024 Q4, indicating a stronger end to 2025.
Profitability turning positive at quarter end: Net income attributable to common shareholders was about $1M in 2025 Q4, reversing a pattern of quarterly losses seen in several prior periods.
Improving operating cash flow in parts of 2025: Net cash from continuing operating activities was positive in 2025 Q2 (+$275M) and remained modestly positive in Q3 (+$15M), suggesting improving cash generation from core operations during parts of 2025.
Stable dividends: Cash dividends per share remained at $0.50, indicating a consistent payout policy that may appeal to income-focused investors.
Earnings swings driven by investments: Quarterly earnings show substantial volatility, with results swinging between gains and losses across years, reflecting investment-driven earnings rather than steady operating performance.
Asset base remains sizable and relatively stable: Total assets have stayed in the mid-teens to low-teens billions (around $14B–$15.5B) across 2024–2025, signaling a robust asset base to support activities, albeit not a clear ongoing operating cash generator.
Leverage remains high: Liabilities consistently run around $11B–$12B with equity in the low to mid $1s billions, indicating a leveraged structure that may constrain liquidity during stress periods.
Financing activities often cash outflows: Net cash from financing activities was negative in several quarters (for example, around -$124M in 2025 Q4), reflecting debt service and distributions that reduce cash on hand.
Significant debt load: Long-term debt sits in the vicinity of $6.6B–$6.9B with total liabilities around $11B–$12B, underscoring a substantial reliance on debt financing.
Profitability challenges outside investment gains: In several earlier years/quarters (notably 2022–2024), net income to common shareholders remained negative, highlighting profitability challenges absent favorable investment events.

05/14/26 10:23 AM ETAI Generated. May Contain Errors.

Icahn Enterprises Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Icahn Enterprises' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Icahn Enterprises' net income appears to be on a downward trend, with a most recent value of -$326 million in 2025, falling from -$2.13 billion in 2015. The previous period was -$542 million in 2024. See where experts think Icahn Enterprises is headed by visiting Icahn Enterprises' forecast page.

Icahn Enterprises' total operating income in 2025 was -$376 million, based on the following breakdown:

Total Gross Profit: $546 million
Total Operating Expenses: $922 million

Over the last 10 years, Icahn Enterprises' total revenue changed from $15.27 billion in 2015 to $9.12 billion in 2025, a change of -40.3%.

Icahn Enterprises' total liabilities were at $10.79 billion at the end of 2025, a 7.5% decrease from 2024, and a 59.1% decrease since 2015.

In the past 10 years, Icahn Enterprises' cash and equivalents has ranged from $1.16 billion in 2017 to $3.79 billion in 2019, and is currently $1.45 billion as of their latest financial filing in 2025.

Over the last 10 years, Icahn Enterprises' book value per share changed from 30.92 in 2015 to 3.24 in 2025, a change of -89.5%.

Related Companies

Financial statements for NASDAQ:IEP last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Icahn Enterprises (IEP) Financials

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Icahn Enterprises (IEP) Financials

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