What is Icahn Enterprises' operating income?

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

Icahn Enterprises (IEP) Financials

$7.44 -0.07 (-0.87%)

As of 11:44 AM Eastern

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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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-139	-38	-331	22	-98	-422	-165	287	1.00	-459	-355
Consolidated Net Income / (Loss)	-205	-26	-486	80	-110	-580	-201	411	44	-563	-388
Net Income / (Loss) Continuing Operations	-198	-26	-486	80	-110	-580	-201	411	44	-563	-388
Total Pre-Tax Income	-197	-19	-482	67	-133	-654	-246	538	17	-612	-386
Total Operating Income	-429	-20	-476	82	-244	-606	-233	372	91	-534	-313
Total Gross Profit	-494	193	-280	299	-315	-380	-19	602	343	-320	-103
Total Revenue	2,364	2,333	2,078	2,677	2,338	1,787	2,253	2,437	2,646	2,161	2,927
Operating Revenue	2,182	2,159	1,896	2,495	2,197	1,619	2,081	2,269	2,490	2,000	2,752
Other Revenue	182	174	182	182	141	168	172	168	156	161	175
Total Cost of Revenue	2,858	2,140	2,358	2,378	2,653	2,167	2,272	1,835	2,303	2,481	3,030
Operating Cost of Revenue	2,380	1,991	2,208	2,227	2,205	2,016	2,118	1,685	2,159	2,340	2,883
Other Cost of Revenue	-	149	150	151	-	151	154	150	144	141	147
Total Operating Expenses	-65	213	196	217	-71	226	214	230	252	214	210
Selling, General & Admin Expense	199	193	183	202	205	201	207	218	211	209	203
Other Operating Expenses / (Income)	-271	20	13	14	-278	8.00	7.00	10	10	5.00	5.00
Impairment Charge	-	0.00	0.00	0.00	-	10	2.00	0.00	28	0.00	0.00
Restructuring Charge	-	0.00	1.00	0.00	-	7.00	-2.00	2.00	3.00	0.00	2.00
Total Other Income / (Expense), net	239	1.00	-6.00	-15	115	-48	-13	166	-74	-78	-73
Interest Expense	128	136	128	130	129	128	129	122	125	123	121
Interest & Investment Income	-	143	122	115	-	83	69	70	66	47	49
Other Income / (Expense), net	45	-6.00	-	-	25	-3.00	47	218	-15	-2.00	-1.00
Income Tax Expense	8.00	7.00	4.00	-13	-23	-74	-45	127	-27	-49	2.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-66	12	-155	58	-12	-158	-36	124	43	-104	-33
Basic Earnings per Share	($0.27)	($0.09)	($0.72)	$0.05	($0.18)	($0.79)	($0.30)	$0.49	$0.08	($0.71)	($0.52)
Weighted Average Basic Shares Outstanding	382M	429M	450M	477M	466M	523M	545M	575M	562M	637M	669M
Diluted Earnings per Share	($0.27)	($0.09)	($0.72)	$0.05	($0.18)	($0.79)	($0.30)	$0.49	$0.08	($0.71)	($0.52)
Weighted Average Diluted Shares Outstanding	382M	429M	450M	477M	466M	523M	545M	575M	562M	637M	669M
Weighted Average Basic & Diluted Shares Outstanding	382M	429M	450M	477M	466M	523M	545M	575M	562M	637M	669M
Cash Dividends to Common per Share	$1.00	$1.00	$1.00	$1.00	$0.50	$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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	-166	-913	627	-926	505	-364	-399	-451	-606	-125	-102
Net Cash From Operating Activities	115	-251	893	-54	244	-182	275	15	-421	397	116
Net Cash From Continuing Operating Activities	115	-251	893	-54	244	-182	275	15	-421	397	116
Net Income / (Loss) Continuing Operations	-205	-26	-486	80	-110	-580	-201	411	44	-563	-388
Consolidated Net Income / (Loss)	-205	-26	-486	80	-110	-580	-201	411	44	-563	-388
Depreciation Expense	134	129	127	126	129	118	132	158	195	123	124
Non-Cash Adjustments To Reconcile Net Income	179	-110	1,069	-135	172	268	15	-245	-182	689	192
Changes in Operating Assets and Liabilities, net	7.00	-244	183	-125	53	12	329	-309	-478	148	188
Net Cash From Investing Activities	-209	-75	-92	-59	11	-118	-186	-33	-65	-110	-76
Net Cash From Continuing Investing Activities	-209	-75	-92	-59	11	-118	-186	-33	-65	-110	-76
Purchase of Property, Plant & Equipment	-102	-68	-66	-58	-88	-88	-96	-82	-75	-114	-80
Divestitures	9.00	2.00	3.00	1.00	84	6.00	55	51	8.00	0.00	4.00
Net Cash From Financing Activities	-71	-587	-171	-815	250	-65	-485	-431	-124	-412	-142
Net Cash From Continuing Financing Activities	-71	-587	-171	-815	250	-65	-485	-431	-124	-412	-142
Repayment of Debt	-1,218	-611	-760	-175	-500	-18	-105	-525	-92	-1,266	-4.00
Payment of Dividends	-357	-33	-237	-649	-78	-12	-389	-409	-81	-177	-135
Issuance of Debt	1,346	7.00	776	5.00	840	0.00	12	492	9.00	1,007	-3.00

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	12/31/2022	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	27,914	27,914	20,858	16,279	14,215
Total Current Assets	7,304	8,711	4,620	16,592	7,223	8,809	7,023	14,074	11,845	8,264	6,313
Cash & Equivalents	2,078	1,833	1,164	2,656	3,794	1,679	2,337	2,337	2,951	2,603	1,450
Restricted Cash	1,282	804	747	2,682	1,151	1,612	2,549	2,549	2,995	2,636	1,969
Accounts Receivable	1,685	1,609	473	474	483	501	606	606	485	479	393
Inventories, net	2,259	2,983	1,730	1,779	1,795	1,580	1,531	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	4,038	4,038	3,969	3,843	3,670
Total Noncurrent Assets	19,568	14,538	21,995	2,209	12,962	11,952	16,853	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	288	288	288	288	290
Intangible Assets	1,108	1,116	544	501	431	660	533	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	16,032	8,854	4,095	3,308	3,299
Total Liabilities & Shareholders' Equity	36,407	33,371	31,801	23,489	24,639	24,989	27,914	27,914	20,858	16,279	14,215
Total Liabilities	26,374	25,354	20,433	10,509	13,697	15,731	18,356	18,356	14,785	11,658	10,789
Total Current Liabilities	11,350	9,663	5,319	2,489	3,642	7,104	10,231	10,922	7,179	4,518	3,859
Accounts Payable	1,416	1,765	980	832	945	738	870	870	830	802	690
Accrued Expenses	1,823	1,895	984	1,012	1,453	1,588	1,981	1,981	1,596	1,547	1,192
Other Current Liabilities	8,111	4,864	2,080	609	1,244	4,778	7,380	8,071	4,753	2,169	1,977
Total Noncurrent Liabilities	15,024	15,691	15,114	8,020	10,055	8,627	8,125	7,434	7,606	7,140	6,930
Long-Term Debt	12,594	11,119	7,372	7,326	8,192	8,059	7,096	7,096	7,207	6,809	6,616
Noncurrent Deferred & Payable Income Tax Liabilities	1,201	1,613	732	694	639	568	338	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	9,558	9,558	6,073	4,621	3,426
Total Preferred & Common Equity	3,987	2,154	5,106	6,560	5,456	3,383	3,900	3,900	3,208	2,466	1,942
Total Common Equity	3,987	2,154	5,106	6,560	5,456	3,383	3,900	3,900	3,208	2,466	1,942
Common Stock	3,987	2,154	5,106	6,560	5,456	3,383	3,900	3,900	3,208	2,466	1,942
Noncontrolling Interest	6,046	5,863	6,262	6,420	5,486	5,875	5,658	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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Total Assets	26,269	22,214	21,757	20,064	17,988	17,443	15,481	14,839	14,826	12,933	12,890
Total Current Assets	6,713	10,815	12,391	10,840	9,840	9,069	6,403	7,087	7,059	5,674	5,811
Cash & Equivalents	2,608	2,488	2,890	2,468	2,218	2,294	2,183	1,804	1,787	1,299	1,221
Restricted Cash	2,481	2,598	3,222	2,565	3,442	2,440	2,692	2,672	2,238	1,995	1,971
Accounts Receivable	527	495	517	447	494	476	503	420	418	481	488
Inventories, net	1,097	1,015	1,085	1,039	970	883	1,000	905	892	927	978
Other Current Assets	-	4,219	4,677	4,321	2,716	2,976	-	1,261	1,724	945	1,131
Other Current Nonoperating Assets	-	-	-	-	-	-	25	25	0.00	27	22
Plant, Property, & Equipment, net	3,986	3,959	3,937	3,940	3,909	3,865	3,824	3,786	3,742	3,634	3,616
Total Noncurrent Assets	15,363	7,440	5,429	5,284	4,239	4,509	5,254	3,966	4,025	3,625	3,463
Noncurrent Note & Lease Receivables	-	82	59	11	7.00	7.00	-	-	124	132	136
Goodwill	288	288	288	288	288	289	288	290	290	290	289
Intangible Assets	517	502	487	452	437	423	395	381	368	340	330
Noncurrent Deferred & Refundable Income Taxes	-	184	171	190	162	168	179	179	143	184	187
Other Noncurrent Operating Assets	14,558	6,384	4,424	4,343	3,345	3,622	4,392	3,116	3,100	2,679	2,521
Total Liabilities & Shareholders' Equity	26,269	22,214	21,757	20,064	17,988	17,443	15,481	14,839	14,826	12,933	12,890
Total Liabilities	17,773	15,027	15,129	14,439	12,602	12,616	11,739	11,416	11,407	10,586	10,744
Total Current Liabilities	10,346	7,595	7,700	7,441	5,636	5,800	4,667	4,470	4,402	3,918	4,073
Accounts Payable	774	723	819	795	747	679	870	690	673	757	721
Accrued Expenses	2,646	1,878	1,926	2,044	1,559	1,660	1,952	1,698	1,292	1,678	1,524
Other Current Liabilities	6,318	4,994	4,955	4,602	3,330	3,461	933	2,082	2,437	1,483	1,828
Total Noncurrent Liabilities	7,427	7,432	7,429	6,998	6,966	6,816	7,072	6,946	7,005	6,668	6,671
Long-Term Debt	7,091	7,078	7,075	6,608	6,625	6,447	6,794	6,713	6,688	6,392	6,389
Noncurrent Deferred & Payable Income Tax Liabilities	336	354	354	390	341	369	278	233	317	276	282
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	8,496	7,187	6,628	5,625	5,386	4,827	3,742	3,423	3,419	2,347	2,146
Total Preferred & Common Equity	3,091	3,396	3,453	2,781	2,727	2,645	1,774	1,743	1,950	1,147	1,009
Total Common Equity	3,091	3,396	3,453	2,781	2,727	2,645	1,774	1,743	1,950	1,147	1,009
Common Stock	3,091	3,396	3,453	2,781	2,727	2,645	1,774	1,743	1,950	1,147	1,009
Noncontrolling Interest	5,405	3,791	3,175	2,844	2,659	2,182	1,968	1,680	1,469	1,200	1,137

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	637,209,452.00	672,050,553.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	637,209,452.00	672,050,553.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.72	-0.53
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.77%	-6.83%	-13.99%	-6.56%	-1.10%	-23.40%	8.42%	-8.97%	7.60%	20.93%	29.92%
EBITDA Growth	75.32%	136.65%	-45.28%	1.96%	64.00%	-576.70%	84.53%	259.62%	942.31%	15.89%	-251.85%
EBIT Growth	66.37%	93.55%	-24.31%	15.49%	42.97%	-2,242.31%	60.92%	619.51%	173.79%	11.99%	-68.82%
NOPAT Growth	66.59%	99.46%	-25.98%	415.99%	43.12%	-2,930.00%	51.05%	190.25%	426.67%	11.88%	-34.33%
Net Income Growth	49.75%	92.74%	-15.99%	366.67%	46.34%	-2,130.77%	58.64%	413.75%	140.00%	2.93%	-93.03%
EPS Growth	68.24%	88.00%	0.00%	600.00%	33.33%	-777.78%	58.33%	880.00%	144.44%	10.13%	-73.33%
Operating Cash Flow Growth	105.03%	-194.72%	-48.35%	-103.32%	112.17%	27.49%	-69.20%	127.78%	-272.54%	318.13%	-57.82%
Free Cash Flow Firm Growth	474.76%	1,668.77%	106.86%	-46.79%	-75.88%	-93.82%	-77.84%	-35.40%	-120.21%	231.96%	-82.84%
Invested Capital Growth	-37.68%	-33.94%	-30.81%	-13.85%	-15.93%	-9.06%	-11.27%	-7.00%	7.41%	-17.26%	-5.57%
Revenue Q/Q Growth	-17.49%	-1.40%	-5.58%	21.63%	-12.66%	-23.57%	26.08%	8.17%	8.58%	-18.33%	35.45%
EBITDA Q/Q Growth	-222.55%	141.20%	-324.27%	190.04%	-143.27%	-445.56%	89.00%	1,485.19%	-63.77%	-252.40%	54.00%
EBIT Q/Q Growth	-640.85%	93.23%	-1,276.92%	122.91%	-367.07%	-178.08%	69.46%	417.20%	-87.12%	-805.26%	41.42%
NOPAT Q/Q Growth	-857.48%	99.53%	-17,600.00%	139.99%	-272.34%	-148.36%	61.55%	274.24%	-17.12%	-258.71%	41.39%
Net Income Q/Q Growth	-583.33%	87.32%	-1,769.23%	116.46%	-237.50%	-427.27%	65.34%	304.48%	-89.29%	-1,379.55%	31.08%
EPS Q/Q Growth	-2,600.00%	66.67%	-700.00%	106.94%	-460.00%	-338.89%	62.03%	263.33%	-83.67%	-987.50%	26.76%
Operating Cash Flow Q/Q Growth	-92.93%	-318.26%	455.78%	-106.05%	551.85%	-174.59%	251.10%	-94.55%	-2,906.67%	194.30%	-70.78%
Free Cash Flow Firm Q/Q Growth	91.23%	-10.55%	-30.22%	-55.43%	-13.29%	-77.16%	142.71%	34.24%	-129.84%	441.44%	-87.45%
Invested Capital Q/Q Growth	-3.39%	-1.83%	-11.79%	2.98%	-5.72%	6.20%	-13.94%	7.93%	8.90%	-18.19%	-1.79%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-20.90%	14.76%	-0.14%	11.17%	-13.47%	-21.26%	-0.84%	24.70%	12.96%	-14.81%	-3.52%
EBITDA Margin	-10.58%	4.42%	-10.50%	7.77%	-3.85%	-27.48%	-2.40%	30.69%	10.24%	-19.11%	-6.49%
Operating Margin	-18.15%	-0.09%	-16.08%	3.10%	-10.44%	-33.91%	-10.34%	15.26%	3.44%	-24.71%	-10.69%
EBIT Margin	-16.24%	-1.12%	-16.27%	3.06%	-9.37%	-34.08%	-8.26%	24.21%	2.87%	-24.80%	-10.73%
Profit (Net Income) Margin	-8.67%	-1.12%	-22.08%	2.99%	-4.70%	-32.46%	-8.92%	16.87%	1.66%	-26.05%	-13.26%
Tax Burden Percent	104.06%	136.84%	100.83%	119.40%	82.71%	88.69%	81.71%	76.39%	258.82%	91.99%	100.52%
Interest Burden Percent	51.30%	73.08%	134.64%	81.71%	60.73%	107.39%	132.26%	91.19%	22.37%	114.18%	122.93%
Effective Tax Rate	0.00%	0.00%	0.00%	-19.40%	0.00%	0.00%	0.00%	23.61%	-158.82%	0.00%	0.00%
Return on Invested Capital (ROIC)	-13.69%	-0.07%	-14.15%	5.02%	-10.33%	-31.08%	-11.08%	16.51%	12.70%	-27.46%	-13.90%
ROIC Less NNEP Spread (ROIC-NNEP)	-8.19%	-1.30%	-30.26%	3.59%	-6.00%	-38.20%	-13.47%	22.31%	4.62%	-33.90%	-20.17%
Return on Net Nonoperating Assets (RNNOA)	-1.82%	-0.37%	-7.12%	0.84%	-1.57%	-17.86%	-4.86%	11.84%	2.72%	-32.72%	-19.51%
Return on Equity (ROE)	-15.51%	-0.43%	-21.27%	5.85%	-11.91%	-48.95%	-15.94%	28.35%	15.42%	-60.17%	-33.41%
Cash Return on Invested Capital (CROIC)	39.01%	35.90%	29.97%	7.92%	11.94%	-1.75%	1.90%	0.93%	-11.26%	15.33%	0.83%
Operating Return on Assets (OROA)	-6.85%	-0.49%	-7.90%	1.50%	-4.82%	-17.26%	-4.62%	13.41%	1.72%	-16.58%	-7.87%
Return on Assets (ROA)	-3.66%	-0.49%	-10.72%	1.46%	-2.42%	-16.44%	-4.99%	9.34%	1.00%	-17.42%	-9.72%
Return on Common Equity (ROCE)	-7.05%	-0.18%	-10.36%	3.12%	-6.32%	-23.80%	-8.09%	15.80%	8.45%	-28.87%	-16.51%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-24.45%	-27.39%	-24.08%	0.00%	-61.78%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-300	-1.40	-248	99	-171	-424	-163	284	236	-374	-219
NOPAT Margin	-12.70%	-0.06%	-11.26%	3.70%	-7.31%	-23.74%	-7.24%	11.66%	8.90%	-17.30%	-7.49%
Net Nonoperating Expense Percent (NNEP)	-5.49%	1.24%	16.11%	1.43%	-4.33%	7.11%	2.39%	-5.80%	8.08%	6.44%	6.27%
Return On Investment Capital (ROIC_SIMPLE)	-2.26%	-0.01%	-2.06%	0.88%	-1.49%	-3.71%	-1.61%	2.81%	2.35%	-4.28%	-2.57%
Cost of Revenue to Revenue	120.90%	85.24%	100.14%	88.83%	113.47%	121.26%	100.84%	75.30%	87.04%	114.81%	103.52%
SG&A Expenses to Revenue	8.42%	8.28%	8.31%	7.55%	8.77%	11.25%	9.19%	8.95%	7.97%	9.67%	6.94%
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	-2.75%	14.84%	15.95%	8.07%	-3.04%	12.65%	9.50%	9.44%	9.52%	9.90%	7.17%
Earnings before Interest and Taxes (EBIT)	-384	-26	-358	82	-219	-609	-186	590	76	-536	-314
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-250	103	-231	208	-90	-491	-54	748	271	-413	-190
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.58	2.13	2.33	2.22	1.56	2.67	2.38	2.48	2.18	4.19	4.78
Price to Tangible Book Value (P/TBV)	2.06	2.90	3.18	3.04	2.17	4.34	3.87	3.75	3.26	9.30	12.37
Price to Revenue (P/Rev)	0.49	0.59	0.65	0.61	0.40	0.53	0.45	0.54	0.47	0.51	0.47
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	45.32%	36.23%	28.28%	32.44%	42.49%	33.11%	32.82%	23.75%	26.49%	26.49%	27.74%
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)	1.25	1.44	1.57	1.49	1.23	1.46	1.43	1.48	1.35	1.68	1.72
Enterprise Value to Revenue (EV/Rev)	0.89	1.02	1.02	1.02	0.79	1.06	0.88	1.00	0.98	0.96	0.90
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	18.83	16.50	22.01
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)	2.46	3.21	4.19	13.91	9.09	10.59	28.51	25.49	0.00	34.24	85.58
Enterprise Value to Free Cash Flow (EV/FCFF)	2.47	3.18	4.29	17.47	9.38	0.00	70.77	152.09	0.00	9.93	202.60
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.19	1.17	1.23	1.34	1.47	2.06	1.96	1.96	1.93	2.72	2.98
Long-Term Debt to Equity	1.19	1.17	1.23	1.34	1.47	1.82	1.96	1.96	1.93	2.72	2.98
Financial Leverage	0.22	0.28	0.24	0.23	0.26	0.47	0.36	0.53	0.59	0.97	0.97
Leverage Ratio	3.12	3.28	3.20	3.42	3.47	3.79	3.73	3.91	3.79	4.67	4.98
Compound Leverage Factor	1.60	2.40	4.31	2.80	2.11	4.08	4.93	3.57	0.85	5.33	6.12
Debt to Total Capital	54.27%	54.02%	55.16%	57.18%	59.57%	67.31%	66.23%	66.17%	65.88%	73.14%	74.86%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	7.97%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	54.27%	54.02%	55.16%	57.18%	59.57%	59.35%	66.23%	66.17%	65.88%	73.14%	74.86%
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	21.57%	23.25%	22.14%	19.35%	18.85%	17.19%	16.57%	14.53%	14.78%	13.73%	13.32%
Common Equity to Total Capital	24.16%	22.73%	22.70%	23.46%	21.57%	15.50%	17.20%	19.29%	19.34%	13.13%	11.82%
Debt to EBITDA	-14.83	-64.78	-38.07	-37.92	-680.90	-12.76	-18.91	-202.67	13.96	11.58	15.36
Net Debt to EBITDA	-2.59	-15.44	-5.55	-10.08	-157.00	-4.69	-6.30	-80.70	6.74	5.61	7.69
Long-Term Debt to EBITDA	-14.83	-64.78	-38.07	-37.92	-680.90	-11.25	-18.91	-202.67	13.96	11.58	15.36
Debt to NOPAT	-10.17	-14.68	-13.22	-13.12	-18.81	-9.98	-11.15	-16.76	-25.14	-30.04	-23.77
Net Debt to NOPAT	-1.78	-3.50	-1.93	-3.49	-4.34	-3.67	-3.72	-6.67	-12.15	-14.56	-11.89
Long-Term Debt to NOPAT	-10.17	-14.68	-13.22	-13.12	-18.81	-8.80	-11.15	-16.76	-25.14	-30.04	-23.77
Altman Z-Score	0.91	0.95	1.06	1.07	1.02	0.83	1.01	1.20	1.10	1.03	1.14
Noncontrolling Interest Sharing Ratio	54.53%	58.42%	51.30%	46.77%	46.94%	51.37%	49.26%	44.28%	45.22%	52.03%	50.58%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.65	1.46	1.75	1.56	1.83	1.37	1.59	1.60	1.64	1.45	1.43
Quick Ratio	0.48	0.39	0.48	0.48	0.68	0.58	0.50	0.50	0.48	0.45	0.42
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	4,134	3,698	2,580	1,150	997	228	553	742	-221	756	95
Operating Cash Flow to CapEx	112.75%	-369.12%	1,353.03%	-93.10%	277.27%	-206.82%	286.46%	18.29%	-561.33%	348.25%	145.00%
Free Cash Flow to Firm to Interest Expense	32.29	27.19	20.16	8.85	7.73	1.78	4.29	6.08	-1.77	6.15	0.78
Operating Cash Flow to Interest Expense	0.90	-1.85	6.98	-0.42	1.89	-1.42	2.13	0.12	-3.37	3.23	0.96
Operating Cash Flow Less CapEx to Interest Expense	0.10	-2.35	6.46	-0.86	1.21	-2.11	1.39	-0.55	-3.97	2.30	0.30
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.42	0.44	0.49	0.49	0.51	0.51	0.56	0.55	0.60	0.67	0.73
Accounts Receivable Turnover	18.86	20.78	19.74	19.28	19.81	18.95	20.08	19.99	20.92	19.30	22.40
Inventory Turnover	7.73	9.08	9.66	9.58	9.49	9.07	9.77	9.71	9.85	9.23	10.25
Fixed Asset Turnover	2.57	2.55	2.48	2.45	2.44	2.32	2.38	2.35	2.43	2.55	2.75
Accounts Payable Turnover	11.73	12.36	13.05	12.59	11.30	11.11	12.75	12.75	11.50	10.93	13.68
Days Sales Outstanding (DSO)	19.35	17.57	18.49	18.93	18.43	19.26	18.18	18.26	17.44	18.91	16.29
Days Inventory Outstanding (DIO)	47.19	40.20	37.77	38.10	38.47	40.23	37.34	37.58	37.07	39.55	35.61
Days Payable Outstanding (DPO)	31.12	29.53	27.97	29.00	32.30	32.85	28.62	28.62	31.75	33.40	26.69
Cash Conversion Cycle (CCC)	35.42	28.24	28.29	28.03	24.60	26.64	26.90	27.21	22.76	25.07	25.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,334	7,200	6,351	6,540	6,166	6,548	5,635	6,082	6,623	5,418	5,321
Invested Capital Turnover	1.08	1.12	1.26	1.35	1.41	1.31	1.53	1.42	1.43	1.59	1.86
Increase / (Decrease) in Invested Capital	-4,434	-3,699	-2,828	-1,051	-1,168	-652	-716	-458	457	-1,130	-314
Enterprise Value (EV)	9,184	10,340	9,989	9,776	7,563	9,537	8,068	8,974	8,924	9,107	9,157
Market Capitalization	5,058	5,921	6,365	5,881	3,838	4,738	4,151	4,842	4,243	4,809	4,823
Book Value per Share	$7.81	$6.48	$6.04	$5.56	$4.89	$3.39	$3.19	$3.40	$3.24	$1.80	$1.50
Tangible Book Value per Share	$5.97	$4.76	$4.44	$4.07	$3.51	$2.09	$1.96	$2.25	$2.17	$0.81	$0.58
Total Capital	13,280	12,233	12,011	11,274	11,430	11,448	10,136	10,107	10,042	8,739	8,535
Total Debt	7,207	6,608	6,625	6,447	6,809	7,706	6,713	6,688	6,616	6,392	6,389
Total Long-Term Debt	7,207	6,608	6,625	6,447	6,809	6,794	6,713	6,688	6,616	6,392	6,389
Net Debt	1,261	1,575	965	1,713	1,570	2,831	2,237	2,663	3,197	3,098	3,197
Capital Expenditures (CapEx)	102	68	66	58	88	88	96	82	75	114	80
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,280	-1,634	-1,456	-1,465	-1,493	-2,227	-1,859	-1,368	-965	-1,538	-1,454
Debt-free Net Working Capital (DFNWC)	4,666	3,399	4,204	3,269	3,746	2,648	2,617	2,657	2,454	1,756	1,738
Net Working Capital (NWC)	4,666	3,399	4,204	3,269	3,746	1,736	2,617	2,657	2,454	1,756	1,738
Net Nonoperating Expense (NNE)	-95	25	238	19	-61	156	38	-127	192	189	169
Net Nonoperating Obligations (NNO)	1,261	1,575	965	1,713	1,545	2,806	2,212	2,663	3,197	3,071	3,175
Total Depreciation and Amortization (D&A)	134	129	127	126	129	118	132	158	195	123	124
Debt-free, Cash-free Net Working Capital to Revenue	-12.44%	-16.15%	-14.92%	-15.30%	-15.64%	-24.74%	-20.26%	-15.31%	-10.58%	-16.19%	-14.30%
Debt-free Net Working Capital to Revenue	45.35%	33.59%	43.07%	34.15%	39.24%	29.42%	28.52%	29.73%	26.90%	18.49%	17.09%
Net Working Capital to Revenue	45.35%	33.59%	43.07%	34.15%	39.24%	19.29%	28.52%	29.73%	26.90%	18.49%	17.09%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.27)	($0.09)	($0.72)	$0.05	($0.18)	($0.79)	($0.30)	$0.49	$0.08	($0.71)	($0.52)
Adjusted Weighted Average Basic Shares Outstanding	382M	429M	450M	477M	466M	523M	545M	575M	562M	637M	669M
Adjusted Diluted Earnings per Share	($0.27)	($0.09)	($0.72)	$0.05	($0.18)	($0.79)	($0.30)	$0.49	$0.08	($0.71)	($0.52)
Adjusted Weighted Average Diluted Shares Outstanding	382M	429M	450M	477M	466M	523M	545M	575M	562M	637M	669M
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	382M	429M	450M	477M	466M	523M	545M	575M	562M	637M	669M
Normalized Net Operating Profit after Tax (NOPAT)	-300	-1.40	-247	58	-171	-412	-163	286	85	-374	-218
Normalized NOPAT Margin	-12.70%	-0.06%	-11.23%	2.17%	-7.31%	-23.07%	-7.24%	11.72%	3.23%	-17.30%	-7.44%
Pre Tax Income Margin	-8.33%	-0.82%	-21.90%	2.50%	-5.69%	-36.60%	-10.92%	22.08%	0.64%	-28.32%	-13.19%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.00	-0.19	-2.80	0.63	-1.70	-4.76	-1.44	4.84	0.61	-4.36	-2.60
NOPAT to Interest Expense	-2.35	-0.01	-1.94	0.76	-1.32	-3.31	-1.26	2.33	1.88	-3.04	-1.81
EBIT Less CapEx to Interest Expense	-3.80	-0.69	-3.31	0.18	-2.38	-5.45	-2.19	4.16	0.01	-5.28	-3.26
NOPAT Less CapEx to Interest Expense	-3.14	-0.51	-2.45	0.32	-2.01	-4.00	-2.01	1.66	1.28	-3.97	-2.47
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-279.15%	-407.79%	-175.10%	-200.31%	-183.95%	-89.05%	-139.09%	-185.00%	-273.31%	-341.75%	-161.69%
Augmented Payout Ratio	-279.15%	-407.79%	-175.10%	-200.31%	-183.95%	-89.05%	-139.09%	-185.00%	-273.31%	-341.75%	-161.69%

Financials Breakdown Chart

Key Financial Trends

Icahn Enterprises (NASDAQ: IEP) showed a sharp improvement in profitability from late 2024 into early 2025, but the latest Q1 2026 results point to renewed pressure on operations and cash flow. The company remains highly leveraged, and while it still generates meaningful operating cash, earnings have turned back to a loss after a profitable Q4 2025. Over the last several years, IEP’s financial profile has been volatile, with big swings in revenue, margins, and noncontrolling interests.

Q1 2026 operating cash flow was positive at $397 million, showing the business still generated cash despite a net loss.
The balance sheet ended Q1 2026 with $1.3 billion in cash and $2.0 billion in restricted cash, providing some liquidity support.
Long-term debt declined to $6.39 billion in Q1 2026 from $6.69 billion in Q3 2025, suggesting some debt reduction.
Q4 2025 was a meaningful rebound quarter, with $44 million in net income and positive operating income of $91 million after several loss-making quarters.
Gross profit improved materially in Q4 2025 to $343 million from a loss in Q2 2025 and only modest profit in Q1 2025.
Revenue has remained relatively large and stable, with quarterly total revenue generally in the $1.8 billion to $2.7 billion range over the past year.
Depreciation and non-cash adjustments continue to play a major role in reported cash flow, so earnings quality can be hard to judge from net income alone.
IEP continues to carry a large noncontrolling interest balance, which can materially affect common shareholders’ reported earnings.
Share count has moved around over time, which can make per-share comparisons less straightforward for retail investors.
Q1 2026 swung to a $563 million net loss, or -$0.71 EPS, after Q4 2025 had been profitable.
Operating income in Q1 2026 was -$534 million, reflecting a weak quarter at the core business level.
Gross profit in Q1 2026 was -$320 million, meaning cost of revenue exceeded revenue for the quarter.
Cash and equivalents fell from $1.79 billion in Q3 2025 to $1.30 billion in Q1 2026, while total current assets also declined sharply.
The company remains heavily indebted, with $6.39 billion of long-term debt and $10.59 billion in total liabilities at Q1 2026.
Dividends remain significant, with $0.50 per share paid in Q1 2026, which can pressure cash when earnings are weak.
The recent pattern shows frequent swings between profit and loss, indicating a highly volatile earnings profile.

Bottom line: IEP is still generating cash and has made some progress on debt, but the business remains volatile and highly leveraged. The biggest issue for investors is inconsistency: a strong Q4 2025 was followed by a weak Q1 2026, and the company’s thin margins can quickly turn into losses when operating costs rise or other income weakens.

08/14/26 11:44 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' financial year ends in December. Their financial 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 Icahn Enterprises' forecast for analyst expectations on what's next for the company.

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%.

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Financial statements for NASDAQ:IEP last updated on 8/5/2026 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

Annual Income Statements for Icahn Enterprises

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Icahn Enterprises Financials - Frequently Asked Questions

When does Icahn Enterprises' fiscal year end?

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