IEP ICAHN ENTERPRISES L.P.

Overview and Growth

In fiscal 2025, ICAHN ENTERPRISES L.P. recorded $9.66B of revenue, net loss of $299.00M, and an operating cash outflow of $313.00M. At $9.66B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $10.02B in fiscal 2024, revenue decreased 3.6%, a top-line contraction that reduced operating scale. The company employed $14.21B of total assets, the balance-sheet base supporting its current operating and cash-flow results. Revenue equaled 0.68x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After all below-operating-line items, the company recorded a net loss of $299.00M for the fiscal year. Net margin was -3.1%, reflecting a loss equal to 3.1% of reported revenue. Before income taxes, the company recorded a loss of $345.00M, bridging the operating result to the final net loss. Measured against revenue, the pretax deficit represented 3.6%. An income-tax benefit of $19.00M improved the final result relative to pretax income or loss. Relative to period-end equity, the net loss represented 8.7%. The net loss equaled 2.1% of period-end assets, showing the deficit relative to the asset base. The bottom-line deficit decreased from $445.00M in fiscal 2024 to $299.00M.

Liquidity and Capital Structure

The company held $14.21B of assets against $10.79B of liabilities and $3.43B of equity, revealing how the asset base was financed. The company held $1.45B in cash and equivalents, a narrower liquidity measure than total current assets. Equity equaled 24.1% of assets, showing the shareholder-capital layer within the company’s balance sheet. The liabilities-to-assets relationship was 75.9%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 10.2%, comparing reported cash and equivalents with the full positive asset balance. Compared with $16.28B in fiscal 2024, the current asset base moved 12.7% and finished lower. Book equity was 25.9% lower than fiscal 2024 equity of $4.62B, showing how shareholder capital changed year over year. Cash and equivalents were 44.3% lower than fiscal 2024 cash of $2.60B, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $313.00M, showing that operations absorbed cash during the period. Capital expenditures used $341.00M in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. The company recorded a $654.00M cash deficit after capital spending for the period. Relative to revenue, the post-investment cash deficit represented 6.8%. The free-cash-flow deficit equaled 4.6% of total assets, placing the cash shortfall against the company’s resource base. Operating cash flow moved from a $832.00M inflow in fiscal 2024 to a $313.00M outflow.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.