Indicative Net Asset Value was approximately $3.8 billion as of September 30, 2025, an increase of $567 million compared to June 30, 2025
IEP declares third quarter distribution of $0.50 per depositary unit
Q3 2025 Adjusted EBITDA was $383 million, compared to Adjusted EBITDA of $183 million in Q3 2024
Q3 2025 net income attributable to IEP was $287 million, compared to $22 million in Q3 2024
Financial Summary(Net loss and Adjusted EBITDA figures in commentary below are attributable to Icahn Enterprises, unless otherwise specified)
For the three months ended September 30, 2025, revenues were $2.7 billion and net income was $287 million, or $0.49 per depositary unit. For the three months ended September 30, 2024, revenues were $2.8 billion and net income was $22 million, or $0.05 per depositary unit. Adjusted EBITDA was $383 million for the three months ended September 30, 2025, compared to Adjusted EBITDA of $183 million for the three months ended September 30, 2024.
For the nine months ended September 30, 2025, revenues were $7.0 billion and net loss was $300 million, or a loss of $0.54 per depositary unit. For the nine months ended September 30, 2024, revenues were $7.5 billion and net loss was $347 million, or a loss of $0.75 per depositary unit. Adjusted EBITDA was $53 million for the nine months ended September 30, 2025, compared to Adjusted EBITDA of $162 million for the nine months ended September 30, 2024.
As of September 30, 2025, indicative net asset value increased $567 million compared to June 30, 2025. The increase was primarily due to gains of $678 million of our long position in CVI and the positive performance of $267 million of the long and other positions in the Funds. The increase was offset in part by losses of $281 million attributed to our hedging efforts we use to protect our portfolio within the Funds, IEP's distribution of $79 million and the Holding Company's net interest expense of $72 million.
On November 3, 2025, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $0.50 per depositary unit, which will be paid on or about December 24, 2025 to depositary unitholders of record at the close of business on November 17, 2025. Depositary unitholders will have until December 12, 2025 to make a timely election to receive either cash or additional depositary units. If a unitholder does not make a timely election, it will automatically be deemed to have elected to receive the distribution in additional depositary units. Depositary unitholders who elect to receive (or who are deemed to have elected to receive) additional depositary units will receive units valued at the volume weighted average trading price of the units during the five consecutive trading days ending December 19, 2025. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any unitholders electing to receive (or who are deemed to have elected to receive) depositary units.
Icahn Enterprises L.P., a master limited partnership, is a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.
Caution Concerning Forward-Looking Statements
This release may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises and its subsidiaries. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors, including risks related to economic downturns, substantial competition and rising operating costs; the impacts from the ongoing Russia/Ukraine conflict and conflict in the Middle East, including economic volatility and the impacts of export controls and other economic sanctions; risks related to our investment activities, including the nature of the investments made by the private funds in which we invest, including the impact of the use of leverage through options, short sales, swaps, forwards and other derivative instruments; risk related to our ability to comply with the covenants in our senior notes and the risk of foreclosure on the assets securing our notes; declines in the fair value of our investments, losses in the private funds and loss of key employees; risks related to our ability to continue to conduct our activities in a manner so as to not be deemed an investment company under the Investment Company Act of 1940, as amended, or to be taxed as a corporation; risks related to short sellers and associated litigation and regulatory inquiries; risks relating to our general partner and controlling unitholder; pledges of our units by our controlling unitholder; risks related to our energy business, including the volatility and availability of crude oil, other feed stocks and refined products, declines in global demand for crude oil, refined products and liquid transportation fuels, unfavorable refining margin (crack spread), interrupted access to pipelines, significant fluctuations in nitrogen fertilizer demand in the agricultural industry and seasonality of results; volatile commodity pricing and higher industry utilization and oversupply risks related to potential strategic transactions involving our Energy segment, and the impact of tariffs; risks related to our automotive activities and exposure to adverse conditions in the automotive industry, including as a result of the Chapter 11 filing of our automotive parts subsidiary; risks related to our food packaging activities, including competition from better capitalized competitors, inability of our suppliers to timely deliver raw materials, and the failure to effectively respond to industry changes in casings technology; supply chain issues; inflation, including increased costs of raw materials and shipping; interest rate increases; labor shortages and workforce availability; risks related to our real estate activities, including the extent of any tenant bankruptcies and insolvencies; risks related to our home fashion operations, including changes in the availability and price of raw materials, manufacturing disruptions, and changes in transportation costs and delivery times; political and regulatory uncertainty, including changing economic policy and the imposition of tariffs; and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission including our Annual Report on Form 10-K and our quarterly reports on Form 10-Q under the caption "Risk Factors". Additionally, there may be other factors not presently known to us or which we currently consider to be immaterial that may cause our actual results to differ materially from the forward-looking statements. Past performance in our Investment segment is not indicative of future performance. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
(in millions, except per unit amounts)
Revenues:
Net sales
$
2,316
$
2,231
$
6,461
$
6,855
Other revenues from operations
168
182
508
538
Net (loss) gain from investment activities
(48)
257
(516)
(318)
Interest and dividend income
70
115
222
380
Gain (loss) on disposition of assets, net
218
(1)
262
(6)
Other income, net
1
7
24
13
2,725
2,791
6,961
7,462
Expenses:
Cost of goods sold
1,685
2,227
5,819
6,426
Other expenses from operations
150
151
455
450
Selling, general and administrative
218
202
626
578
Dividend expense
10
14
25
47
Impairment
—
—
12
—
Restructuring, net
2
—
7
1
Interest expense
122
130
379
394
2,187
2,724
7,323
7,896
Income (loss) before income tax expense
538
67
(362)
(434)
Income tax (expense) benefit
(127)
13
(8)
2
Net income (loss)
411
80
(370)
(432)
Less: net income (loss) attributable to non-controlling interests
124
58
(70)
(85)
Net income (loss) attributable to Icahn Enterprises
$
287
$
22
$
(300)
$
(347)
