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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Icahn Enterprises (IEP) investor relations material
Icahn Enterprises Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Net income attributable to unitholders surged to $287 million in Q3 2025, up from $22 million in Q3 2024, driven by a $488 million EPA waiver benefit in the Energy segment and a $223 million real estate gain.
Indicative net asset value reached $3.8 billion as of September 30, 2025, an increase of $567 million from June 30, 2025, with strong contributions from CVI and fund performance.
Q3 2025 Adjusted EBITDA was $383 million, more than double the $183 million reported in Q3 2024.
Quarterly distribution of $0.50 per unit declared, payable in cash or additional units.
Revenues for Q3 2025 were $2.73 billion, slightly down from $2.79 billion in Q3 2024.
Financial highlights
Energy segment net income attributable to unitholders was $258 million, up from a loss of $88 million in Q3 2024, with gross margin rising to 28% from (4)% prior year.
Real Estate segment recorded a $223 million pre-tax gain from property sales, with net income up to $217 million from $2 million in Q3 2024.
Automotive segment net sales were $374 million, with a net loss of $21 million, and gross margin improved to 26% from 22% year-over-year.
Food Packaging and Home Fashion segments saw adjusted EBITDA decrease by $8 million and $4 million, respectively, year-over-year.
Investment segment posted a (0.5)% return for Q3 2025, with net short notional exposure of 26%.
Outlook and guidance
Food Packaging restructuring is expected to be completed in the first half of 2026, with performance gains anticipated later in 2026.
The Pharma segment expects international launches to offset US revenue declines due to generic competition, with a PAH trial dosing planned for Q1 2026.
Management highlights a shift to forward-looking valuation methodologies for key segments, moving from trailing EBITDA to discounted cash flow and public company comparables.
The company remains focused on maintaining liquidity to capitalize on business opportunities.
Real estate EBITDA is expected to increase in the second half of 2026 as construction ramps up.
Reconcile investment segment P&L loss with NAV gains?
Viskase valuation change: What drove EBITDA decline?
Impact of 15% LP unit increase on per-unit metrics?
Basis for Wynnewood 100% SRE expectation?
AEP's specific AI buildout opportunities?
Next key milestone for TRANSCEND PAH trial?
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Next Icahn Enterprises earnings date
Q4 202524 Feb, 2026
Next Icahn Enterprises earnings date
Q4 202524 Feb, 2026
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Icahn Enterprises L.P. is a diversified holding company engaged in investment, energy, automotive, food packaging, real estate, and other sectors. The company operates through its subsidiaries and investment funds, with an activist investment strategy driven by its general partner. The company is headquartered in Sunny Isles Beach, Florida, and its shares are listed on the NASDAQ.
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