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Icahn Enterprises (IEP) investor relations material

Icahn Enterprises Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary4 Aug, 2025

Executive summary

  • Q2 2025 net loss attributable to unitholders was $165 million, improving from $331 million in Q2 2024.

  • Indicative net asset value as of June 30, 2025, was $3.3 billion, up $252 million from March 31, 2025.

  • Adjusted EBITDA loss for Q2 2025 was $43 million, a significant improvement from $155 million loss in Q2 2024.

  • Revenues for Q2 2025 were $2.4 billion, up from $2.2 billion in Q2 2024.

  • Quarterly distribution of $0.50 per depositary unit declared for Q2 2025.

Financial highlights

  • Six-month 2025 revenues were $4.2 billion, down from $4.7 billion in the same period of 2024.

  • Net loss attributable to unitholders was $587 million for the six months, compared to $369 million loss in the prior year.

  • Adjusted EBITDA loss for the first half of 2025 was $330 million, versus a $21 million loss in the first half of 2024.

  • Cash and cash equivalents at June 30, 2025, were $1.1 billion at the holding company.

  • Debt stood at $6.7 billion as of June 30, 2025; holding company debt was $4.7 billion.

Outlook and guidance

  • Management expects continued headwinds in Energy due to regulatory, geopolitical, and market volatility.

  • Food Packaging restructuring and facility consolidation expected to complete in H2 2025, aiming for improved cost structure.

  • Pharma segment anticipates international launches to offset US revenue declines from generic competition.

  • No material changes to planned capital expenditures for 2025.

  • Forward-looking statements highlight risks from economic downturns, competition, commodity volatility, and geopolitical conflicts.

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Frequently asked questions

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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