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Icahn Enterprises
Icahn Enterprises (IEP) investor relations material
Icahn Enterprises Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Q4 2025 Adjusted EBITDA surged to $281 million from $16 million in Q4 2024, with net income of $1 million versus a $98 million loss year-over-year.
Indicative Net Asset Value as of December 31, 2025, was $3.2 billion, down $654 million from September 30, 2025, mainly due to a $778 million decrease in the CVI position.
Funds were up approximately 11% in Q4 (including refining hedges) and 9% excluding hedges; for the year, flat including hedges and up 7% excluding.
Top contributors included EchoStar, refining hedges, and Centuri; Caesars was the main detractor.
Distribution of $0.50 per depositary unit declared for the quarter, payable in cash or additional units.
Financial highlights
Q4 2025 revenues reached $2.7 billion, up from $2.6 billion in Q4 2024.
Q4 2025 consolidated net income was $1 million, up from a $98 million loss in Q4 2024.
Investment segment contributed $261 million in net income, offsetting losses in other segments.
Energy segment Adjusted EBITDA was $51 million for Q4 2025, down from $99 million in Q4 2024.
Real Estate Adjusted EBITDA increased by $6 million year-over-year, driven by asset transfers and third-party tenant income.
Outlook and guidance
Remain optimistic on medium-term refining outlook for CVI, citing limited global capacity expansions and new pipeline projects.
AEP expected to grow asset base at 10% CAGR and EPS at 9% CAGR through 2030, with potential for further project additions.
IFF guided for mid-single-digit Comparable EBITDA growth in 2026, driven by portfolio optimization and innovation.
Management highlights ongoing risks from economic volatility, geopolitical conflicts, and regulatory uncertainty.
Forward-looking statements caution that actual results may differ materially due to various risk factors.
CVI long position impact on NAV decline
Impact of unit distribution on LP units
Automotive real estate transfer impact on segments
CVI's capture rate improvement strategy
Fund's increased cash deployment strategy
PAH drug trial's disease-modifying potential
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Next Icahn Enterprises earnings date
Q1 20266 May, 2026
Icahn Enterprises
Next Icahn Enterprises earnings date
Q1 20266 May, 2026
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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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