Icahn Enterprises L.P. Depositary Units Representing Limited Partner Interests (IEP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$0.1	-$0.71	-810.0%	—	$2.5B	—
Q3 25	$0.14	$0.49	+250.0%	—	$2.5B	—
Q2 25	$0.14	-$0.3	-314.3%	—	$2.3B	—
Q1 25	$0.19	-$0.79	-515.8%	—	$2.2B	—
Q4 24	$0.18	-$0.19	-205.6%	—	$2.5B	—
Q3 24	$0.21	$0.1	-52.4%	—	$2.4B	—
Q2 24	$0.19	-$0.71	-473.7%	—	$2.6B	—
Q1 24	$0.25	-$0.04	-116.0%	—	$2.4B	—
Q4 23	$0.21	-$0.32	-252.4%	—	$2.8B	—
Q3 23	$0.34	$0.09	-73.5%	—	$3.2B	—
Q2 23	$0.25	-$0.34	-236.0%	—	$2.9B	—
Q1 23	$0.19	-$0.09	-147.4%	—	$2.9B	—
Q4 22	$0.15	-$0.5	-433.3%	—	$3.5B	—
Q3 22	$0.22	-$0.33	-250.0%	—	$3.5B	—
Q2 22	$0.07	-$0.41	-685.7%	—	$4B	—
Q1 22	$0.13	$1.13	+769.2%	—	$3.1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.52	—	—	$9.3B	—
FY24	—	-$0.94	—	—	$9.9B	—
FY23	—	-$1.75	—	—	$11.8B	—
FY22	—	-$0.57	—	—	$14.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$8.6B	$10B	$11.2B	$10.4B	$7.4B	$11B	$14.1B	$11.8B	$9.9B	$9.3B
YoY change	-46.3%	+17.1%	+11.7%	-7.44%	-28.5%	+47.5%	+29%	-16.1%	-16.4%	-6.11%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	8.6B	10B	11.2B	10.4B	7.4B	11B	14.1B	11.8B	9.9B	9.3B
Cost of revenue	6.8B	8.2B	9B	8.2B	6.3B	9.5B	11.7B	9.3B	8.6B	8B
Gross profit	1.7B	1.8B	2.2B	2.2B	1.1B	1.5B	2.4B	2.5B	1.3B	1.3B
Gross margin	20.3%	18.2%	19.9%	21%	14.9%	13.4%	17.3%	21.3%	12.9%	14.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1B	1.3B	1.4B	1.4B	1.2B	1.2B	1.3B	852M	783M	837M
Operating expenses	1.6B	1.8B	1.9B	1.9B	1.7B	1.8B	1.8B	1.5B	1.4B	1.4B
Operating income	111M	42M	306M	280M	-575M	-294M	604M	886M	-105M	-119M
Operating margin	1.29%	0.42%	2.73%	2.7%	-7.75%	-2.68%	4.28%	7.48%	-1.06%	-1.28%
Non-operating income, net	-1.9B	2.4B	293M	-1.7B	-1.5B	245M	-355M	-1.9B	-416M	-10M
Pretax income	-2.4B	1.9B	223M	-1.7B	-2.6B	-578M	9M	-922M	-567M	-345M
Income tax	-88M	-532M	-14M	20M	-116M	-78M	34M	90M	-25M	-19M
Net income	-2.2B	2.6B	2B	-1.8B	-2.5B	-500M	-25M	-1B	-542M	-326M
Net margin	-25.9%	26.2%	17.8%	-17.2%	-33.2%	-4.57%	-0.18%	-8.54%	-5.47%	-3.51%
EBITDA	759M	665M	965M	1.1B	90M	295M	1.3B	2B	834M	781M
EPS	-8.03	14.8	11.5	-5.38	-7.33	-2.32	-0.57	-1.75	-0.94	-0.52
Diluted EPS	-8.03	14.8	11.5	-5.38	-7.33	-2.32	-0.57	-1.75	-0.94	-0.52

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.2B	2.8B	2.4B	2.6B	2.4B	2.5B	2.2B	2.3B	2.5B	2.3B	2.5B	3.3B
Cost of revenue	2.4B	2.4B	2B	2.2B	2.2B	2.2B	2B	2.1B	1.7B	2.2B	2.3B	2.9B
Gross profit	817M	446M	440M	349M	190M	302M	154M	197M	799M	167M	132M	373M
Gross margin	25.6%	15.8%	18.1%	13.7%	7.87%	12%	7.1%	8.51%	32.2%	7.18%	5.34%	11.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	209M	199M	193M	183M	202M	205M	201M	207M	218M	211M	209M	203M
Operating expenses	374M	359M	346M	337M	357M	346M	352M	361M	368M	355M	350M	350M
Operating income	420M	87M	94M	12M	-167M	-44M	-198M	-164M	431M	-188M	-218M	23M
Operating margin	13.1%	3.08%	3.87%	0.47%	-6.92%	-1.76%	-9.12%	-7.08%	17.4%	-8.08%	-8.82%	0.71%
Non-operating income, net	-349M	-311M	-120M	-475M	249M	-57M	-411M	-22M	159M	264M	-318M	-337M
Pretax income	66M	-197M	-19M	-482M	67M	-133M	-654M	-246M	538M	17M	-612M	-386M
Income tax	96M	8M	7M	4M	-13M	-23M	-74M	-45M	127M	-27M	-49M	2M
Net income	-30M	-205M	-26M	-486M	80M	-110M	-580M	-201M	411M	44M	-563M	-388M
Net margin	-0.94%	-7.25%	-1.07%	-19%	3.32%	-4.39%	-26.7%	-8.68%	16.5%	1.89%	-22.8%	-11.9%
EBITDA	700M	288M	348M	256M	57M	173M	12M	47M	659M	63M	-27M	202M
EPS	-0.01	—	-0.09	-0.72	0.05	-0.19	-0.79	-0.3	0.49	0	-0.71	-0.52
Diluted EPS	-0.01	—	-0.09	-0.72	0.05	-0.19	-0.79	-0.3	0.49	0	-0.71	-0.52

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	8.3B	—	—	—	—	—	—	—	—	—	4.9B
Enterprise value	7.7B	—	—	—	—	—	—	—	—	—	10.9B
Shares outstanding	137.7M	161M	180M	200M	221M	260M	316M	382M	466M	562M	562M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	—	—	-13.2
P/S	0.96	—	—	—	—	—	—	—	—	—	0.47
P/B	1.03	—	—	—	—	—	—	—	—	—	2.72
EV/EBITDA	10.1	—	—	—	—	—	—	—	—	—	20.7
EV/Sales	0.89	—	—	—	—	—	—	—	—	—	1.05
Earnings yield	—	—	—	—	—	—	—	—	—	—	-7.58%
FCF yield	11.8%	—	—	—	—	—	—	—	—	—	2.83%
PEG	—	—	—	—	—	—	—	—	—	—	-0.18

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	20.3%	18.2%	19.9%	21%	14.9%	13.4%	17.3%	21.3%	12.9%	14.2%	11.5%
Operating margin	1.29%	0.42%	2.73%	2.7%	-7.75%	-2.68%	4.28%	7.48%	-1.06%	-1.28%	-8.64%
Net margin	-25.9%	26.2%	17.8%	-17.2%	-33.2%	-4.57%	-0.18%	-8.54%	-5.47%	-3.51%	-4.96%
ROE	-27.7%	23.2%	15.4%	-16.4%	-26.7%	-5.35%	-0.26%	-16.7%	-11.7%	-9.52%	-17.8%
ROA	-6.65%	8.28%	8.52%	-7.27%	-9.88%	-1.8%	-0.09%	-4.85%	-3.33%	-2.29%	-0.46%
ROIC	1.5%	0.56%	3.29%	5.19%	-8.55%	-5.28%	0%	12.1%	-1.61%	-1.88%	0.83%
Return on tangible assets	-7.69%	8.76%	9.1%	-7.72%	-10.7%	-1.92%	-0.1%	-5.23%	-3.64%	-2.52%	-4.26%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.18	2.48	8.36	7.35	4.11	5.01	5.56	5.39	4.37	4.57	1.65
Quick ratio	1.85	2.31	7.46	6.62	3.74	4.66	5.15	5.01	4	4.12	2.85
Debt / equity	1.39	0.65	0.56	0.75	0.87	0.82	0.74	1.19	1.47	1.93	3.19
Debt / assets	0.33	0.23	0.31	0.33	0.32	0.28	0.25	0.35	0.42	0.47	0.5
Net debt / EBITDA	-0.78	-5.72	-3.8	-5.08	-28.1	-12.8	-1.52	0.64	2.27	3.73	4.09
Interest coverage	-2.43	3.85	1.43	-1.87	-2.76	0.13	1.02	-0.66	-0.08	0.32	0.1
Effective tax rate	0%	0%	0%	0%	0%	0%	100%	0%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	62.3	62.4	62.4	51.9	33.6	42.1	44.7	31	21.2	16.5	16.7
EPS (basic)	-8.03	14.8	11.5	-5.38	-7.33	-2.32	-0.57	-1.75	-0.94	-0.52	-0.52
EPS (diluted)	-8.03	14.8	11.5	-5.38	-7.33	-2.32	-0.57	-1.75	-0.94	-0.52	-0.66
Book value per share	58.2	70.6	72.1	54.7	41.9	35.9	30.2	15.9	9.92	6.1	2.55
FCF per share	7.05	-10.3	3.62	-8.55	-2.78	0.06	2.27	8.99	1.18	-1.16	-0.36
Cash per share	85.1	69.4	61.1	68.7	47.9	44.1	28.9	15.6	10.5	6.59	1.72
Capex per share	—	—	—	—	—	—	—	—	—	0.61	0.52

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	3.67%	3.33%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	-108.9%	328%
Payout ratio	-4.64%	3.08%	4.85%	-6.25%	-21.3%	-26.8%	-904%	-30.3%	-72.1%	-88.3%	2.5K%
Dividend yield	1.25%	—	—	—	—	—	—	—	—	—	29.2%

Yield

29.2%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.50

ex-dividend Aug 17, 2026

Payout ratio

2500%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 17, 2026	$0.50
May 18, 2026	$0.50
Mar 9, 2026	$0.50

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.2B	$2.8B	$2.4B	$2.6B	$2.4B	$2.5B	$2.2B	$2.3B	$2.5B	$2.3B	$2.5B	$3.3B
YoY change	-9.54%	-18.5%	-17.6%	-11.4%	-24.5%	-11.3%	-10.6%	-9.32%	+2.94%	-7.22%	+13.9%	+40.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	11.7B	11.2B	11B	13.7B	10.6B	11.5B	9.1B	6B	4.9B	3.7B
Receivables	1.6B	473M	474M	483M	501M	546M	606M	485M	479M	393M
Inventory	3B	1.7B	1.8B	1.8B	1.6B	1.5B	1.5B	1B	897M	845M
Total current assets	20B	24.9B	16.6B	18B	17.7B	21.1B	20.9B	14.9B	10.6B	8.7B
Property, plant & equipment	7.1B	3.5B	3.8B	3.6B	3.3B	3.2B	3.1B	2.9B	2.7B	2.9B
Goodwill & intangibles	4.5B	1.7B	1.5B	1.4B	1.9B	1.8B	1.6B	1.5B	1.4B	1.3B
Total assets	33.4B	31.8B	23.5B	24.6B	25B	27.7B	27.9B	20.9B	16.3B	14.2B
Accounts payable	1.8B	980M	832M	945M	738M	805M	870M	830M	802M	690M
Short-term debt	—	—	—	—	368M	26M	21M	33M	31M	21M
Total current liabilities	9.2B	10B	2B	2.5B	4.3B	4.2B	3.8B	2.8B	2.4B	1.9B
Long-term debt	11.1B	7.4B	7.3B	8.2B	7.7B	7.7B	7.1B	7.2B	6.8B	6.6B
Total liabilities	25.4B	20.4B	10.5B	13.7B	15.7B	18.4B	18.4B	14.8B	11.7B	10.8B
Shareholders' equity	8B	11.4B	13B	10.9B	9.3B	9.3B	9.6B	6.1B	4.6B	3.4B
Total debt	11.1B	7.4B	7.3B	8.2B	8.1B	7.7B	7.1B	7.2B	6.8B	6.6B
Net debt	9.3B	6.2B	4.7B	4.4B	6.4B	5.4B	4.8B	4.3B	4.2B	5.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	6.2B	6B	5.8B	4.5B	4.9B	4.9B	4.3B	3.8B	3.8B	3.7B	2.9B	2.7B
Receivables	517M	485M	447M	494M	476M	479M	503M	420M	418M	393M	481M	488M
Inventory	1.1B	1B	1B	970M	883M	897M	1B	905M	892M	845M	927M	978M
Total current assets	15.8B	14.9B	14.2B	12.2B	11.7B	10.6B	9.6B	9.1B	9.2B	8.7B	7.4B	7.4B
Property, plant & equipment	—	2.9B	—	—	—	2.7B	—	—	—	2.9B	—	—
Goodwill & intangibles	1.6B	1.5B	1.5B	1.4B	1.4B	1.4B	1.4B	1.3B	1.3B	1.3B	1.3B	1.2B
Total assets	21.8B	20.9B	20.1B	18B	17.4B	16.3B	15.5B	14.8B	14.8B	14.2B	12.9B	12.9B
Accounts payable	819M	830M	795M	747M	679M	802M	870M	690M	673M	690M	757M	721M
Short-term debt	—	33M	—	—	—	31M	24M	—	22M	21M	26M	25M
Total current liabilities	3.1B	2.8B	3.1B	2.6B	2.4B	2.4B	2.9B	2.4B	2B	1.9B	2.5B	2.3B
Long-term debt	7.1B	7.2B	6.6B	6.6B	6.4B	6.8B	6.8B	6.7B	6.7B	6.6B	6.4B	6.4B
Total liabilities	15.1B	14.8B	14.4B	12.6B	12.6B	11.7B	11.7B	11.4B	11.4B	10.8B	10.6B	10.7B
Shareholders' equity	6.6B	6.1B	5.6B	5.4B	4.8B	4.6B	3.7B	3.4B	3.4B	3.4B	2.3B	2.1B
Total debt	7.1B	7.2B	6.6B	6.6B	6.4B	6.8B	6.8B	6.7B	6.7B	6.6B	6.4B	6.4B
Net debt	4.2B	4.3B	4.1B	4.4B	4.2B	4.2B	4.6B	4.9B	4.9B	5.2B	5.1B	5.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-2.2B	2.6B	2B	-1.8B	-2.5B	-500M	-25M	-1B	-542M	-326M
Depreciation & amortization	526M	518M	508M	519M	510M	517M	509M	518M	511M	603M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-3.5B	-1.7B	-2.7B	1.4B	-2.3B	-1.8B	-2.9B	3.5B	2.4B	-556M
Operating cash flow	468M	2.4B	44M	-617M	-1.6B	1.4B	768M	3.3B	645M	-313M
Capital expenditure	—	—	—	—	—	—	—	—	—	-341M
Investing cash flow	-1B	1.6B	3.2B	836M	-382M	833M	78M	13M	65M	-402M
Dividends paid	-103M	-81M	-97M	-112M	-526M	-134M	-226M	-307M	-391M	-288M
Share repurchases	-72M	—	—	—	—	—	—	—	—	—
Financing cash flow	219M	1.2B	6M	621M	-551M	293M	-344M	-2.4B	-1.3B	-1.1B
Net change in cash	-351M	5.3B	3.3B	840M	-2.5B	2.5B	502M	904M	-613M	-1.8B
Free cash flow	971M	-1.7B	651M	-1.7B	-615M	16M	717M	3.4B	552M	-654M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-30M	-205M	-26M	-486M	80M	-110M	-580M	-201M	411M	44M	-563M	-388M
Depreciation & amortization	133M	134M	129M	127M	126M	129M	118M	132M	158M	195M	123M	124M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-700M	414M	-222M	1.8B	-557M	1.3B	504M	331M	-964M	-88M	909M	-13M
Operating cash flow	1.4B	208M	-515M	830M	62M	154M	-432M	275M	15M	-421M	397M	116M
Capital expenditure	—	—	—	—	—	—	—	-96M	-82M	-75M	-114M	-80M
Investing cash flow	4M	-149M	-7M	-26M	-1M	99M	-30M	-186M	-33M	-65M	-110M	-76M
Dividends paid	-39M	-113M	—	—	-113M	-71M	—	—	-79M	-55M	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-693M	-71M	-587M	36M	-815M	250M	-65M	-331M	-431M	-124M	-412M	-36M
Net change in cash	712M	-12M	-1.1B	840M	-754M	503M	-527M	-242M	-449M	-610M	-125M	4M
Free cash flow	1.6B	13M	-319M	827M	-112M	156M	-270M	179M	-67M	-496M	283M	36M

Date	Ratio
Nov 13, 2012	10059:10000
Aug 14, 2012	10062:10000
May 14, 2012	10053:10000
Mar 13, 2012	10063:10000
Jan 5, 2012	10043:10000

Icahn Enterprises L.P. Depositary Units Representing Limited Partner Interests Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history