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Icahn Enterprises L.P.

IEP Energy Oil & Gas Refining & Marketing

Icahn Enterprises L.P.’s revenue for fiscal 2025 (year ended December 2025) was $9.7 billion, down 3.61% from fiscal 2024.

Revenue
+16.4%
EPS
−163.3%
Free cash flow
+400.0%
Total debt
−4.95%

Quarter to September 2026, against a year earlier

5.16 0.18 −3.37%
Market cap
$3.7B
P/E
0.0×
Fwd P/E
18.5×
Dividend yield
38.8%
F-score
4/9
Altman Z
n/a
Beneish M
−2.62
Dividend safety
16/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 93.39%

Capital & Financial Ratios $m

Size
Market Cap 3,650.00
Revenue ttm 11,049.00
Net income ttm (1,134.00)
Free cash flow ttm 308.00
Net debt Q 1,771.00
Valuation
P/E 0.00
Forward P/E 18.50
Price / sales 0.33
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.36
Financial health
Current ratio Q 0.00 (below 1: weak)
Debt / equity Q 4.07 (above 2: weak)
Interest coverage Q 0.00
Growth
Revenue growth Q +16.37% (above 0%: growing)
Operating income growth Q −134.55% (below 0%: shrinking)
EPS, this year +23.08% (at or above 15%: strong)
EPS, next year A +237.50% (at or above 15%: strong)
Revenue, next year A −0.93% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A —

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.5×, against a ten-year median of 0.6×; over the ten years it ranged from 0.0× in 2016 to 1.6× in 2021.
P/S against its own 10 years 0.07%
10-year low 10-year high
P/B against its own 10 years 98.64%
10-year low 10-year high
EV/Sales against its own 10 years 29.67%
10-year low 10-year high

Dividends

Yield
38.8%
Annual rate
2.00
Payout ratio
—
Growth, 2018–26
−17.5%/yr
  1. 7.00 ’18
  2. 8.00 ’19 +14
  3. 8.00 ’20 +0
  4. 8.00 ’21 +0
  5. 8.00 ’22 +0
  6. 6.00 ’23 −25
  7. 3.50 ’24 −42
  8. 2.00 ’25 −43
  9. 1.50 ’26 −25
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 8,958 7,549 5,670 4,586
Receivables 4,852 2,103 2,049 —
Inventory — — — —
Other — — — —
13,821 9,659 7,848 —
2023 2024 2025 Q'26
Payables 830 802 690 712
ST’ Debt — — — —
Other — — — —
2,426 2,349 1,882 2,043

Compound Annual Growth %

10y 5y 3y
Sales (4.48%) 9.54% (12.05%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value (10.19%) (18.03%) (28.96%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY25 Estimate 0.14 Actual −0.30

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY24 0.21 0.05 Miss by 0.16
Q4 FY24 0.18 −0.19 Miss by 0.37
Q1 FY25 0.19 −0.79 Miss by 0.98
Q2 FY25 0.14 −0.30 Miss by 0.44

EPS $

Mar Jun Sep Dec Year
’26 (0.71) (0.52) (0.31) — —
’25 (0.79) (0.30) 0.49 0.00 (0.52)
’24 (0.09) (0.72) 0.05 (0.19) (0.94)
’23 (0.75) (0.72) (0.01) (0.33) (1.75)
’22 1.06 (0.41) (0.37) (0.74) (0.57)
’21 0.65 (0.53) (0.55) (1.72) (2.32)
’20 (6.34) 1.36 (3.14) 0.61 (7.33)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,206 2,975 3,171 — —
’25 1,867 2,369 2,725 2,697 9,658
’24 2,470 2,201 2,791 2,558 10,020
’23 2,673 2,559 3,010 2,692 10,934
’22 4,093 3,503 3,404 3,196 14,196
’21 3,384 2,988 2,649 2,317 11,338
’20 (60) 2,709 723 2,751 6,123
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 397 116 216 — —
’25 (182) 275 15 (421) (313)
’24 (251) 893 (54) 244 832
’23 265 1,729 1,627 115 3,736
’22 1,920 709 711 (2,285) 1,055
’21 (551) 187 430 255 321
’20 (1,373) 235 1,862 (1,140) (416)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 283 35 216 — —
’25 (313) 31 (72) (497) (851)
’24 (331) 795 (114) 149 499
’23 199 1,614 1,554 9 3,376
’22 1,850 559 603 (2,378) 634
’21 (599) 109 314 187 11
’20 (1,426) 34 1,803 (1,185) (774)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 7,379 12,619 11,777 8,994 6,123 11,338 14,196 10,934 10,020 9,658 11,049 +3.0% 9,568 10,204 — +2.8%
Gross margin, % 7.35 34.86 23.64 8.77 (3.22) 16.34 17.66 14.70 13.98 17.39 0.00 +10.0 pt
EBT (2,373) 1,866 223 (1,739) (2,584) (578) 9 (922) (567) (345) (1,095) (19.3%)
EBT margin, % (32.16) 14.79 1.89 (19.34) (42.20) (5.10) 0.06 (8.43) (5.66) (3.57) (9.91) +28.6 pt
Net income (2,220) 2,632 2,001 (1,791) (2,468) (500) (25) (1,012) (542) (326) (1,134) (19.2%)
Per share, $
Per share, $ Revenue 53.86 78.38 65.43 44.97 27.71 43.61 44.92 28.62 21.50 17.19 15.43 (11.9%)
Earnings (8.07) 14.80 11.33 (5.38) (7.33) (2.32) (0.57) (1.75) (0.94) (0.52) (1.54) (26.3%)
Cash flow 8.89 (8.37) 5.13 (7.30) (1.88) 1.23 3.34 9.78 1.79 (0.56) 0.43 n/m
Capex (1.80) 10.35 17.17 1.09 (1.62) (1.19) (1.33) (0.94) (0.71) (0.96) 0.00 (6.8%)
Free cash flow 7.09 1.98 22.29 (6.21) (3.50) 0.04 2.01 8.84 1.07 (1.51) 0.43 n/m
Book value 58.52 70.61 72.11 54.71 41.89 35.93 30.25 15.90 9.92 6.10 2.18 (22.2%)
Shares, m 137 161 180 200 221 260 316 382 466 562 646 +17.0%
Valuation, ×
Valuation, × P/E 0.00 3.71 5.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.9
P/S 0.54 0.53 0.87 1.37 1.83 1.14 1.15 0.62 0.40 0.44 0.33 0.9
P/B 1.09 0.81 0.79 1.12 1.21 1.38 1.71 1.11 0.87 1.24 2.36 1.1
EV/Sales 0.45 0.27 0.33 0.62 1.15 0.62 0.83 0.46 0.33 0.54 0.49 0.6
EV/FCF 7.57 14.69 0.98 (4.51) (9.11) 636.22 18.48 1.48 6.61 (6.10) (109.31) 66.6
Cash, $m
Cash, $m Operating cash flow 1,218 (1,348) 923 (1,460) (416) 321 1,055 3,736 832 (313) 308 n/m
Capex (247) 1,667 3,090 217 (358) (310) (421) (360) (333) (538) (358) +9.0%
Free cash flow 971 319 4,013 (1,243) (774) 11 634 3,376 499 (851) 308 n/m
Balance, $m
Balance, $m Working capital 11,949 10,941 12,969 13,833 13,816 17,080 16,501 11,395 7,310 5,966 (2,043) (7.4%)
Net debt (1,399) (4,554) (6,349) (6,698) (4,145) (5,895) (4,599) (1,751) (740) 946 1,771 n/m
Shareholders’ equity 8,017 11,368 12,980 10,942 9,258 9,343 9,558 6,073 4,621 3,426 1,563 (9.0%)
Returns, %
Returns, % ROA (3.17) 7.53 5.36 (4.47) (6.53) (2.29) (0.64) (2.75) (2.35) (1.92) (7.68) +1.3 pt
ROIC (10.29) 23.96 8.11 (16.41) (22.92) 1.69 8.49 1.62 0.24 3.49 0.00 +13.8 pt
ROE (12.25) 25.32 12.17 (9.00) (16.04) (6.49) (1.89) (8.57) (8.15) (7.28) (40.79) +5.0 pt
People
People Employees 90,907 89,034 29,034 28,033 23,800 19,536 20,041 15,038 15,037 13,547 — (19.1%)
Revenue/emp, $m 0.08 0.14 0.41 0.32 0.26 0.58 0.71 0.73 0.67 0.71 — +27.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

Icahn Enterprises L.P. vs peers in Oil & Gas Refining & Marketing (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SUN Sunoco LP $12.6B 10.3× 7.3× +198.89% (above 0%: growing) +225.00% (above 0%: growing) +181.78% (above 0%: growing) 8.65% 4.10% Compare
PBF PBF Energy Inc. $8.3B 3.0× 2.7× +58.58% (above 0%: growing) +765.99% (above 0%: growing) +3,603.79% (above 0%: growing) 23.56% 17.32% Compare
UGP Ultrapar Participacoes S.A. $6.0B 8.8× — +36.71% (above 0%: growing) +61.11% (above 0%: growing) +873.56% (above 0%: growing) 11.12% 7.25% Compare
CVI CVR Energy Inc. $4.0B 15.6× 20.1× +68.78% (above 0%: growing) +50.59% (above 0%: growing) +374.40% (above 0%: growing) 23.86% 22.07% Compare
DK Delek US Holdings, Inc. $3.8B 17.0× 5.8× +47.83% (above 0%: growing) n/m +173.86% (above 0%: growing) 8.93% 7.40% Compare
IEP Icahn Enterprises L.P. $3.7B — (loss-making) 18.5× +16.37% (above 0%: growing) n/m +400.00% (above 0%: growing) 0.00% 0.00%
PARR Par Pacific Holdings, Inc. $3.4B 3.5× 3.4× +51.64% (above 0%: growing) +38.16% (above 0%: growing) +328.39% (above 0%: growing) 23.43% 15.47% Compare
DKL Delek Logistics Partners, L.P. $3.0B 17.7× 16.1× +56.18% (above 0%: growing) −34.94% (below 0%: shrinking) +193.34% (above 0%: growing) 17.18% 16.09% Compare
WKC World Kinect Corporation $1.9B — (loss-making) 12.2× +41.30% (above 0%: growing) +60.87% (above 0%: growing) +61.18% (above 0%: growing) 2.17% 0.60% Compare
Median of peers $3.9B 10.3× 7.3× +53.91% +60.87% +260.87% 14.15% 11.44%

All 19 Oil & Gas Refining & Marketing stocks →

Icahn Enterprises L.P. (IEP) Latest News

4 Nov

Impact 3 · · The Motley Fool

3 Nov

Impact 4 · · Moby
Impact 3 · · GuruFocus.com
Impact 3 · · The Motley Fool transcript
Impact 3 · · MarketBeat
Impact 3 · · PR Newswire

20 Oct

Impact 4 · · 24/7 Wall St.

21 Sep

Impact 4 · · Bloomberg

19 Sep

Impact 3 · · 24/7 Wall St.

21 Aug

Impact 4 ·

20 Aug

Impact 3 ·

5 Aug

Impact 4 · transcript
Impact 3 · · MarketBeat transcript
Impact 3 ·

24 Jul

Impact 3 ·

23 Jul

Impact 3 · · credaily.com

22 Jul

Impact 3 · · foxbusiness.com

21 Jul

Impact 4 · · qz.com
Impact 4 ·

8 Jun

Impact 3 · · StockStory

21 May

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

16 May

Impact 3 · · StockStory

13 May

Impact 3 · · Insider Monkey

8 May

Impact 4 · · Simply Wall St.

6 May

Impact 4 · · Moby
Impact 4 · · MarketBeat
Impact 4 · · StockStory
Impact 4 · · PR Newswire
Impact 3 · · PR Newswire

IEP metrics, ten years each

stockrow.com/IEP · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com