Saturday 17 October 2026 Export IEP’s income statement to Excel — free account

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. In the quarter to June 2026, revenue grew 25.6%, EPS fell 73.3%, free cash flow grew 12.9% and total debt fell 4.83%, each against the same quarter a year earlier.

6.63 0.01 −0.15%

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Market cap: $4.7B
P/E: 0.0×
Fwd P/E: 18.5×
Dividend yield: 30.2%
F-score: 4/9
Altman Z: n/a
Beneish M: −2.62
Dividend safety: 16/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 92.92%

Capital & Financial Ratios $m

Market Cap 4,720.00

Revenue 10,603.00

Net Income (496.00)

Free Cash Flow (251.00)

Net Debt 1,699.00

Current Ratio 2.87

Debt/Equity 2.98

P/E ratio 0.00

Fwd P/E 18.50

P/S ratio 0.42

P/B ratio 2.07

Past 5Y EPS Growth —

This Y EPS Growth 23.08%

Next Y EPS Growth 237.50%

Next Y revenue growth (0.93%)

Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 1.95%

10-year low 10-year high

P/B against its own 10 years 95.32%

10-year low 10-year high

EV/Sales against its own 10 years 45.40%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate 2.00

Annual Dividend Yield 30.17%

	total	individual payouts
2026	1.50	0.50 0.50 0.50
2025	2.00	0.50 0.50 0.50 0.50
2024	3.50	1.00 1.00 1.00 0.50
2023	6.00	2.00 2.00 1.00 1.00
2022	8.00	2.00 2.00 2.00 2.00
2021	8.00	2.00 2.00 2.00 2.00
2020	8.00	2.00 2.00 2.00 2.00
2019	8.00	2.00 2.00 2.00 2.00
2018	7.00	1.75 1.75 1.75 1.75
2017	6.00	1.50 1.50 1.50 1.50
2016	6.00	1.50 1.50 1.50 1.50

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	8,958	7,549	5,670	4,690
Receivables	4,852	2,103	2,049	1,619
Inventory	—	—	—	—
Other	—	—	—	—
	13,821	9,659	7,848	6,445

	2023	2024	2025	Q'26
Payables	830	802	690	721
ST’ Debt	—	—	—	—
Other	—	—	—	—
	2,426	2,349	1,882	2,245

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%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	2,206	2,975	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.71)	(0.52)	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	42.50	47.06	50.33	56.20	34.00	48.93	47.17	15.00	8.53	7.08	Analyst estimates 2026–2028 Powerpack
	High	67.63	63.96	81.88	79.37	69.10	69.10	55.73	54.48	22.59	10.74
People
People	Employees	90,907	89,034	29,034	28,033	23,800	19,536	20,041	15,038	15,037	13,547
	Revenue/emp, $m	0.08	0.14	0.41	0.32	0.26	0.58	0.71	0.73	0.67	0.71
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
	Gross margin, %	7.35	34.86	23.64	8.77	(3.22)	16.34	17.66	14.70	13.98	17.39
	EBT	(2,373)	1,866	223	(1,739)	(2,584)	(578)	9	(922)	(567)	(345)
	EBT margin, %	(32.16)	14.79	1.89	(19.34)	(42.20)	(5.10)	0.06	(8.43)	(5.66)	(3.57)
	Net income	(2,220)	2,632	2,001	(1,791)	(2,468)	(500)	(25)	(1,012)	(542)	(326)
	Depreciation	526	518	508	519	510	517	509	518	511	603
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
	Earnings	(8.07)	14.80	11.46	(5.38)	(7.33)	(2.32)	(0.57)	(1.75)	(0.94)	(0.52)
	Cash flow	8.89	(8.37)	5.13	(7.30)	(1.88)	1.23	3.34	9.78	1.79	(0.56)
	Capex	(1.80)	10.35	17.17	1.09	(1.62)	(1.19)	(1.33)	(0.94)	(0.71)	(0.96)
	Free cash flow	7.09	1.98	22.29	(6.21)	(3.50)	0.04	2.01	8.84	1.07	(1.51)
	Book value	58.52	70.61	72.11	54.71	41.89	35.93	30.25	15.90	9.92	6.10
	Shares, m	137	161	180	200	221	260	316	382	466	562
Valuation, ×
Valuation, ×	P/E	0.00	3.71	5.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	0.54	0.53	0.87	1.37	1.83	1.14	1.15	0.62	0.40	0.44
	P/B	1.09	0.81	0.79	1.12	1.21	1.38	1.71	1.11	0.87	1.24
	EV/Sales	0.45	0.27	0.33	0.62	1.15	0.62	0.83	0.46	0.33	0.54
	EV/FCF	7.57	14.69	0.98	(4.51)	(9.11)	636.22	18.48	1.48	6.61	(6.10)
Cash, $m
Cash, $m	Operating cash flow	1,218	(1,348)	923	(1,460)	(416)	321	1,055	3,736	832	(313)
	Capex	(247)	1,667	3,090	217	(358)	(310)	(421)	(360)	(333)	(538)
	Free cash flow	971	319	4,013	(1,243)	(774)	11	634	3,376	499	(851)
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
	Total debt	11,119	7,372	7,326	8,192	8,059	7,692	7,096	7,207	6,809	6,616
	Net debt	(1,399)	(4,554)	(6,349)	(6,698)	(4,145)	(5,895)	(4,599)	(1,751)	(740)	946
	Shareholders’ equity	8,017	11,368	12,980	10,942	9,258	9,343	9,558	6,073	4,621	3,426
Returns, %
Returns, %	ROA	(3.17)	7.53	5.36	(4.47)	(6.53)	(2.29)	(0.64)	(2.75)	(2.35)	(1.92)
	ROIC	(10.29)	23.96	8.11	(16.41)	(22.92)	1.69	8.49	1.62	0.24	3.49
	ROE	(12.25)	25.32	12.17	(9.00)	(16.04)	(6.49)	(1.89)	(8.57)	(8.15)	(7.28)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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	$9.9B	16.3×	7.2×	+164.55% (above 0%: growing)	+184.85% (above 0%: growing)	+955.68% (above 0%: growing)	10.27%	4.09%	Compare
UGP Ultrapar Participacoes S.A.	$8.2B	12.4×	—	+36.71% (above 0%: growing)	+61.11% (above 0%: growing)	+873.56% (above 0%: growing)	11.12%	7.25%	Compare
CVI CVR Energy Inc.	$6.2B	90.3×	90.4×	+55.48% (above 0%: growing)	n/m	+104.65% (above 0%: growing)	4.27%	2.85%	Compare
IEP Icahn Enterprises L.P.	$4.7B	— (loss-making)	18.5×	+25.58% (above 0%: growing)	n/m	+12.90% (above 0%: growing)	3.09%	(8.67%)
DK Delek US Holdings, Inc.	$4.7B	20.8×	12.2×	+47.83% (above 0%: growing)	n/m	+173.86% (above 0%: growing)	8.93%	7.40%	Compare
PARR Par Pacific Holdings, Inc.	$4.2B	4.8×	4.1×	+56.80% (above 0%: growing)	+707.63% (above 0%: growing)	+176.88% (above 0%: growing)	28.72%	21.37%	Compare
SHI SINOPEC Shangai Petrochemical Company, Ltd.	$3.8B	117×	18.4×	+2.18% (above 0%: growing)	n/m	+88.32% (above 0%: growing)	15.31%	(0.73%)	Compare
DKL Delek Logistics Partners, L.P.	$3.2B	20.0×	15.8×	+56.18% (above 0%: growing)	−34.94% (below 0%: shrinking)	+193.34% (above 0%: growing)	17.18%	16.09%	Compare
CSANY Cosan S.A. Sponsored ADR	$2.7B	— (loss-making)	— (loss-making)	+3.95% (above 0%: growing)	n/m	+141.78% (above 0%: growing)	34.07%	23.83%	Compare
Median of peers	$4.5B	20.0×	14.0×	+51.66%	+122.98%	+175.37%	13.22%	7.33%

All 19 Oil & Gas Refining & Marketing stocks →