Traders should monitor the sustainability of the EBITDA recovery and the trajectory of the CVI investment, which significantly impacted net asset value. The maintained distribution suggests confidence in liquidity, but the declining revenue trend and asset value erosion pose risks.
Price Chart
Executive Summary
Icahn Enterprises reported a strong recovery in Q4 2025 with Adjusted EBITDA surging to $281 million from $16 million in the prior year and net income turning positive at $1 million versus a $98 million loss. However, full-year 2025 revenues declined to $9.7 billion from $10.0 billion in 2024, and indicative net asset value dropped $654 million sequentially due to a steep decline in its CVI position. The company maintained its quarterly distribution at $0.50 per unit.
Key Financial Metrics
Key Facts
- Q4 2025 Adjusted EBITDA was $281 million, up from $16 million in Q4 2024
- Q4 2025 net income attributable to IEP was $1 million, reversing a $98 million loss in Q4 2024
- Full-year 2025 revenue was $9.7 billion, down from $10.0 billion in 2024
- Full-year 2025 net loss was $299 million, an improvement from $445 million in 2024
- Indicative net asset value fell $654 million to $3.166 billion as of December 31, 2025, primarily due to a $778 million decline in CVI holdings
- Quarterly distribution of $0.50 per depositary unit was maintained
Financial Impact
Adjusted EBITDA increased by $265 million year-over-year in Q4; full-year revenue declined by $300 million; net asset value decreased by $654 million sequentially
Segment Breakdown
| Segment | Revenue |
|---|---|
| Investment | $333.00 |
| Energy | — |
| Automotive | — |
| Food Packaging | — |
| Real Estate | — |
| Home Fashion | — |
| Pharma | — |
Risk Factors
- Significant decline in indicative net asset value due to CVI position
- Full-year revenue decline despite quarterly EBITDA improvement
- High volatility in investment portfolio affecting book value
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-019412 |
| Document: tm267264d1_8k.htm | 0001104659-26-019412 |
| Document: 0001104659-26-019412-index-headers.html | 0001104659-26-019412 |
| Document: 0001104659-26-019412-index.html | 0001104659-26-019412 |
| Document: 0001104659-26-019412.txt | 0001104659-26-019412 |
| CONTEXT: Previous Earnings (2026-02-25) | 0001104659-26-019412 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 20, 2026 6w ago | 8-K | $6.79 $6.78 | ▼ −0.15% | ▼ −0.62% | $6.67 (−1.77%) |
Aug 7, 2026 8w ago | 8-K | $7.43 $7.11 | ▼ −4.31% | ▼ −4.26% | $6.67 (−10.23%) |
Aug 5, 2026 8w ago | 8-K | $7.46 $7.50 | ▼ −0.54% | ▼ −0.19% | $6.67 (+10.59%) |
Aug 5, 2026 8w ago | Press Release | $7.46 $7.50 | ▼ −0.54% | ▼ −0.19% | $6.67 (+10.59%) |
Jul 23, 2026 10w ago | Press Release | $7.69 $7.71 | ▼ −0.26% | ▲ +0.11% | $6.67 (+13.26%) |
Jul 21, 2026 10w ago | 8-K | $7.69 $7.73 | ▲ +0.52% | ▲ +1.75% | $6.67 (−13.26%) |
May 6, 2026 21w ago | 8-K | $7.46 $7.52 | ▼ −0.88% | ▲ +0.29% | $6.67 (+10.53%) |
Mar 5, 2026 30w ago | 8-K | $7.24 $7.13 | ▲ +1.60% | ▼ −0.64% | $6.67 (+7.90%) |
Feb 25, 2026 31w ago | 8-K | $7.02 $7.22 | ▲ +2.76% | ▲ +3.86% | $6.67 (−5.01%) |
US Market Status
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