Icahn Enterprises (IEP) Q1 2025 earnings summary

Executive summary

• Q1 2025 net loss attributable to IEP was $422 million, or $0.79 per depositary unit, a significant increase from a $38 million loss in Q1 2024, with revenues down to $1.87 billion from $2.47 billion year-over-year.

• Adjusted EBITDA loss was $287 million, compared to a positive $134 million in Q1 2024.

• Indicative Net Asset Value as of March 31, 2025, was $3.0 billion, down $336 million from December 31, 2024.

• Quarterly distribution declared at $0.50 per depositary unit, with option for cash or additional units, down from $1.00 in Q1 2024.

• Board maintained the quarterly distribution and detailed the election process for unitholders.

Financial highlights

• Revenues declined 24% year-over-year to $1.87 billion, driven by declines in the Energy and Automotive segments.

• Net loss attributable to IEP increased to $422 million in Q1 2025 from $38 million in Q1 2024.

• Adjusted EBITDA swung to a loss of $287 million from a gain of $134 million year-over-year.

• Cash and cash equivalents at March 31, 2025, were $2.18 billion, down from $2.60 billion at year-end 2024.

• Distributions declared per LP unit decreased to $0.50 from $1.00 year-over-year.

Outlook and guidance

• Management expects the sale of certain Real Estate segment properties to close by the end of Q2 2025, with anticipated fair value significantly exceeding GAAP equity.

• Valuation methodologies for Real Estate and Automotive Services segments have shifted to forward-looking approaches with third-party consultant input.

• No material changes to planned capital expenditures compared to 2024 estimates.

• Forward-looking statements highlight risks from economic downturns, competition, rising costs, geopolitical conflicts, and regulatory uncertainties.