Icahn Enterprises (IEP) Q2 2025 earnings summary

Executive summary

• Indicative net asset value as of June 30, 2025, was $3.3 billion, up $252 million from March 31, 2025, driven by a 38% rise in CVI share price and additional share purchases.

• Q2 2025 net loss attributable to unitholders was $165 million, improving from a $331 million loss in Q2 2024, while the six-month net loss widened to $587 million from $369 million year-over-year.

• Adjusted EBITDA loss for Q2 2025 narrowed to $43 million from $155 million in Q2 2024; for the first half of 2025, Adjusted EBITDA loss was $330 million versus $21 million in the prior year.

• Revenues for Q2 2025 were $2.4 billion, up from $2.2 billion in Q2 2024; six-month 2025 revenues were $4.2 billion, down from $4.7 billion in 2024.

• Quarterly distribution of $0.50 per depositary unit declared, with option for cash or additional units.

Financial highlights

• Ended Q2 2025 with $1.1 billion in cash and cash equivalents at the holding company and $700 million at the funds; total liquidity was $4.6 billion.

• Debt stood at $6.7 billion as of June 30, 2025, with holding company debt at $4.7 billion.

• Energy segment consolidated EBITDA was -$24 million for Q2 2025, down from $103 million in Q2 2024, due to unfavorable RINs valuation and reduced throughput volumes.

• Automotive segment gross margin fell to 26% from 29% year-over-year, with net sales and other revenues down 6%.

• Pharma segment net sales rose 14% year-over-year, with gross margin improving to 48% from 43%.

Outlook and guidance

• Management expects continued headwinds in Energy due to regulatory, geopolitical, and market volatility, with ongoing litigation and RFS compliance costs impacting results.

• Food Packaging restructuring and facility consolidation expected to complete in H2 2025, aiming for improved cost structure.

• Auto service division expects further revenue acceleration in July.

• Pharma segment anticipates international launches to offset US revenue declines from generic competition.

• No material changes to planned capital expenditures for 2025.