Icahn Enterprises (IEP) Q3 2025 earnings summary

Executive summary

• Net income attributable to unitholders surged to $287 million in Q3 2025, up from $22 million in Q3 2024, driven by a $488 million EPA waiver benefit in the Energy segment and a $223 million real estate gain.

• Indicative net asset value reached $3.8 billion as of September 30, 2025, an increase of $567 million from June 30, 2025, with strong contributions from CVI and fund performance.

• Q3 2025 Adjusted EBITDA was $383 million, more than double the $183 million reported in Q3 2024.

• Quarterly distribution of $0.50 per unit declared, payable in cash or additional units.

• Revenues for Q3 2025 were $2.73 billion, slightly down from $2.79 billion in Q3 2024.

Financial highlights

• Energy segment net income attributable to unitholders was $258 million, up from a loss of $88 million in Q3 2024, with gross margin rising to 28% from (4)% prior year.

• Real Estate segment recorded a $223 million pre-tax gain from property sales, with net income up to $217 million from $2 million in Q3 2024.

• Automotive segment net sales were $374 million, with a net loss of $21 million, and gross margin improved to 26% from 22% year-over-year.

• Food Packaging and Home Fashion segments saw adjusted EBITDA decrease by $8 million and $4 million, respectively, year-over-year.

• Investment segment posted a (0.5)% return for Q3 2025, with net short notional exposure of 26%.

Outlook and guidance

• Food Packaging restructuring is expected to be completed in the first half of 2026, with performance gains anticipated later in 2026.

• The Pharma segment expects international launches to offset US revenue declines due to generic competition, with a PAH trial dosing planned for Q1 2026.

• Management highlights a shift to forward-looking valuation methodologies for key segments, moving from trailing EBITDA to discounted cash flow and public company comparables.

• The company remains focused on maintaining liquidity to capitalize on business opportunities.

• Real estate EBITDA is expected to increase in the second half of 2026 as construction ramps up.