Icahn Enterprises (IEP) Q4 2025 earnings summary

Executive summary

• Q4 2025 Adjusted EBITDA surged to $281 million from $16 million in Q4 2024, with net income of $1 million versus a $98 million loss year-over-year.

• Indicative Net Asset Value as of December 31, 2025, was $3.2 billion, down $654 million from September 30, 2025, mainly due to a $778 million decrease in the CVI position.

• Funds were up approximately 11% in Q4 (including refining hedges) and 9% excluding hedges; for the year, flat including hedges and up 7% excluding.

• Top contributors included EchoStar, refining hedges, and Centuri; Caesars was the main detractor.

• Distribution of $0.50 per depositary unit declared for the quarter, payable in cash or additional units.

Financial highlights

• Q4 2025 revenues reached $2.7 billion, up from $2.6 billion in Q4 2024.

• Q4 2025 consolidated net income was $1 million, up from a $98 million loss in Q4 2024.

• Investment segment contributed $261 million in net income, offsetting losses in other segments.

• Energy segment Adjusted EBITDA was $51 million for Q4 2025, down from $99 million in Q4 2024.

• Real Estate Adjusted EBITDA increased by $6 million year-over-year, driven by asset transfers and third-party tenant income.

Outlook and guidance

• Remain optimistic on medium-term refining outlook for CVI, citing limited global capacity expansions and new pipeline projects.

• AEP expected to grow asset base at 10% CAGR and EPS at 9% CAGR through 2030, with potential for further project additions.

• IFF guided for mid-single-digit Comparable EBITDA growth in 2026, driven by portfolio optimization and innovation.

• Management highlights ongoing risks from economic volatility, geopolitical conflicts, and regulatory uncertainty.

• Forward-looking statements caution that actual results may differ materially due to various risk factors.