Icahn Enterprises L.P. (IEP) Balance Sheet
IEP balance sheet, 2025
December 31, 2025 · U.S. dollars$14.21B assets = $10.79B liabilities + $3.43B equity
Both columns are drawn to the same scale: what IEP owns equals what it owes plus shareholders’ equity. Hover a block for its value.
IEP financial health
Descriptive bands, not a rating. Fiscal 2025.
IEP balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $33.34B2016 | $14.21B2025 | −9.0%/yr | |
| Total liabilities | $25.32B2016 | $10.79B2025 | −9.0%/yr | |
| Shareholders’ equity | $8.02B2016 | $2.73B2025 | −11.3%/yr | |
| Cash & short-term investments | $11.71B2016 | $5.67B2025 | −7.7%/yr | |
| Total debt | $12.26B2016 | $6.62B2025 | −6.6%/yr | |
| Net cash (debt) | −$544.0M2016 | −$946.0M2025 | −$402.0M | |
| Working capital | $8.21B2016 | $6.81B2025 | −$1.4B | |
| Book value per share | $70.612017 | $4.742025 | −28.6%/yr | |
| Current ratio | 1.802016 | 4.622025 | +2.82 | |
| Debt / equity | 1.532016 | 2.432025 | +0.90 | |
| Shares outstanding | 161.0M2017 | 575.0M2025 | +17.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IEP assets
IEP liabilities and equity
IEP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
IEP balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $5.67B | $5.24B | $5.95B | $4.89B | $4.44B | $12.20B | $14.89B | $10.99B | $12.05B | $11.71B |
| Cash & equivalents | $3.42B | $4.34B | $4.88B | $3.87B | $4.33B | $3.29B | $4.95B | $2.66B | $1.68B | $1.83B |
| Short-term investments | $2.25B | $900.0M | $1.07B | $1.02B | $102.0M | $8.91B | $9.95B | $8.34B | $10.37B | $9.88B |
| Receivables | $2.18B | $2.10B | $4.85B | $7.65B | $6.08B | $3.94B | $1.33B | $1.14B | $979.0M | $1.61B |
| Inventory | $845.0M | $897.0M | $1.05B | $1.53B | $1.48B | $1.58B | $1.81B | $1.78B | $3.26B | $2.98B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.02B | $2.13B | $2.17B |
| Total current assets | $8.69B | $8.24B | $11.85B | $14.07B | $11.99B | $17.72B | $18.04B | $16.93B | $18.43B | $18.48B |
| Property, plant & equipment (net) | $3.67B | $4.37B | $4.50B | $4.52B | $4.55B | $4.78B | $5.16B | $4.70B | $9.70B | $10.12B |
| Goodwill & intangible assets | $639.0M | $697.0M | $754.0M | $821.0M | $885.0M | $958.0M | $713.0M | $748.0M | $2.41B | $2.22B |
| Long-term investments | $0 | $0 | $0 | $6.81B | $9.15B | $8.91B | $9.95B | $8.34B | $10.37B | $9.88B |
| Other non-current assets | $1.21B | $2.97B | $3.76B | $1.70B | $1.17B | $0 | $0 | $0 | $0 | $0 |
| Total assets | $14.21B | $16.28B | $20.86B | $27.91B | $27.75B | $24.99B | $24.64B | $23.40B | $31.80B | $33.34B |
| Liabilities | ||||||||||
| Accounts payable | $690.0M | $802.0M | $830.0M | $870.0M | $805.0M | $738.0M | $945.0M | $832.0M | $980.0M | $1.76B |
| Short-term debt | — | $1.57B | $4.27B | $6.72B | $5.60B | $2.52B | $1.41B | $468.0M | $1.02B | $1.14B |
| Deferred revenue | — | — | −$159.0M | — | — | −$2.52B | −$1.41B | −$468.0M | −$1.02B | −$1.14B |
| Total current liabilities | $1.88B | $2.42B | $5.40B | $8.48B | $8.01B | $4.88B | $2.40B | $1.99B | $4.87B | $10.27B |
| Long-term debt | $6.59B | $6.78B | $7.17B | $691.0M | $787.0M | $639.0M | $1.22B | $36.0M | $1.27B | $11.12B |
| Lease obligations | — | — | — | — | — | — | — | — | — | $139.0M |
| Other long-term liabilities | $2.31B | $2.46B | $2.21B | $9.19B | $9.60B | $10.21B | $10.07B | $8.47B | $14.29B | $3.93B |
| Total liabilities | $10.79B | $11.66B | $14.79B | $18.36B | $18.40B | $15.73B | $13.70B | $10.49B | $20.43B | $25.32B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $2.78B | $3.30B | $4.02B | $4.72B | $4.37B | $4.32B | $6.36B | $7.35B | $5.34B | $2.45B |
| Retained earnings (deficit) | — | — | — | −$183.0M | −$417.0M | — | — | — | $0 | $0 |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$49.0M | −$61.0M | −$55.0M | −$70.0M | −$74.0M | −$83.0M | −$89.0M | −$84.0M | $0 | −$3.89B |
| Minority interest | $1.48B | $2.15B | $2.87B | $5.66B | — | — | — | $6.38B | $6.26B | $5.86B |
| Total shareholders' equity | $2.73B | $3.24B | $3.97B | $4.65B | $4.30B | $4.24B | $6.27B | $12.90B | $11.37B | $8.02B |
| Key figures | ||||||||||
| Total debt | $6.62B | $8.71B | $11.21B | $14.07B | $13.51B | $11.15B | $10.03B | $7.33B | $11.19B | $12.26B |
| Net cash (debt) | −$946.0M | −$3.47B | −$5.26B | −$9.19B | −$9.07B | $1.05B | $4.86B | $3.67B | $866.0M | −$544.0M |
| Working capital | $6.81B | $5.82B | $6.45B | $5.59B | $3.98B | $12.85B | $15.63B | $14.94B | $13.56B | $8.21B |
| Tangible book value | $2.09B | $2.54B | $3.21B | $3.83B | $3.41B | $3.28B | $5.55B | $12.16B | $8.96B | $5.80B |
| Book value per share | $4.74 | $6.95 | $10.39 | $14.71 | $16.53 | $19.16 | $31.34 | $71.69 | $70.61 | — |
| Shares outstanding | 575.0M | 466.0M | 382.0M | 316.0M | 260.0M | 221.0M | 200.0M | 180.0M | 161.0M | — |
| Current ratio | 4.62 | 3.41 | 2.19 | 1.66 | 1.50 | 3.63 | 7.50 | 8.53 | 3.79 | 1.80 |
| Quick ratio | 4.17 | 3.04 | 2.00 | 1.48 | 1.31 | 3.31 | 6.75 | 6.11 | 2.68 | 1.30 |
| Debt / equity | 2.43 | 2.69 | 2.82 | 3.03 | 3.14 | 2.63 | 1.60 | 0.57 | 0.98 | 1.53 |
| Equity / assets | 19.2% | 19.9% | 19.0% | 16.6% | 15.5% | 16.9% | 25.4% | 55.2% | 35.7% | 24.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $3.19B | $4.93B | $5.67B | $4.03B | $4.48B | $4.88B | $5.24B | $4.73B | $4.52B | $5.78B | $5.95B | $6.11B |
| Cash & equivalents | $2.45B | $3.29B | $3.42B | $3.55B | $3.79B | $3.98B | $4.34B | $3.93B | $2.22B | $2.47B | $4.88B | $4.94B |
| Short-term investments | $741.0M | $1.64B | $2.25B | $471.0M | $691.0M | $897.0M | $900.0M | $808.0M | $2.31B | $3.31B | $1.07B | $1.17B |
| Receivables | $1.62B | $1.56B | $2.18B | $2.14B | $1.68B | $1.62B | $2.10B | $3.45B | $3.22B | $4.78B | $4.85B | $5.19B |
| Inventory | $978.0M | $927.0M | $845.0M | $892.0M | $905.0M | $1.00B | $897.0M | $883.0M | $970.0M | $1.04B | $1.05B | $1.08B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.44B | $2.56B | $0 | $0 |
| Total current assets | $2.69B | $7.42B | $8.69B | $7.06B | $7.06B | $7.50B | $8.24B | $9.07B | $12.15B | $14.17B | $11.85B | $12.39B |
| Property, plant & equipment (net) | $3.62B | $3.63B | $3.67B | $4.22B | $4.29B | $4.32B | $4.37B | $4.38B | $3.91B | $3.94B | $4.50B | $4.45B |
| Goodwill & intangible assets | $619.0M | $630.0M | $639.0M | $658.0M | $671.0M | $683.0M | $697.0M | $712.0M | $725.0M | $740.0M | $754.0M | $775.0M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.30B |
| Other non-current assets | $5.97B | $1.25B | $1.21B | $2.89B | $2.82B | $2.98B | $2.97B | $3.28B | $1.20B | $1.22B | $3.76B | $843.0M |
| Total assets | $12.89B | $12.93B | $14.21B | $14.83B | $14.84B | $15.48B | $16.28B | $17.44B | $17.99B | $20.06B | $20.86B | $21.76B |
| Liabilities | ||||||||||||
| Accounts payable | $721.0M | $757.0M | $690.0M | $673.0M | $690.0M | $870.0M | $802.0M | $679.0M | $747.0M | $795.0M | $830.0M | $819.0M |
| Short-term debt | $1.00B | — | — | $1.43B | $996.0M | $896.0M | $1.57B | $2.68B | $2.13B | $3.64B | $4.27B | $3.80B |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | — | −$3.80B |
| Total current liabilities | $1.72B | $2.44B | $1.88B | $2.12B | $1.71B | $1.80B | $2.42B | $3.46B | $2.56B | $3.10B | $5.40B | $4.96B |
| Long-term debt | $6.36B | $6.37B | $6.59B | $6.67B | $6.71B | $6.77B | $6.78B | $6.45B | $6.62B | $6.61B | $7.17B | $7.08B |
| Other long-term liabilities | $2.66B | $1.78B | $2.31B | $2.62B | $2.99B | $3.17B | $2.46B | $2.71B | $3.42B | $4.74B | $2.21B | $3.10B |
| Total liabilities | $10.74B | $10.59B | $10.79B | $11.41B | $11.42B | $11.74B | $11.66B | $12.62B | $12.60B | $14.44B | $14.79B | $15.13B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.87B | $2.00B | $2.78B | $2.79B | $2.58B | $2.62B | $3.30B | $3.47B | $3.56B | $3.61B | $4.02B | $4.28B |
| Accumulated other comprehensive income | −$53.0M | −$52.0M | −$49.0M | −$53.0M | −$50.0M | −$58.0M | −$61.0M | −$55.0M | −$61.0M | −$57.0M | −$55.0M | −$69.0M |
| Minority interest | $1.14B | $1.20B | $1.48B | $1.47B | $1.68B | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.81B | $1.95B | $2.73B | $2.73B | $2.53B | $2.56B | $3.24B | $3.42B | $3.50B | $3.55B | $3.97B | $4.21B |
| Key figures | ||||||||||||
| Total debt | $7.84B | $6.39B | $6.62B | $8.61B | $8.21B | $8.20B | $8.71B | $9.65B | $6.62B | $6.61B | $11.21B | $11.40B |
| Net cash (debt) | −$4.65B | −$1.46B | −$946.0M | −$4.58B | −$3.74B | −$3.32B | −$3.47B | −$4.92B | −$2.10B | −$825.0M | −$5.26B | −$5.28B |
| Working capital | $966.0M | $4.98B | $6.81B | $4.94B | $5.35B | $5.69B | $5.82B | $5.61B | $9.59B | $11.07B | $6.45B | $7.43B |
| Tangible book value | $1.19B | $1.32B | $2.09B | $2.08B | $1.86B | $1.88B | $2.54B | $2.71B | $2.77B | $2.81B | $3.21B | $3.43B |
| Book value per share | $2.71 | $3.39 | $4.74 | $4.76 | $4.65 | $4.90 | $6.42 | $7.16 | $7.77 | $8.28 | $9.63 | $10.68 |
| Shares outstanding | 669.0M | 575.0M | 575.0M | 575.0M | 545.0M | 523.0M | 505.0M | 477.0M | 450.0M | 429.0M | 412.0M | 394.0M |
| Current ratio | 1.56 | 3.05 | 4.62 | 3.33 | 4.13 | 4.16 | 3.41 | 2.62 | 4.75 | 4.58 | 2.19 | 2.50 |
| Quick ratio | 2.80 | 2.67 | 4.17 | 2.91 | 3.60 | 3.60 | 3.04 | 2.37 | 3.02 | 3.41 | 2.00 | 2.28 |
| Debt / equity | 4.32 | 3.28 | 2.43 | 3.15 | 3.24 | 3.20 | 2.69 | 2.82 | 1.89 | 1.86 | 2.82 | 2.71 |
| Equity / assets | 14.1% | 15.1% | 19.2% | 18.4% | 17.1% | 16.6% | 19.9% | 19.6% | 19.4% | 17.7% | 19.0% | 19.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
IEP financial position
At the end of fiscal 2025 (December 31, 2025), Icahn Enterprises had total assets of $14.2 billion (down 12.7% from a year earlier), total liabilities of $10.8 billion and shareholders' equity of $2.7 billion. It held $5.7 billion in cash and short-term investments against $6.6 billion of debt, net debt of $946.0 million. Its current ratio was 4.62. In the latest quarter (ended June 30, 2026) total assets were $12.9 billion and equity $1.8 billion.
Related: IEP income statement, IEP cash flow statement, IEP key metrics. See the IEP stock overview for the latest quote and news.
IEP balance sheet FAQ
What are Icahn Enterprises's total assets?
Icahn Enterprises reported total assets of $14.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $16.3 billion a year earlier.
How much debt does Icahn Enterprises have?
Icahn Enterprises had $6.6 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 2.43.
How much cash does Icahn Enterprises have?
Icahn Enterprises held $5.7 billion in cash and short-term investments at the end of fiscal 2025; with $6.6 billion of debt that is net debt of $946.0 million.
What is Icahn Enterprises's book value?
Icahn Enterprises's shareholders' equity (book value) was $2.7 billion at the end of fiscal 2025, or $4.74 per share.
What is Icahn Enterprises's current ratio?
Icahn Enterprises had current assets of $8.7 billion and current liabilities of $1.9 billion, a current ratio of 4.62 (it can cover its short-term obligations).
How much goodwill does Icahn Enterprises have?
Icahn Enterprises carried $639.0 million of goodwill and intangible assets, 4.5% of total assets, at the end of fiscal 2025.