Icahn Enterprises L.P. (IEP) Income Statement
IEP 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsIEP revenue and net income
Where IEP's revenue goes
2025Each bar shows an amount and its share of revenue. IEP kept −3.1% of revenue as net income.
IEP profit margins
IEP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −7.5% | −13.3% | +7.1% | −4.6% |
| Gross profit | −10.8% | −27.6% | — | −7.2% |
| Operating income | −102.0% | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
IEP quarterly EPS vs estimates
Icahn Enterprises beat the analyst EPS estimate in 1 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.09).
IEP income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.41B | $10.17B | $11.92B | $14.42B | $12.29B | $6.67B | $11.22B | $10.89B | $10.48B | $16.21B |
| Cost of revenue | $8.58B | $9.23B | $9.97B | $12.22B | $9.96B | $6.86B | $8.75B | $9.68B | $8.78B | $14.57B |
| Gross profit | $834.0M | $935.0M | $1.95B | $2.20B | $2.33B | −$196.0M | $2.47B | $1.21B | $1.70B | $1.64B |
| Research & development | — | — | — | — | — | — | — | — | $195.0M | $192.0M |
| Sales, general & admin | $837.0M | $783.0M | $852.0M | $1.25B | $1.24B | $12.0M | $1.38B | $1.39B | $1.27B | $1.00B |
| Total operating expenses | $837.0M | $783.0M | $852.0M | $1.25B | $1.24B | $1.19B | $1.38B | $1.39B | $1.27B | $2.34B |
| Operating income | −$3.0M | $152.0M | $1.10B | $950.0M | $1.09B | −$1.39B | $1.09B | −$172.0M | $431.0M | −$701.0M |
| Interest income | $288.0M | $477.0M | $636.0M | $328.0M | $137.0M | $169.0M | $265.0M | $148.0M | $136.0M | $131.0M |
| Interest expense | $504.0M | $523.0M | $554.0M | $568.0M | $666.0M | $688.0M | $605.0M | $524.0M | $655.0M | $878.0M |
| Income before taxes | −$345.0M | −$567.0M | −$922.0M | $9.0M | −$578.0M | −$2.58B | −$1.74B | $223.0M | $1.83B | −$2.18B |
| Income taxes | −$19.0M | −$25.0M | $90.0M | $34.0M | −$78.0M | −$116.0M | $20.0M | −$14.0M | −$529.0M | $36.0M |
| Net income | −$293.0M | −$436.0M | −$670.0M | −$179.0M | −$604.0M | −$1.62B | −$1.08B | $2.04B | $2.38B | −$1.11B |
| EBITDA | $762.0M | $467.0M | $150.0M | $1.09B | $605.0M | −$1.39B | −$684.0M | $1.19B | $3.00B | −$298.0M |
| EPS (diluted) | −$0.60 | −$0.84 | −$0.67 | $0.11 | −$1.85 | −$7.33 | −$5.49 | $11.18 | $11.41 | −$3.84 |
| Gross margin | 8.9% | 9.2% | 16.3% | 15.3% | 19.0% | −2.9% | 22.0% | 11.1% | 16.2% | 10.1% |
| Operating margin | −0.0% | 1.5% | 9.2% | 6.6% | 8.9% | −20.8% | 9.7% | −1.6% | 4.1% | −4.3% |
| Net margin | −3.1% | −4.3% | −5.6% | −1.2% | −4.9% | −24.3% | −9.6% | 18.7% | 22.7% | −6.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.08B | $2.17B | $2.73B | $2.73B | $2.42B | $2.01B | $2.58B | $2.71B | $2.64B | $2.24B | $2.96B | $3.11B |
| Cost of revenue | $2.88B | $2.66B | $2.30B | $1.97B | $2.27B | $2.15B | $2.37B | $2.38B | $2.33B | $2.16B | $2.48B | $2.65B |
| Gross profit | $198.0M | −$490.0M | $422.0M | $756.0M | $151.0M | −$141.0M | $217.0M | $330.0M | $307.0M | $80.0M | $479.0M | $462.0M |
| Sales, general & admin | $203.0M | $209.0M | $211.0M | $218.0M | $207.0M | $201.0M | $205.0M | $202.0M | $183.0M | $193.0M | $199.0M | $209.0M |
| Total operating expenses | $584.0M | $209.0M | $211.0M | $218.0M | $207.0M | $201.0M | $205.0M | $202.0M | $183.0M | $192.0M | $199.0M | $209.0M |
| Operating income | −$386.0M | −$699.0M | $211.0M | $538.0M | −$56.0M | −$342.0M | $12.0M | $128.0M | $124.0M | −$112.0M | $280.0M | $253.0M |
| Interest income | $49.0M | $47.0M | $66.0M | $70.0M | $69.0M | $83.0M | $97.0M | $115.0M | $122.0M | $143.0M | $155.0M | $143.0M |
| Interest expense | $121.0M | $123.0M | $125.0M | $122.0M | $129.0M | $128.0M | $129.0M | $130.0M | $128.0M | $136.0M | $128.0M | $148.0M |
| Income before taxes | −$386.0M | −$612.0M | $17.0M | $538.0M | −$246.0M | −$654.0M | −$133.0M | $67.0M | −$482.0M | −$19.0M | −$197.0M | $66.0M |
| Income taxes | $2.0M | −$49.0M | −$27.0M | $127.0M | −$45.0M | −$74.0M | −$23.0M | −$13.0M | $4.0M | $7.0M | $8.0M | $96.0M |
| Net income | −$355.0M | −$450.0M | $1.0M | $287.0M | −$162.0M | −$414.0M | −$96.0M | $22.0M | −$325.0M | −$37.0M | −$136.0M | −$6.0M |
| EBITDA | −$383.0M | −$366.0M | $337.0M | $818.0M | $15.0M | −$408.0M | $125.0M | $323.0M | −$227.0M | $246.0M | $65.0M | $347.0M |
| EPS (diluted) | −$0.52 | −$0.71 | $0.00 | $0.49 | −$0.30 | −$0.79 | −$0.19 | $0.10 | −$0.71 | −$0.04 | −$0.33 | $0.09 |
| Gross margin | 6.4% | −22.5% | 15.5% | 27.7% | 6.2% | −7.0% | 8.4% | 12.2% | 11.6% | 3.6% | 16.2% | 14.9% |
| Operating margin | −12.5% | −32.2% | 7.7% | 19.7% | −2.3% | −17.0% | 0.5% | 4.7% | 4.7% | −5.0% | 9.5% | 8.1% |
| Net margin | −11.5% | −20.7% | 0.0% | 10.5% | −6.7% | −20.6% | −3.7% | 0.8% | −12.3% | −1.7% | −4.6% | −0.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in IEP's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
IEP financial results
In fiscal year 2025 (ended December 31, 2025), Icahn Enterprises reported revenue of $9.4 billion, down 7.5% from the year before. It had a net loss of $293.0 million, a net profit margin of −3.1%. Diluted earnings per share came to −$0.60. Over five years revenue grew at an average rate of 7.1% a year.
See the IEP stock overview for the latest quote and news, or the IEP chart for price history and technical indicators.
IEP income statement FAQ
What is Icahn Enterprises's annual revenue?
Icahn Enterprises reported total revenue of $9.4 billion for fiscal year 2025, which ended on December 31, 2025. That was down 7.5% from $10.2 billion the previous year.
Is Icahn Enterprises profitable?
No. Icahn Enterprises reported a net loss of $293.0 million in fiscal 2025, a net profit margin of −3.1%; its operating margin was −0.0%.
What is Icahn Enterprises's gross margin?
Icahn Enterprises's gross margin was 8.9% in fiscal 2025: for every $100 of revenue, Icahn Enterprises kept $9 after the direct cost of its products and services.
How fast is Icahn Enterprises growing?
Revenue grew 7.1% a year on average over the last five fiscal years, from $6.7 billion to $9.4 billion.
What are Icahn Enterprises's earnings per share?
Icahn Enterprises earned $-0.60 per diluted share in fiscal 2025, compared with $-0.84 a year earlier.
When will Icahn Enterprises report its next earnings?
Icahn Enterprises is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 before the market opens.
When does Icahn Enterprises's fiscal year end?
Icahn Enterprises's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.