Icahn Enterprises LP (IEP) financial statements
Icahn Enterprises LP reported revenue of $9.7B in fiscal 2025, up 3.0% a year over 9 years.
Net income was -$299M and the operating margin -3.6%, against -32.2% in 2016.
Free cash flow was -$654M.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Icahn Enterprises LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.4B | $12.6B | $11.8B | $9.0B | $6.1B | $11.3B | $14.2B | $10.9B | $10.0B | $9.7B |
| Cost of revenue | $13.4B | $15.0B | $9.0B | $8.2B | $6.3B | $9.5B | $11.7B | $9.3B | $8.6B | $8.0B |
| Gross profit | -$6.0B | -$2.4B | $2.8B | $789M | -$197M | $1.9B | $2.5B | $1.6B | $1.4B | $1.7B |
| Selling, general and admin | $1.0B | $1.3B | $1.4B | $1.4B | $1.2B | $1.2B | $1.2B | $852M | $783M | $837M |
| Operating income | -$2.4B | $1.9B | $223M | -$1.7B | -$2.6B | -$578M | $9M | -$922M | -$567M | -$345M |
| Interest expense | $692M | $655M | $524M | $605M | $688M | $666M | $568M | $554M | $523M | $504M |
| Pre-tax income | -$2.4B | $1.9B | $223M | -$1.7B | -$2.6B | -$578M | $9M | -$922M | -$567M | -$345M |
| Income tax | -$88M | -$532M | -$14M | $20M | -$116M | -$78M | $34M | $90M | -$25M | -$19M |
| Net income | -$1.1B | $2.5B | $1.5B | -$1.1B | -$1.7B | -$518M | -$183M | -$684M | -$445M | -$299M |
| Gross margin | -81.8% | -18.9% | 23.6% | 8.8% | -3.2% | 16.3% | 17.7% | 14.7% | 14.0% | 17.4% |
| Operating margin | -32.2% | 14.8% | 1.9% | -19.3% | -42.2% | -5.1% | 0.1% | -8.4% | -5.7% | -3.6% |
| Net margin | -15.3% | 19.4% | 12.6% | -12.2% | -27.0% | -4.6% | -1.3% | -6.3% | -4.4% | -3.1% |
Balance sheet
Fiscal years, from Icahn Enterprises LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.8B | $1.2B | $2.7B | $3.8B | $1.7B | $2.3B | $2.3B | $3.0B | $2.6B | $1.4B |
| Inventory | $3.0B | $1.7B | $1.8B | $1.8B | $1.6B | $1.5B | $1.5B | $1.0B | $897M | $845M |
| Property, plant and equipment | $10.1B | $5.2B | $4.7B | $4.5B | $4.2B | $4.1B | $4.0B | $4.0B | $3.8B | $3.7B |
| Goodwill | $1.1B | $327M | $247M | $282M | $294M | $290M | $288M | $288M | $288M | $290M |
| Total assets | $33.4B | $31.8B | $23.5B | $24.6B | $25.0B | $27.7B | $27.9B | $20.9B | $16.3B | $14.2B |
| Total liabilities | $25.4B | $20.4B | $10.5B | $13.7B | $15.7B | $18.4B | $18.4B | $14.8B | $11.7B | $10.8B |
| Shareholders' equity | $2.2B | $5.1B | $6.6B | — | — | — | — | — | — | — |
| Net debt | -$1.8B | -$1.2B | -$2.7B | -$3.8B | -$1.7B | -$2.3B | -$2.3B | -$3.0B | -$2.6B | -$1.4B |
Cash flow
Fiscal years, from Icahn Enterprises LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.2B | -$1.3B | $923M | -$1.5B | -$416M | $321M | $1.1B | $3.7B | $832M | -$313M |
| Capital spending | $247M | $316M | $272M | $250M | $199M | $305M | $338M | $303M | $280M | $341M |
| Free cash flow | $971M | -$1.7B | $651M | -$1.7B | -$615M | $16M | $717M | $3.4B | $552M | -$654M |
| Dividends paid | $103M | $81M | $97M | $112M | $526M | — | — | — | — | — |
| Free cash flow margin | 13.2% | -13.2% | 5.5% | -19.0% | -10.0% | 0.1% | 5.1% | 31.4% | 5.5% | -6.8% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for IEP.
Open IEP in InvestinglyQuestions
What was Icahn Enterprises LP's revenue in 2025?
$9.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Icahn Enterprises LP generate?
-$654M in fiscal 2025 (operating cash flow minus capital spending).
From Icahn Enterprises LP's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.