IEP

Icahn Enterprises is Carl Icahn's diversified master limited partnership, holding controlling stakes across Energy (CVR), Automotive, Food Packaging, Real Estate, Home Fashion, Pharma and an Investment segment. The trailing record is poor and persistent: the partnership has lost money for five consecutive years — net losses of $518M, $183M, $684M, $445M and $299M from FY2021 to FY2025 — and FY2025 revenue declined 3.6% to $9.66B. While the FY2025 loss narrowed 32.8%, it is still a loss, net margin is -3.1% and return on equity -4.6%. Critically, operating cash flow was negative $313M and cash fell 44.3% to $1.45B, so the business is not internally funding itself.