Icahn Enterprises LP
ielp.comWhat Do They Do?
Refines and sells petroleum products and nitrogen fertilizers to retailers, commercial buyers and agricultural customers.
10-K for FY2025, filed Feb 26, 2026We conduct our Energy segment through our majority owned subsidiary, CVR Energy, Inc. (“CVR Energy”), along with a 3% interest in common…View ↗
CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing businesses, the renewable fuels…View ↗
Petroleum refining product yield includes gasoline, diesel fuel, pet coke and other refined products such as natural gas liquids, asphalt…View ↗
CVR Partners produces and distributes nitrogen fertilizer products, which are used by farmers to improve the yield and quality of their…View ↗
How Do They Make Money?
Energy buyers pay for fuels and fertilizer when shipped or delivered, generally within 30 days or less; some contracts require prepayment. Automotive customers pay for parts and completed services, while warranty plans are paid upfront and franchise royalties are paid over time.
10-K for FY2025, filed Feb 26, 2026Revenue: Our Energy segment revenues are generated from contracts with customers and are recognized at a point in time when performance…View ↗
The transaction prices of our Energy segment’s contracts are either fixed or based on market indices, and any uncertainty related to the…View ↗
Certain sales contracts of the petroleum business require customer prepayment prior to product delivery to guarantee a price and supply of…View ↗
Revenue: Our Automotive segment recognizes revenue when it satisfies a performance obligation by transferring control over a product or…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by reportable segment ↗
$9.7B
-
10-K for FY2025, filed Feb 26, 2026
$9.7B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Investment Segment
|
0.1%
FY2022: 0.5%
|
Investment Segment, FY2025
$12M Sources
|
|
|
Energy Segment
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
74%
FY2022: 76%
|
Energy Segment, FY2025
$7.2B Sources
|
Sold outright |
|
Automotive Segment
Mix
10-K for FY2025, filed Feb 26, 2026 |
15%
FY2022: 17%
|
Automotive Segment, FY2025
$1.4B Sources
|
Mix |
|
Food Packaging Segment
Sold outright
|
3.8%
FY2022: 3.0%
|
Food Packaging Segment, FY2025
$362M Sources
|
Sold outright |
|
Real Estate Segment
Recurring
|
3.5%
FY2022: 0.8%
|
Real Estate Segment, FY2025
$336M Sources
|
Recurring |
|
Home Fashion Segment
|
1.8%
FY2022: 1.5%
|
Home Fashion Segment, FY2025
$171M Sources
|
|
|
Pharma Segment
|
1.1%
FY2022: 0.5%
|
Pharma Segment, FY2025
$105M Sources
|
|
|
Holding Company Segment
|
0.6%
FY2022: 0.6%
|
Holding Company Segment, FY2025
$61M Sources
|
Who Are Their Customers?
Energy sells fuels and fertilizer to retailers and commercial buyers, with fertilizer reaching farmers and industrial users through retailers and distributors. Other segments sell products, services and leases.
10-K for FY2025, filed Feb 26, 2026Petroleum refining product yield includes gasoline, diesel fuel, pet coke and other refined products such as natural gas liquids, asphalt…View ↗
CVR Partners produces and distributes nitrogen fertilizer products, which are used by farmers to improve the yield and quality of their…View ↗
Icahn Enterprises began as American Real Estate Partners L.P. in 1987 and currently operates a portfolio of seven diversified reporting…View ↗
Our operating businesses comprise consolidated subsidiaries which operate in various industries and are managed on a decentralized basis.…View ↗
Do Revenues Turn Into Profits?
No. It lost $299M in FY2025.
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 5, 2026
−$355MView ↗
- ▲ +115% (Loss)
- vs −$165M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
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Aug 20, 2026
Completed the sale of Pep Boys
Retained previously transferred real estate and the AAMCO Transmissions and Precision Tune Auto Care businesses.
Sources
8-K, filed Aug 20, 2026
On August 20, 2026, Icahn Automotive Group LLC, a wholly-owned subsidiary of the Company, completed the previously announced sale of Pep…View ↗
Shrinking. Revenue fell 15% in 4 years, from $11.3B in FY2021 to $9.7B in FY2025, about 4% a year.
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