Icahn Enterprises L.P. reported a consolidated revenue of $9.7 billion for the fiscal year ending December 31, 2025, a decrease of 3.6% from $10 billion in 2024. The company's net loss from continuing operations was $326 million, compared to a loss of $542 million in the previous year. This improvement in profitability was attributed to a significant reduction in losses from investment activities, which narrowed to $183 million from $421 million in 2024. The Energy segment, which includes CVR Energy, generated $7.2 billion in net sales, down from $7.6 billion in 2024, primarily due to lower throughput volumes and reduced prices for gasoline and distillates.
The company experienced notable operational changes during the year, including the deconsolidation of Auto Plus, an aftermarket parts distributor, following its Chapter 11 bankruptcy filing in January 2023. This led to a non-cash charge of $246 million in 2023. Additionally, Icahn Enterprises transferred $465 million of real estate properties from its Automotive segment to its Real Estate segment, which is expected to streamline operations and focus on core business activities. The Real Estate segment also realized a pre-tax gain of $223 million from the sale of properties in August 2025.
In terms of strategic developments, Icahn Enterprises continued to pursue its activist investment strategy, focusing on acquiring undervalued assets. As of December 31, 2025, the company held investments with a fair market value of approximately $2.7 billion in various private investment funds. The Investment segment's performance was driven by gains in long positions, particularly in the communications and utilities sectors, although it faced challenges from losses in short positions related to market hedges.
The company reported a total employee headcount of approximately 13,500 across its various segments, with the Automotive segment employing the majority. Looking ahead, Icahn Enterprises anticipates continued opportunities for growth through strategic acquisitions and operational improvements, while maintaining a focus on enhancing shareholder value. The board of directors declared a quarterly distribution of $0.50 per depositary unit, reflecting ongoing efforts to provide returns to investors despite the challenges faced in the previous fiscal year.
About ICAHN ENTERPRISES L.P.
Icahn Enterprises is a diversified holding company engaged in investments, energy, automotive, food packaging, real estate, home fashion, and pharmaceuticals. It acquires undervalued companies, often through activist strategies, to unlock value and improve operations. The company owns controlling interests in operating subsidiaries, generating revenue from product sales, investments, and asset management, primarily serving U.S. markets with a focus on value creation and strategic acquisitions.
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