Icahn Enterprises Reports $781 Million Net Loss for First Half of 2025

Icahn Enterprises L.P. reported a net loss of $781 million for the six months ended June 30, 2025, compared to a loss of $512 million for the same period in 2024. The company's revenues decreased to $4.236 billion from $4.671 billion year-over-year, reflecting a decline in net sales across several segments, particularly in Energy and Automotive. The Investment segment also faced challenges, with a net loss from investment activities of $468 million, down from a loss of $575 million in the prior year. The basic and diluted loss per limited partner unit was $1.08, compared to $0.82 in the previous year.

The financial performance of Icahn Enterprises showed significant changes compared to the previous fiscal period. Total assets decreased to $14.839 billion as of June 30, 2025, from $16.279 billion at the end of 2024. Cash and cash equivalents also fell to $1.804 billion from $2.603 billion. The company’s equity attributable to Icahn Enterprises decreased to $1.743 billion from $2.466 billion, indicating a decline in shareholder value. The decrease in revenues was attributed to lower sales volumes and unfavorable market conditions, particularly in the Energy segment, which saw a gross loss of $180 million for the six months ended June 30, 2025.

Strategically, Icahn Enterprises has been active in acquisitions and restructuring efforts. In March 2025, the company acquired additional shares in Viskase Companies, Inc. for $15 million, increasing its ownership to approximately 91%. Additionally, Viskase entered into a merger agreement with Enzon Pharmaceuticals, which is expected to close in the fourth quarter of 2025. The Automotive segment has been undergoing a transformation plan, including the exit from the Aftermarket Parts business, which filed for Chapter 11 bankruptcy in January 2023. This restructuring is aimed at enhancing operational efficiency and reducing costs.

Operationally, the company reported a decrease in net sales in its Energy segment, which fell to $3.407 billion from $3.829 billion, primarily due to lower sales volumes from its petroleum business. The Automotive segment also experienced a decline in revenues, with net sales dropping to $690 million from $737 million. The company’s employee headcount and customer engagement metrics were not disclosed in the filing, but the ongoing restructuring efforts in various segments suggest a focus on optimizing operations and improving customer service.

Looking ahead, Icahn Enterprises faces several challenges, including economic volatility, rising operating costs, and geopolitical risks that could impact its various business segments. The company has indicated that it will continue to explore strategic transactions, particularly in its Energy segment, while also managing its investment activities to navigate market conditions. The outlook remains cautious, with management emphasizing the need to adapt to changing market dynamics and regulatory environments.