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Sep 30, 2025
Icahn Enterprises Q3 2025 Earnings Report
Icahn Enterprises reported a significant increase in profitability in Q3 2025, with higher adjusted EBITDA and net income compared to the prior year.
Key Takeaways
Icahn Enterprises posted strong third-quarter results, highlighted by a surge in net income and adjusted EBITDA, despite a slight decline in revenue year-over-year.
Adjusted EBITDA rose to $383 million, more than double Q3 2024’s $183 million
Net income surged to $287 million from $22 million in Q3 2024
Revenue was $2.725 billion, slightly down from $2.791 billion in Q3 2024
Declared a quarterly distribution of $0.50 per depositary unit
Forward Guidance
Icahn Enterprises did not issue formal forward guidance for upcoming quarters, but highlighted NAV growth and segment performance as strong indicators of ongoing value.
Positive Outlook
- Significant increase in net income and Adjusted EBITDA quarter-over-quarter
- Growth in indicative net asset value to $3.82 billion
- Strong performance of long positions in CVR and the Funds
- Declared steady quarterly distribution of $0.50 per unit
- Positive gains from asset dispositions
Challenges Ahead
- Slight year-over-year decline in total revenue
- Ongoing net losses for the year-to-date period
- Losses from hedging activities offset gains
- Higher interest expenses at the holding company level
Historical Earnings Impact
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Avg. Return Before/After Earnings
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