Core Points - Icahn Enterprises L.P. will discuss its third quarter 2025 results on a webcast scheduled for November 5, 2025, at 10:00 a.m. Eastern Time [1] - The company is a diversified holding entity engaged in seven primary business segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma [2] Company Information - Icahn Enterprises L.P. is structured as a master limited partnership [2] - The company has a dedicated investor contact, Ted Papapostolou, Chief Financial Officer, available for inquiries [2]

Core Insights - The Conservative Income Portfolio aims to target high-value stocks with significant margins of safety while utilizing well-priced options to reduce investment volatility [1] - The Enhanced Equity Income Solutions Portfolio is structured to generate yields between 7-9% while minimizing volatility [1] - Icahn Enterprises L.P. (NASDAQ: IEP) was downgraded to a "Strong Sell" in the latest coverage, indicating a negative outlook on the stock [1] Group 1 - Trapping Value provides Covered Calls, while Preferred Stock Trader focuses on Fixed Income investments [1] - The Covered Calls Portfolio is designed for lower volatility income investing with an emphasis on capital preservation [1] - The fixed income portfolio aims to acquire securities that offer high income potential and are significantly undervalued compared to peers [1] Group 2 - Trapping Value consists of a team of analysts with over 40 years of combined experience in generating options income while prioritizing capital preservation [2] - The investing group operates the Conservative Income Portfolio in collaboration with Preferred Stock Trader, featuring two income-generating portfolios and a bond ladder [2]

Core Insights - Carl Icahn's Icahn Enterprises portfolio is valued at $7.89 billion, with the top five holdings comprising 89.74% of total assets, indicating a highly concentrated investment strategy [1][7] Group 1: Portfolio Overview - The largest position is Icahn Enterprises (IEP), valued at $3.98 billion, representing 50.47% of the total portfolio, highlighting Icahn's alignment with shareholders [2] - CVR Energy Inc. (CVI) is the second-largest position, valued at $1.89 billion, accounting for 23.97% of the portfolio, reflecting confidence in its cash generation potential [3] - Southwest Gas Holdings (SWX) holds a value of $560 million, making up 7.11% of the portfolio, with Icahn advocating for strategic changes [4] - CVR Partners LP (UAN) is valued at $370 million, representing 4.69% of the portfolio, linked to agricultural commodity prices [5] - International Flavors & Fragrances (IFF) rounds out the top five with a value of $276 million, accounting for 3.50% of the portfolio, focusing on operational improvements [6] Group 2: Investment Strategy - The portfolio's concentration underscores Icahn's activist investment style, characterized by significant positions in companies where he believes shareholder value can be unlocked through strategic changes [7]

[Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section outlines the nature of forward-looking statements, their inherent risks, and factors that could cause actual results to differ materially - The report contains 'forward-looking statements' as defined by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which predict future results, performance, achievements, or events, or relate to strategies, plans, or objectives[9](index=9&type=chunk) - These statements are based on management's current plans and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially. Key risks include economic downturns, competition, rising operating costs, geopolitical conflicts (Russia/Ukraine, Middle East), investment activities (leverage, derivative instruments), compliance with debt covenants, fair value declines, short seller litigation, and risks related to specific business segments (Energy, Automotive, Food Packaging, Real Estate, Home Fashion, Pharma)[10](index=10&type=chunk) [PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This part presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition and results of operations [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive loss, changes in equity, and cash flows, along with detailed notes on business description, accounting policies, related party transactions, investments, fair value measurements, financial instruments, inventories, goodwill and intangibles, leases, debt, earnings per unit, segment reporting, income taxes, other comprehensive loss, other income, commitments and contingencies, supplemental cash flow information, and subsequent events [Condensed Consolidated Balance Sheets](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS%20(UNAUDITED)) This section provides a snapshot of the company's financial position at specific points in time, detailing assets, liabilities, and equity Condensed Consolidated Balance Sheet Highlights (in millions) | Metric | June 30, 2025 | December 31, 2024 | Change (Absolute) | Change (%) | | :-------------------------------- | :------------ | :---------------- | :---------------- | :--------- | | Cash and cash equivalents | $1,804 | $2,603 | $(799) | -30.7% | | Investments | $1,972 | $2,310 | $(338) | -14.6% | | Total Assets | $14,839 | $16,279 | $(1,440) | -8.8% | | Total Liabilities | $11,416 | $11,658 | $(242) | -2.1% | | Total Equity | $3,423 | $4,621 | $(1,198) | -25.9% | [Condensed Consolidated Statements of Operations](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20(UNAUDITED)) This section presents the company's revenues, expenses, and net loss over specific periods, including per unit amounts Condensed Consolidated Statements of Operations Highlights (Six Months Ended June 30, in millions, except per unit amounts) | Metric | 2025 | 2024 | Change (Absolute) | Change (%) | | :---------------------------------------- | :------------ | :------------ | :---------------- | :--------- | | Revenues | $4,236 | $4,671 | $(435) | -9.3% | | Net loss from investment activities | $(468) | $(575) | $107 | -18.6% | | Total Expenses | $5,136 | $5,172 | $(36) | -0.7% | | Net loss | $(781) | $(512) | $(269) | 52.5% | | Net loss attributable to Icahn Enterprises| $(587) | $(369) | $(218) | 59.1% | | Basic and Diluted loss per LP unit | $(1.08) | $(0.82) | $(0.26) | 31.7% | | Distributions declared per LP unit | $1.00 | $2.00 | $(1.00) | -50.0% | [Condensed Consolidated Statements of Comprehensive Loss](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20LOSS%20(UNAUDITED)) This section details the components of comprehensive loss, including net loss and other comprehensive income or loss items Condensed Consolidated Statements of Comprehensive Loss Highlights (Six Months Ended June 30, in millions) | Metric | 2025 | 2024 | Change (Absolute) | Change (%) | | :-------------------------------------------- | :------ | :------ | :---------------- | :--------- | | Net loss | $(781) | $(512) | $(269) | 52.5% | | Other comprehensive income (loss), net of tax | $11 | $(6) | $17 | -283.3% | | Comprehensive loss | $(770) | $(518) | $(252) | 48.6% | | Comprehensive loss attributable to Icahn Enterprises | $(577) | $(375) | $(202) | 53.9% | [Condensed Consolidated Statements of Changes in Equity](index=9&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CHANGES%20IN%20EQUITY%20(UNAUDITED)) This section outlines the changes in the company's equity over time, including net loss, comprehensive income, and distributions Condensed Consolidated Statements of Changes in Equity Highlights (Six Months Ended June 30, in millions) | Metric | June 30, 2025 | December 31, 2024 | Change (Absolute) | Change (%) | | :---------------------------------------- | :------------ | :---------------- | :---------------- | :--------- | | Balance, December 31, 2024 | $4,621 | N/A | N/A | N/A | | Net loss | $(580) | N/A | N/A | N/A | | Other comprehensive income | $3 | N/A | N/A | N/A | | Partnership distributions payable | $(267) | N/A | N/A | N/A | | Purchase of additional interests in consolidated subsidiaries | $(35) | N/A | N/A | N/A | | Dividends and distributions to non-controlling interests in subsidiaries | $(12) | N/A | N/A | N/A | | Balance, June 30, 2025 | $3,423 | $4,621 | $(1,198) | -25.9% | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS%20(UNAUDITED)) This section summarizes the cash inflows and outflows from operating, investing, and financing activities over specific periods Condensed Consolidated Statements of Cash Flows Highlights (Six Months Ended June 30, in millions) | Metric | 2025 | 2024 | Change (Absolute) | Change (%) | | :---------------------------------------- | :------ | :------ | :---------------- | :--------- | | Net cash provided by operating activities | $93 | $642 | $(549) | -85.5% | | Net cash used in investing activities | $(304) | $(167) | $(137) | 82.0% | | Net cash used in financing activities | $(550) | $(758) | $208 | -27.4% | | Net decrease in cash and cash equivalents and restricted cash | $(763) | $(286) | $(477) | 166.8% | | Cash and cash equivalents and restricted cash, end of period | $4,476 | $5,660 | $(1,184) | -20.9% | [Note 1. Description of Business](index=13&type=section&id=1.%20Description%20of%20Business) This note provides an overview of the company's structure, ownership, and the diverse operating segments it manages [Overview](index=13&type=section&id=Overview) This subsection details the company's legal structure, general partner ownership, and the extent of Mr. Carl C. Icahn's control - Icahn Enterprises L.P. is a master limited partnership formed in Delaware, with Icahn Enterprises Holdings L.P. and its subsidiaries owning substantially all assets and conducting operations[22](index=22&type=chunk)[23](index=23&type=chunk) - Icahn Enterprises G.P. Inc., indirectly owned and controlled by Mr. Carl C. Icahn, holds a **1% general partner interest** in both Icahn Enterprises and Icahn Enterprises Holdings, representing an aggregate **1.99% general partner interest**[23](index=23&type=chunk) - Mr. Icahn and his affiliates owned approximately **86% of the outstanding depositary units** as of June 30, 2025[23](index=23&type=chunk) [Description of Continuing Operating Businesses](index=13&type=section&id=Description%20of%20Continuing%20Operating%20Businesses) This subsection describes the company's diversified business segments, including Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma - The company operates as a diversified holding company with subsidiaries engaged in Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma segments[24](index=24&type=chunk) - The Investment segment consists of private investment funds where the company invests proprietary capital, with fair value of interests at approximately **$2.5 billion as of June 30, 2025**, down from **$2.7 billion at December 31, 2024**[25](index=25&type=chunk) - The Energy segment, primarily CVR Energy, Inc., is involved in petroleum refining, renewable fuels, and nitrogen fertilizer manufacturing. As of June 30, 2025, the company owned approximately **70% of CVR Energy** and **3% of CVR Partners**, having increased its ownership in CVR Energy by **$65 million** and CVR Partners by **$7 million** during the six months ended June 30, 2025[26](index=26&type=chunk)[27](index=27&type=chunk) - The Automotive segment exited the Aftermarket Parts business in the **first quarter of 2025**, focusing on automotive repair and maintenance services[28](index=28&type=chunk) - The Food Packaging segment, through Viskase Companies, Inc., produces cellulosic, fibrous, and plastic casings. The company acquired an additional **$15 million in Viskase common stock** in March 2025, increasing its ownership to approximately **91%** as of June 30, 2025[29](index=29&type=chunk) - The Pharma segment, Vivus LLC, is a specialty pharmaceutical company with two approved therapies and two product candidates in active clinical development[32](index=32&type=chunk) [Note 2. Basis of Presentation and Summary of Significant Accounting Policies](index=16&type=section&id=2.%20Basis%20of%20Presentation%20and%20Summary%20of%20Significant%20Accounting%20Policies) This note details the principles used in preparing the financial statements and outlines key accounting policies, including consolidation, fair value measurements, cash flow, and revenue recognition - The company conducts its activities to avoid being deemed an investment company under the Investment Company Act of 1940, limiting investment in securities to no more than **40% of total assets**[34](index=34&type=chunk) - The condensed consolidated financial statements are unaudited and prepared in accordance with SEC rules for interim financial statements, with all necessary adjustments being normal and recurring[36](index=36&type=chunk) [Principles of Consolidation](index=16&type=section&id=Principles%20of%20Consolidation) This subsection explains how the company consolidates its subsidiaries and variable interest entities in its financial statements - The consolidated financial statements include wholly and majority-owned subsidiaries and variable interest entities (VIEs) where the company is the primary beneficiary, such as Icahn Enterprises Holdings[37](index=37&type=chunk)[39](index=39&type=chunk) [Fair Value of Financial Instruments](index=18&type=section&id=Fair%20Value%20of%20Financial%20Instruments) This subsection compares the carrying value and estimated fair value of the company's long-term debt Long-Term Debt Carrying Value vs. Fair Value (in millions) | Date | Carrying Value | Estimated Fair Value | | :--------------- | :------------- | :------------------- | | June 30, 2025 | $6,713 | $6,500 | | December 31, 2024| $6,809 | $6,600 | [Cash Flow](index=18&type=section&id=Cash%20Flow) This subsection provides details on cash held at consolidated affiliated partnerships and restricted cash balances Cash Held at Consolidated Affiliated Partnerships and Restricted Cash (in millions) | Category | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Cash held at consolidated affiliated partnerships | $691 | $915 | | Restricted cash | $2,000 | $1,700 | [Revenue From Contracts With Customers and Contract Balances](index=18&type=section&id=Revenue%20From%20Contracts%20With%20Customers%20and%20Contract%20Balances) This subsection details deferred revenue and revenue recognition from customer contracts within the Energy and Automotive segments Energy Segment Deferred Revenue (in millions) | Date | Deferred Revenue | | :--------------- | :--------------- | | June 30, 2025 | $33 | | December 31, 2024| $78 | Energy Segment Revenue Recognized from Deferred Revenue (Six Months Ended June 30, in millions) | Year | Revenue Recognized | | :--- | :----------------- | | 2025 | $47 | | 2024 | $13 | Automotive Segment Deferred Revenue (Extended Warranty Plans, in millions) | Date | Deferred Revenue | | :--------------- | :--------------- | | June 30, 2025 | $31 | | December 31, 2024| $37 | [Recently Issued Accounting Standards](index=20&type=section&id=Recently%20Issued%20Accounting%20Standards) This subsection outlines the impact and effective dates of new accounting pronouncements on the company's financial reporting - ASU 2023-09 (Income Taxes) is effective for the company's annual reporting period beginning **January 1, 2025**, requiring enhanced income tax disclosures[53](index=53&type=chunk) - ASU 2024-03 and ASU 2025-01 (Expense Disaggregation Disclosures) are effective for the company's annual reporting period beginning **January 1, 2027**, requiring specific information about costs and expenses[54](index=54&type=chunk) [Note 3. Related Party Transactions](index=20&type=section&id=3.%20Related%20Party%20Transactions) This note describes transactions and agreements between the company and its related parties, including Mr. Icahn and his affiliates - The company's limited partnership agreement permits transactions with its general partner or affiliates, subject to limitations[55](index=55&type=chunk) [Investment Funds](index=22&type=section&id=Investment%20Funds) This subsection details Mr. Icahn and his affiliates' investments in and redemptions from the Investment Funds, as well as expense allocations Mr. Icahn and Affiliates' Investment in Investment Funds (excluding IEP and Brett Icahn, in millions) | Date | Fair Market Value | | :--------------- | :---------------- | | June 30, 2025 | $1,100 | | December 31, 2024| $1,500 | - Mr. Icahn and his affiliates redeemed **$208 million** from their personal interests in the Investment Funds during the three and six months ended June 30, 2025[57](index=57&type=chunk) Expense Allocation to Investment Funds (Six Months Ended June 30, in millions) | Year | Allocated Expenses | | :--- | :----------------- | | 2025 | $6 | | 2024 | $8 | [Other Related Party Agreements](index=22&type=section&id=Other%20Related%20Party%20Agreements) This subsection describes Brett Icahn's role as a portfolio manager and his investment in the Investment Funds - Brett Icahn serves as portfolio manager for a designated portfolio within the Investment Funds under a manager agreement, co-investing and receiving a special limited partnership interest[59](index=59&type=chunk) Brett Icahn's Investment in Investment Funds (in millions) | Date | Fair Market Value | | :--------------- | :---------------- | | June 30, 2025 | $11 | | December 31, 2024| $17 | Brett Icahn's Net Redemptions from Investment Funds (Six Months Ended June 30, in millions) | Year | Net Redemptions | | :--- | :-------------- | | 2025 | $8 | | 2024 | $4 | [Note 4. Investments](index=23&type=section&id=4.%20Investments) This note provides a breakdown of the company's investments, including equity securities held by the Investment segment and other investments across various segments [Investments (Investment Segment)](index=23&type=section&id=Investments) This subsection details the Investment segment's equity securities, securities sold not yet purchased, and unrealized gains and losses Investment Segment Equity Securities (June 30, 2025, in millions) | Business Sector | Amount | | :---------------- | :----- | | Communications | $171 | | Consumer, cyclical| $91 | | Energy | $52 | | Utilities | $685 | | Healthcare | $378 | | Materials | $276 | | Industrial | $286 | | **Total** | **$1,939** | Investment Segment Securities Sold, Not Yet Purchased (June 30, 2025, in millions) | Business Sector | Amount | | :-------------- | :----- | | Energy | $452 | | Utilities | $544 | | **Total** | **$996** | Unrealized Gains and (Losses) on Securities Held by Investment Segment (in millions) | Period | 2025 | 2024 | | :------------------------------------ | :----- | :----- | | Three Months Ended June 30 | $11 | $(86) | | Six Months Ended June 30 | $(204) | $(360) | [Other Segments and Holding Company](index=23&type=section&id=Other%20Segments%20and%20Holding%20Company) This subsection lists investments held by other operating segments and the holding company, including equity method and debt investments Investments Held by Other Segments and Holding Company (in millions) | Category | June 30, 2025 | December 31, 2024 | | :---------------------------------------- | :------------ | :---------------- | | Equity method investments | $19 | $24 | | Held to maturity debt investments | $11 | $11 | | Other investments measured at fair value | $3 | $3 | | **Total** | **$33** | **$38** | [Note 5. Fair Value Measurements](index=25&type=section&id=5.%20Fair%20Value%20Measurements) This note explains the company's fair value hierarchy for assets and liabilities and details recurring and non-recurring fair value measurements - The company classifies assets and liabilities measured at fair value into a three-level hierarchy based on market price observability: Level 1 (quoted prices in active markets), Level 2 (observable inputs other than Level 1), and Level 3 (unobservable inputs requiring significant management judgment)[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) [Assets and Liabilities Measured at Fair Value on a Recurring Basis](index=26&type=section&id=Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value%20on%20a%20Recurring%20Basis) This subsection presents a detailed breakdown of assets and liabilities measured at fair value across different hierarchy levels Assets and Liabilities Measured at Fair Value (June 30, 2025, in millions) | Category | Level 1 | Level 2 | Level 3 | Total | | :---------------------------------------- | :------ | :------ | :------ | :------ | | **Assets:** | | | | | | Investments | $1,901 | $— | $41 | $1,942 | | Derivative assets, net | $— | $8 | $— | $8 | | **Total Assets** | **$1,901**| **$8** | **$41** | **$1,950**| | **Liabilities:** | | | | | | Securities sold, not yet purchased | $996 | $— | $— | $996 | | Derivative liabilities, net | $— | $1,062 | $— | $1,062 | | RFS obligations | $— | $548 | $— | $548 | | **Total Liabilities** | **$996**| **$1,610**| **$—** | **$2,606**| [Assets Measured at Fair Value on a Non-Recurring Basis (Level 3)](index=26&type=section&id=Assets%20Measured%20at%20Fair%20Value%20on%20a%20Non-Recurring%20Basis%20for%20Which%20We%20Use%20Level%203%20Inputs%20to%20Determine%20Fair%20Value) This subsection describes a specific non-recurring fair value measurement using Level 3 inputs for an equity interest - CVR Partners performed a non-recurring fair value measurement of the equity interest received from the 45Q Transaction, using market and discounted cash flow approaches with **Level 3 inputs**[70](index=70&type=chunk) [Note 6. Financial Instruments](index=26&type=section&id=6.%20Financial%20Instruments) This note details the various financial instruments used by the company's Investment and Energy segments, including derivatives, for risk management and capital appreciation [Investment Segment Financial Instruments](index=26&type=section&id=Investment) This subsection describes the types of financial instruments traded by the Investment Funds and their notional exposure, fair values, and recognized gains or losses - The Investment Funds trade various financial instruments, including futures, forwards, options, swaps, and securities sold not yet purchased, for capital appreciation or as economic hedges[71](index=71&type=chunk) Investment Segment Derivative Notional Exposure (June 30, 2025, in millions) | Primary Underlying Risk | Long Notional Exposure | Short Notional Exposure | | :---------------------- | :--------------------- | :---------------------- | | Equity contracts | $1,728 | $2,249 | | Credit contracts | $— | $40 | | Commodity contracts | $— | $315 | Investment Segment Derivative Fair Values (June 30, 2025, in millions) | Category | Derivative Assets | Derivative Liabilities | | :---------------- | :---------------- | :--------------------- | | Equity contracts | $109 | $1,154 | | Credit contracts | $3 | $— | | Commodity contracts | $3 | $21 | | Sub-total | $115 | $1,175 | | Netting across contract types | $(112) | $(113) | | **Total** | **$3** | **$1,062** | Investment Segment Derivative Gains (Losses) Recognized in Income (Six Months Ended June 30, in millions) | Primary Underlying Risk | 2025 | 2024 | | :---------------------- | :------ | :------ | | Equity contracts | $(261) | $(211) | | Credit contracts | $3 | $(26) | | Commodity contracts | $(38) | $(17) | | **Total** | **$(296)**| **$(254)**| [Energy Segment Financial Instruments](index=30&type=section&id=Energy) This subsection explains CVR Energy's use of commodity derivative transactions to manage price risk and fix margins - CVR Energy uses commodity derivative transactions (futures, swaps, forward contracts) to manage price risk on crude oil and other inventories and to fix margins on future sales and purchases[87](index=87&type=chunk) Energy Segment Derivative Gains (Losses) Recognized in Income (in millions) | Period | 2025 | 2024 | | :------------------------------------ | :--- | :--- | | Three Months Ended June 30 | $4 | $23 | | Six Months Ended June 30 | $19 | $5 | [Note 7. Inventories, Net](index=32&type=section&id=7.%20Inventories,%20Net) This note provides a breakdown of the company's net inventory by category, including raw materials, work in process, and finished goods Inventories, Net (in millions) | Category | June 30, 2025 | December 31, 2024 | | :-------------- | :------------ | :---------------- | | Raw materials | $314 | $293 | | Work in process | $90 | $92 | | Finished goods | $501 | $512 | | **Total** | **$905** | **$897** | [Note 8. Goodwill and Intangible Assets, Net](index=32&type=section&id=8.%20Goodwill%20and%20Intangible%20Assets,%20Net) This note details the company's goodwill by segment and a breakdown of intangible assets, including definite-lived and indefinite-lived assets, along with amortization expense Goodwill by Segment (June 30, 2025, in millions) | Segment | Gross Carrying Amount | Accumulated Impairment | Net Carrying Value | | :-------------- | :-------------------- | :--------------------- | :----------------- | | Automotive | $337 | $(87) | $250 | | Food Packaging | $6 | $— | $6 | | Home Fashion | $24 | $(3) | $21 | | Pharma | $13 | $— | $13 | | **Total** | **$380** | **$(90)** | **$290** | Intangible Assets, Net (June 30, 2025, in millions) | Category | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | | :------------------------ | :-------------------- | :----------------------- | :----------------- | | Definite-lived intangible assets: | | | | | Customer relationships | $392 | $(258) | $134 | | Developed technology | $254 | $(132) | $122 | | Other | $164 | $(115) | $49 | | Indefinite-lived intangible assets | N/A | N/A | $76 | | **Intangible assets, net**| **$810** | **$(505)** | **$381** | Amortization Expense (in millions) | Period | 2025 | 2024 | | :------------------------------------ | :--- | :--- | | Three Months Ended June 30 | $14 | $15 | | Six Months Ended June 30 | $28 | $29 | [Note 9. Leases](index=34&type=section&id=9.%20Leases) This note provides information on the company's operating and finance leases, including right-of-use assets, lease liabilities, and lease costs across segments [All Segments and Holding Company Leases](index=34&type=section&id=All%20Segments%20and%20Holding%20Company) This subsection details the company's lease arrangements, including right-of-use assets, lease liabilities, and total lease costs by category and segment - The company has operating and finance leases primarily within its Automotive, Energy, and Food Packaging segments, with right-of-use assets and related liabilities recorded for leases exceeding twelve months[96](index=96&type=chunk) Right-of-Use Assets and Lease Liabilities (in millions) | Category | June 30, 2025 | December 31, 2024 | | :---------------------------------------- | :------------ | :---------------- | | Operating Leases: Right-of-use assets | $499 | $527 | | Operating Leases: Lease liabilities | $503 | $530 | | Financing Leases: Right-of-use assets | $81 | $72 | | Financing Leases: Lease liabilities | $92 | $83 | Total Lease Cost (Six Months Ended June 30, in millions) | Category | 2025 | 2024 | | :---------------------------------------- | :--- | :--- | | Operating lease cost | $89 | $86 | | Amortization of financing lease ROU assets| $5 | $4 | | Interest expense on financing lease liabilities | $5 | $3 | | **Total Lease Cost** | **$99**| **$93**| - The Automotive segment accounted for **$67 million** and **$68 million** of total lease cost for the six months ended June 30, 2025 and 2024, respectively[100](index=100&type=chunk) [Lessor Arrangements](index=36&type=section&id=Lessor%20Arrangements) This subsection reports operating lease revenues generated by the Automotive and Real Estate segments Automotive Segment Operating Lease Revenues (Six Months Ended June 30, in millions) | Year | Revenue | | :--- | :------ | | 2025 | $22 | | 2024 | $30 | Real Estate Segment Operating Lease Revenues (Six Months Ended June 30, in millions) | Year | Revenue | | :--- | :------ | | 2025 | $5 | | 2024 | $5 | [Note 10. Debt](index=37&type=section&id=10.%20Debt) This note provides a comprehensive overview of the company's debt, including total debt by segment, recent repurchases, prepayments, and compliance with debt covenants Total Debt by Segment (in millions) | Segment | June 30, 2025 | December 31, 2024 | | :-------------- | :------------ | :---------------- | | Holding Company | $4,664 | $4,699 | | Energy | $1,861 | $1,919 | | Automotive | $25 | $31 | | Food Packaging | $147 | $144 | | Real Estate | $1 | $1 | | Home Fashion | $15 | $15 | | **Total Debt** | **$6,713** | **$6,809** | [Holding Company Debt](index=37&type=section&id=Holding%20Company) This subsection details recent debt repurchases by the Holding Company - In June 2025, the Holding Company repurchased approximately **$35 million aggregate principal amount** of its 9.000% senior notes due 2030 for **$32 million cash**[105](index=105&type=chunk) [Energy Segment Debt](index=37&type=section&id=Energy) This subsection describes debt prepayments and available credit under ABL Credit Agreements for the Energy segment - In June 2025, certain Energy segment subsidiaries prepaid **$70 million** of the senior secured term loan facility, resulting in a **$1 million loss on extinguishment of debt**[106](index=106&type=chunk) - As of June 30, 2025, total availability under CVR Energy's and CVR Partners' ABL Credit Agreements aggregated to **$324 million**[107](index=107&type=chunk) [Debt Covenants](index=38&type=section&id=Covenants) This subsection confirms the company's compliance with debt covenants and notes a recent amendment for Viskase - The company and all subsidiaries are currently in compliance with all debt covenants and restrictions[109](index=109&type=chunk) - In July 2025, Viskase amended its credit agreement to waive financial covenant defaults for the period ended June 30, 2025, and consented to its merger with Enzon Pharmaceuticals, Inc[109](index=109&type=chunk) [Non-Cash Charges to Interest Expense](index=38&type=section&id=Non-Cash%20Charges%20to%20Interest%20Expense) This subsection presents the amortization of deferred financing costs and debt discounts/premiums Amortization of Deferred Financing Costs and Debt Discounts/Premiums (in millions) | Period | 2025 | 2024 | | :------------------------------------ | :--- | :--- | | Three Months Ended June 30 | $2 | $1 | | Six Months Ended June 30 | $3 | $2 | [Note 11. Net Income (Loss) Per LP Unit](index=38&type=section&id=11.%20Net%20Income%20(Loss)%20Per%20LP%20Unit) This note details the calculation of net loss attributable to limited partners and per LP unit, along with information on LP unit transactions Net Loss Attributable to Limited Partners and Per LP Unit (Six Months Ended June 30, in millions, except per unit amounts) | Metric | 2025 | 2024 | | :---------------------------------------- | :------ | :------ | | Net loss attributable to Icahn Enterprises| $(587) | $(369) | | Net loss attributable to limited partners | $(576) | $(362) | | Basic and Diluted loss per LP unit | $(1.08) | $(0.82) | | Basic and Diluted weighted average LP units outstanding | 534 | 440 | [LP Unit Transactions](index=38&type=section&id=LP%20Unit%20Transactions) This subsection provides information on quarterly distributions, at-the-market offerings, and the company's repurchase program for senior notes and depositary units - During the six months ended June 30, 2025, the company declared two quarterly distributions of **$0.50 per depositary unit**, with unitholders having the option to receive cash or additional units. Aggregate cash distributions totaled **$151 million**[112](index=112&type=chunk)[113](index=113&type=chunk) - During the three and six months ended June 30, 2025, the company sold **3,811,992 depositary units** through at-the-market offerings, generating **$33 million in gross proceeds**[114](index=114&type=chunk) - As of June 30, 2025, the company is authorized to repurchase up to **$450 million of senior notes** and **$500 million of outstanding depositary units** under its Repurchase Program. During the six months ended June 30, 2025, **$35 million of senior notes were repurchased**[115](index=115&type=chunk) [Note 12. Segment Reporting](index=40&type=section&id=12.%20Segment%20Reporting) This note presents financial information by operating segment, including condensed statements of operations, disaggregation of revenue, and condensed balance sheets, to aid in performance assessment - Segment information is reported based on industries and investment strategies, with the Chairman of the Board of Directors reviewing financial information for resource allocation and performance assessment[116](index=116&type=chunk)[117](index=117&type=chunk) [Segment Condensed Statements of Operations](index=42&type=section&id=Condensed%20Statements%20of%20Operations) This subsection provides a breakdown of net income (loss) attributable to Icahn Enterprises by each operating segment Net (Loss) Income Attributable to Icahn Enterprises by Segment (Six Months Ended June 30, in millions) | Segment | 2025 | 2024 | Change (Absolute) | Change (%) | | :-------------- | :------ | :------ | :---------------- | :--------- | | Investment | $(240) | $(280) | $40 | -14.3% | | Energy | $(170) | $57 | $(227) | -398.2% | | Automotive | $(52) | $(2) | $(50) | 2500.0% | | Food Packaging | $(16) | $3 | $(19) | -633.3% | | Real Estate | $39 | $(2) | $41 | -2050.0% | | Home Fashion | $(4) | $(1) | $(3) | 300.0% | | Pharma | $2 | $4 | $(2) | -50.0% | | Holding Company | $(146) | $(148) | $2 | -1.4% | | **Consolidated**| **$(587)**| **$(369)**| **$(218)** | **59.1%** | [Disaggregation of Revenue](index=44&type=section&id=Disaggregation%20of%20Revenue) This subsection disaggregates net sales for the Energy segment by product category and total revenue for the Automotive segment by service and parts Energy Segment Net Sales (Six Months Ended June 30, in millions) | Product Category | 2025 | 2024 | Change (Absolute) | Change (%) | | :------------------------ | :------ | :------ | :---------------- | :--------- | | Petroleum products | $3,033 | $3,510 | $(477) | -13.6% | | Renewable products | $64 | $58 | $6 | 10.3% | | Nitrogen fertilizer products| $310 | $261 | $49 | 18.8% | | **Total** | **$3,407**| **$3,829**| **$(422)** | **-11.0%** | Automotive Segment Total Revenue from Customers (Six Months Ended June 30, in millions) | Category | 2025 | 2024 | Change (Absolute) | Change (%) | | :---------------- | :------ | :------ | :---------------- | :--------- | | Automotive Services | $688 | $719 | $(31) | -4.3% | | Aftermarket Parts | $2 | $18 | $(16) | -88.9% | | **Total** | **$690**| **$737**| **$(47)** | **-6.4%** | [Segment Condensed Balance Sheets](index=45&type=section&id=Condensed%20Balance%20Sheets) This subsection provides a breakdown of total assets for each operating segment Total Assets by Segment (June 30, 2025, in millions) | Segment | Total Assets | | :-------------- | :----------- | | Investment | $5,714 | | Energy | $4,439 | | Automotive | $1,829 | | Food Packaging | $430 | | Real Estate | $483 | | Home Fashion | $224 | | Pharma | $253 | | Holding Company | $1,467 | | **Consolidated**| **$14,839** | [Note 13. Income Taxes](index=45&type=section&id=13.%20Income%20Taxes) This note presents the company's income tax benefit or expense and effective tax rate, along with explanations for deviations from the statutory rate Income Tax Benefit (Expense) and Effective Tax Rate (Six Months Ended June 30, in millions) | Metric | 2025 | 2024 | | :---------------------- | :------ | :------ | | Pre-tax loss | $(900) | $(501) | | Income tax benefit (expense) | $119 | $(11) | | Effective income tax rate | 13.0% | (2.2)% | - The effective tax rate was lower than the statutory federal rate of **21%** primarily due to changes in the valuation allowance and partnership losses for which there was no tax benefit[130](index=130&type=chunk) [Note 14. Changes in Accumulated Other Comprehensive Loss](index=47&type=section&id=14.%20Changes%20in%20Accumulated%20Other%20Comprehensive%20Loss) This note details the changes in accumulated other comprehensive loss, including translation adjustments and post-retirement benefits Changes in Accumulated Other Comprehensive Loss (in millions) | Category | December 31, 2024 | Other Comprehensive Loss, Net of Tax (6M 2025) | June 30, 2025 | | :---------------------------- | :---------------- | :--------------------------------------------- | :------------ | | Translation Adjustments, Net of Tax | $(40) | $9 | $(31) | | Post-Retirement Benefits, Net of Tax | $(21) | $2 | $(19) | | **Total** | **$(61)** | **$11** | **$(50)** | [Note 15. Other Income, Net](index=47&type=section&id=15.%20Other%20Income,%20Net) This note provides a breakdown of other income, net, including equity earnings, foreign currency transactions, and gains on debt extinguishment Other Income, Net (Six Months Ended June 30, in millions) | Category | 2025 | 2024 | | :---------------------------------------- | :--- | :--- | | Equity earnings from non-consolidated affiliates | $2 | $7 | | Foreign currency transaction (loss) gain | $1 | $(2) | | Gain on extinguishment of debt, net | $3 | $(2) | | Other | $17 | $3 | | **Total** | **$23**| **$6** | [Note 16. Commitments and Contingencies](index=49&type=section&id=16.%20Commitments%20and%20Contingencies) This note outlines the company's various commitments and contingencies, including environmental matters, RFS obligations, litigation, and pension liabilities [Environmental Matters](index=49&type=section&id=Environmental%20Matters) This subsection reports the company's consolidated environmental liabilities, primarily within the Energy segment - Consolidated environmental liabilities were **$3 million** as of both June 30, 2025, and December 31, 2024, primarily within the Energy segment[133](index=133&type=chunk) [Energy Segment Commitments and Contingencies](index=49&type=section&id=Energy) This subsection details the Energy segment's obligations under the Renewable Fuel Standard (RFS), SRE petitions, and a joint venture for 45Q tax credits - CVR Energy's obligated-party subsidiaries are subject to the Renewable Fuel Standard (RFS) and have submitted Small Refinery Exemption (SRE) petitions for **2017-2025**, which are in various stages of review[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk) Energy Segment RFS Expense (Benefit) (Six Months Ended June 30, in millions) | Year | RFS Expense (Benefit) | | :--- | :-------------------- | | 2025 | $246 | | 2024 | $(21) | Energy Segment RFS Position (in millions) | Date | RFS Position | | :--------------- | :----------- | | June 30, 2025 | $548 | | December 31, 2024| $323 | - CVR Energy entered into a joint venture for 45Q tax credits, obligating CVR Partners to meet minimum carbon dioxide supply quantities and potentially incur fees up to **$15 million per year**, capped at **$45 million**, for non-performance[140](index=140&type=chunk) [Litigation](index=51&type=section&id=Litigation) This subsection provides an update on a specific lawsuit involving a CVR Energy subsidiary and Exxon Mobil Corporation - A CVR Energy subsidiary entered a stipulation with Exxon Mobil Corporation (XOM) in **May 2025** regarding a lawsuit disputing an alleged guaranty, extending deadlines until **late July 2025**[142](index=142&type=chunk) [Other Matters](index=51&type=section&id=Other%20Matters) This subsection discusses pension liabilities, indemnification agreements, and a U.S. Attorney's office inquiry related to corporate governance - As a member of Mr. Icahn's controlled group, the company is subject to pension liabilities of other entities, including Viskase, whose pension plan was underfunded by approximately **$21 million** as of June 30, 2025[143](index=143&type=chunk)[144](index=144&type=chunk)[146](index=146&type=chunk) - Starfire Holding Corporation indemnifies the company from certain pension funding or termination liabilities, with a covenant not to reduce its net worth below **$250 million** through distributions[148](index=148&type=chunk) - Icahn Enterprises L.P. was contacted by the U.S. Attorney's office for the Southern District of New York on **May 3, 2023**, seeking information related to corporate governance, capitalization, securities offerings, and other matters, and has produced documents in response[149](index=149&type=chunk) [Note 17. Supplemental Cash Flow Information](index=53&type=section&id=17.%20Supplemental%20Cash%20Flow%20Information) This note provides additional details on cash payments for interest and income taxes Supplemental Cash Flow Information (Six Months Ended June 30, in millions) | Category | 2025 | 2024 | | :---------------------------- | :------ | :------ | | Cash payments for interest | $(248) | $(185) | | Cash payments for income taxes, net of payments | $(1) | $(62) | [Note 18. Subsequent Events](index=53&type=section&id=18.%20Subsequent%20Events) This note discloses significant events that occurred after the reporting period, including debt prepayments, repurchases, distributions, and new legislation - In July 2025, the Energy segment's Term Loan Borrowers prepaid an additional **$20 million** in principal amount of the Term Loan[151](index=151&type=chunk) - In July 2025, the company repurchased approximately **$15 million aggregate principal amount** of its 9.000% senior notes due 2030 for **$14 million cash**[152](index=152&type=chunk) - On **August 1, 2025**, a quarterly distribution of **$0.50 per depositary unit** was declared, payable on or about **September 24, 2025**, with an option for cash or additional units[153](index=153&type=chunk) - The One Big Beautiful Bill Act was signed into law in **July 2025**, permanently extending provisions of the 2017 Tax Cuts and Jobs Act, and the company is assessing its impact[154](index=154&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=55&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and results of operations, detailing performance by individual reporting segment, recent developments, and liquidity. It highlights the impact of market conditions, strategic initiatives, and regulatory changes on the company's diverse business segments [Executive Overview](index=55&type=section&id=Executive%20Overview) This section provides an introduction to the company's diversified business model and highlights recent strategic developments and transactions [Introduction](index=55&type=section&id=Introduction) This subsection introduces Icahn Enterprises L.P. as a diversified holding company and details Mr. Carl C. Icahn's ownership and control - Icahn Enterprises L.P. is a diversified holding company with subsidiaries in Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma[157](index=157&type=chunk) - Mr. Carl C. Icahn indirectly owns and controls the general partner and approximately **86% of the outstanding depositary units** as of June 30, 2025[158](index=158&type=chunk) [Recent Developments](index=55&type=section&id=Recent%20Developments) This subsection outlines key recent events, including acquisitions, mergers, and strategic considerations for various segments - In March 2025, the company acquired an additional **7,142,858 shares of Viskase common stock** for **$15 million**, increasing its ownership to approximately **91%**[159](index=159&type=chunk) - Viskase entered into a merger agreement with Enzon Pharmaceuticals, Inc. on **June 20, 2025**, expected to close in **Q4 2025**, after which the company anticipates owning approximately **91% of the combined entity**[160](index=160&type=chunk) - The company is considering potential strategic transactions for CVR Energy and its subsidiaries, including acquisitions of refining assets and strategic options for CVR Partners[161](index=161&type=chunk)[163](index=163&type=chunk) [Results of Operations](index=57&type=section&id=Results%20of%20Operations) This section analyzes the consolidated financial performance and provides a detailed review of each operating segment's results, highlighting key drivers and changes - Consolidated financial results are primarily affected by the performance of the Investment Funds and the Energy segment, which is impacted by product demand and pricing[167](index=167&type=chunk) [Consolidated Financial Results](index=57&type=section&id=Consolidated%20Financial%20Results) This subsection presents the consolidated net income (loss) attributable to Icahn Enterprises, broken down by segment Consolidated Net Income (Loss) Attributable to Icahn Enterprises by Segment (Six Months Ended June 30, in millions) | Segment | 2025 | 2024 | Change (Absolute) | Change (%) | | :-------------- | :------ | :------ | :---------------- | :--------- | | Investment | $(240) | $(280) | $40 | -14.3% | | Holding Company | $(146) | $(148) | $2 | -1.4% | | Energy | $(170) | $57 | $(227) | -398.2% | | Automotive | $(52) | $(2) | $(50) | 2500.0% | | Food Packaging | $(16) | $3 | $(19) | -633.3% | | Real Estate | $39 | $(2) | $41 | -2050.0% | | Home Fashion | $(4) | $(1) | $(3) | 300.0% | | Pharma | $2 | $4 | $(2) | -50.0% | | **Consolidated**| **$(587)**| **$(369)**| **$(218)** | **59.1%** | [Investment Segment Performance](index=58&type=section&id=Investment) This subsection discusses the Investment segment's performance, driven by allocated funds and underlying investment results, and identifies key drivers of negative performance - The Investment segment's results are driven by allocated funds and underlying investment performance, which can be volatile due to market conditions and exposure changes[170](index=170&type=chunk) Investment Funds' Returns (Six Months Ended June 30) | Year | Return | | :--- | :----- | | 2025 | (8.9)% | | 2024 | (8.8)% | - For the six months ended June 30, 2025, negative performance was driven by net losses in long positions (primarily healthcare and industrials, **$(376) million**) and short positions (primarily energy and utilities, **$(144) million**, and broad market hedges, **$(63) million**)[177](index=177&type=chunk) [Energy Segment Performance](index=61&type=section&id=Energy) This subsection analyzes the Energy segment's performance, focusing on net sales, cost of goods sold, gross profit, and the impact of petroleum business and RFS compliance costs - The petroleum business, accounting for approximately **89% of Energy segment net sales in 2025**, is affected by refined product prices, crude oil costs, and RFS compliance costs, which are highly volatile[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk) Energy Segment Net Sales, Cost of Goods Sold, and Gross Profit (Six Months Ended June 30, in millions) | Metric | 2025 | 2024 | Change (Absolute) | Change (%) | | :---------------- | :------ | :------ | :---------------- | :--------- | | Net sales | $3,407 | $3,829 | $(422) | -11.0% | | Cost of goods sold| $3,587 | $3,635 | $(48) | -1.3% | | Gross (loss) profit | $(180) | $194 | $(374) | -192.8% | | Gross margin | (5)% | 5% | -10% | -200.0% | - The decrease in net sales was primarily due to a **$477 million decrease** in the petroleum business from lower sales volumes due to planned maintenance at the Coffeyville Refinery[187](index=187&type=chunk) - The decrease in gross profit and margin was mainly attributable to the petroleum business, driven by increased RFS expenses of **$309 million** and unfavorable sales volume impacts from planned maintenance[188](index=188&type=chunk) [Automotive Segment Performance](index=65&type=section&id=Automotive) This subsection discusses the Automotive segment's transformation, strategic priorities, and performance metrics, including net sales, expenses, and gross profit - The Automotive segment is undergoing a multi-year transformation, including the separation of Automotive Services and Aftermarket Parts businesses, and exited the Aftermarket Parts business in **Q1 2025**[190](index=190&type=chunk)[191](index=191&type=chunk) - Strategic priorities include positioning Automotive Services for the 'do-it-for-me' market, optimizing store footprint, investing in capital projects for leasing revenue, and improving customer experience and employee development[193](index=193&type=chunk) Automotive Segment Net Sales and Other Revenues from Operations, Cost of Goods Sold and Other Expenses from Operations, and Gross Profit (Six Months Ended June 30, in millions) | Metric | 2025 | 2024 | Change (Absolute) | Change (%) | | :---------------------------------------- | :------ | :------ | :---------------- | :--------- | | Net sales and other revenues from operations | $690 | $737 | $(47) | -6.4% | | Cost of goods sold and other expenses from operations | $514 | $521 | $(7) | -1.3% | | Gross profit | $176 | $216 | $(40) | -18.5% | | Gross margin | 26% | 29% | -3% | -10.3% | - The decrease in revenues was due to a **$31 million decrease** in Automotive Services and a **$16 million decrease** from exiting the Aftermarket Parts business[198](index=198&type=chunk) - The decline in gross margin was primarily due to strategic investments in labor[199](index=199&type=chunk) [Food Packaging Segment Performance](index=67&type=section&id=Food%20Packaging) This subsection details the Food Packaging segment's restructuring plan, including expenses, asset impairment charges, and changes in net sales and gross margin - The Food Packaging segment commenced a restructuring plan in **Q1 2025** to enhance operational efficiency, including consolidating North American facilities and investing in upgraded equipment. This resulted in **$5 million in restructuring expenses** and **$12 million in asset impairment charges** for the six months ended June 30, 2025[201](index=201&type=chunk) - Net sales for the six months ended June 30, 2025, decreased by **$15 million (7%)** compared to the prior year, primarily due to lower volumes (**$6 million**) and a decrease in price (**$9 million**)[203](index=203&type=chunk) - Gross margin as a percentage of net sales was **14%** for the six months ended June 30, 2025, down from **19%** in the prior year[203](index=203&type=chunk) [Real Estate Segment Performance](index=67&type=section&id=Real%20Estate) This subsection discusses the Real Estate segment's property sales, resulting gains, and changes in net sales and gross margin - The Real Estate segment is actively marketing certain properties for sale and closed on the sale of a country club in **June 2025**, resulting in a **$47 million gain**[205](index=205&type=chunk) - Net sales for the six months ended June 30, 2025, decreased by **$10 million (91%)** due to a decrease in single-family home sales[208](index=208&type=chunk) - Gross margin as a percentage of net sales was **0%** for the six months ended June 30, 2025, down from **27%** in the prior year[208](index=208&type=chunk) [Home Fashion Segment Performance](index=69&type=section&id=Home%20Fashion) This subsection analyzes the Home Fashion segment's net sales growth, driven by increased demand, and changes in gross margin due to customer mix - Net sales for the six months ended June 30, 2025, increased by **$3 million (4%)** compared to the prior year, primarily due to higher demand from the UK hospitality and international business[212](index=212&type=chunk) - Gross margin as a percentage of net sales was **23%** for the six months ended June 30, 2025, down from **25%** in the prior year, mainly due to customer mix[212](index=212&type=chunk) [Pharma Segment Performance](index=69&type=section&id=Pharma) This subsection discusses the Pharma segment's competitive landscape, international expansion efforts, and changes in net sales and gross margin - In 2025, two competitors launched generic products for the Pharma segment's weight loss treatment in the U.S., anticipated to cause a moderate reduction in prescription volume[214](index=214&type=chunk) - The Pharma segment has launched its weight loss treatment in the UAE and several EU countries, with plans for further expansion to offset lost U.S. revenue[216](index=216&type=chunk) - Net sales for the six months ended June 30, 2025, increased by **$7 million (14%)** compared to the prior year, primarily due to higher prescription growth[218](index=218&type=chunk) - Gross margin as a percentage of net sales was **48%** for the six months ended June 30, 2025, up from **43%** in the prior year[218](index=218&type=chunk) [Holding Company Results of Operations](index=71&type=section&id=Holding%20Company) This subsection states that the Holding Company's results primarily reflect interest expense on its senior notes - The Holding Company's results primarily reflect interest expense on its senior notes[219](index=219&type=chunk) [Other Consolidated Results of Operations](index=71&type=section&id=Other%20Consolidated%20Results%20of%20Operations) This subsection analyzes changes in consolidated selling, general and administrative costs and interest expense, identifying key contributing segments Consolidated Selling, General and Administrative Costs (Six Months Ended June 30, in millions) | Year | SG&A Costs | Change (Absolute) | Change (%) | | :--- | :--------- | :---------------- | :--------- | | 2025 | $408 | $32 | 9.0% | | 2024 | $376 | N/A | N/A | - The increase in SG&A was primarily due to higher costs in the Automotive segment (**$17 million**, mainly marketing and payroll) and the Energy segment (**$9 million**)[221](index=221&type=chunk) Consolidated Interest Expense (Six Months Ended June 30, in millions) | Year | Interest Expense | Change (Absolute) | Change (%) | | :--- | :--------------- | :---------------- | :--------- | | 2025 | $257 | $7 | 3.0% | | 2024 | $264 | N/A | N/A | - The increase in interest expense was primarily due to higher costs in the Holding Company (**$13 million**) and Energy segment (**$12 million**), partially offset by lower interest expense in the Investment segment (**$34 million**)[223](index=223&type=chunk) [Liquidity and Capital Resources](index=72&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's liquidity and capital resources, including cash flow sources, debt, and borrowing availability across the Holding Company and various segments [Holding Company Liquidity](index=72&type=section&id=Holding%20Company%20Liquidity) This subsection describes the Holding Company's cash flow sources, cash and debt balances, and the impact of CVR Energy's dividend suspension - The Holding Company's cash flow depends on divestitures, equity offerings, debt financings, interest income, returns from Investment Funds, and funds from subsidiaries[225](index=225&type=chunk) - As of June 30, 2025, the Holding Company had approximately **$1.1 billion in cash and cash equivalents**, **$4.7 billion in total debt**, and **$2.4 billion in investments in the Investment Funds**[226](index=226&type=chunk) - CVR Energy suspended its cash dividend in **October 2024** and continued not to pay dividends in **Q1 and Q2 2025**, reducing the Holding Company's cash flow[225](index=225&type=chunk) [Holding Company Borrowings and Availability](index=73&type=section&id=Holding%20Company%20Borrowings%20and%20Availability) This subsection details the Holding Company's outstanding senior notes, debt covenants, recent repurchases, equity offerings, and cash distributions Holding Company Aggregate Outstanding Senior Notes (in millions) | Senior Notes Due | June 30, 2025 | December 31, 2024 | | :--------------- | :------------ | :---------------- | | 6.250% due 2026 | $750 | $750 | | 5.250% due 2027 | $1,455 | $1,455 | | 4.375% due 2029 | $750 | $750 | | 9.750% due 2029 | $700 | $700 | | 10.000% due 2029 | $500 | $500 | | 9.000% due 2030 | $750 | $750 | | **Total Face Amount**| **$4,905** | **$4,905** | | Less: Unamortized discounts, premiums, and debt issuance costs | $(10) | $(10) | | Less: Notes held in treasury | $(231) | $(196) | | **Total Debt** | **$4,664** | **$4,699** | - The indentures governing senior notes restrict cash distributions, equity interest purchases, and debt incurrence, but all notes are now secured, providing more capacity for additional unsecured indebtedness[231](index=231&type=chunk) - In June 2025, the company repurchased approximately **$35 million aggregate principal amount** of its 9.000% senior notes due 2030 for **$32 million cash**[235](index=235&type=chunk) - During the six months ended June 30, 2025, the company sold **3,811,992 depositary units** through at-the-market offerings, generating **$33 million in gross proceeds**[236](index=236&type=chunk) - During the six months ended June 30, 2025, **$151 million in cash distributions** were made to depositary unitholders[237](index=237&type=chunk) - As of June 30, 2025, the company is authorized to repurchase up to **$450 million of senior notes** and **$500 million of outstanding depositary units** under its Repurchase Program[239](index=239&type=chunk) [Investment Segment Liquidity](index=76&type=section&id=Investment%20Segment%20Liquidity) This subsection provides details on cash held at consolidated affiliated partnerships, the Investment Funds' notional exposure, and redemptions by Mr. Icahn and his affiliates Cash Held at Consolidated Affiliated Partnerships (in millions) | Date | Amount | | :--------------- | :----- | | June 30, 2025 | $691 | | December 31, 2024| $915 | - As of June 30, 2025, the Investment Funds had a net long notional exposure of **2%**, with **102% long exposure** (**54% fair value**, **48% forwards/swaps**) and **100% short exposure** (**28% fair value**, **72% broad market index swaps/CDS/commodity contracts**)[242](index=242&type=chunk)[243](index=243&type=chunk) - Mr. Icahn and his affiliates redeemed **$208 million** from their personal interests in the Investment Funds, paid on **April 16, 2025**[248](index=248&type=chunk) [Other Segment Liquidity](index=78&type=section&id=Other%20Segment%20Liquidity) This subsection presents cash and cash equivalents, debt, and additional borrowing availability for the company's other operating segments Other Segment Cash and Cash Equivalents (in millions) | Segment | June 30, 2025 | December 31, 2024 | | :-------------- | :------------ | :---------------- | | Energy | $596 | $987 | | Automotive | $32 | $133 | | Food Packaging | $9 | $6 | | Real Estate | $32 | $25 | | Home Fashion | $3 | $4 | | Pharma | $33 | $42 | | **Total** | **$705** | **$1,197** | Other Segment Debt (in millions) | Segment | June 30, 2025 | December 31, 2024 | | :-------------- | :------------ | :---------------- | | Energy | $1,861 | $1,919 | | Automotive | $25 | $31 | | Food Packaging | $147 | $144 | | Real Estate | $1 | $1 | | Home Fashion | $15 | $15 | | **Total** | **$2,049** | **$2,110** | - In June 2025, Energy segment subsidiaries prepaid **$70 million** of the Term Loan, and an additional **$20 million** was prepaid in July 2025[250](index=250&type=chunk) - All subsidiaries were in compliance with debt covenants as of June 30, 2025, with Viskase receiving an amendment to its credit agreement in **July 2025**[251](index=251&type=chunk) Additional Borrowing Availability by Segment (June 30, 2025, in millions) | Segment | Availability | | :-------------- | :----------- | | Energy | $324 | | Food Packaging | $7 | | Home Fashion | $3 | | **Total** | **$334** | [Consolidated Cash Flows](index=80&type=section&id=Consolidated%20Cash%20Flows) This subsection summarizes consolidated cash flows by activity and details cash movements between the Holding Company and operating segments, as well as capital expenditures Consolidated Cash Flow Summary by Activity (Six Months Ended June 30, in millions) | Activity | 2025 | 2024 | | :---------------- | :------ | :------ | | Operating Activities| $93 | $642 | | Investing Activities| $(304) | $(167) | | Financing Activities| $(550) | $(758) | - Holding Company's cash from operating segments (6M 2025) included **$79 million from Real Estate**, **$28 million from Automotive**, **$23 million from Pharma**, and **$1 million from CVR Partners**[258](index=258&type=chunk) - Holding Company's cash to operating segments (6M 2025) included **$22 million to Real Estate**, **$25 million to Automotive**, and **$5 million to Home Fashion**[259](index=259&type=chunk) - Payments to acquire additional interests in subsidiaries (6M 2025) totaled **$87 million**, including **$65 million for CVR Energy**, **$7 million for CVR Partners**, and **$15 million for Viskase**[260](index=260&type=chunk) - Other operating segments' cash flows from operating activities decreased primarily due to a decline in the Energy segment's petroleum business sales volume margin and changes in working capital from planned refinery maintenance[262](index=262&type=chunk) - Capital expenditures for other operating segments (6M 2025) were **$184 million**, and turnaround expenditures were **$191 million**, primarily for the Energy and Automotive segments[263](index=263&type=chunk) [Critical Accounting Estimates](index=86&type=section&id=Critical%20Accounting%20Estimates) This section states that critical accounting estimates remain consistent with those reported in the prior annual filing - Critical accounting estimates are consistent with those described in the Annual Report on Form 10-K for the year ended December 31, 2024[269](index=269&type=chunk) [Recently Issued Accounting Standards](index=86&type=section&id=Recently%20Issued%20Accounting%20Standards) This section refers to Note 2 for information on recently issued accounting pronouncements - Information on recently issued accounting pronouncements is discussed in Note 2, 'Basis of Presentation and Summary of Significant Accounting Policies'[270](index=270&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=88&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section discusses the company's exposure to market risks, primarily focusing on the Investment segment's sensitivities to fair value movements of its investments and the methods used to manage these risks [Market Risk](index=88&type=section&id=Market%20Risk) This subsection identifies the Investment segment's market risk exposure from fair value movements of investments and quantifies the potential impact of adverse changes - The predominant market risk exposure relates to the Investment segment and the fair value movements of its investments, which include securities owned, securities sold not yet purchased, and derivatives[272](index=272&type=chunk)[273](index=273&type=chunk)[274](index=274&type=chunk) - A **10% adverse change** in the fair value of these investments (as of June 30, 2025) would negatively impact securities owned by approximately **$194 million**, securities sold not yet purchased by **$100 million**, and derivatives by **$445 million**. However, the impact on the company's share of net gain (loss) from investment activities would be less due to its approximately **68% interest** in the Investment Funds[274](index=274&type=chunk) [Item 4. Controls and Procedures](index=88&type=section&id=Item%204.%20Controls%20and%20Procedures) Management's evaluation of the effectiveness of disclosure controls and procedures concluded they are effective as of June 30, 2025, with no material changes in internal control over financial reporting during the quarter [Changes in Internal Control Over Financial Reporting](index=88&type=section&id=Changes%20in%20Internal%20Control%20Over%20Financial%20Reporting) This subsection confirms that there have been no material changes in the company's internal control over financial reporting during the quarter - There have been no material changes in the company's internal control over financial reporting during the quarter ended June 30, 2025[276](index=276&type=chunk) [PART II. OTHER INFORMATION](index=89&type=section&id=PART%20II.%20OTHER%20INFORMATION) This part covers legal proceedings, risk factors, equity security sales, changes in governance, and a list of exhibits [Item 1. Legal Proceedings](index=89&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 16 for details on legal proceedings and states that there were no material changes compared to the Annual Report on Form 10-K, except for those disclosed in Note 18 - The company is subject to litigation in the normal course of business, with details provided in Note 16, 'Commitments and Contingencies'[279](index=279&type=chunk) - There were no material changes to lawsuits and proceedings compared to the Annual Report on Form 10-K for the year ended December 31, 2024, except for those disclosed in Note 18[279](index=279&type=chunk) [Item 1A. Risk Factors](index=89&type=section&id=Item%201A.%20Risk%20Factors) This section states that there were no material changes to the company's risk factors during the three months ended June 30, 2025, compared to those reported in the Annual Report on Form 10-K - No material changes to risk factors occurred during the three months ended June 30, 2025, compared to those reported in the Annual Report on Form 10-K for the year ended December 31, 2024[280](index=280&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use or Proceeds](index=90&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20or%20Proceeds) This section reports that the company did not repurchase any depositary units under its approved repurchase program during the last fiscal quarter - The company did not repurchase any depositary units pursuant to its approved repurchase program during the last fiscal quarter[282](index=282&type=chunk) [Item 5. Other Information](index=90&type=section&id=Item%205.%20Other%20Information) This section provides updates on changes to the Board of Directors, including the resignations of Brett Icahn and Alvin B. Krongard, and the appointment of Denise Barton to the Audit Committee. It also confirms no Rule 10b5-1 trading arrangements were adopted or terminated by directors or officers - Brett Icahn resigned from the Board of Directors, effective **August 4, 2025**, to focus on other roles and portfolio investments[283

Financial Data and Key Metrics Changes - The net asset value (NAV) increased by $252 million from the first quarter, primarily driven by positive performance in CVI, offset by decreases in auto service [5] - The investment funds ended down approximately 0.5% for the quarter, primarily driven by gains in the consumer cyclical sector, offset by broad market and refining hedges [6] - The holding company ended the quarter with $1.1 billion in cash and cash equivalents, and an additional $700 million of cash at the funds [10] Business Line Data and Key Metrics Changes - The Energy segment's consolidated EBITDA was negative $24 million for Q2 2025, compared to $103 million in Q2 2024, negatively impacted by unfavorable RINs valuation and reduced throughput volumes [14] - The auto service division saw revenues decrease by $8 million compared to the prior year quarter, but same-store revenues were relatively flat, improving from a 5% decline in the previous quarter [15] - The pharma segment initiated a pivotal trial for a new drug aimed at treating pulmonary arterial hypertension, with expectations for updates in 12 to 18 months [9][10] Market Data and Key Metrics Changes - CVI's share price increased by 38%, contributing to a $561 million increase in NAV from the first quarter [5] - The digital business at Caesars grew revenue by 24% and EBITDA by 100% in the second quarter, indicating strong market performance [12] Company Strategy and Development Direction - The company is focusing on maintaining liquidity to capitalize on opportunities within and outside existing operating segments, with a total liquidity of $3.5 billion at the holding company and $1.1 billion at subsidiaries [20] - The company plans to redeploy capital from the sale of a country club to replicate successful strategies in newly acquired properties [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the resolution of outstanding litigation related to small refinery exemptions, which could remove a $548 million liability [6] - The company sees considerable value creation potential in its portfolio, particularly in electric utilities and gas utilities, driven by AI-related demand [11] Other Important Information - The Board maintained the quarterly distribution at $0.50 per depositary unit [10] - The company closed 22 underperforming auto service locations, bringing the total to 44 for 2025, while planning to add 16 new locations by year-end [16] Q&A Session Summary Question: Regarding the decrease in cash balance at the holding company level - The decrease was primarily due to interest payments and LP distributions, with some impact from the CVR repurchase of about $32 million [22]

Financial Data and Key Metrics Changes - Net Asset Value (NAV) increased by $252 million from the first quarter, primarily driven by positive performance in CVI, offset by decreases in auto service [5] - The investment funds ended down approximately 0.5% for the quarter, primarily driven by gains in the consumer cyclical sector, offset by broad market and refining hedges [6] - The holding company ended the quarter with $1.1 billion in cash and cash equivalents, and an additional $700 million of cash at the funds [10] Business Line Data and Key Metrics Changes - Energy segment consolidated EBITDA was negative $24 million for Q2 2025 compared to $103 million in Q2 2024, negatively impacted by unfavorable RINs valuation and reduced throughput volumes [14] - Automotive service revenues decreased by $8 million compared to the prior year quarter, but same-store revenues improved from a 5% decline to 1% growth in May and June [15] - Real estate's Q2 2025 adjusted EBITDA decreased by $2 million compared to the prior year quarter, following the sale of a successful country club investment [17] - Food packaging's adjusted EBITDA decreased by $9 million for Q2 2025 due to lower volume and higher manufacturing inefficiencies [18] Market Data and Key Metrics Changes - CVI's share price increased by 38%, contributing to a $561 million increase in NAV from the first quarter [5] - The auto service division showed a positive trajectory in revenue growth, indicating a potential turnaround [15] Company Strategy and Development Direction - The company is focusing on maintaining liquidity to capitalize on opportunities within and outside existing operating segments, with a total liquidity of $3.5 billion at the holding company and $1.1 billion at subsidiaries [19] - The company plans to redeploy capital from the successful country club sale to new opportunities, aiming to replicate past successes [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the resolution of outstanding litigation related to small refinery exemptions, which could remove a $548 million liability [6] - The company sees considerable value creation potential in its portfolio, particularly in electric utilities and digital businesses [11][12] Other Important Information - CVI's CEO, Dave Lamp, will retire at year-end, with Mark Pytosh being promoted as his replacement [6] - The Board maintained the quarterly distribution at $0.50 per depositary unit [10] Q&A Session Summary Question: Regarding the decrease in cash balance at the holding company level - The decrease was primarily due to interest payments and LP distributions, with some impact from the CVR repurchase of about $32 million [21]

Financial Results - Q2 2025 net loss attributable to IEP was $165 million, compared to a net loss of $331 million for Q2 2024[6] - Q2 2025 Adjusted EBITDA loss attributable to IEP was $43 million, compared to an Adjusted EBITDA loss of $155 million for Q2 2024[6] - Indicative net asset value as of June 30, 2025, was approximately $3.3 billion, an increase of $252 million compared to March 31, 2025[6] - The company declares a second quarter distribution of $0.50 per depositary unit[6] Segment Performance - Energy segment: Adjusted EBITDA decreased by $127 million to a loss of $24 million for Q2 2025 compared to $103 million in Q2 2024[17, 20] - Automotive segment: Adjusted EBITDA decreased $27 million for Q2 2025 compared to Q2 2024, impacted by higher labor costs and operating expenses[23, 24] - Investment segment: Returns of negative 0.5% for Q2 2025[12, 14] - All Other Segments: Q2 2025 Adjusted EBITDA attributable to IEP was $17 million compared to $28 million for Q2 2024[31] Energy Segment Details - Refining margin for Q2 2025 was $2.21 per throughput barrel, compared to $10.94 during Q2 2024[17, 20] - Renewable margin for Q2 2025 was $0.38 per vegetable oil throughput gallon, compared to $0.43 in Q2 2024[17, 20] - Q2 2025 average realized gate prices for UAN increased by 18% to $317 per ton and ammonia increased by 14% to $593 per ton when compared to Q2 2024[17, 19]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Second Quarter 2025 Performance](index=1&type=section&id=Second%20Quarter%202025%20Performance) The company's Q2 2025 results show improved revenue and a significantly narrowed net loss compared to the prior year | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Change (YoY) | | :----- | :----------------- | :----------------- | :----------- | | Revenues | $2,400 | $2,200 | +$200 | | Net Loss | $(165) | $(331) | +$166 (Improvement) | | Loss per Depositary Unit | $(0.30) | $(0.72) | +$0.42 (Improvement) | | Adjusted EBITDA Loss | $(43) | $(155) | +$112 (Improvement) | [Six Months Ended June 30, 2025 Performance](index=1&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025%20Performance) First-half 2025 performance saw decreased revenues and a wider net loss compared to the same period in 2024 | Metric | YTD 2025 (Millions) | YTD 2024 (Millions) | Change (YoY) | | :----- | :------------------ | :------------------ | :----------- | | Revenues | $4,200 | $4,700 | $(500) | | Net Loss | $(587) | $(369) | $(218) (Worsening) | | Loss per Depositary Unit | $(1.08) | $(0.82) | $(0.26) (Worsening) | | Adjusted EBITDA Loss | $(330) | $(21) | $(309) (Worsening) | [Indicative Net Asset Value Update](index=1&type=section&id=Indicative%20Net%20Asset%20Value%20Update) Indicative net asset value increased by $252 million to approximately $3.3 billion during the second quarter of 2025 | Metric | June 30, 2025 (Millions) | March 31, 2025 (Millions) | Change (QoQ) | | :----- | :----------------------- | :------------------------ | :----------- | | Indicative Net Asset Value | $3,300 | $3,048 | +$252 | [Quarterly Distribution Declaration](index=1&type=section&id=Quarterly%20Distribution%20Declaration) A quarterly distribution of $0.50 per depositary unit was declared for Q2 2025 - Distribution Amount: **$0.50 per depositary unit**[4](index=4&type=chunk)[5](index=5&type=chunk) - Payment Date: On or about **September 24, 2025**[4](index=4&type=chunk) - Record Date: Close of business on **August 18, 2025**[4](index=4&type=chunk) - Election Deadline: **September 12, 2025**, for cash or additional units, with additional units as the default[4](index=4&type=chunk) [Company Information](index=2&type=section&id=Company%20Information) [Business Description](index=2&type=section&id=Business%20Description) Icahn Enterprises L.P. is a diversified holding company with subsidiaries in sectors like Investment and Energy - Operating Businesses: **Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma**[6](index=6&type=chunk) [Caution Concerning Forward-Looking Statements](index=2&type=section&id=Caution%20Concerning%20Forward-Looking%20Statements) The report contains forward-looking statements subject to inherent risks and uncertainties - Forward-looking statements are identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning[7](index=7&type=chunk) - Risks include economic downturns, competition, rising operating costs, geopolitical conflicts, investment activities, debt compliance, fair value declines, short sellers, and political/regulatory uncertainty[7](index=7&type=chunk) - Past performance in the Investment segment is not indicative of future performance, and the company undertakes no obligation to publicly update or review any forward-looking information[7](index=7&type=chunk) [Condensed Consolidated Financial Statements](index=3&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statements of Operations](index=3&type=section&id=Statements%20of%20Operations) The statements of operations show improved Q2 2025 revenue but worsened year-to-date revenue and net loss | Metric (Millions) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :---------------- | :------ | :------ | :------- | :------- | | Net sales | $2,143 | $2,371 | $4,145 | $4,624 | | Other revenues from operations | $172 | $182 | $340 | $356 | | Net loss from investment activities | $(74) | $(479) | $(468) | $(575) | | Interest and dividend income | $69 | $122 | $152 | $265 | | Gain (loss) on disposition of assets, net | $47 | $1 | $44 | $(5) | | Other income, net | $12 | $4 | $23 | $6 | | **Total Revenues** | **$2,369** | **$2,201** | **$4,236** | **$4,671** | | Cost of goods sold | $2,118 | $2,208 | $4,134 | $4,199 | | Other expenses from operations | $154 | $150 | $305 | $299 | | Selling, general and administrative | $207 | $183 | $408 | $376 | | Dividend expense | $7 | $13 | $15 | $33 | | Impairment | $2 | $— | $12 | $— | | Restructuring, net | $(2) | $1 | $5 | $1 | | Interest expense | $129 | $128 | $257 | $264 | | **Total Expenses** | **$2,615** | **$2,683** | **$5,136** | **$5,172** | | Loss before income tax expense | $(246) | $(482) | $(900) | $(501) | | Income tax benefit (expense) | $45 | $(4) | $119 | $(11) | | Net loss | $(201) | $(486) | $(781) | $(512) | | Less: net loss attributable to non-controlling interests | $(36) | $(155) | $(194) | $(143) | | **Net loss attributable to Icahn Enterprises** | **$(165)** | **$(331)** | **$(587)** | **$(369)** | | Basic and Diluted loss per LP unit | $(0.30) | $(0.72) | $(1.08) | $(0.82) | | Distributions declared per LP unit | $0.50 | $1.00 | $1.00 | $2.00 | [Condensed Consolidated Balance Sheets](index=4&type=section&id=Balance%20Sheets) The balance sheet shows a decrease in total assets and equity as of June 30, 2025, from year-end 2024 | Metric (Millions) | June 30, 2025 | December 31, 2024 | Change | | :---------------- | :------------ | :---------------- | :----- | | Cash and cash equivalents | $1,804 | $2,603 | $(799) | | Cash held at consolidated affiliated partnerships and restricted cash | $2,672 | $2,636 | +$36 | | Investments | $1,972 | $2,310 | $(338) | | Due from brokers | $1,261 | $1,624 | $(363) | | Accounts receivable, net | $420 | $479 | $(59) | | Inventories, net | $905 | $897 | +$8 | | Property, plant and equipment, net | $3,786 | $3,843 | $(57) | | Deferred tax asset | $179 | $160 | +$19 | | Derivative assets, net | $8 | $22 | $(14) | | Goodwill | $290 | $288 | +$2 | | Intangible assets, net | $381 | $409 | $(28) | | Assets held for sale | $25 | $25 | $0 | | Other assets | $1,136 | $983 | +$153 | | **Total Assets** | **$14,839** | **$16,279** | **$(1,440)** | | Accounts payable | $690 | $802 | $(112) | | Accrued expenses and other liabilities | $1,698 | $1,547 | +$151 | | Deferred tax liabilities | $233 | $331 | $(98) | | Derivative liabilities, net | $1,062 | $756 | +$306 | | Securities sold, not yet purchased, at fair value | $996 | $1,373 | $(377) | | Due to brokers | $24 | $40 | $(16) | | Debt | $6,713 | $6,809 | $(96) | | **Total Liabilities** | **$11,416** | **$11,658** | **$(242)** | | Equity attributable to Icahn Enterprises | $1,743 | $2,466 | $(723) | | Equity attributable to non-controlling interests | $1,680 | $2,155 | $(475) | | **Total Equity** | **$3,423** | **$4,621** | **$(1,198)** | | **Total Liabilities and Equity** | **$14,839** | **$16,279** | **$(1,440)** | [Non-GAAP Financial Measures & Reconciliation](index=5&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliation) [Use of Non-GAAP Financial Measures](index=5&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) This section defines EBITDA and Adjusted EBITDA and explains their use and limitations as performance indicators - **EBITDA Definition**: Earnings from continuing operations before net interest expense (excluding Investment segment), income tax (benefit) expense, and depreciation and amortization[12](index=12&type=chunk) - **Adjusted EBITDA Definition**: EBITDA excluding certain effects of impairment, restructuring costs, transformation costs, certain pension plan expenses, and other non-operational charges[12](index=12&type=chunk) - **Rationale for Use**: Provides supplemental information for investors and management to evaluate core operating performance and aids in period-to-period and peer comparisons[13](index=13&type=chunk) - **Limitations**: These measures do not reflect cash expenditures, do not account for asset replacement, and are not substitutes for U.S. GAAP measures like net income[14](index=14&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk) [Adjusted EBITDA Reconciliation](index=8&type=section&id=Adjusted%20EBITDA%20Reconciliation) The reconciliation from net loss to Adjusted EBITDA shows improved Q2 2025 results but a worsened year-to-date figure | Metric (Millions) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :---------------- | :------ | :------ | :------- | :------- | | Net loss attributable to Icahn Enterprises | $(165) | $(331) | $(587) | $(369) | | Interest expense, net | $88 | $65 | $171 | $128 | | Income tax (benefit) expense | $(30) | $16 | $(86) | $19 | | Depreciation and amortization | $90 | $84 | $169 | $170 | | EBITDA before non-controlling interests | $(17) | $(166) | $(333) | $(52) | | Impairment | $2 | $- | $11 | $- | | Restructuring costs | $(1) | $- | $5 | $- | | (Gain) loss on disposition of assets, net | $(46) | $(1) | $(44) | $4 | | Transformation costs | $12 | $11 | $20 | $22 | | (Gain) loss on extinguishment of debt, net | $(3) | $1 | $(3) | $1 | | Out of period adjustments | $- | $- | $- | $(2) | | Other adjustments | $10 | $- | $14 | $6 | | **Adjusted EBITDA attributable to IEP** | **$(43)** | **$(155)** | **$(330)** | **$(21)** | [Indicative Net Asset Value Data](index=6&type=section&id=Indicative%20Net%20Asset%20Value%20Data) [Explanation of Use](index=6&type=section&id=Explanation%20of%20Use) This section explains the purpose and limitations of indicative net asset value as a valuation metric - **Purpose**: Indicative net asset value is an additional method for considering the value of the Company's assets, believed to be helpful to investors[17](index=17&type=chunk) - **Limitations**: It does not represent the market price at which depositary units trade, nor are the units redeemable, and it excludes any value for the Investment Segment beyond its fund investments[17](index=17&type=chunk)[18](index=18&type=chunk)[20](index=20&type=chunk) [Indicative Net Asset Value Calculation](index=6&type=section&id=Calculation%20Details) The calculation details the components of the indicative net asset value, including subsidiaries and holding company assets | Component (Millions) | June 30, 2025 | March 31, 2025 | December 31, 2024 | | :------------------- | :------------ | :------------- | :---------------- | | Market-valued Subsidiaries and Investments | | Holding Company interest in Investment Funds | $2,464 | $2,479 | $2,703 | | CVR Energy | $1,891 | $1,330 | $1,250 | | CVR Partners LP | $24 | $16 | $13 | | **Total market-valued subsidiaries and investments** | **$4,379** | **$3,825** | **$3,966** | | Other Subsidiaries | | Viskase | $71 | $159 | $197 | | Real Estate Segment | $715 | $728 | $743 | | WestPoint Home | $166 | $166 | $162 | | Vivus | $197 | $215 | $209 | | Automotive Services | $442 | $521 | $482 | | Automotive Parts | $- | $3 | $9 | | Automotive Owned Real Estate Assets | $752 | $768 | $768 | | **Operating Business Indicative Gross Asset Value** | **$6,722** | **$6,385** | **$6,536** | | Add: Other Net Assets | $109 | $(3) | $103 | | **Indicative Gross Asset Value** | **$6,831** | **$6,382** | **$6,639** | | Add: Holding Company cash and cash equivalents | $1,086 | $1,318 | $1,397 | | Less: Holding Company debt | $(4,664) | $(4,699) | $(4,699) | | **Indicative Net Asset Value** | **$3,253** | **$3,001** | **$3,337** | [Investor Contact Information](index=8&type=section&id=Investor%20Contact%20Information) [Contact Details](index=8&type=section&id=Contact%20Details) This section provides contact information for investor inquiries - **Contact Person**: Ted Papapostolou, Chief Financial Officer[23](index=23&type=chunk) - **Email**: IR@ielp.com[23](index=23&type=chunk) - **Phone**: (800) 255-2737[23](index=23&type=chunk)

Financial Performance - For Q2 2025, revenues were $2.4 billion with a net loss of $165 million, compared to revenues of $2.2 billion and a net loss of $331 million in Q2 2024 [1][7] - For the first half of 2025, revenues were $4.2 billion with a net loss of $587 million, compared to revenues of $4.7 billion and a net loss of $369 million in the same period of 2024 [2][9] - Adjusted EBITDA loss for Q2 2025 was $43 million, an improvement from a loss of $155 million in Q2 2024 [1][7] - Adjusted EBITDA loss for the first half of 2025 was $330 million, compared to a loss of $21 million in the first half of 2024 [2][25] Asset Valuation - As of June 30, 2025, the indicative net asset value increased by $252 million to approximately $3.3 billion compared to March 31, 2025 [3][7] - The total assets of the company were reported at $14.839 billion as of June 30, 2025, down from $16.279 billion at the end of 2024 [10] Distribution Information - The Board of Directors declared a quarterly distribution of $0.50 per depositary unit, to be paid on or about September 24, 2025 [4][7] - Depositary unitholders have until September 12, 2025, to elect to receive cash or additional depositary units [4] Business Segments - Icahn Enterprises operates in various sectors including Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma [5]

Group 1 - The Conservative Income Portfolio targets high-value stocks with significant margins of safety and aims to reduce volatility through well-priced options [1] - The Enhanced Equity Income Solutions Portfolio is designed to generate yields of 7-9% while minimizing volatility [1] - Icahn Enterprises L.P. was upgraded from a "strong sell" to a "hold" after a decline of over 35% in 2024, indicating a potential recovery opportunity [2] Group 2 - Trapping Value consists of a team with over 40 years of combined experience in generating options income while focusing on capital preservation [3] - The Conservative Income Portfolio operates in partnership with Preferred Stock Trader, featuring two income-generating portfolios and a bond ladder [3]