Icahn Enterprises L.P. reported third‑quarter 2025 results that saw net income jump to $287 million, a dramatic increase from $22 million in the same period a year earlier. Adjusted EBITDA rose to $383 million, more than doubling the $183 million reported for Q3 2024. Earnings per depositary unit of $0.49 beat the consensus estimate of $0.14 by $0.35, a 250 % lift that underscored the company’s strong investment performance and disciplined cost base.
Revenue for the quarter was $2.73 billion, a slight decline from $2.80 billion in Q3 2024. The modest dip reflects a shift in the company’s investment mix, with gains in the long position in CVI and other fund holdings offsetting a modest decline in operating revenue from its diversified portfolio. Analysts had projected revenue of $2.40 billion, so the actual figure represented a $0.33 billion beat, driven largely by the investment segment rather than organic growth in its operating businesses.
The net income surge and adjusted EBITDA growth are largely attributable to investment gains. The company’s long position in CVI generated significant unrealized gains, while other fund positions also performed well. At the same time, the company maintained tight cost control, preventing the rise in operating expenses that could have eroded profitability. Management noted that “the substantial increase in net income and adjusted EBITDA reflects strong gains in the investment portfolio and effective cost management.”
For the first nine months of 2025, Icahn Enterprises posted a net loss of $300 million, an improvement from the $347 million loss in the same period a year earlier. Adjusted EBITDA for the nine‑month period fell to $53 million from $162 million in 2024, a reflection of ongoing challenges in its investment and operating segments. The narrowing loss is again driven by investment gains, though the company remains cautious about the volatility in its portfolio and the impact of hedging losses and interest expense.
Liquidity remains robust, with cash and cash equivalents of $1.787 billion at September 30 2025, up from $2.603 billion at December 31 2024. Investments totaled $2.037 billion and due from brokers stood at $1.724 billion, underscoring the firm’s capacity to support its diversified portfolio and potential strategic initiatives. The company declared a quarterly distribution of $0.50 per depositary unit, payable on December 24 2025. Following the results, the stock experienced a 6–7 % rise in pre‑market trading, driven by the sharp EPS beat and the expansion of adjusted EBITDA margin to 14.1 % from 6.6 % in the prior year.
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