Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ICAHN ENTERPRISES L.P. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2021
FY2023
FY2024
FY2025
Revenue
15,511
17,303
11,777
8,994
6,123
11,338
14,196
10,934
10,020
9,658
Cost of revenue
13,412
15,005
Gross profit
2,099
2,298
Selling, general and administrative
1,001
1,269
1,386
1,375
1,191
1,238
1,250
852
783
837
Interest expense
692
655
524
605
688
666
568
554
523
504
Other non-operating income
42
-22
0
19
-31
-84
-177
-69
Pre-tax income
-2,373
1,866
223
-1,739
-2,584
-578
9
-922
-567
-345
Income tax
-88
-532
-14
20
-116
-78
34
90
-25
-19
Income from continuing operations
-1,127
2,297
-238
-1,066
-1,653
-518
-183
-684
-445
-299
Net income to minority interests
-1,092
178
519
-693
-815
18
158
-328
-97
-27
Net income
-1,128
2,454
1,482
-1,098
-1,653
-518
-183
-684
-445
-299
Dividend per share
6.00
6.00
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2021
FY2023
FY2024
FY2025
Cash and equivalents
1,833
1,164
2,656
3,794
1,679
2,321
2,337
2,951
2,603
1,450
Inventory
2,983
1,730
1,779
1,795
1,580
1,478
1,531
1,047
897
845
Property, plant and equipment
10,122
5,186
4,688
4,454
4,228
4,085
4,038
3,969
3,843
3,670
Lease right-of-use assets
624
556
467
478
526
527
476
Goodwill
1,136
327
247
282
294
290
288
288
288
290
Intangible assets
1,116
544
501
431
660
595
533
466
409
349
Total assets
33,371
31,801
23,489
24,639
24,989
27,746
27,914
20,858
16,279
14,215
Total liabilities
25,354
20,433
10,509
13,697
15,731
18,403
18,356
14,785
11,658
10,789
Total debt
11,119
7,372
7,326
8,192
8,059
7,692
7,096
7,207
6,809
6,616
Other comprehensive income
-1,584
-1,384
-85
-82
-80
-74
-70
-55
-61
Shareholders' equity
2,154
5,106
6,560
Minority interests
5,863
6,262
6,420
Total equity
8,017
11,486
12,980
Total liabilities and equity
33,371
31,801
23,489
24,639
24,989
27,746
27,914
20,858
16,279
14,215
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2021
FY2023
FY2024
FY2025
Net income
-2,220
2,632
2,001
-1,791
-2,468
-500
-25
-1,012
-542
-326
Depreciation and amortization
526
518
508
519
510
517
509
518
511
603
Deferred income tax
-134
-560
-29
-89
-49
-168
-148
-48
-36
-23
Change in receivables
-58
-72
45
-33
28
-110
-110
78
15
86
Change in inventory
-86
-185
-86
-20
147
-83
-96
27
133
28
Change in payables
28
130
-59
145
-162
77
45
59
-33
-135
Cash from operations
1,218
-1,348
923
-1,460
-416
321
1,055
3,736
832
-313
Capital expenditures
-247
-316
-272
-250
-199
-305
-338
-303
-280
-341
Acquisitions
-1,009
-249
-15
-39
-8
-20
-20
-2
Purchases of investments
-100
-77
-60
-50
-337
Sales and maturities of investments
67
1
1
458
98
445
153
Cash from investing
-1,845
682
2,587
586
-581
528
-260
-290
-215
-402
Dividends paid
-103
-81
-97
-112
-526
Cash from financing
58
369
-157
566
-653
293
-344
-2,385
-1,323
-1,105
Exchange rate effect
0
3
-7
-2
-4
3
-1
Net change in cash
-734
27
3,427
-393
-1,654
1,145
450
1,060
-707
-1,820
Free cash flow
971
-1,664
651
-1,710
-615
16
717
3,433
552
-654
Interest paid
489
499
484
524
507
485
438
426
423
494
Income taxes paid
10
39
-20
-64
22
72
180
-105
-66
-6
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $6.96 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Pre-tax margin
-4.2%
Pre-tax income / revenue.
Net margin
-5.0%
Net income / revenue.
FCF margin
-2.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
1.0%
Cash from operations / revenue.
Return on assets (ROA)
-4.1%
Net income / average total assets.
SG&A / revenue
7.9%
Selling, general and administrative expense / revenue.
Capex / revenue
3.3%
Capital expenditures / revenue.
D&A / revenue
5.7%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-3.6%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-12.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
9.5%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y
-137.6%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
-218.5%
Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-12.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-20.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-10.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Debt / assets
49.6%
Total debt / total assets.
Liabilities / assets
83.4%
Total liabilities / total assets.
Net debt
$5.17B
Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets
4.8%
(Goodwill + intangible assets) / total assets.
Efficiency
Metric
Value
How it is calculated
Asset turnover
0.82x
Revenue / average total assets.
Fixed asset turnover
2.93x
Revenue / average property, plant and equipment.
Capex / operating cash flow
328.0%
Capital expenditures / cash from operations, when that is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$4.95B
Share price x shares outstanding.
Enterprise value
$10.12B
Market cap + total debt - cash - short-term investments.
P/S
0.47x
Market cap / revenue.
P/OCF
46.2x
Market cap / cash from operations, when positive.
EV/Sales
0.95x
Enterprise value / revenue.
FCF yield
-4.9%
Free cash flow / market cap.
Earnings yield
-10.6%
Net income / market cap (the inverse of P/E).
What was ICAHN ENTERPRISES L.P.'s revenue in fiscal 2025?
ICAHN ENTERPRISES L.P. reported revenue of $9.66B for fiscal 2025, 3.6% lower than the year before.
Was ICAHN ENTERPRISES L.P. profitable in fiscal 2025?
No. It reported a net loss of $299.0M.
How much free cash flow did ICAHN ENTERPRISES L.P. generate in fiscal 2025?
Cash from operations of $313.0M minus capital expenditures of $341.0M left free cash flow of -$654.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.