Icahn Enterprises L.P. cash flow statement IEP

Annual Quarterly

In fiscal 2025, which ended Dec 31, 2025, Icahn Enterprises L.P. used $313.0 million of cash from operations, down 137.6% from the year before. It spent $341.0 million on capital expenditures. Free cash flow was negative, at -$654.0 million.

USD in millions, except per-share amounts and ratios. The percent under a figure is the change from the year before.

Line	FY 2026 Sep 30, 2026	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2021 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019	FY 2018 Dec 31, 2018	FY 2017 Dec 31, 2017	FY 2016 Dec 31, 2016
Operating
Depreciation and amortization	556 +3.5%	603 +18.0%	511 -1.4%	518	509 -0.2%	517 +1.4%	510 -1.7%	519 +2.2%	508 -1.9%	518 -1.5%	526 -38.0%
Operating cash flow	308 -12.5%	-313 -137.6%	832 -77.7%	3,736	1,055 +353.6%	321 +177.2%	-416 +71.5%	-1,460 -258.2%	923 +168.5%	-1,348 -210.7%	1,218 +62.8%
Investing
Capital expenditures	369 +4.2%	341 +21.8%	280 -7.6%	303	338 +69.8%	305 +53.3%	199 -20.4%	250 -8.1%	272 -13.9%	316 +27.9%	247 -81.8%
Investing cash flow	288 +188.3%	-402 -87.0%	-215 +25.9%	-290	-260 +55.2%	528 +190.9%	-581 -199.1%	586 -77.3%	2,587 +279.3%	682 +137.0%	-1,845 +22.6%
Financing
Dividends paid	—	—	—	—	—	—	526 +369.6%	112 +15.5%	97	—	—
Financing cash flow	-1,028 -40.6%	-1,105 +16.5%	-1,323 +44.5%	-2,385	-344 +47.3%	293 +144.9%	-653 -215.4%	566 +460.5%	-157 -142.5%	369 +536.2%	58 -93.0%
Change in cash
Effect of exchange rate	—	—	—	—	-1 +75.0%	3 +175.0%	-4 -100.0%	-2 +71.4%	-7 -333.3%	3	0 +100.0%
Net change in cash	-428 +39.6%	-1,820 -157.4%	-707 -166.7%	1,060	450 +127.2%	1,145 +169.2%	-1,654 -320.9%	-393 -111.5%	3,427	—	—
Free cash flow	-61 -2950.0%	-654 -218.5%	552 -83.9%	3,433	717 +216.6%	16 +102.6%	-615 +64.0%	-1,710 -362.7%	651 +139.1%	-1,664 -271.4%	971 +258.9%
Per share
Dividend per share	—	—	—	—	—	—	—	—	—	6.00 +0.0%	6.00
Shareholder returns
Returned to shareholders	—	—	—	—	—	—	526	112	97	—	—
Share of free cash flow	—	—	—	—	—	—	—	—	14.90%	—	—
Ratios
Free cash flow margin	-0.55%	-6.77%	5.51%	31.40%	5.05%	0.14%	-10.04%	-19.01%	5.53%	-13.19%	13.16%
Capital expenditures to revenue	3.34%	3.53%	2.79%	2.77%	2.38%	2.69%	3.25%	2.78%	2.31%	2.50%	3.35%
Cash conversion	—	—	—	—	—	—	—	—	0.62x	-0.55x	—

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and ratios. Capital expenditures, debt repaid, dividends, and buybacks are positive amounts. Investing and financing cash flow keep the filing sign, so an outflow is negative. Free cash flow is operating cash flow minus capital expenditures. The first column is the trailing twelve months through the latest quarter. Returned to shareholders is dividends plus buybacks. Free cash flow margin, capital expenditures, and stock-based compensation are divided by revenue. Cash conversion is operating cash flow divided by net income. More on our methodology.

Company profile

Industry: Petroleum Refining (SIC 2911)
Listed as: IEP (Nasdaq)
Fiscal year ends: December 31
Incorporated in: DE
Headquarters: Sunny Isles Beach, FL
SEC filer status: Large accelerated filer
SEC CIK: 813762
Former names: AMERICAN REAL ESTATE PARTNERS L P (until Sep 20, 2007)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.