ICAHN ENTERPRISES L.P. Segments Disclosure
15. Segment and Geographic Reporting
We report segment information based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategies, which may include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues. Therefore, although many of our businesses are operated under separate local management, certain of our businesses are grouped together when they operate within a similar industry, comprising similarities in products, customers, production processes and regulatory environments, and when such businesses, when considered together, may be managed in accordance with one or more investment strategies specific to those businesses.
Our reportable segments reflect the way the Company is managed, and for which separate financial information is available and evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and assess performance. The Chairman of the Board of Directors of our general partner, who is our CODM, reviews financial information for each segment and evaluates the results in relation to our broader business strategies. Accordingly, segment operating results are assessed based on net income from continuing operations attributable to Icahn Enterprises. Assets provided to the CODM are consistent with those reported in the condensed consolidated balance sheets, and there are no intra-entity sales or transfers, or significant expense categories regularly reviewed by the CODM beyond those disclosed in the condensed consolidated statements of operations.
Certain terms of financings for certain of our businesses impose restrictions on the business’ ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions. Our condensed statements of operations and balance sheets by reporting segment are presented below.
Condensed Statements of Operations
Year Ended December 31, 2025 | |||||||||||||||||||||||||||
| Investment | | Energy | | Automotive | | Food Packaging | | Real Estate | | Home Fashion | | Pharma | | Holding Company | | Consolidated | ||||||||||
(in millions) | |||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||
Net sales | $ | — | $ | 7,162 | $ | 835 | $ | 364 | $ | 1 | $ | 170 | $ | 99 | $ | — | $ | 8,631 | |||||||||
Other revenues from operations |
| — |
| — |
| 601 |
| — |
| 58 |
| — |
| 5 |
| — |
| 664 | |||||||||
Net loss from investment activities |
| (183) |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| (183) | |||||||||
Interest and dividend income |
| 189 |
| 30 |
| 3 |
| — |
| 7 |
| — |
| 1 |
| 58 |
| 288 | |||||||||
(Loss) gain on disposition of assets, net |
| — |
| (7) |
| (16) |
| — |
| 270 |
| — |
| — |
| — |
| 247 | |||||||||
Other income (loss), net |
| 6 |
| 3 |
| — |
| (2) |
| — |
| 1 |
| — |
| 3 |
| 11 | |||||||||
| 12 |
| 7,188 |
| 1,423 |
| 362 |
| 336 |
| 171 |
| 105 |
| 61 |
| 9,658 | ||||||||||
Expenses: | |||||||||||||||||||||||||||
Cost of goods sold |
| — |
| 6,860 |
| 591 |
| 327 |
| 1 |
| 139 |
| 60 |
| — |
| 7,978 | |||||||||
Other expenses from operations |
| — |
| — |
| 537 |
| — |
| 62 |
| — |
| — |
| — |
| 599 | |||||||||
Selling, general and administrative |
| 16 |
| 178 |
| 446 |
| 54 |
| 22 |
| 43 |
| 49 |
| 29 |
| 837 | |||||||||
Dividend expense | 35 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 35 | ||||||||||
Restructuring, net |
| — |
| — |
| — |
| 9 |
| — |
| 1 |
| — |
| — |
| 10 | |||||||||
Impairment | — | — | 25 | 15 | — | — | — | — | 40 | ||||||||||||||||||
Interest expense |
| 15 |
| 135 |
| 2 |
| 10 |
| — |
| 2 |
| — |
| 340 |
| 504 | |||||||||
| 66 |
| 7,173 |
| 1,601 |
| 415 |
| 85 |
| 185 |
| 109 |
| 369 |
| 10,003 | ||||||||||
(Loss) income before income tax (expense) benefit |
| (54) |
| 15 |
| (178) |
| (53) |
| 251 |
| (14) |
| (4) |
| (308) |
| (345) | |||||||||
Income tax (expense) benefit |
| — |
| 27 |
| 48 |
| (13) |
| 5 |
| — |
| — |
| (48) |
| 19 | |||||||||
Net (loss) income |
| (54) |
| 42 |
| (130) |
| (66) |
| 256 |
| (14) |
| (4) |
| (356) |
| (326) | |||||||||
Less: net (loss) income attributable to non-controlling interests |
| (59) |
| 38 |
| — |
| (6) |
| — |
| — |
| — |
| — |
| (27) | |||||||||
Net (loss) income attributable to Icahn Enterprises | $ | 5 | $ | 4 | $ | (130) | $ | (60) | $ | 256 | $ | (14) | $ | (4) | $ | (356) | $ | (299) | |||||||||
Supplemental information: | |||||||||||||||||||||||||||
Capital expenditures | $ | — | $ | 185 | $ | 95 | $ | 35 | $ | 18 | $ | 8 | $ | — | $ | — | $ | 341 | |||||||||
Depreciation and amortization | $ | — | $ | 468 | $ | 65 | $ | 19 | $ | 18 | $ | 5 | $ | 28 | $ | — | $ | 603 | |||||||||
Year Ended December 31, 2024 | |||||||||||||||||||||||||||
| Investment | | Energy | | Automotive | | Food Packaging | | Real Estate | | Home Fashion | | Pharma | | Holding Company |
| Consolidated | ||||||||||
(in millions) | |||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||
Net sales | $ | — | $ | 7,610 | $ | 877 | $ | 404 | $ | 21 | $ | 176 | $ | 105 | $ | — | $ | 9,193 | |||||||||
Other revenues from operations |
| — |
| — |
| 628 |
| — |
| 75 |
| — |
| 4 |
| — |
| 707 | |||||||||
Net loss from investment activities |
| (421) |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| (421) | |||||||||
Interest and dividend income |
| 335 |
| 37 |
| 4 |
| — |
| 1 |
| — |
| 2 |
| 98 |
| 477 | |||||||||
(Loss) gain on disposition of assets, net |
| — |
| — |
| (7) |
| — |
| — |
| — |
| — |
| 3 |
| (4) | |||||||||
Other income (loss), net |
| — |
| 37 |
| 38 |
| (11) |
| — |
| (4) |
| — |
| 8 |
| 68 | |||||||||
| (86) |
| 7,684 |
| 1,540 |
| 393 |
| 97 |
| 172 |
| 111 |
| 109 |
| 10,020 | ||||||||||
Expenses: | |||||||||||||||||||||||||||
Cost of goods sold |
| — |
| 7,450 |
| 628 |
| 336 |
| 15 |
| 135 |
| 55 |
| — |
| 8,619 | |||||||||
Other expenses from operations |
| — |
| — |
| 536 |
| — |
| 67 |
| — |
| — |
| — |
| 603 | |||||||||
Selling, general and administrative |
| 22 |
| 166 |
| 405 |
| 50 |
| 19 |
| 43 |
| 47 |
| 31 |
| 783 | |||||||||
Dividend expense | 56 |
| — |
| — |
| — |
| — |
| — |
| — |
| — | 56 | |||||||||||
Restructuring, net |
| — |
| — |
| — |
| 2 |
| — |
| 1 |
| — |
| — |
| 3 | |||||||||
Interest expense |
| 78 |
| 114 |
| 2 |
| 11 |
| — |
| 1 |
| — |
| 317 |
| 523 | |||||||||
| 156 |
| 7,730 |
| 1,571 |
| 399 |
| 101 |
| 180 |
| 102 |
| 348 |
| 10,587 | ||||||||||
(Loss) income before income tax (expense) benefit |
| (242) |
| (46) |
| (31) |
| (6) |
| (4) |
| (8) |
| 9 |
| (239) |
| (567) | |||||||||
Income tax (expense) benefit |
| — |
| 42 |
| 15 |
| — |
| — |
| — |
| — |
| (32) |
| 25 | |||||||||
Net (loss) income |
| (242) |
| (4) |
| (16) |
| (6) |
| (4) |
| (8) |
| 9 |
| (271) |
| (542) | |||||||||
Less: net (loss) income attributable to non-controlling interests |
| (110) |
| 14 |
| — |
| (1) |
| — |
| — |
| — |
| — |
| (97) | |||||||||
Net (loss) income attributable to Icahn Enterprises | $ | (132) | $ | (18) | $ | (16) | $ | (5) | $ | (4) | $ | (8) | $ | 9 | $ | (271) | $ | (445) | |||||||||
Supplemental information: | |||||||||||||||||||||||||||
Capital expenditures | $ | — | $ | 179 | $ | 55 | $ | 15 | $ | 26 | $ | 5 | $ | — | $ | — | $ | 280 | |||||||||
Depreciation and amortization | $ | — | $ | 363 | $ | 74 | $ | 24 | $ | 15 | $ | 6 | $ | 28 | $ | 1 | $ | 511 | |||||||||
Year Ended December 31, 2023 | |||||||||||||||||||||||||||
| Investment | | Energy | | Automotive | | Food Packaging | | Real Estate | | Home Fashion | | Pharma | | Holding Company | | Consolidated | ||||||||||
(in millions) | |||||||||||||||||||||||||||
Revenues: | | | | | | | | | |
| | ||||||||||||||||
Net sales | $ | — | $ | 9,247 | $ | 1,047 | $ | 446 | $ | 69 | $ | 175 | $ | 93 | $ | — | $ | 11,077 | |||||||||
Other revenues from operations |
| — |
| — |
| 694 |
| — |
| 73 |
| — |
| 3 |
| — |
| 770 | |||||||||
Net (loss) gain from investment activities |
| (1,575) |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| (1,575) | |||||||||
Interest and dividend income |
| 497 |
| 38 |
| 3 |
| — |
| — |
| — |
| 1 |
| 97 |
| 636 | |||||||||
(Loss) gain on disposition of assets, net |
| — |
| (2) |
| 10 |
| — |
| — |
| — |
| — |
| — |
| 8 | |||||||||
Other (loss) income, net |
| — |
| 14 |
| — |
| (11) |
| 1 |
| — |
| 1 |
| 13 |
| 18 | |||||||||
| (1,078) |
| 9,297 |
| 1,754 |
| 435 |
| 143 |
| 175 |
| 98 |
| 110 |
| 10,934 | ||||||||||
Expenses: |
| ||||||||||||||||||||||||||
Cost of goods sold |
| — |
| 8,019 |
| 714 |
| 352 |
| 48 |
| 138 |
| 56 |
| — |
| 9,327 | |||||||||
Other expenses from operations |
| — |
| — |
| 581 |
| — |
| 62 |
| — |
| — |
| — |
| 643 | |||||||||
Selling, general and administrative |
| 26 |
| 168 |
| 465 |
| 54 |
| 17 |
| 41 |
| 45 |
| 36 |
| 852 | |||||||||
Dividend expense | 87 | — | — | — | — | — | — | — |
| 87 | |||||||||||||||||
Restructuring, net |
| — |
| — |
| — |
| — |
| — |
| 1 |
| — |
| — |
| 1 | |||||||||
Impairment |
| — | — | 7 | — | — | — | — | — | 7 | |||||||||||||||||
Credit loss on notes receivable | — | — | — | — | — | — | — | 139 | 139 | ||||||||||||||||||
Loss on deconsolidation | — | — | — | — | — | — | — | 246 | 246 | ||||||||||||||||||
Interest expense |
| 162 |
| 90 |
| 3 |
| 12 |
| — |
| 1 |
| — |
| 286 |
| 554 | |||||||||
| 275 |
| 8,277 |
| 1,770 |
| 418 |
| 127 |
| 181 |
| 101 |
| 707 |
| 11,856 | ||||||||||
(Loss) income before income tax benefit (expense) |
| (1,353) |
| 1,020 |
| (16) |
| 17 |
| 16 |
| (6) |
| (3) |
| (597) |
| (922) | |||||||||
Income tax (expense) benefit |
| — |
| (189) |
| 10 |
| (4) |
| — |
| — |
| — |
| 93 |
| (90) | |||||||||
Net (loss) income |
| (1,353) |
| 831 |
| (6) |
| 13 |
| 16 |
| (6) |
| (3) |
| (504) |
| (1,012) | |||||||||
Less: net (loss) income attributable to non-controlling interests |
| (652) |
| 323 |
| — |
| 1 |
| — |
| — |
| — |
| — |
| (328) | |||||||||
Net (loss) income attributable to Icahn Enterprises | $ | (701) | $ | 508 | $ | (6) | $ | 12 | $ | 16 | $ | (6) | $ | (3) | $ | (504) | $ | (684) | |||||||||
Supplemental information: |
| ||||||||||||||||||||||||||
Capital expenditures | $ | — | $ | 205 | $ | 79 | $ | 14 | $ | 3 | $ | 2 | $ | — | $ | — | $ | 303 | |||||||||
Depreciation and amortization | $ | — | $ | 363 | $ | 81 | $ | 25 | $ | 13 | $ | 7 | $ | 28 | $ | 1 | $ | 518 | |||||||||
Disaggregation of Revenue
In addition to the condensed statements of operations by reporting segment above, we provide additional disaggregated revenue information for our Energy and Automotive segments below.
Energy
Year Ended December 31, | |||||||||
| 2025 | | 2024 | | 2023 | ||||
(in millions) | |||||||||
Petroleum products | $ | 6,416 | $ | 6,909 | $ | 8,267 | |||
Renewable products |
| 141 |
| 177 |
| 299 | |||
Nitrogen fertilizer products |
| 605 |
| 524 |
| 681 | |||
$ | 7,162 | $ | 7,610 | $ | 9,247 | ||||
Automotive
Year Ended December 31, | |||||||||
| 2025 | | 2024 | | 2023 | ||||
(in millions) | |||||||||
Automotive Services | $ | 1,399 | $ | 1,420 | $ | 1,548 | |||
Aftermarket Parts sales |
| 2 |
| 25 |
| 137 | |||
Total revenue from customers | 1,401 | 1,445 | 1,685 | ||||||
Lease revenue outside scope ASC 606 | 35 | 60 | 56 | ||||||
Total Automotive net sales and other revenues from operations | $ | 1,436 | $ | 1,505 | $ | 1,741 | |||
Condensed Balance Sheets
December 31, 2025 | |||||||||||||||||||||||||||
Investment | Energy | Automotive | Food | Real | Home | | Pharma | Holding | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 16 | $ | 511 | $ | 14 | $ | 9 | $ | 31 | $ | 4 | $ | 26 | $ | 839 | $ | 1,450 | |||||||||
Cash held at consolidated affiliated partnerships and restricted cash |
| 1,788 |
| — |
| 8 |
| — |
| — |
| 3 |
| — |
| 170 |
| 1,969 | |||||||||
Investments |
| 2,146 |
| 17 |
| — |
| — |
| 88 |
| — |
| — |
| — |
| 2,251 | |||||||||
Accounts receivable, net |
| — |
| 235 |
| 25 |
| 60 |
| 10 |
| 27 |
| 36 |
| — |
| 393 | |||||||||
Related party note receivable | — | — | — | — | 129 | — | — | — | 129 | ||||||||||||||||||
Inventories |
| — |
| 472 |
| 165 |
| 97 |
| — |
| 87 |
| 24 |
| — |
| 845 | |||||||||
Property, plant and equipment, net |
| — |
| 2,333 |
| 351 |
| 141 |
| 787 |
| 55 |
| — |
| 3 |
| 3,670 | |||||||||
Goodwill and intangible assets, net |
| — |
| 139 |
| 316 |
| 21 |
| — |
| 21 |
| 142 |
| — |
| 639 | |||||||||
Other assets |
| 1,661 |
| 422 |
| 369 |
| 79 |
| 79 |
| 15 |
| 8 |
| 236 |
| 2,869 | |||||||||
Total assets | $ | 5,611 | $ | 4,129 | $ | 1,248 | $ | 407 | $ | 1,124 | $ | 212 | $ | 236 | $ | 1,248 | $ | 14,215 | |||||||||
LIABILITIES AND EQUITY |
| |
| |
| |
| |
| |
| |
| |
| |
| ||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 606 | $ | 1,079 | $ | 772 | $ | 117 | $ | 32 | $ | 34 | $ | 67 | $ | 84 | $ | 2,791 | |||||||||
Securities sold, not yet purchased, at fair value |
| 1,382 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 1,382 | |||||||||
Debt |
| — |
| 1,765 |
| 21 |
| 142 |
| 1 |
| 23 |
| — |
| 4,664 |
| 6,616 | |||||||||
Total liabilities |
| 1,988 |
| 2,844 |
| 793 |
| 259 |
| 33 |
| 57 |
| 67 |
| 4,748 |
| 10,789 | |||||||||
Equity attributable to Icahn Enterprises |
| 2,711 |
| 722 |
| 455 |
| 139 |
| 1,091 |
| 155 |
| 169 |
| (3,500) |
| 1,942 | |||||||||
Equity attributable to non-controlling interests |
| 912 |
| 563 |
| — |
| 9 |
| — |
| — |
| — |
| — |
| 1,484 | |||||||||
Total equity |
| 3,623 |
| 1,285 |
| 455 |
| 148 |
| 1,091 |
| 155 |
| 169 |
| (3,500) |
| 3,426 | |||||||||
Total liabilities and equity | $ | 5,611 | $ | 4,129 | $ | 1,248 | $ | 407 | $ | 1,124 | $ | 212 | $ | 236 | $ | 1,248 | $ | 14,215 | |||||||||
December 31, 2024 | |||||||||||||||||||||||||||
Investment | Energy | Automotive | Food | Real | Home | | Pharma | Holding | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 9 | $ | 987 | $ | 133 | $ | 6 | $ | 25 | $ | 4 | $ | 42 | $ | 1,397 | $ | 2,603 | |||||||||
Cash held at consolidated affiliated partnerships and restricted cash |
| 2,449 |
| — |
| 8 |
| — |
| 2 |
| 4 |
| — |
| 173 |
| 2,636 | |||||||||
Investments |
| 2,272 |
| 24 |
| — |
| — |
| 14 |
| — |
| — |
| — |
| 2,310 | |||||||||
Accounts receivable, net |
| — |
| 295 |
| 30 |
| 75 |
| 14 |
| 28 |
| 37 |
| — |
| 479 | |||||||||
Related party note receivable | — | — | — | — | — | — | — | 7 | 7 | ||||||||||||||||||
Inventories |
| — |
| 502 |
| 168 |
| 109 |
| — |
| 93 |
| 25 |
| — |
| 897 | |||||||||
Property, plant and equipment, net |
| — |
| 2,504 |
| 808 |
| 124 |
| 350 |
| 53 |
| — |
| 4 |
| 3,843 | |||||||||
Goodwill and intangible assets, net |
| — |
| 159 |
| 328 |
| 21 |
| — |
| 19 |
| 170 |
| — |
| 697 | |||||||||
Other assets |
| 1,660 |
| 280 |
| 464 |
| 90 |
| 90 |
| 19 |
| 7 |
| 197 |
| 2,807 | |||||||||
Total assets | $ | 6,390 | $ | 4,751 | $ | 1,939 | $ | 425 | $ | 495 | $ | 220 | $ | 281 | $ | 1,778 | $ | 16,279 | |||||||||
LIABILITIES AND EQUITY |
| |
| |
| |
| |
| |
| |
| |
| |
| ||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 817 | $ | 1,509 | $ | 809 | $ | 107 | $ | 42 | $ | 43 | $ | 72 | $ | 77 | $ | 3,476 | |||||||||
Securities sold, not yet purchased, at fair value |
| 1,373 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 1,373 | |||||||||
Debt |
| — |
| 1,919 |
| 31 |
| 144 |
| 1 |
| 15 |
| — |
| 4,699 |
| 6,809 | |||||||||
Total liabilities |
| 2,190 |
| 3,428 |
| 840 |
| 251 |
| 43 |
| 58 |
| 72 |
| 4,776 |
| 11,658 | |||||||||
Equity attributable to Icahn Enterprises |
| 2,703 |
| 685 |
| 1,099 |
| 159 |
| 447 |
| 162 |
| 209 |
| (2,998) |
| 2,466 | |||||||||
Equity attributable to non-controlling interests |
| 1,497 |
| 638 |
| — |
| 15 |
| 5 |
| — |
| — |
| — |
| 2,155 | |||||||||
Total equity |
| 4,200 |
| 1,323 |
| 1,099 |
| 174 |
| 452 |
| 162 |
| 209 |
| (2,998) |
| 4,621 | |||||||||
Total liabilities and equity | $ | 6,390 | $ | 4,751 | $ | 1,939 | $ | 425 | $ | 495 | $ | 220 | $ | 281 | $ | 1,778 | $ | 16,279 | |||||||||
Geographic Information
The following table presents our consolidated geographic net sales from external customers, other revenues from operations and property, plant and equipment, net for the periods indicated:
Property, Plant and | ||||||||||||||||||||||||
Net Sales | Other Revenues From Operations | Equipment, Net | ||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | December 31, | ||||||||||||||||||||||
| 2025 | | 2024 | | 2023 | | 2025 | | 2024 | | 2023 | | 2025 | | 2024 | |||||||||
(in millions) | ||||||||||||||||||||||||
United States | $ | 8,287 | $ | 8,837 | $ | 10,687 | $ | 633 | $ | 677 | $ | 742 | $ | 3,556 | $ | 3,731 | ||||||||
International |
| 344 |
| 356 |
| 390 |
| 31 |
| 30 |
| 28 |
| 114 |
| 112 | ||||||||
$ | 8,631 | $ | 9,193 | $ | 11,077 | $ | 664 | $ | 707 | $ | 770 | $ | 3,670 | $ | 3,843 | |||||||||
Geographic locations for net sales and other revenues from operations are based on locations of the customers and geographic locations for property, plant, and equipment are based on the locations of the assets.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.