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Icahn Enterprises L.P. cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$116M in Q3 2026 · −$61.0M over twelve months

Operating cash flow$216M
Capital spending−$100M
Free cash flow+$116M

Analysis

In Q3 2026, Icahn Enterprises L.P. generated $216M of operating cash flow and spent $100M on capital projects, leaving free cash flow of $116M. That is $183M more than in Q3 2025 (−$67.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $308M; the largest uses were other financing ($689M), capital spending ($369M), net borrowing (+) / repaid (−) ($240M); besides operations, cash came from asset & business sales ($650M), other investing ($7.0M); the cash balance fell by $428M.

Operating cash flow was $216M against net income of −$227M. The largest differences: gains on investments +$569M, other operating capital −$214M, gains on disposals −$209M.

Free cash flow

Icahn Enterprises L.P.: free cash flow by quarterIcahn Enterprises L.P.: free cash flow by quarter$156MQ4 2024−$270MQ1 2025$179MQ2 2025−$67.0MQ3 2025−$496MQ4 2025$283MQ1 2026$36.0MQ2 2026$116MQ3 2026
Operating cash flow less capital spending.
Icahn Enterprises L.P.: operating cash flow against capital spendingIcahn Enterprises L.P.: operating cash flow against capital spendingOperating cash flowCapital spending$244M$88.0MQ4 2024−$182M$88.0MQ1 2025$275M$96.0MQ2 2025$15.0M$82.0MQ3 2025−$421M$75.0MQ4 2025$397M$114MQ1 2026$116M$80.0MQ2 2026$216M$100MQ3 2026
Latest (Q3 2026): Operating cash flow $216M, Capital spending $100M.

Capital allocation, year by year

Icahn Enterprises L.P.: where the cash came from (up) and went (down), by fiscal yearIcahn Enterprises L.P.: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $321MFY2021: Net borrowing $9.0MFY2021: Asset sales $414MFY2021: Capital spending −$305MFY2021: Acquisitions −$20.0M$744MFY2021FY2022: Operating cash flow $1.1BFY2022: Net borrowing −$500MFY2022: Asset sales $4.0MFY2022: Capital spending −$338M$1.1BFY2022FY2023: Operating cash flow $3.7BFY2023: Net borrowing −$460MFY2023: Asset sales $33.0MFY2023: Capital spending −$303MFY2023: Acquisitions −$20.0M$3.8BFY2023FY2024: Operating cash flow $832MFY2024: Net borrowing $37.0MFY2024: Asset sales $3.0MFY2024: Capital spending −$280MFY2024: Acquisitions −$2.0M$872MFY2024FY2025: Operating cash flow −$313MFY2025: Net borrowing $16.0MFY2025: Asset sales $120MFY2025: Capital spending −$341M$136MFY2025
Over these 5 years operating cash flow totalled $5.6B; the largest uses were capital spending ($1.6B) and net borrowing ($960M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.3B
Debtnone
Net cash$2.3B
Due within a year$405M

Icahn Enterprises L.P.'s operations bring cash in ($308M over twelve months), and it spends more than that on capital projects: a gap of $61.0M funded from its $2.3B of cash and investments and from borrowing. That is a choice to invest, not a cash runway running down.

Icahn Enterprises L.P.: debt maturities by year (FY2025)Icahn Enterprises L.P.: debt maturities by year (FY2025)$405MYear 1$1.5BYear 2$950MYear 3$3.0BYear 4$700MYear 5
Principal due in each year as disclosed in the annual report, against $2.3B of cash and investments now.

Where the cash came from and went

Icahn Enterprises L.P.: sources (+) and uses (−) of cash, Q3 2026Icahn Enterprises L.P.: sources (+) and uses (−) of cash, Q3 2026Asset & business sales$638MCash drawn (+) / kept (−)−$405MOther financing−$308MOperating cash flow$216MCapital spending−$100MPartners−$42.0MOther investing$1.0M
Icahn Enterprises L.P.: sources (+) and uses (−) of cash, TTM to Q3 2026Icahn Enterprises L.P.: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$689MAsset & business sales$650MCash drawn (+) / kept (−)$428MCapital spending−$369MOperating cash flow$308MNet borrowing (+) / repaid (−)−$240MPartners−$99.0MOther investing$7.0MNot reconciled$4.0M

From profit to cash

Icahn Enterprises L.P.: net income to operating cash flow, Q3 2026Icahn Enterprises L.P.: net income to operating cash flow, Q3 2026Net income−$227MDepreciation & amortization$114MImpairments$165MGains on investments$569MGains on disposals−$209MOther operating capital−$214MOperating cash flow$216M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$216M−$100M—−$405M$116M
Q2 2026$116M−$80.0M—$102M$36.0M
Q1 2026$397M−$114M−$240M$125M$283M
Q4 2025−$421M−$75.0M—$606M−$496M
Q3 2025$15.0M−$82.0M−$447M$451M−$67.0M
Q2 2025$275M−$96.0M—$399M$179M
Q1 2025−$182M−$88.0M—$364M−$270M
Q4 2024$244M−$88.0M$21.0M−$505M$156M

Icahn Enterprises L.P.: income statement and cash flow

Icahn Enterprises L.P., Q3 2026: revenue $3.2B (+16% year over year), operating margin -3.6%. The chart follows the revenue to costs, profit and cash.

Icahn Enterprises L.P.: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.