Filing Flows › Icahn Enterprises L.P. (IEP) › Q2 2025
Icahn Enterprises L.P. (IEP) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 4, 2025
Icahn Enterprises L.P. (IEP) reported revenue of $2.4B for the second quarter 2025 (Q2 2025), +8% from a year earlier and +27% from the quarter before. Operating margin was -10.4%, net loss $201M (8.5% of revenue).
Icahn Enterprises L.P., Q2 2025: revenue $2.4B (+8% year over year), operating margin -10.4%, net loss $201M, operating cash flow $275M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.4B | +27% | +8% |
| Operating profit | −$246M | — | — |
| Net earnings | −$201M | — | — |
| Operating cash flow | $275M | — | -69% |
| Free cash flow | $179M | — | -78% |
What changed
Revenue was $2.4B in Q2 2025, up 8% year over year and up 27% from the previous quarter. Energy Segment was the largest line at 74% of revenue. Real Estate Segment added $0.04B year over year (up 131%), 23% of the total change. Holding Company Segment declined 31%.
Operating costs exceeded revenue by $0.25B, an operating margin of -10.4%. Total costs fell 3% while revenue rose 8%. The fastest-growing cost line was SG&A (+13%). The quarter ended with a net loss of $0.20B, narrower than the previous quarter's $0.58B loss. Minority interests bore $0.04B of it: to shareholders the quarter was a loss of $0.17B.
Operating cash flow was $0.28B (down 69% year over year). Non-cash charges added back $0.13B of depreciation and amortization. Working capital and other items added $0.34B. Capital expenditures of $0.10B left free cash flow of $0.18B.
Questions
What was Icahn Enterprises L.P.'s revenue in the second quarter 2025?
Icahn Enterprises L.P.
Was Icahn Enterprises L.P. profitable in the second quarter 2025?
Operating loss was $246M (-10.4% of revenue) and net loss $201M.