Filing Flows › Icahn Enterprises L.P. (IEP) › Q3 2025
Icahn Enterprises L.P. (IEP) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Icahn Enterprises L.P. (IEP) reported revenue of $2.7B for the third quarter 2025 (Q3 2025), -2% from a year earlier and +15% from the quarter before. Operating margin was 19.7%, net earnings $287M (10.5% of revenue).
Icahn Enterprises L.P., Q3 2025: revenue $2.7B (-2% year over year), operating margin 19.7%, net earnings $287M, operating cash flow $15.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.7B | +15% | -2% |
| Operating profit | $538M | — | +703% |
| Net earnings | $287M | — | 13× |
| Operating cash flow | $15.0M | -95% | — |
What changed
Revenue was $2.7B in Q3 2025, down 2% year over year and up 15% from the previous quarter. Energy Segment was the largest line at 71% of revenue. Holding Company Segment lost $0.02B year over year (down 56%), 29% of the total change.
Operating profit was $0.54B, a 19.7% margin (up 17.3 points year over year). Total costs fell 20% while revenue fell 2%. Net earnings were $0.29B, up 1205% year over year. The effective tax rate was 23.6%.
Operating cash flow was $0.01B, 4% of net income including minority interests. Non-cash charges added back $0.16B of depreciation and amortization. Working capital and other items used $0.55B. Capital expenditures of $0.08B exceeded it, leaving free cash flow of −$0.07B.
Questions
What was Icahn Enterprises L.P.'s revenue in the third quarter 2025?
Icahn Enterprises L.P.
Was Icahn Enterprises L.P. profitable in the third quarter 2025?
Operating profit was $538M (19.7% of revenue) and net earnings $287M.