Revenue growth remains inconsistent with a 14.9% year-over-year increase in 2026Q1, yet gross margins remain highly volatile, swinging from a negative 7.0% in 2025Q1 to a peak of 27.7% in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 10.18B | 9.41B | 10.17B | 11.92B | 14.42B | 12.29B | 6.67B | 11.22B | 10.89B | 10.48B | 16.21B | 15.15B | 18.97B | 20.64B | 15.83B | 11.92B | 9.14B | 7.75B | 7.39B | 2.49B | 1.48B | 900.96M | 455.69M | 283.77M | 326.92M | 297.32M | 314.98M | 98.54M | 93.31M | 70.92M | 71.77M |
| Revenue Growth % | 2.39% | -7.46% | -14.71% | -17.29% | 17.28% | 84.41% | -40.57% | 2.99% | 3.96% | -35.38% | 7.02% | -20.13% | -8.12% | 30.4% | 32.82% | 30.47% | 17.96% | 4.82% | 197.03% | 68.32% | 64.04% | 97.71% | 60.58% | -13.2% | 9.95% | -5.61% | 219.65% | 5.61% | 31.57% | -1.19% | 2.65% |
| Cost of Goods Sold | 6.54B | 8.58B | 9.23B | 9.97B | 12.22B | 9.96B | 6.86B | 8.75B | 9.68B | 8.78B | 14.57B | 13.38B | 17.1B | 16.31B | 13.05B | 7.88B | 6.76B | 5.29B | 6.26B | 1.83B | 1.5B | 838.58M | 295.57M | 9.13M | 54.64M | 42.6M | 58.49M | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 91.14% | 90.81% | 83.65% | 84.74% | 81.05% | 102.94% | 78% | 88.85% | 83.77% | 89.88% | 88.35% | 90.14% | 78.99% | 82.44% | 66.08% | 74.01% | 68.37% | 84.69% | 73.57% | 101.24% | 93.08% | 64.86% | 3.22% | 16.71% | 14.33% | 18.57% | - | - | - | - |
| Gross Profit | 1.33B | 834M | 935M | 1.95B | 2.2B | 2.33B | -196M | 2.47B | 1.21B | 1.7B | 1.64B | 1.76B | 1.87B | 4.34B | 2.78B | 4.04B | 2.37B | 2.45B | 1.13B | 657.59M | -18.32M | 62.38M | 160.13M | 274.64M | 272.28M | 254.72M | 256.49M | 98.54M | 93.31M | 70.92M | 71.77M |
| Gross Margin % | 13.05% | 8.86% | 9.19% | 16.35% | 15.26% | 18.95% | -2.94% | 22% | 11.15% | 16.23% | 10.12% | 11.65% | 9.86% | 21.01% | 17.56% | 33.92% | 25.99% | 31.63% | 15.31% | 26.43% | -1.24% | 6.92% | 35.14% | 96.78% | 83.29% | 85.67% | 81.43% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -10.8% | -52.03% | -11.41% | -5.58% | 1288.78% | -107.94% | 103.29% | -28.59% | 3.6% | -7.03% | -5.67% | -56.86% | 56.01% | -31.24% | 70.3% | -3.1% | 116.62% | 71.99% | 3689.27% | -129.37% | -61.04% | -41.7% | 0.87% | 6.89% | -0.69% | 160.29% | 5.61% | 31.57% | -1.19% | 2.65% |
| Operating Expenses | 845M | 837M | 783M | 852M | 1.25B | 1.24B | 1.19B | 1.38B | 1.39B | 1.27B | 2.34B | 1.91B | 1.62B | 1.42B | 1.22B | 1.75B | 1.2B | 1.06B | 965M | 0 | 106.61M | 95.84M | 70.2M | 168.63M | 176.86M | 172.9M | 169.64M | 28.44M | 19.02M | 16.71M | 20.69M |
| OpEx % of Revenue | - | 8.89% | 7.7% | 7.15% | 8.67% | 10.07% | 17.87% | 12.27% | 12.73% | 12.11% | 14.45% | 12.59% | 8.53% | 6.86% | 7.71% | 14.71% | 13.18% | 13.63% | 13.06% | - | 7.21% | 10.64% | 15.41% | 59.42% | 54.1% | 58.15% | 53.86% | 28.86% | 20.39% | 23.56% | 28.83% |
| Selling, General & Admin | 845M | 837M | 783M | 852M | 1.25B | 1.24B | 1.19B | 1.38B | 1.39B | 2.56B | 2.34B | 1.91B | 1.63B | 1.42B | 1.26B | 1.24B | 1.04B | 1.06B | 89M | 0 | 108.98M | 188.38M | 20.95M | 14.08M | 7.03M | 7.08M | 7.47M | 4.13M | 3.81M | 3.19M | 2.94M |
| SG&A % of Revenue | - | 8.89% | 7.7% | 7.15% | 8.67% | 10.1% | 17.87% | 12.27% | 12.73% | 24.48% | 14.45% | 12.59% | 8.57% | 6.86% | 7.99% | 10.41% | 11.35% | 13.63% | 1.2% | - | 7.37% | 20.91% | 4.6% | 4.96% | 2.15% | 2.38% | 2.37% | 4.19% | 4.08% | 4.5% | 4.09% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 195M | 192M | 189M | 192M | 177M | 179M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | 1.86% | 1.18% | 1.25% | 1.01% | 0.86% | 1.13% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 195M | 0 | 0 | 0 | 0 | -7M | 512M | 167M | 0 | 0 | 0 | -106.61M | -95.84M | -70.2M | 154.55M | 169.83M | 165.82M | 162.17M | 24.31M | 15.22M | 13.52M | 17.75M |
| Operating Income | 693M | -3M | 152M | 1.1B | 950M | 1.09B | -1.39B | 1.09B | -172M | 431M | -701M | -143M | 253M | 2.92B | 1.56B | 2.29B | 1.17B | 1.39B | 166M | 657.59M | -124.93M | -33.45M | 89.93M | 65.61M | 86.94M | 81.82M | 86.84M | 70.1M | 74.28M | 54.21M | 51.08M |
| Operating Margin % | 6.81% | -0.03% | 1.49% | 9.2% | 6.59% | 8.88% | -20.81% | 9.74% | -1.58% | 4.11% | -4.32% | -0.94% | 1.33% | 14.14% | 9.85% | 19.21% | 12.81% | 18% | 2.25% | 26.43% | -8.45% | -3.71% | 19.73% | 23.12% | 26.59% | 27.52% | 27.57% | 71.14% | 79.61% | 76.44% | 71.17% |
| Operating Income Growth % | - | -101.97% | -86.14% | 15.47% | -13% | 178.73% | -227.01% | 734.88% | -139.91% | 161.48% | -390.21% | -156.52% | -91.34% | 87.18% | -31.88% | 95.73% | -16.07% | 739.76% | -74.76% | 626.35% | -273.46% | -137.2% | 37.05% | -24.53% | 6.25% | -5.78% | 23.89% | -5.63% | 37.03% | 6.12% | 1.26% |
| EBITDA | 1.18B | 600M | 663M | 1.61B | 1.46B | 1.61B | -937M | 1.54B | 273M | 902M | 307M | 701M | 1.04B | 3.62B | 2.13B | 2.74B | 1.63B | 1.79B | 498M | 693.55M | -53.48M | 16.88M | 119.88M | 84.21M | 108.17M | 99.86M | 101.94M | 75.68M | 79.2M | 59.32M | 56.76M |
| EBITDA Margin % | 11.57% | 6.38% | 6.52% | 13.54% | 10.12% | 13.09% | -14.06% | 13.75% | 2.51% | 8.61% | 1.89% | 4.63% | 5.46% | 17.55% | 13.49% | 22.96% | 17.87% | 23.18% | 6.74% | 27.88% | -3.62% | 1.87% | 26.31% | 29.68% | 33.09% | 33.59% | 32.36% | 76.8% | 84.89% | 83.65% | 79.09% |
| EBITDA Growth % | 179.15% | -9.5% | -58.95% | 10.69% | -9.32% | 271.72% | -160.77% | 464.84% | -69.73% | 193.81% | -56.21% | -32.34% | -71.4% | 69.7% | -21.99% | 67.61% | -9.03% | 260.44% | -28.2% | 1396.86% | -416.78% | -85.92% | 42.36% | -22.15% | 8.32% | -2.05% | 34.71% | -4.45% | 33.52% | 4.51% | 1.75% |
| D&A (Non-Cash Add-back) | 485M | 603M | 511M | 518M | 509M | 517M | 450M | 450M | 445M | 471M | 1.01B | 844M | 783M | 703M | 575M | 447M | 463M | 401M | 332M | 35.96M | 71.45M | 50.34M | 29.95M | 18.6M | 21.23M | 18.03M | 15.1M | 5.58M | 4.92M | 5.11M | 5.68M |
| EBIT | 685M | 159M | -44M | -368M | 577M | 88M | -1.9B | -1.13B | 747M | 2.48B | -1.31B | -905M | 214M | 2.88B | 1.13B | 2.19B | 1.14B | 1.42B | -2.8B | 670.37M | 107.81M | 79.84M | 157.83M | 30.9M | 670.38M | 589.29M | 65.17M | 87.13M | 173.24M | 129.6M | 114.2M |
| Net Interest Income | -277M | -504M | -46M | 82M | -240M | -529M | -519M | -340M | -376M | -528M | -568M | -960M | -630M | -366M | -469M | -377M | -216M | -75M | 0 | 0 | -53.94M | -58.13M | -1.68B | 15.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 222M | 0 | 477M | 636M | 328M | 137M | 169M | 265M | 148M | 127M | 131M | 194M | 217M | 194M | 103M | 117M | 194M | 237M | 323M | 0 | 52.67M | 45.89M | 44.42B | 35.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 499M | 504M | 523M | 554M | 568M | 666M | 688M | 605M | 524M | 655M | 878M | 1.15B | 847M | 560M | 572M | 436M | 389M | 282M | 323M | 134.3B | 106.61M | 104.01M | 46.1B | 20.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -384M | -342M | -719M | -2.02B | -941M | -1.67B | -1.2B | -2.83B | 395M | 1.4B | -1.48B | -1.92B | -885M | -594M | -914M | -492M | -417M | -253M | -3.29B | -170.86M | 93.1M | 18.83M | 6.2M | -10.78M | -13.65M | 8.49M | -14.19M | 0 | 0 | 0 | 0 |
| Pretax Income | -303M | -345M | -567M | -922M | 9M | -578M | -2.58B | -1.74B | 223M | 1.83B | -2.18B | -2.06B | -632M | 2.33B | 646M | 1.8B | 753M | 1.14B | -3.13B | 486.73M | -31.83M | -14.63M | 96.13M | 54.83M | 83.7M | 90.31M | 97.07M | 0 | 0 | 0 | 0 |
| Pretax Margin % | -2.98% | -3.67% | -5.58% | -7.73% | 0.06% | -4.7% | -38.76% | -15.5% | 2.05% | 17.45% | -13.47% | -13.59% | -3.33% | 11.27% | 4.08% | 15.08% | 8.24% | 14.73% | -42.31% | 19.57% | -2.15% | -1.62% | 21.1% | 19.32% | 25.6% | 30.37% | 30.82% | - | - | - | - |
| Income Tax | -98M | -19M | -25M | 90M | 34M | -78M | -116M | 20M | -14M | -529M | 36M | 68M | -103M | -118M | -81M | 34M | 9M | -53M | 47M | 8.44M | 13.27M | 18.17M | 16.76M | -6.5M | 30.96M | 14.29M | 11.69M | -25.72M | 3.64M | -21.18M | -6.74M |
| Effective Tax Rate % | 32.34% | 5.51% | 4.41% | -9.76% | 377.78% | 13.49% | 4.49% | -1.15% | -6.28% | -28.94% | -1.65% | -3.3% | 16.3% | -5.07% | -12.54% | 1.89% | 1.2% | -4.65% | -1.5% | 1.73% | -41.69% | -124.23% | 17.44% | -11.84% | 36.99% | 15.82% | 12.05% | - | - | - | - |
| Net Income | -486M | -293M | -436M | -670M | -179M | -604M | -1.62B | -1.08B | 2.04B | 2.38B | -1.11B | -1.17B | -366M | 1B | 379M | 735M | 195M | 229M | -535M | 11.94M | 24.46M | -16.5M | 68.79M | 68.1M | 64.45M | 67.53M | 75.15M | 95.82M | 70.64M | 75.38M | 57.82M |
| Net Margin % | -4.77% | -3.11% | -4.29% | -5.62% | -1.24% | -4.91% | -24.3% | -9.59% | 18.72% | 22.74% | -6.82% | -7.72% | -1.93% | 4.87% | 2.39% | 6.17% | 2.13% | 2.96% | -7.24% | 0.48% | 1.65% | -1.83% | 15.1% | 24% | 19.71% | 22.71% | 23.86% | 97.24% | 75.71% | 106.3% | 80.56% |
| Net Income Growth % | 40.22% | 32.8% | 34.93% | -274.3% | 70.36% | 62.72% | -50.56% | -152.77% | -14.4% | 315.37% | 5.47% | -219.67% | -136.42% | 165.17% | -48.44% | 276.92% | -14.85% | 142.8% | -4582.61% | -51.2% | 248.19% | -123.99% | 1.01% | 5.66% | -4.57% | -10.13% | -21.57% | 35.64% | -6.3% | 30.37% | 64.47% |
| Net Income (Continuing) | -358M | -326M | -542M | -1.01B | -25M | -500M | -2.47B | -1.76B | 237M | 2.36B | -2.22B | -2.13B | -529M | 2.44B | 727M | 1.76B | 744M | 1.19B | -3.17B | 478.3M | -45.1M | -32.8M | 79.37M | 15.64M | 63.19M | 86.74M | 73.03M | 95.8M | 82.25M | 75.4M | 58.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -32M | 1.72B | 157M | 0 | 0 | 0 | 0 | 0 | 0 | -1M | 1M | 22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.32M | 0 | 0 | 0 | 0 |
| Minority Interest | 399M | 698M | 1.38B | 2.1B | 4.91B | 5.04B | 5.02B | 4.67B | 6.38B | 6.26B | 5.86B | 6.05B | 6.95B | 7.22B | 5.1B | 4.08B | 4.71B | 4.13B | 3.94B | 6.73B | 292.22M | 304.6M | 106.73M | 101.65M | 0 | 67.43M | 64.91M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.85 | -0.52 | -0.94 | -1.75 | -0.57 | -2.32 | -7.33 | -5.38 | 11.33 | 14.80 | -8.03 | -9.24 | -3.06 | 9.02 | 3.73 | 8.09 | 2.25 | 2.86 | -7.25 | 0.20 | 0.38 | -0.30 | 1.40 | 1.02 | 1.09 | 1.16 | 1.25 | 1.62 | 1.24 | 2.07 | 1.94 |
| EPS Growth % | 47.49% | 44.68% | 46.29% | -207.02% | 75.43% | 68.35% | -36.25% | -147.49% | -23.43% | 284.31% | 13.13% | -201.62% | -133.96% | 141.87% | -53.9% | 259.53% | -21.21% | 139.39% | -3690.2% | -47.49% | 229.01% | -121.23% | 37.68% | -6.42% | -6.03% | -7.2% | -22.84% | 30.65% | -40.1% | 6.7% | 50.39% |
| EPS (Basic) | - | -0.52 | -0.94 | -1.75 | -0.57 | -2.32 | -7.33 | -5.38 | 11.33 | 14.80 | -8.03 | -9.24 | -3.06 | 9.09 | 3.73 | 8.31 | 2.26 | 2.93 | -7.25 | 0.20 | 0.38 | -0.30 | 1.47 | 1.02 | 1.23 | 1.31 | 1.44 | 1.89 | 1.38 | 2.20 | 2.09 |
| Diluted Shares Outstanding | 575M | 575M | 466M | 382M | 316M | 260M | 221M | 200M | 180M | 161M | 137.73M | 126.67M | 119.63M | 111.59M | 101.54M | 93.68M | 87.33M | 82.14M | 73.82M | 67.88M | 64.31M | 56.23M | 53.59M | 56.44M | 58.14M | 57.24M | 57.82M | 57.74M | 66.16M | 36.45M | 29.75M |
| Basic Shares Outstanding | 575M | 575M | 466M | 382M | 316M | 260M | 221M | 200M | 180M | 161M | 137.73M | 126.67M | 119.63M | 110.59M | 101.54M | 88.53M | 86.29M | 77.98M | 73.82M | 67.88M | 64.31M | 56.23M | 47.93M | 47.46M | 47.46M | 47.46M | 47.46M | 47.46M | 47.54M | 34.2M | 27.68M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 4.76% | 3.4% | - | - | - | 5.07% | 10.82% | 6.53% | 43.59% | 33.62% | - | 1623.2% | 103.22% | - | 26.05% | - | - | - | 5.46% | 0.01% | 0.18% | 1.46% | 0.27% |
Operational Volatility and Leverage
According to recent financial filings, IEP's revenue trajectory remains highly inconsistent, with a 14.9% year-over-year growth in 2026Q1 following a prolonged period of double-digit contraction, suggesting that top-line performance is driven more by commodity price fluctuations than by sustainable organic growth across its diverse industrial segments.
The erratic revenue shifts highlight the partnership's heavy reliance on the Energy segment, where throughput is sensitive to external market conditions rather than internal operational improvements. Investors should monitor whether this recent growth represents a durable recovery or merely a temporary rebound in commodity-linked pricing that fails to address underlying volume challenges.
As reported in quarterly statements, IEP's gross margin profile has demonstrated extreme volatility, swinging from a negative 7.0% in 2025Q1 to a peak of 27.7% in 2025Q3, which underscores the inherent difficulty in maintaining profitability within a portfolio dominated by thin-margin, cyclical industrial and refining operations.
The inability to sustain consistent gross margins suggests that the partnership lacks significant pricing power, leaving it vulnerable to input cost spikes. This margin instability complicates the firm's ability to generate reliable cash flow to support its activist investment strategy and corporate overhead.
Based on the provided income statement data, IEP's operating income frequently fails to scale with gross profit, as evidenced by the 2026Q1 period where zero gross profit was reported alongside $209 million in SG&A expenses, indicating a rigid cost structure that persists regardless of operational output.
The persistent SG&A burden, which remains relatively flat even as gross profits fluctuate wildly, suggests that the partnership carries significant fixed overhead that weighs heavily on the bottom line. This lack of operating leverage implies that the firm may struggle to achieve meaningful profitability during periods of industrial downturn.
Analysis of the partnership's historical performance reveals that net income is frequently decoupled from operational reality, with a $612 million loss in 2026Q1 highlighting the significant impact of non-operating items and mark-to-market fluctuations inherent in the firm's investment-heavy business model.
The frequent divergence between operating income and net income suggests that investors should exercise caution when relying on bottom-line figures to gauge the health of the industrial subsidiaries. The volatility appears to be a structural feature of the investment segment, which may obscure the true cash-generating capacity of the underlying businesses.
Data from recent filings suggests that the partnership's reliance on industrial cash flows to fund activist interventions is increasingly precarious, as the recurring net losses and margin instability may limit the capital available for future campaigns without further increasing the firm's debt burden.
Short-sellers would likely focus on the disconnect between the partnership's historical distribution yield and its actual ability to generate free cash flow from operations. The recent reduction in distributions appears to be a necessary response to these pressures, yet it raises questions about the long-term viability of the current activist-conglomerate structure.
Quick answers to the most common questions about buying IEP stock.
For fiscal year 2025, Icahn Enterprises L.P. (IEP) reported total revenue of $9.41B. This represents a 13012.1% increase compared to $71.8M in 1996.
Icahn Enterprises L.P. (IEP) reported a net loss of $293.0M for the fiscal year ending 2025.
Icahn Enterprises L.P. (IEP) reported an operating income of $-3.0M, resulting in an operating profit margin of -0.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Icahn Enterprises L.P. (IEP) generated $834.0M in gross profit for the year, representing a gross profit margin of 8.9%. This demonstrates the company's core pricing power and production efficiency.