# Icahn Enterprises
**Icahn Enterprises L.P.** (NASDAQ: IEP) is a master limited partnership and diversified holding company owning subsidiaries in seven operating businesses: [Investment](https://www.edgepedia.org/investment), Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma.[2](https://www.prnewswire.com/news-releases/icahn-enterprises-lp-nasdaq-iep-today-announced-its-second-quarter-2026-financial-results-302843590.html) The company began in 1987 as American Real Estate Partners.[1](https://www.sec.gov/Archives/edgar/data/813762/000110465926090743/tm2622273d1_ex99-1.htm)
| Key fact | Detail |
|---|---|
| Structure | Master limited partnership; Icahn and affiliates owned ~86% of depositary units and a 1.99% general partner interest as of December 31, 2025[3](https://www.sec.gov/Archives/edgar/data/813762/000110465926019821/tmb-20251231x10k.htm) |
| Scale | Market capitalization $4.9 billion and total assets $14.2 billion at December 31, 2025, versus $4.8 billion and $24.6 billion at December 31, 2012[1](https://www.sec.gov/Archives/edgar/data/813762/000110465926090743/tm2622273d1_ex99-1.htm) |
| FY2025 results | Revenues $9.7 billion, net loss $299 million ($0.52 per unit); Adjusted EBITDA $338 million versus $184 million in 2024[4](https://www.ielp.com/news-releases/news-release-details/icahn-enterprises-lp-nasdaq-iep-today-announced-its-fourth-1) |
| Indicative NAV | Approximately $3.2 billion at December 31, 2025, down $654 million from September 30, 2025[4](https://www.ielp.com/news-releases/news-release-details/icahn-enterprises-lp-nasdaq-iep-today-announced-its-fourth-1) |
| Distribution | $0.50 per unit quarterly ($2.00 annualized), a 24.33% yield on the $8.22 closing price of March 3, 2026[1](https://www.sec.gov/Archives/edgar/data/813762/000110465926090743/tm2622273d1_ex99-1.htm) |
| Short-seller event | Hindenburg Research's May 2023 report alleged a 218% premium to NAV and a "Ponzi-like" distribution structure[5](https://hindenburgresearch.com/icahn/) |
| Succession | Brett Icahn is anticipated to succeed Carl Icahn as Chairman of Icahn Enterprises GP and CEO of the Investment segment[6](https://www.ielp.com/static-files/e703a4c2-9cb7-4c5e-85eb-2add951c3beb) |
## What Icahn Enterprises is
IEP is organized as a master limited partnership, a structure in which unitholders hold depositary units representing limited partner interests while a general partner manages the enterprise. As of December 31, 2025, [Carl Icahn](https://www.edgepedia.org/carl-icahn) and his affiliates owned approximately 86% of the outstanding depositary units and held an aggregate 1.99% general partner interest in Icahn Enterprises Holdings and the partnership.[3](https://www.sec.gov/Archives/edgar/data/813762/000110465926019821/tmb-20251231x10k.htm)
Like other closed-end vehicles, IEP does not provide redemptions; unitholders exit only by selling on the market.[5](https://hindenburgresearch.com/icahn/) The company publishes an "indicative net asset value" alongside its market price.[4](https://www.ielp.com/news-releases/news-release-details/icahn-enterprises-lp-nasdaq-iep-today-announced-its-fourth-1)
## Business segments and holdings
IEP's portfolio as of December 31, 2025 comprised seven segments: Investment (the Icahn-managed funds), Energy through [CVR Energy](https://www.edgepedia.org/cvr-energy), Automotive, Food Packaging through Viskase, Real Estate, Home Fashion through WestPoint Home, and Pharma through Vivus.[1](https://www.sec.gov/Archives/edgar/data/813762/000110465926090743/tm2622273d1_ex99-1.htm) The asset base has been shrinking and reshaping. In 2025 IEP raised its CVR Energy ownership to about 70% of the company's common stock, buying 3,726,090 shares for approximately $65 million plus 98,082 CVR Partners units for about $7 million.[3](https://www.sec.gov/Archives/edgar/data/813762/000110465926019821/tmb-20251231x10k.htm) The same year it sold Real Estate segment properties for a pre-tax gain of $223 million.[1](https://www.sec.gov/Archives/edgar/data/813762/000110465926090743/tm2622273d1_ex99-1.htm)
**Further divestitures followed.** In July 2026 IEP entered a definitive agreement to sell [Pep Boys](https://www.edgepedia.org/pep-boys) for $700 million, the company retains the owned real estate, AAMCO and Precision Tune franchises, and certain supercenter leases, and anticipates using a portion of the proceeds to address upcoming debt maturities.[7](https://www.benzinga.com/news/26/10/62243267/icahn-enterprises-q2-2026-earnings-call-complete-transcript)
## The Hindenburg report and margin loans
In May 2023 the short-selling firm [Hindenburg Research](https://www.edgepedia.org/hindenburg-research) published a report titled "Icahn Enterprises: The Corporate Raider Throwing Stones From His Own Glass House." Its central claims were that IEP traded at about a 218% premium to its December 2022 indicative NAV ($15.96 per unit against a $50.82 market price), that Icahn's public market investment portfolio had lost 53% since 2014 while the [S&P 500](https://www.edgepedia.org/s-and-p-500) returned 147%, and that the large distribution was effectively sustained by selling new units to investors, which Hindenburg characterized as "Ponzi-like."[5](https://hindenburgresearch.com/icahn/) For comparison, Hindenburg noted Third Point trading at a 14% discount and Pershing Square at a 35% discount to NAV at the same time.[5](https://hindenburgresearch.com/icahn/)
**The pledged units were the report's sharpest point.** Per IEP's 2022 annual report, Icahn had pledged 181 million units, worth over $9 billion, to secure personal indebtedness, with no disclosed loan-to-value, maintenance thresholds, principal, or interest rates.[5](https://hindenburgresearch.com/icahn/) By May 8, 2023 the pledge had increased about 11.7% to 202.6 million units, valued at $6.5 billion at that day's closing price, roughly 65% of his personal holdings and about 55% of the company; the loan terms remained undisclosed.[8](https://hindenburgresearch.com/icahn-response/)
In July 2023 Icahn restructured $3.7 billion in margin loans. Under the amended agreement he provided $2 billion of additional personal collateral plus 320 million IEP shares, and agreed to repay $500 million of principal by September 1, eight quarterly principal payments of $87.5 million beginning a year later, and a final $2.5 billion payment at the end of the term.[9](https://www.reuters.com/business/finance/carl-icahn-unties-personal-loans-his-companys-shares-wsj-2023-07-10/) SEC filings for 2023 through 2025 state that Icahn and his affiliates owned approximately 86% of outstanding units.[3](https://www.sec.gov/Archives/edgar/data/813762/000110465926019821/tmb-20251231x10k.htm)
## By the numbers
Full-year 2025 revenues were $9.7 billion with a net loss of $299 million, or $0.52 per depositary unit, against 2024 revenues of $10.0 billion and a net loss of $445 million ($0.94 per unit). [Adjusted EBITDA](https://www.edgepedia.org/adjusted-ebitda) improved to $338 million in 2025 from $184 million in 2024.[4](https://www.ielp.com/news-releases/news-release-details/icahn-enterprises-lp-nasdaq-iep-today-announced-its-fourth-1) In the fourth quarter of 2025 IEP reported net income of $1 million, versus a $98 million net loss in the fourth quarter of 2024, and declared a $0.50 per unit distribution.[4](https://www.ielp.com/news-releases/news-release-details/icahn-enterprises-lp-nasdaq-iep-today-announced-its-fourth-1)
The indicative NAV stood at approximately $3.2 billion at December 31, 2025, down $654 million from September 30, 2025, driven mainly by a $778 million decrease in the long position in CVR Energy (CVI) and $75 million of holding company net interest expense.[4](https://www.ielp.com/news-releases/news-release-details/icahn-enterprises-lp-nasdaq-iep-today-announced-its-fourth-1) The swings continued into 2026: second-quarter NAV fell $765 million from the first quarter, driven by the funds ($243 million) and CVI ($435 million), and included an estimated gain of about $100 million from the expected Pep Boys sale.[7](https://www.benzinga.com/news/26/10/62243267/icahn-enterprises-q2-2026-earnings-call-complete-transcript) IEP reported approximately $2.7 billion of liquidity through its investment in the Investment Funds as of December 31, 2025.[1](https://www.sec.gov/Archives/edgar/data/813762/000110465926090743/tm2622273d1_ex99-1.htm)
The long arc is one of contraction. Total assets fell from $24.6 billion at the end of 2012 to $14.2 billion at the end of 2025, while market capitalization stayed nearly flat at $4.8 billion then $4.9 billion.[1](https://www.sec.gov/Archives/edgar/data/813762/000110465926090743/tm2622273d1_ex99-1.htm) At the $8.22 closing price of March 3, 2026, the $2.00 annualized distribution yielded 24.33%.[1](https://www.sec.gov/Archives/edgar/data/813762/000110465926090743/tm2622273d1_ex99-1.htm)
## Track record and the NAV question
Hindenburg's headline performance figure is that since 2014 Icahn's public market investment portfolio, comprising 45% of IEP's gross indicative assets (excluding holding company cash and debt), lost 53% while the S&P 500 returned 147%.[5](https://hindenburgresearch.com/icahn/)
**The valuation gap has inverted.** In 2022 IEP traded at a large premium to its stated NAV; by 2025 and 2026 the indicative NAV of roughly $3.2 billion was below the $4.9 billion market capitalization, and the unit price had fallen to $8.22 by March 2026.[1](https://www.sec.gov/Archives/edgar/data/813762/000110465926090743/tm2622273d1_ex99-1.htm) • [4](https://www.ielp.com/news-releases/news-release-details/icahn-enterprises-lp-nasdaq-iep-today-announced-its-fourth-1)
## References
1. [Icahn Enterprises L.P. Form 8-K investor presentation exhibit (filed March 2026), SEC](https://www.sec.gov/Archives/edgar/data/813762/000110465926090743/tm2622273d1_ex99-1.htm)
2. [Icahn Enterprises Q2 2026 financial results press release, PR Newswire](https://www.prnewswire.com/news-releases/icahn-enterprises-lp-nasdaq-iep-today-announced-its-second-quarter-2026-financial-results-302843590.html)
3. [Icahn Enterprises L.P. Form 10-K for fiscal year ended December 31, 2025, SEC](https://www.sec.gov/Archives/edgar/data/813762/000110465926019821/tmb-20251231x10k.htm)
4. [Icahn Enterprises Q4 and Full Year 2025 Financial Results, IEP investor relations](https://www.ielp.com/news-releases/news-release-details/icahn-enterprises-lp-nasdaq-iep-today-announced-its-fourth-1)
5. [Icahn Enterprises: The Corporate Raider Throwing Stones From His Own Glass House, Hindenburg Research (May 2023)](https://hindenburgresearch.com/icahn/)
6. [Form 10-K for Icahn Enterprises L.P. filed 02/29/2024, IEP](https://www.ielp.com/static-files/e703a4c2-9cb7-4c5e-85eb-2add951c3beb)
7. [Icahn Enterprises Q2 2026 earnings call transcript, Benzinga](https://www.benzinga.com/news/26/10/62243267/icahn-enterprises-q2-2026-earnings-call-complete-transcript)
8. [Icahn's Latest Disclosures Raise Critical New Questions About Margin Loans, Hindenburg Research (2023)](https://hindenburgresearch.com/icahn-response/)
9. [Icahn restructures $3.7 billion in loans to remove company's stock drag, Reuters (July 10, 2023)](https://www.reuters.com/business/finance/carl-icahn-unties-personal-loans-his-companys-shares-wsj-2023-07-10/)
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*Topic: Encyclopedia › Society and history › Economics and business › Business and work › Business and work overview › Companies and corporations › Conglomerates and holding companies*
*Initially written Sep 17, 2026 · Reviewed: Sep 30, 2026; Oct 10, 2026 · Edited: Sep 30, 2026; Oct 10, 2026; Oct 11, 2026 · Last review: Oct 10, 2026*
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