Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting

Segment Reporting

15. Segment and Geographic Reporting

We report segment information based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategies, which may include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues. Therefore, although many of our businesses are operated under separate local management, certain of our businesses are grouped together when they operate within a similar industry, comprising similarities in products, customers, production processes and regulatory environments, and when such businesses, when considered together, may be managed in accordance with one or more investment strategies specific to those businesses.

Our reportable segments reflect the way the Company is managed, and for which separate financial information is available and evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and assess performance. The Chairman of the Board of Directors of our general partner, who is our CODM, reviews financial information for each segment and evaluates the results in relation to our broader business strategies. Accordingly, segment operating results are assessed based on net income from continuing operations attributable to Icahn Enterprises. Assets provided to the CODM are consistent with those reported in the condensed consolidated balance sheets, and there are no intra-entity sales or transfers, or significant expense categories regularly reviewed by the CODM beyond those disclosed in the condensed consolidated statements of operations.

Certain terms of financings for certain of our businesses impose restrictions on the business’ ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions. Our condensed statements of operations and balance sheets by reporting segment are presented below.

Condensed Statements of Operations

	Year Ended December 31, 2025
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	7,162	$	835	$	364	$	1	$	170	$	99	$	—	$	8,631
Other revenues from operations		—		—		601		—		58		—		5		—		664
Net loss from investment activities		(183)		—		—		—		—		—		—		—		(183)
Interest and dividend income		189		30		3		—		7		—		1		58		288
(Loss) gain on disposition of assets, net		—		(7)		(16)		—		270		—		—		—		247
Other income (loss), net		6		3		—		(2)		—		1		—		3		11
		12		7,188		1,423		362		336		171		105		61		9,658
Expenses:
Cost of goods sold		—		6,860		591		327		1		139		60		—		7,978
Other expenses from operations		—		—		537		—		62		—		—		—		599
Selling, general and administrative		16		178		446		54		22		43		49		29		837
Dividend expense		35		—		—		—		—		—		—		—		35
Restructuring, net		—		—		—		9		—		1		—		—		10
Impairment		—		—		25		15		—		—		—		—		40
Interest expense		15		135		2		10		—		2		—		340		504
		66		7,173		1,601		415		85		185		109		369		10,003
(Loss) income before income tax (expense) benefit		(54)		15		(178)		(53)		251		(14)		(4)		(308)		(345)
Income tax (expense) benefit		—		27		48		(13)		5		—		—		(48)		19
Net (loss) income		(54)		42		(130)		(66)		256		(14)		(4)		(356)		(326)
Less: net (loss) income attributable to non-controlling interests		(59)		38		—		(6)		—		—		—		—		(27)
Net (loss) income attributable to Icahn Enterprises	$	5	$	4	$	(130)	$	(60)	$	256	$	(14)	$	(4)	$	(356)	$	(299)
Supplemental information:
Capital expenditures	$	—	$	185	$	95	$	35	$	18	$	8	$	—	$	—	$	341
Depreciation and amortization	$	—	$	468	$	65	$	19	$	18	$	5	$	28	$	—	$	603

	Year Ended December 31, 2024
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	7,610	$	877	$	404	$	21	$	176	$	105	$	—	$	9,193
Other revenues from operations		—		—		628		—		75		—		4		—		707
Net loss from investment activities		(421)		—		—		—		—		—		—		—		(421)
Interest and dividend income		335		37		4		—		1		—		2		98		477
(Loss) gain on disposition of assets, net		—		—		(7)		—		—		—		—		3		(4)
Other income (loss), net		—		37		38		(11)		—		(4)		—		8		68
		(86)		7,684		1,540		393		97		172		111		109		10,020
Expenses:
Cost of goods sold		—		7,450		628		336		15		135		55		—		8,619
Other expenses from operations		—		—		536		—		67		—		—		—		603
Selling, general and administrative		22		166		405		50		19		43		47		31		783
Dividend expense		56		—		—		—		—		—		—		—		56
Restructuring, net		—		—		—		2		—		1		—		—		3
Interest expense		78		114		2		11		—		1		—		317		523
		156		7,730		1,571		399		101		180		102		348		10,587
(Loss) income before income tax (expense) benefit		(242)		(46)		(31)		(6)		(4)		(8)		9		(239)		(567)
Income tax (expense) benefit		—		42		15		—		—		—		—		(32)		25
Net (loss) income		(242)		(4)		(16)		(6)		(4)		(8)		9		(271)		(542)
Less: net (loss) income attributable to non-controlling interests		(110)		14		—		(1)		—		—		—		—		(97)
Net (loss) income attributable to Icahn Enterprises	$	(132)	$	(18)	$	(16)	$	(5)	$	(4)	$	(8)	$	9	$	(271)	$	(445)
Supplemental information:
Capital expenditures	$	—	$	179	$	55	$	15	$	26	$	5	$	—	$	—	$	280
Depreciation and amortization	$	—	$	363	$	74	$	24	$	15	$	6	$	28	$	1	$	511

	Year Ended December 31, 2023
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	9,247	$	1,047	$	446	$	69	$	175	$	93	$	—	$	11,077
Other revenues from operations		—		—		694		—		73		—		3		—		770
Net (loss) gain from investment activities		(1,575)		—		—		—		—		—		—		—		(1,575)
Interest and dividend income		497		38		3		—		—		—		1		97		636
(Loss) gain on disposition of assets, net		—		(2)		10		—		—		—		—		—		8
Other (loss) income, net		—		14		—		(11)		1		—		1		13		18
		(1,078)		9,297		1,754		435		143		175		98		110		10,934
Expenses:
Cost of goods sold		—		8,019		714		352		48		138		56		—		9,327
Other expenses from operations		—		—		581		—		62		—		—		—		643
Selling, general and administrative		26		168		465		54		17		41		45		36		852
Dividend expense		87		—		—		—		—		—		—		—		87
Restructuring, net		—		—		—		—		—		1		—		—		1
Impairment		—		—		7		—		—		—		—		—		7
Credit loss on notes receivable		—		—		—		—		—		—		—		139		139
Loss on deconsolidation		—		—		—		—		—		—		—		246		246
Interest expense		162		90		3		12		—		1		—		286		554
		275		8,277		1,770		418		127		181		101		707		11,856
(Loss) income before income tax benefit (expense)		(1,353)		1,020		(16)		17		16		(6)		(3)		(597)		(922)
Income tax (expense) benefit		—		(189)		10		(4)		—		—		—		93		(90)
Net (loss) income		(1,353)		831		(6)		13		16		(6)		(3)		(504)		(1,012)
Less: net (loss) income attributable to non-controlling interests		(652)		323		—		1		—		—		—		—		(328)
Net (loss) income attributable to Icahn Enterprises	$	(701)	$	508	$	(6)	$	12	$	16	$	(6)	$	(3)	$	(504)	$	(684)
Supplemental information:
Capital expenditures	$	—	$	205	$	79	$	14	$	3	$	2	$	—	$	—	$	303
Depreciation and amortization	$	—	$	363	$	81	$	25	$	13	$	7	$	28	$	1	$	518

Disaggregation of Revenue

In addition to the condensed statements of operations by reporting segment above, we provide additional disaggregated revenue information for our Energy and Automotive segments below.

Energy

	Year Ended December 31,
	2025		2024		2023
	(in millions)
Petroleum products	$	6,416	$	6,909	$	8,267
Renewable products		141		177		299
Nitrogen fertilizer products		605		524		681
	$	7,162	$	7,610	$	9,247

Automotive

	Year Ended December 31,
	2025		2024		2023
	(in millions)
Automotive Services	$	1,399	$	1,420	$	1,548
Aftermarket Parts sales		2		25		137
Total revenue from customers		1,401		1,445		1,685
Lease revenue outside scope ASC 606		35		60		56
Total Automotive net sales and other revenues from operations	$	1,436	$	1,505	$	1,741

Condensed Balance Sheets

	December 31, 2025
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	16	$	511	$	14	$	9	$	31	$	4	$	26	$	839	$	1,450
Cash held at consolidated affiliated partnerships and restricted cash		1,788		—		8		—		—		3		—		170		1,969
Investments		2,146		17		—		—		88		—		—		—		2,251
Accounts receivable, net		—		235		25		60		10		27		36		—		393
Related party note receivable		—		—		—		—		129		—		—		—		129
Inventories		—		472		165		97		—		87		24		—		845
Property, plant and equipment, net		—		2,333		351		141		787		55		—		3		3,670
Goodwill and intangible assets, net		—		139		316		21		—		21		142		—		639
Other assets		1,661		422		369		79		79		15		8		236		2,869
Total assets	$	5,611	$	4,129	$	1,248	$	407	$	1,124	$	212	$	236	$	1,248	$	14,215
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	606	$	1,079	$	772	$	117	$	32	$	34	$	67	$	84	$	2,791
Securities sold, not yet purchased, at fair value		1,382		—		—		—		—		—		—		—		1,382
Debt		—		1,765		21		142		1		23		—		4,664		6,616
Total liabilities		1,988		2,844		793		259		33		57		67		4,748		10,789
Equity attributable to Icahn Enterprises		2,711		722		455		139		1,091		155		169		(3,500)		1,942
Equity attributable to non-controlling interests		912		563		—		9		—		—		—		—		1,484
Total equity		3,623		1,285		455		148		1,091		155		169		(3,500)		3,426
Total liabilities and equity	$	5,611	$	4,129	$	1,248	$	407	$	1,124	$	212	$	236	$	1,248	$	14,215

	December 31, 2024
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	9	$	987	$	133	$	6	$	25	$	4	$	42	$	1,397	$	2,603
Cash held at consolidated affiliated partnerships and restricted cash		2,449		—		8		—		2		4		—		173		2,636
Investments		2,272		24		—		—		14		—		—		—		2,310
Accounts receivable, net		—		295		30		75		14		28		37		—		479
Related party note receivable		—		—		—		—		—		—		—		7		7
Inventories		—		502		168		109		—		93		25		—		897
Property, plant and equipment, net		—		2,504		808		124		350		53		—		4		3,843
Goodwill and intangible assets, net		—		159		328		21		—		19		170		—		697
Other assets		1,660		280		464		90		90		19		7		197		2,807
Total assets	$	6,390	$	4,751	$	1,939	$	425	$	495	$	220	$	281	$	1,778	$	16,279
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	817	$	1,509	$	809	$	107	$	42	$	43	$	72	$	77	$	3,476
Securities sold, not yet purchased, at fair value		1,373		—		—		—		—		—		—		—		1,373
Debt		—		1,919		31		144		1		15		—		4,699		6,809
Total liabilities		2,190		3,428		840		251		43		58		72		4,776		11,658
Equity attributable to Icahn Enterprises		2,703		685		1,099		159		447		162		209		(2,998)		2,466
Equity attributable to non-controlling interests		1,497		638		—		15		5		—		—		—		2,155
Total equity		4,200		1,323		1,099		174		452		162		209		(2,998)		4,621
Total liabilities and equity	$	6,390	$	4,751	$	1,939	$	425	$	495	$	220	$	281	$	1,778	$	16,279

Geographic Information

The following table presents our consolidated geographic net sales from external customers, other revenues from operations and property, plant and equipment, net for the periods indicated:

														Property, Plant and
		Net Sales						Other Revenues From Operations						Equipment, Net
		Year Ended December 31,						Year Ended December 31,						December 31,
		2025		2024		2023		2025		2024		2023		2025		2024
	(in millions)
United States		$	8,287	$	8,837	$	10,687	$	633	$	677	$	742	$	3,556	$	3,731
International			344		356		390		31		30		28		114		112
		$	8,631	$	9,193	$	11,077	$	664	$	707	$	770	$	3,670	$	3,843

Geographic locations for net sales and other revenues from operations are based on locations of the customers and geographic locations for property, plant, and equipment are based on the locations of the assets.