Schedule I

12 Months Ended

Dec. 31, 2025

Icahn Enterprises (Parent)

Condensed Financial Statements, Captions [Line Items]

Condensed financial information of parent company

SCHEDULE I

ICAHN ENTERPRISES, L.P.

(Parent Company)

CONDENSED BALANCE SHEETS

	December 31,
	2025		2024
	(in millions, except unit amounts)
ASSETS
Investments in subsidiaries, net	$	6,676	$	7,232
Total Assets	$	6,676	$	7,232
LIABILITIES AND EQUITY
Accrued expenses and other liabilities	$	70	$	67
Debt		4,664		4,699
		4,734		4,766
Commitments and contingencies (Note 3)
Equity:
Limited partners: Depositary units: 637,209,452 units issued and outstanding at December 31, 2025 and 522,736,315 units issued and outstanding at December 31, 2024		2,728		3,241
General partner		(786)		(775)
Total equity		1,942		2,466
Total Liabilities and Equity	$	6,676	$	7,232

See notes to condensed financial statements.

SCHEDULE I

ICAHN ENTERPRISES, L.P.

(Parent Company)

CONDENSED STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2025		2024		2023
	(in millions)
Interest expense	$	(340)	$	(317)	$	(286)
Gain (loss) on extinguishment of debt		4		8		13
Equity in gain (loss) of subsidiaries		37		(136)		(411)
Net loss	$	(299)	$	(445)	$	(684)
Net loss allocated to:
Limited partners	$	(293)	$	(436)	$	(670)
General partner		(6)		(9)		(14)
	$	(299)	$	(445)	$	(684)

See notes to condensed financial statements.

SCHEDULE I

ICAHN ENTERPRISES, L.P.

(Parent Company)

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2025		2024		2023
	(in millions)
Cash flows from operating activities:
Net loss	$	(299)	$	(445)	$	(684)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in (gain) loss of subsidiary		(37)		136		411
Gain on extinguishment of debt		(4)		(8)		(13)
Other, net		6		30		(3)
Net cash used in operating activities		(334)		(287)		(289)
Cash flows from investing activities:
Net investment in and advances from subsidiaries		571		320		629
Net cash provided by (used in) by investing activities		571		320		629
Cash flows from financing activities:
Partnership distributions		(288)		(391)		(307)
Partnership contributions		85		104		185
Proceeds from borrowings		495		1,266		699
Repayments of borrowings		(529)		(1,397)		(1,159)
Investment segment distributions		—		394		242
Debt issuance costs and other		—		(9)		—
Net cash provided by (used in) financing activities		(237)		(33)		(340)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents		—		—		—
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period		—		—		—
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	$	—	$	—	$	—

See notes to condensed financial statements.

SCHEDULE I

ICAHN ENTERPRISES L.P.

(Parent Company)

NOTES TO CONDENSED FINANCIAL STATEMENTS

1. Description of Business and Basis of Presentation

Icahn Enterprises, L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. We own a 99% limited partner interest in Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”). Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc., our sole general partner, which is owned and controlled by Carl C. Icahn, owns a 1% general partner interest in both us and Icahn Enterprises Holdings, representing an aggregate 1.99% general partner interest in us and Icahn Enterprises Holdings. As of December 31, 2025, Icahn Enterprises is engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.

For the years ended December 31, 2025, 2024 and 2023, Icahn Enterprises received $571 million, $320 million and $629 million, respectively, for net investment in and advances from subsidiaries.

The condensed financial statements of Icahn Enterprises should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of this Report.

2. Debt

See Note 13, “Debt,” to the consolidated financial statements located in Item 8 of this Report. Icahn Enterprises’ Parent company debt consists of the following:

	December 31,
	2025		2024
	(in millions)
6.250% senior notes due 2026		240		719
5.250% senior notes due 2027		1,383		1,384
4.375% senior notes due 2029		657		656
9.750% senior notes due 2029		699		698
10.000% senior notes due 2029		988		495
9.000% senior notes due 2030		697		747
Total debt	$	4,664	$	4,699

In August 2025, Icahn Enterprises, together with Icahn Enterprises Finance Corp. (collectively, the “Issuers”), issued an additional $500 million in aggregate principal amount of our existing 10.000% senior secured notes due 2029. The net proceeds from the issuance, together with cash on hand, were used to partially redeem $500 million of the outstanding 6.250% senior secured notes due 2026 on September 5, 2025. On January 27, 2026, the trustee sent a redemption notice on our behalf for the redemption in full of the remaining outstanding 6.250% senior secured notes due 2026. Upon the redemption of the 2026 Notes, none of the 2026 Notes will remain outstanding. The Issuers expect to use cash on hand to pay the redemption price for the 2026 Notes.

In November 2024, the Issuers issued $500 million in aggregate principal amount of secured 10.000% senior notes due 2029 (the “10% 2029 Notes”). The net proceeds from the issuance were used to partially redeem $500 million of the outstanding 6.250% senior notes due 2026 on December 16, 2024. Our 10% 2029 Notes are secured by substantially all of our assets directly owned by us and Icahn Enterprises Holdings, subject to customary exceptions. Concurrently with the consummation of this issuance, the Issuers granted a lien in favor of the holders of the Issuers’ 6.250% senior notes due 2026, 5.250% senior notes due 2027, 4.375% senior notes due 2029 and the 9.000% senior notes due 2030

(collectively, the “Existing Notes”) such that the Existing Notes are secured equally and ratably with the 10% 2029 Notes upon the issuance thereof. Accordingly, while we previously designated the Existing Notes as our senior unsecured notes they are now designated as our senior notes.

In May 2024, the Issuers issued $750 million in aggregate principal amount of 9.000% senior notes due 2030. The net proceeds from the issuance were used to redeem the remaining outstanding 6.375% senior notes due 2025 in full on June 13, 2024.

In April 2024, Icahn Enterprises sold $12 million in aggregate principal amount of our 6.250% senior notes due 2026 and $5 million in aggregate principal amount of our 5.250% senior notes due 2027, both previously repurchased and held in treasury, in the open market. In August and September of 2024, Icahn Enterprises repurchased in the open market approximately $52 million aggregate principal amount of our 6.250% senior notes due 2026, $73 million aggregate principal amount of our 5.250% senior notes due 2027 and $52 million aggregate principal amount of our 4.375% senior notes due 2029 for total cash paid of $168 million and a total aggregate principal amount of $177 million of our senior notes repurchased. The repurchased notes of $177 million aggregate principal were extinguished but were not retired and are held in treasury. In December 2024, we received $21 million as a part of the redemption of our 6.25% senior notes due 2026 held in treasury.

In November and December of 2023, Icahn Enterprises repurchased in the open market approximately $35 million aggregate principal amount of our 4.750% senior notes due 2024, which the Company then cancelled and reduced the outstanding principal, $12 million aggregate principal amount of our 6.25% senior notes due 2026, $5 million aggregate principal amount of our 5.25% senior notes due 2027, and $40 million aggregate principal amount of our 4.375% senior notes due 2029 for total cash paid of $84 million for a total aggregate principal amount of $92 million. The remaining repurchased notes of $57 million aggregate principal were extinguished but were not retired and are held in treasury.

In December 2023, the Issuers issued $700 million in aggregate principal amount of 9.750% senior notes due 2029. The net proceeds from such issuance, together with $376 million of cash and cash equivalents on hand, was used to satisfy and discharge the remaining outstanding 4.750% senior notes due 2024, along with any accrued interest associated with the notes and related fees and expenses.

Icahn Enterprises recorded a gain on extinguishment of debt of $3 million in 2025, a gain on extinguishment of debt of $8 million in 2024 and a gain on extinguishment of debt of $13 million in 2023 in connection with debt transactions.

3. Commitments and Contingencies

See Note 19, “Commitments and Contingencies,” to the consolidated financial statements located in Item 8 of this Report.