Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of difference between the book basis and the tax basis of our net asset

	Icahn Enterprises
	December 31,
	2025		2024
		(in millions)
Book basis of net assets	$	1,950	$	2,449
Book/tax basis difference		(706)		(366)
Tax basis of net assets	$	1,244	$	2,083

Schedule of income (loss) from continuing operations before income tax benefit (expense)

	Year Ended December 31,
	2025		2024		2023
	(in millions)
Domestic	$	(337)	$	(570)	$	(943)
International		(8)		3		21
	$	(345)	$	(567)	$	(922)

Schedule of Income tax benefit (expense) attributable to continuing operations

	December 31,
		2025
		(in millions)
Current:
Domestic Federal		$	1
Domestic State			(3)
International			(2)
Total current			(4)
Deferred:
Domestic Federal			—
Domestic State			15
International			8
Total deferred			23
		$	19

	December 31,
	2024		2023
Current:
Domestic	$	(20)	$	(130)
International		9		(8)
Total current		(11)		(138)
Deferred:
Domestic		43		41
International		(7)		7
Total deferred		36		48
	$	25	$	(90)

Schedule of reconciliation of the income tax benefit (expense)

	Year Ended December 31,
		2025
		Amount (in millions)	Percent
Income tax benefit at U.S. statutory rate	$	72	21	%
Tax effect from:
Foreign tax effects:
Aruba
Changes in Valuation allowance		5	1.51	%
Other		—	0
Other foreign jurisdictions		(2)	(0.62)	%
State and local income taxes, net of federal benefit (1)		13	3.60	%
Changes in Valuation allowance		(8)	(2.26)	%
Nontaxable or nondeductible items:
Non-controlling interest		13	3.81	%
Income not subject to taxation		(75)	(21.81)	%
Non-deductible executive compensation		(3)	(0.83)	%
Uncertain tax positions
Other adjustments:
Dividends received		2	0.52	%
Other		2	0.39	%
Income tax benefit	$	19	5.31	%

(1) In 2025, the states that contributed to the majority (greater than 50%) of the tax effect in this category are Kansas, Tennessee and Oklahoma

	2024		2023
Income tax benefit at U.S. statutory rate	$	119	$	193
Tax effect from:
Valuation allowance		(68)		(1)
Non-controlling interest		8		23
Credits and incentives		19		26
Uncertain tax positions		5		17
Deconsolidation		—		23
Tax gain not on books		—		(83)
Dividends received		(4)		(20)
Income not subject to taxation		(91)		(239)
State taxes		32		(26)
Other		5		(3)
Income tax benefit (expense)	$	25	$	(90)

Schedule of net income taxed paid/(refunded)

	December 31,
	2025
	(in millions)
United States Federal	$	(7)
State:
Kansas		(3)
Tennessee		2
Other		1
Foreign:
Italy		1
	$	(6)

Schedule of deferred tax assets (liabilities)

	December 31,
	2025		2024
	(in millions)
Deferred tax assets:
Contingent liabilities	$	15	$	56
Net operating loss		1,000		962
Tax credits		64		54
Capital loss		140		241
Leases		123		132
Investment in partnerships		81		135
Other		76		87
Total deferred tax assets		1,499		1,667
Less: Valuation allowance		(722)		(908)
Net deferred tax assets	$	777	$	759
Deferred tax liabilities:
Property, plant and equipment	$	(336)	$	(364)
Intangible assets		(55)		(60)
Investment in partnerships		(173)		(161)
Investment in U.S. subsidiaries		(163)		(163)
Leases		(118)		(129)
Other		(81)		(53)
Total deferred tax liabilities		(926)		(930)
	$	(149)	$	(171)

Schedule of unrecognized tax benefits

	Year Ended December 31,
	2025		2024		2023
	(in millions)
Balance at January 1	$	9	$	10	$	27
Increase for currency translation		1		—		—
Decrease for statute of limitation expiration		—		(1)		(17)
Balance at December 31	$	10	$	9	$	10