Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Disaggregation of Revenue [Line Items]

Schedule of Condensed Income Statement by Segment

	Three Months Ended March 31, 2025
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	1,646	$	198	$	94	$	—	$	41	$	23	$	—	$	2,002
Other revenues from operations		—		—		151		—		17		—		—		—		168
Net loss from investment activities		(394)		—		—		—		—		—		—		—		(394)
Interest and dividend income		55		10		1		—		—		—		—		17		83
Loss on disposition of assets, net		—		(1)		(2)		—		—		—		—		—		(3)
Other income (loss), net		7		2		—		2		—		(1)		1		—		11
		(332)		1,657		348		96		17		40		24		17		1,867
Expenses:
Cost of goods sold		—		1,748		144		80		—		31		13		—		2,016
Other expenses from operations		—		—		135		—		16		—		—		—		151
Dividend expense		8		—		—		—		—		—		—		—		8
Selling, general and administrative		4		44		105		12		5		11		13		7		201
Impairment		—		—		—		10		—		—		—		—		10
Restructuring, net		—		—		—		7		—		—		—		—		7
Interest expense		6		35		1		3		—		—		—		83		128
		18		1,827		385		112		21		42		26		90		2,521
(Loss) income before income tax (expense) benefit		(350)		(170)		(37)		(16)		(4)		(2)		(2)		(73)		(654)
Income tax benefit		—		53		10		2		—		—		—		9		74
Net (loss) income		(350)		(117)		(27)		(14)		(4)		(2)		(2)		(64)		(580)
Less: net (loss) income attributable to non-controlling interests		(126)		(31)		—		(1)		—		—		—		—		(158)
Net (loss) income attributable to Icahn Enterprises	$	(224)	$	(86)	$	(27)	$	(13)	$	(4)	$	(2)	$	(2)	$	(64)	$	(422)
Supplemental information:
Capital expenditures	$	—	$	51	$	24	$	7	$	4	$	2	$	—	$	—	$	88
Depreciation and amortization	$	—	$	84	$	17	$	5	$	4	$	1	$	7	$	—	$	118

	Three Months Ended March 31, 2024
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	1,863	$	228	$	101	$	1	$	36	$	24	$	—	$	2,253
Other revenues from operations		—		—		156		—		17		—		1		—		174
Net loss from investment activities		(96)		—		—		—		—		—		—		—		(96)
Interest and dividend income		105		13		1		—		—		—		—		24		143
(Loss) gain on disposition of assets, net		—		(1)		(5)		—		—		—		—		—		(6)
Other income (loss), net		—		4		—		(2)		—		—		—		—		2
		9		1,879		380		99		18		36		25		24		2,470
Expenses:
Cost of goods sold		—		1,713		156		80		1		27		14		—		1,991
Other expenses from operations		—		—		135		—		14		—		—		—		149
Dividend expense		20		—		—		—		—		—		—		—		20
Selling, general and administrative		4		42		102		13		5		10		10		7		193
Interest expense		25		33		—		3		—		—		—		75		136
		49		1,788		393		96		20		37		24		82		2,489
(Loss) income before income tax (expense) benefit		(40)		91		(13)		3		(2)		(1)		1		(58)		(19)
Income tax (expense) benefit		—		(13)		4		(1)		—		—		—		3		(7)
Net (loss) income		(40)		78		(9)		2		(2)		(1)		1		(55)		(26)
Less: net (loss) income attributable to non-controlling interests		(17)		29		—		—		—		—		—		—		12
Net (loss) income attributable to Icahn Enterprises	$	(23)	$	49	$	(9)	$	2	$	(2)	$	(1)	$	1	$	(55)	$	(38)
Supplemental information:
Capital expenditures	$	—	$	47	$	16	$	2	$	2	$	1	$	—	$	—	$	68
Depreciation and amortization	$	—	$	92	$	19	$	6	$	3	$	2	$	7	$	—	$	129

Schedule of Condensed Financial Statements by Segment

	March 31, 2025
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	12	$	695	$	70	$	6	$	38	$	3	$	41	$	1,318	$	2,183
Cash held at consolidated affiliated partnerships and restricted cash		2,508		—		3		—		2		5		—		174		2,692
Investments		2,039		20		—		—		14		—		—		—		2,073
Accounts receivable, net		—		320		27		77		14		26		39		—		503
Inventories, net		—		585		178		116		—		96		25		—		1,000
Property, plant and equipment, net		—		2,484		815		118		350		53		—		4		3,824
Goodwill and intangible assets, net		—		154		326		21		—		19		163		—		683
Other assets		1,171		464		462		96		94		18		6		212		2,523
Total assets	$	5,730	$	4,722	$	1,881	$	434	$	512	$	220	$	274	$	1,708	$	15,481
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	984	$	1,610	$	783	$	120	$	76	$	42	$	59	$	375	$	4,049
Securities sold, not yet purchased, at fair value		896		—		—		—		—		—		—		—		896
Debt		—		1,918		28		136		1		12		—		4,699		6,794
Total liabilities		1,880		3,528		811		256		77		54		59		5,074		11,739
Equity attributable to Icahn Enterprises		2,479		616		1,070		164		430		166		215		(3,366)		1,774
Equity attributable to non-controlling interests		1,371		578		—		14		5		—		—		—		1,968
Total equity		3,850		1,194		1,070		178		435		166		215		(3,366)		3,742
Total liabilities and equity	$	5,730	$	4,722	$	1,881	$	434	$	512	$	220	$	274	$	1,708	$	15,481

	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
Inventories, net		—		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		204		2,814
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

Energy

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue

	Three Months Ended March 31,
	2025		2024
Petroleum products		1,475	$	1,718
Renewable products		28		17
Nitrogen fertilizer products		143		128
	$	1,646	$	1,863

Automotive Segment

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue

	Three Months Ended March 31,
	2025		2024
Automotive Services	$	333	$	356
Aftermarket Parts		2		13
Total revenue from customers		335		369
Lease revenue outside the scope of ASC 606		14		15
Total Automotive net sales and other revenues from operations	$	349	$	384