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Oil & gas refining & marketing · Energy · Fiscal year ends Dec 31
Icahn Enterprises reported revenue of $9.7B in the fiscal year ended Dec 2025, down 3.6% from the year before. Operating income was −$345M, an operating margin of −3.6%, and net income was −$299M. Operating cash flow of −$313M less capital expenditure of $341M left free cash flow of −$654M. Net debt was $5.2B.
Ranks among the 10 oil & gas refining & marketing companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 11,338 | 14,196 | 10,934 | 10,020 | 9,658 |
| Selling, general & admin | 1,238 | 1,250 | 852 | 783 | 837 |
| Operating incomederived: revenue − total costs | −578 | 9.0 | −922 | −567 | −345 |
| Interest expense | 666 | 568 | 554 | 523 | 504 |
| Pre-tax income | −578 | 9.0 | −922 | −567 | −345 |
| Income tax | −78.0 | 34.0 | 90.0 | −25.0 | −19.0 |
| Net income | −518 | −183 | −684 | −445 | −299 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 2,321 | 2,337 | 2,951 | 2,603 | 1,450 |
| Inventory | 1,478 | 1,531 | 1,047 | 897 | 845 |
| Net PP&E | 4,085 | 4,038 | 3,969 | 3,843 | 3,670 |
| Goodwill | 290 | 288 | 288 | 288 | 290 |
| Total assets | 27,746 | 27,914 | 20,858 | 16,279 | 14,215 |
| Long-term debt | 7,692 | 7,096 | 7,207 | 6,809 | 6,616 |
| Total liabilities | 18,403 | 18,356 | 14,785 | 11,658 | 10,789 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 321 | 1,055 | 3,736 | 832 | −313 |
| Capital expenditure | 305 | 338 | 303 | 280 | 341 |
| Free cash flow | 16.0 | 717 | 3,433 | 552 | −654 |
| Depreciation & amortisation | 517 | 509 | 518 | 511 | 603 |
| Acquisitions | 20.0 | – | 20.0 | 2.0 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 25.2% | −23.0% | −8.4% | −3.6% |
| Operating income growth (YoY) | – | – | −10344.4% | – | – |
| Operating margin | −5.1% | 0.1% | −8.4% | −5.7% | −3.6% |
| Net margin | −4.6% | −1.3% | −6.3% | −4.4% | −3.1% |
| Free cash flow margin | 0.1% | 5.1% | 31.4% | 5.5% | −6.8% |
| Cash conversion (CFO ÷ net income) | −0.62x | −5.77x | −5.46x | −1.87x | 1.05x |
| Interest cover | −0.87x | 0.02x | −1.66x | −1.08x | −0.68x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 5,371 | 4,759 | 4,256 | 4,206 | 5,166 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.