Icahn Enterprises L.P. (Nasdaq: IEP) has announced a significant financial turnaround in its fourth quarter and full year 2025 results, marking a sharp contrast to the losses recorded in the previous year. The company reported adjusted EBITDA of $281 million for the three months ended December 31, 2025, compared to adjusted EBITDA of only $16 million for the same period in 2024.

Revenue Growth and Distribution Declared

The company’s revenues for the three months ended December 31, 2025, reached $2.7 billion, a slight increase from the $2.6 billion recorded in the same period in 2024. Net income for the quarter was $1 million, or approximately $0 per depositary unit, compared to a net loss of $98 million, or a loss of $0.19 per depositary unit, in the prior year period.

On February 23, 2026, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $0.50 per depositary unit. The distribution will be paid on or about April 15, 2026, to depositary unitholders of record at the close of business on March 9, 2026.

Net Asset Value Decline Despite Strong Q4 Performance

As of December 31, 2025, the company’s indicative net asset value was approximately $3.2 billion, a decrease of $654 million compared to September 30, 2025. This decline was primarily due to a reduction of $778 million in the company’s long position in CVI, as well as the Holding Company’s net interest expense of $75 million. However, this decrease was partially offset by the positive performance of the Funds, which contributed $261 million.

For the year ended December 31, 2025, the company reported revenues of $9.7 billion and a net loss of $299 million, or a loss of $0.52 per depositary unit. This compares to revenues of $10.0 billion and a net loss of $445 million, or a loss of $0.94 per depositary unit, for the year ended December 31, 2024. Adjusted EBITDA for the year was $338 million, compared to $184 million in 2024.

Forward-Looking Statements and Risks

The company warned that its financial outlook includes forward-looking statements that are subject to a variety of risks and uncertainties. These include economic downturns, competition, and the impact of rising operating costs. Additionally, risks related to investment activities, such as the use of use through derivative instruments, and compliance with covenants in senior notes were highlighted.

The company also noted risks associated with its energy business, including volatility in crude oil prices and potential impacts from the Russia-Ukraine conflict and the Middle East conflict. These factors could affect the company’s operations and financial performance in the coming quarters.

Icahn Enterprises, a diversified holding company, operates in several sectors including investment, energy, automotive, food packaging, real estate, home fashion, and pharma. The company’s financial performance in 2025 has shown a marked improvement, particularly in its fourth quarter results.

Analysts are closely watching how the company will handle the coming months, especially with the ongoing economic uncertainties and the potential impact of the U.S. election results on market conditions. The company’s ability to maintain its current performance and manage its various risks will be key to its future success.

The next major decision point for the company will be the payment of the declared distribution in April 2026. The company will also need to manage its net asset value and address the risks related to its investment and operational activities.