Icahn Enterprises (IEP) Financials

$8.26 +0.05 (+0.61%)

As of 04:00 PM Eastern

Annual Income Statements for Icahn Enterprises

This table shows Icahn Enterprises' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	-1,194	-1,128	2,454	1,482	-1,098	-1,653	-518	-183	-684	-445
Consolidated Net Income / (Loss)	-2,127	-2,220	2,632	2,001	-1,791	-2,468	-500	-25	-1,012	-542
Net Income / (Loss) Continuing Operations	-2,127	-2,285	2,398	237	-1,759	-2,468	-500	-25	-1,012	-542
Total Pre-Tax Income	-2,059	-2,373	1,866	223	-1,739	-2,584	-578	9.00	-922	-567
Total Operating Income	-905	-1,681	2,521	193	-1,134	-1,865	172	257	-1,012	-517
Total Gross Profit	2,531	542	4,399	2,230	789	-149	1,937	1,604	320	325
Total Revenue	15,272	7,379	12,619	11,223	8,994	6,171	11,422	13,876	10,290	9,547
Operating Revenue	13,886	7,379	12,619	10,576	8,994	5,563	10,775	13,128	9,520	8,840
Other Revenue	1,386	-	-	647	-	608	647	748	770	707
Total Cost of Revenue	12,741	6,837	8,220	8,993	8,205	6,320	9,485	12,272	9,970	9,222
Operating Cost of Revenue	12,741	6,837	8,220	8,993	8,205	6,320	9,485	11,689	9,327	8,619
Other Cost of Revenue	-	-	-	-	-	-	-	583	643	603
Total Operating Expenses	3,436	2,223	1,878	2,037	1,923	1,716	1,765	1,347	1,332	842
Selling, General & Admin Expense	2,551	1,632	1,269	1,386	1,375	1,191	1,238	1,250	852	783
Other Operating Expenses / (Income)	-	-	518	538	528	487	522	95	472	56
Impairment Charge	788	586	87	92	2.00	11	0.00	0.00	7.00	0.00
Restructuring Charge	97	5.00	4.00	21	18	10	5.00	2.00	1.00	3.00
Total Other Income / (Expense), net	-1,154	-692	-655	30	-605	-719	-750	-248	90	-50
Interest Expense	1,154	692	655	524	605	688	666	568	554	523
Interest & Investment Income	-	-	-	470	-	-	-	328	636	477
Other Income / (Expense), net	-	-	-	84	-	-31	-84	-8.00	8.00	-4.00
Income Tax Expense	68	-88	-532	-14	20	-116	-78	34	90	-25
Net Income / (Loss) Attributable to Noncontrolling Interest	-933	-1,092	178	519	-693	-815	18	158	-328	-97
Basic Earnings per Share	($9.29)	($8.07)	$14.94	$11.33	($5.38)	($7.33)	($2.32)	($0.57)	($1.75)	($0.94)
Weighted Average Basic Shares Outstanding	126M	137M	161M	180M	200M	221M	260M	316M	382M	466M
Diluted Earnings per Share	($9.29)	($8.07)	$14.94	$11.33	($5.38)	($7.33)	($2.32)	($0.57)	($1.75)	($0.94)
Weighted Average Diluted Shares Outstanding	126M	137M	161M	180M	200M	221M	260M	316M	382M	466M
Weighted Average Basic & Diluted Shares Outstanding	126M	137M	161M	180M	200M	221M	260M	316M	382M	466M
Cash Dividends to Common per Share	$6.00	$6.00	$6.00	$7.00	$8.00	$8.00	$8.00	$8.00	$6.00	$3.50

This table shows Icahn Enterprises' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	-123	-255	-270	-269	-6.00	-139	-38	-331	22	-98
Consolidated Net Income / (Loss)	-215	-408	-358	-419	-30	-205	-26	-486	80	-110
Net Income / (Loss) Continuing Operations	-215	-408	-358	-426	-30	-198	-26	-486	80	-110
Total Pre-Tax Income	-222	-467	-374	-417	66	-197	-19	-482	67	-133
Total Operating Income	44	-1,284	-371	-281	69	-429	-2.00	-354	83	-244
Total Gross Profit	505	-1,299	242	249	323	-494	344	-3.00	299	-315
Total Revenue	3,531	2,235	2,502	2,559	2,865	2,364	2,331	2,201	2,677	2,338
Operating Revenue	3,334	2,049	2,315	2,361	2,662	2,182	2,148	2,010	2,485	2,197
Other Revenue	197	186	187	198	203	182	183	191	192	141
Total Cost of Revenue	3,026	3,534	2,260	2,310	2,542	2,858	1,987	2,204	2,378	2,653
Operating Cost of Revenue	3,026	2,951	2,260	2,310	2,377	2,380	1,987	2,204	2,223	2,205
Total Operating Expenses	461	-15	613	530	254	-65	346	351	216	-71
Selling, General & Admin Expense	305	329	229	215	209	199	193	183	202	205
Other Operating Expenses / (Income)	156	-346	384	315	44	-271	153	167	14	-278
Total Other Income / (Expense), net	-266	817	-3.00	-143	-3.00	239	-17	-132	-16	115
Interest Expense	139	144	142	136	148	128	136	128	130	129
Other Income / (Expense), net	-28	142	-32	-7.00	2.00	45	-24	-4.00	-1.00	25
Income Tax Expense	-7.00	-59	-16	2.00	96	8.00	7.00	4.00	-13	-23
Net Income / (Loss) Attributable to Noncontrolling Interest	-92	-153	-88	-150	-24	-66	12	-155	58	-12
Basic Earnings per Share	($0.37)	($0.87)	($0.75)	($0.72)	($0.01)	($0.27)	($0.09)	($0.72)	$0.05	($0.18)
Weighted Average Basic Shares Outstanding	324M	316M	354M	367M	394M	382M	429M	450M	477M	466M
Diluted Earnings per Share	($0.37)	($0.85)	($0.75)	($0.72)	($0.01)	($0.27)	($0.09)	($0.72)	$0.05	($0.18)
Weighted Average Diluted Shares Outstanding	324M	316M	354M	367M	394M	382M	429M	450M	477M	466M
Weighted Average Basic & Diluted Shares Outstanding	324M	316M	354M	367M	394M	382M	429M	450M	477M	466M
Cash Dividends to Common per Share	$2.00	$2.00	$2.00	$2.00	$1.00	$1.00	$1.00	$1.00	$1.00	$0.50

This table details how cash moves in and out of Icahn Enterprises' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-830	-734	27	3,427	-393	-1,654	1,145	450	1,060	-707
Net Cash From Operating Activities	748	1,218	-1,348	923	-1,460	-416	321	1,055	3,736	832
Net Cash From Continuing Operating Activities	748	379	-2,042	444	-1,460	-416	321	1,055	3,736	832
Net Income / (Loss) Continuing Operations	-2,127	-2,285	2,398	237	-1,759	-2,468	-500	-25	-1,012	-542
Consolidated Net Income / (Loss)	-2,127	-2,220	2,632	2,001	-1,791	-2,468	-500	-25	-1,012	-542
Depreciation Expense	863	526	518	508	519	510	517	509	518	511
Non-Cash Adjustments To Reconcile Net Income	2,612	1,312	-4,277	1,236	-1,758	1,794	-59	972	3,494	996
Changes in Operating Assets and Liabilities, net	-600	826	-681	-1,537	1,538	-252	363	-401	736	-133
Net Cash From Investing Activities	-2,385	-1,845	682	2,587	586	-581	528	-260	-290	-215
Net Cash From Continuing Investing Activities	-2,385	-1,252	1,262	3,024	586	-581	528	-260	-290	-215
Purchase of Property, Plant & Equipment	-1,359	-247	-316	-272	-250	-199	-305	-338	-303	-280
Acquisitions	-855	-1,009	-249	-15	-39	-8.00	-20	0.00	-20	-2.00
Divestitures	90	31	1,983	3,370	505	25	414	4.00	33	93
Sale and/or Maturity of Investments	-	-	1.00	1.00	458	98	445	153	0.00	0.00
Other Investing Activities, net	84	-27	-80	0.00	-38	-160	-6.00	-79	0.00	-26
Net Cash From Financing Activities	826	58	369	-157	566	-653	293	-344	-2,385	-1,323
Net Cash From Continuing Financing Activities	826	290	630	6.00	566	-653	293	-344	-2,385	-1,323
Repayment of Debt	-992	-1,941	-3,881	-1,346	-2,554	-3,018	-2,760	-716	-1,285	-2,046
Payment of Dividends	-368	-176	-156	-236	-231	-562	-240	-519	-2,825	-997
Issuance of Debt	1,972	1,908	3,804	1,283	3,317	2,812	2,379	115	1,382	1,628
Issuance of Common Equity	-	-	600	310	220	13	79	9.00	0.00	1.00
Other Financing Activities, net	271	499	263	-5.00	-186	102	835	767	343	91
Effect of Exchange Rate Changes	-7.00	0.00	3.00	-7.00	-2.00	-4.00	3.00	-1.00	-1.00	-1.00

This table details how cash moves in and out of Icahn Enterprises' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	541	-2,324	203	-3.00	1,026	-166	-913	627	-926	505
Net Cash From Operating Activities	711	-2,285	265	1,729	1,627	115	-251	893	-54	244
Net Cash From Continuing Operating Activities	711	-2,285	265	1,729	1,627	115	-251	893	-54	244
Net Income / (Loss) Continuing Operations	-215	-408	-358	-419	-30	-205	-26	-486	80	-110
Consolidated Net Income / (Loss)	-215	-408	-358	-419	-30	-205	-26	-486	80	-110
Depreciation Expense	131	129	122	129	133	134	129	127	126	129
Non-Cash Adjustments To Reconcile Net Income	1,473	-2,418	239	1,552	1,524	179	-110	1,069	-135	172
Changes in Operating Assets and Liabilities, net	-678	412	262	467	-	7.00	-244	183	-125	53
Net Cash From Investing Activities	-102	-89	-63	-110	92	-209	-75	-92	-59	11
Net Cash From Continuing Investing Activities	-102	-89	-63	-110	92	-209	-75	-92	-59	11
Purchase of Property, Plant & Equipment	-100	-84	-58	-73	-70	-102	-68	-66	-58	-88
Divestitures	2.00	-	19	1.00	4.00	9.00	5.00	3.00	1.00	84
Other Investing Activities, net	-5.00	-5.00	-24	-38	-	62	-12	-27	-2.00	15
Net Cash From Financing Activities	-70	59	1.00	-1,622	-693	-71	-587	-171	-815	250
Net Cash From Continuing Financing Activities	-70	59	1.00	-1,622	-693	-71	-587	-171	-815	250
Repayment of Debt	-22	-56	-21	-30	-16	-1,218	-611	-760	-175	-500
Payment of Dividends	-236	-119	-85	-1,702	-681	-357	-33	-237	-649	-78
Issuance of Debt	25	24	16	16	4.00	1,346	7.00	776	5.00	840
Other Financing Activities, net	162	207	91	94	-	158	50	49	4.00	-12

This table presents Icahn Enterprises' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	36,407	33,371	31,801	23,489	24,639	24,989	27,746	27,914	20,858	16,279
Total Current Assets	7,304	8,711	4,620	16,592	7,223	8,809	6,460	14,074	11,845	8,264
Cash & Equivalents	2,078	1,833	1,164	2,656	3,794	1,679	2,321	2,337	2,951	2,603
Restricted Cash	1,282	804	747	2,682	1,151	1,612	2,115	2,549	2,995	2,636
Accounts Receivable	1,685	1,609	473	474	483	501	546	606	485	479
Inventories, net	2,259	2,983	1,730	1,779	1,795	1,580	1,478	1,531	1,047	897
Other Current Assets	-	1,482	506	664	-	3,437	-	7,051	4,367	1,624
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	0.00	25
Plant, Property, & Equipment, net	9,535	10,122	5,186	4,688	4,454	4,228	4,085	4,038	3,969	3,843
Total Noncurrent Assets	19,568	14,538	21,995	2,209	12,962	11,952	17,201	9,802	5,044	4,172
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	0.00	11	7.00
Goodwill	1,504	1,136	327	247	282	294	290	288	288	288
Intangible Assets	1,108	1,116	544	501	431	660	595	533	466	409
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	127	184	160
Other Noncurrent Operating Assets	16,956	12,286	21,124	1,461	12,249	10,998	16,316	8,854	4,095	3,308
Total Liabilities & Shareholders' Equity	36,407	33,371	31,801	23,489	24,639	24,989	27,746	27,914	20,858	16,279
Total Liabilities	26,374	25,354	20,433	10,509	13,697	15,731	18,403	18,356	14,785	11,658
Total Current Liabilities	11,350	9,663	5,319	2,489	3,642	7,104	10,321	10,922	7,179	4,518
Accounts Payable	1,416	1,765	980	832	945	738	805	870	830	802
Accrued Expenses	1,823	1,895	984	1,012	1,453	1,588	1,778	1,981	1,596	1,547
Other Current Liabilities	8,111	4,864	2,080	609	1,244	4,778	6,951	8,071	4,753	2,169
Total Noncurrent Liabilities	15,024	15,691	15,114	8,020	10,055	8,627	8,082	7,434	7,606	7,140
Long-Term Debt	12,594	11,119	7,372	7,326	8,192	8,059	7,692	7,096	7,207	6,809
Noncurrent Deferred & Payable Income Tax Liabilities	1,201	1,613	732	694	639	568	390	338	399	331
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	10,033	8,017	11,368	12,980	10,942	9,258	9,343	9,558	6,073	4,621
Total Preferred & Common Equity	3,987	2,154	5,106	6,560	5,456	3,383	3,544	3,900	3,208	2,466
Total Common Equity	3,987	2,154	5,106	6,560	5,456	3,383	3,544	3,900	3,208	2,466
Common Stock	3,987	2,154	5,106	6,560	5,456	3,383	3,544	3,900	3,208	2,466
Noncontrolling Interest	6,046	5,863	6,262	6,420	5,486	5,875	5,799	5,658	2,865	2,155

This table presents Icahn Enterprises' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	27,520	26,269	22,214	21,757	20,064	17,988	17,443
Total Current Assets	15,241	6,713	10,815	12,391	10,840	9,840	9,069
Cash & Equivalents	2,432	2,608	2,488	2,890	2,468	2,218	2,294
Restricted Cash	4,778	2,481	2,598	3,222	2,565	3,442	2,440
Accounts Receivable	610	527	495	517	447	494	476
Inventories, net	1,674	1,097	1,015	1,085	1,039	970	883
Other Current Assets	5,747	-	4,219	4,677	4,321	2,716	2,976
Plant, Property, & Equipment, net	4,057	3,986	3,959	3,937	3,940	3,909	3,865
Total Noncurrent Assets	8,222	15,363	7,440	5,429	5,284	4,239	4,509
Noncurrent Note & Lease Receivables	-	-	82	59	11	7.00	7.00
Goodwill	286	288	288	288	288	288	289
Intangible Assets	547	517	502	487	452	437	423
Noncurrent Deferred & Refundable Income Taxes	-	-	184	171	190	162	168
Other Noncurrent Operating Assets	7,389	14,558	6,384	4,424	4,343	3,345	3,622
Total Liabilities & Shareholders' Equity	27,520	26,269	22,214	21,757	20,064	17,988	17,443
Total Liabilities	17,653	17,773	15,027	15,129	14,439	12,602	12,616
Total Current Liabilities	10,182	10,346	7,595	7,700	7,441	5,636	5,800
Accounts Payable	1,007	774	723	819	795	747	679
Accrued Expenses	2,019	2,646	1,878	1,926	2,044	1,559	1,660
Other Current Liabilities	7,156	6,318	4,994	4,955	4,602	3,330	3,461
Total Noncurrent Liabilities	7,471	7,427	7,432	7,429	6,998	6,966	6,816
Long-Term Debt	7,127	7,091	7,078	7,075	6,608	6,625	6,447
Noncurrent Deferred & Payable Income Tax Liabilities	344	336	354	354	390	341	369
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	9,867	8,496	7,187	6,628	5,625	5,386	4,827
Total Preferred & Common Equity	4,003	3,091	3,396	3,453	2,781	2,727	2,645
Total Common Equity	4,003	3,091	3,396	3,453	2,781	2,727	2,645
Common Stock	4,003	3,091	3,396	3,453	2,781	2,727	2,645
Noncontrolling Interest	5,864	5,405	3,791	3,175	2,844	2,659	2,182

This table displays calculated financial ratios and metrics derived from Icahn Enterprises' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-20.28%	-51.68%	71.01%	-11.06%	-19.86%	-31.39%	85.09%	21.48%	-25.84%	-7.22%
EBITDA Growth	-104.10%	-2,650.00%	363.12%	-74.17%	-178.34%	-125.37%	143.65%	25.29%	-164.12%	97.94%
EBIT Growth	-520.93%	-85.75%	249.97%	-89.01%	-509.39%	-67.20%	104.64%	182.95%	-503.21%	48.11%
NOPAT Growth	-520.93%	-85.75%	375.32%	-93.67%	-487.00%	-64.46%	109.22%	-692.93%	0.77%	48.91%
Net Income Growth	-302.08%	-4.37%	218.56%	-23.97%	-189.51%	-37.80%	79.74%	95.00%	-3,948.00%	46.44%
EPS Growth	-201.62%	13.13%	285.13%	-24.16%	-147.48%	-36.25%	68.35%	75.43%	-207.02%	46.29%
Operating Cash Flow Growth	291.79%	62.83%	-210.67%	168.47%	-258.18%	71.51%	177.16%	228.66%	254.12%	-77.73%
Free Cash Flow Firm Growth	49.58%	267.83%	513.25%	319.73%	-171.43%	86.26%	166.56%	18.90%	312.07%	-78.36%
Invested Capital Growth	-1.85%	-8.45%	2.64%	-63.17%	112.82%	-1.15%	-4.56%	-12.09%	-37.68%	-15.93%
Revenue Q/Q Growth	-4.76%	-50.56%	63.88%	19.80%	5.60%	9.16%	4.86%	-7.46%	1.27%	-0.27%
EBITDA Q/Q Growth	-105.56%	39.72%	27.31%	-37.94%	40.58%	37.90%	-37.89%	-64.40%	61.09%	94.12%
EBIT Q/Q Growth	-862.77%	41.85%	14.18%	-64.03%	26.79%	30.83%	-80.79%	-84.60%	43.02%	24.05%
NOPAT Q/Q Growth	-862.77%	41.85%	46.73%	-61.95%	38.54%	31.96%	-76.09%	-157.55%	45.80%	26.35%
Net Income Q/Q Growth	-94.42%	41.61%	42.97%	87.18%	-285.99%	17.71%	-171.43%	94.36%	16.71%	14.91%
EPS Q/Q Growth	-108.76%	48.50%	27.91%	123.91%	0.00%	0.00%	0.00%	64.60%	24.89%	8.74%
Operating Cash Flow Q/Q Growth	1.22%	-21.92%	-32.42%	996.12%	-14.42%	-136.75%	129.89%	-70.65%	179.64%	18.35%
Free Cash Flow Firm Q/Q Growth	-544.74%	-96.01%	129.13%	2,121.78%	-402.23%	-248.32%	989.95%	-80.71%	320.45%	44.05%
Invested Capital Q/Q Growth	-8.19%	131.20%	-6.48%	-65.59%	-7.45%	10.95%	1.17%	20.28%	-3.39%	-5.72%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.57%	7.35%	34.86%	19.87%	8.77%	-2.41%	16.96%	11.56%	3.11%	3.40%
EBITDA Margin	-0.28%	-15.65%	24.08%	6.99%	-6.84%	-22.46%	5.30%	5.46%	-4.72%	-0.10%
Operating Margin	-5.93%	-22.78%	19.98%	1.72%	-12.61%	-30.22%	1.51%	1.85%	-9.83%	-5.42%
EBIT Margin	-5.93%	-22.78%	19.98%	2.47%	-12.61%	-30.72%	0.77%	1.79%	-9.76%	-5.46%
Profit (Net Income) Margin	-13.93%	-30.09%	20.86%	17.83%	-19.91%	-39.99%	-4.38%	-0.18%	-9.83%	-5.68%
Tax Burden Percent	103.30%	93.55%	141.05%	897.31%	102.99%	95.51%	86.51%	-277.78%	109.76%	95.59%
Interest Burden Percent	227.51%	141.17%	74.02%	80.51%	153.35%	136.29%	-656.82%	3.61%	91.83%	108.83%
Effective Tax Rate	0.00%	0.00%	-28.51%	-6.28%	0.00%	0.00%	0.00%	377.78%	0.00%	0.00%
Return on Invested Capital (ROIC)	-3.26%	-6.38%	18.13%	1.66%	-7.61%	-9.25%	0.88%	-5.68%	-7.42%	-5.36%
ROIC Less NNEP Spread (ROIC-NNEP)	-21.39%	-17.44%	10.70%	850.77%	57.44%	-38.26%	-13.20%	16.36%	-24.91%	-18.20%
Return on Net Nonoperating Assets (RNNOA)	-15.71%	-18.22%	9.03%	14.78%	-7.36%	-15.18%	-6.25%	5.41%	-5.53%	-4.78%
Return on Equity (ROE)	-18.97%	-24.60%	27.16%	16.44%	-14.97%	-24.44%	-5.38%	-0.26%	-12.95%	-10.14%
Cash Return on Invested Capital (CROIC)	-1.39%	2.45%	15.52%	94.00%	-79.74%	-8.10%	5.55%	7.19%	39.01%	11.94%
Operating Return on Assets (OROA)	-2.51%	-4.82%	7.74%	1.00%	-4.71%	-7.64%	0.33%	0.89%	-4.12%	-2.81%
Return on Assets (ROA)	-5.89%	-6.36%	8.08%	7.24%	-7.44%	-9.95%	-1.90%	-0.09%	-4.15%	-2.92%
Return on Common Equity (ROCE)	-7.98%	-8.37%	10.17%	7.88%	-7.52%	-10.69%	-2.00%	-0.10%	-5.89%	-5.38%
Return on Equity Simple (ROE_SIMPLE)	-53.35%	-103.06%	51.55%	30.50%	-32.83%	-72.95%	-14.11%	-0.64%	-31.55%	-21.98%
Net Operating Profit after Tax (NOPAT)	-634	-1,177	3,240	205	-794	-1,306	120	-714	-708	-362
NOPAT Margin	-4.15%	-15.95%	25.67%	1.83%	-8.83%	-21.16%	1.05%	-5.14%	-6.88%	-3.79%
Net Nonoperating Expense Percent (NNEP)	18.13%	11.07%	7.43%	-849.12%	-65.05%	29.01%	14.08%	-22.03%	17.49%	12.84%
Return On Investment Capital (ROIC_SIMPLE)	-2.80%	-5.80%	16.19%	1.01%	-4.15%	-7.54%	0.68%	-4.29%	-5.33%	-3.17%
Cost of Revenue to Revenue	83.43%	92.65%	65.14%	80.13%	91.23%	102.41%	83.04%	88.44%	96.89%	96.60%
SG&A Expenses to Revenue	16.70%	22.12%	10.06%	12.35%	15.29%	19.30%	10.84%	9.01%	8.28%	8.20%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	22.50%	30.13%	14.88%	18.15%	21.38%	27.81%	15.45%	9.71%	12.94%	8.82%
Earnings before Interest and Taxes (EBIT)	-905	-1,681	2,521	277	-1,134	-1,896	88	249	-1,004	-521
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-42	-1,155	3,039	785	-615	-1,386	605	758	-486	-10
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.51	1.12	0.55	0.57	0.91	1.57	1.98	2.60	1.58	1.56
Price to Tangible Book Value (P/TBV)	1.48	0.00	0.66	0.64	1.05	2.18	2.64	3.30	2.06	2.17
Price to Revenue (P/Rev)	0.13	0.33	0.22	0.33	0.55	0.86	0.62	0.73	0.49	0.40
Price to Earnings (P/E)	0.00	0.00	1.14	2.51	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	37.21%	34.20%	34.61%	33.93%	32.20%	33.39%	36.98%	24.91%	45.32%	42.49%
Earnings Yield	0.00%	0.00%	87.91%	39.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.90	1.01	0.87	0.57	0.97	1.14	1.26	1.53	1.25	1.23
Enterprise Value to Revenue (EV/Rev)	1.13	2.42	1.25	0.34	1.52	2.58	1.48	1.30	0.89	0.79
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	5.20	4.87	0.00	0.00	27.89	23.77	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	6.26	13.79	0.00	0.00	191.74	72.36	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	4.87	18.62	0.00	0.00	140.15	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	23.14	14.69	0.00	4.14	0.00	0.00	52.57	17.08	2.46	9.09
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	39.55	5.69	0.33	0.00	0.00	22.19	19.93	2.47	9.38
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.26	1.53	0.76	0.57	0.75	0.87	0.91	0.74	1.19	1.47
Long-Term Debt to Equity	1.26	1.39	0.65	0.56	0.75	0.87	0.82	0.74	1.19	1.47
Financial Leverage	0.73	1.04	0.84	0.02	-0.13	0.40	0.47	0.33	0.22	0.26
Leverage Ratio	3.22	3.87	3.36	2.27	2.01	2.46	2.84	2.94	3.12	3.47
Compound Leverage Factor	7.33	5.46	2.49	1.83	3.09	3.35	-18.62	0.11	2.87	3.78
Debt to Total Capital	55.66%	60.46%	43.20%	36.19%	42.81%	46.54%	47.58%	42.61%	54.27%	59.57%
Short-Term Debt to Total Capital	0.00%	5.62%	6.37%	0.18%	0.00%	0.00%	4.42%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	55.66%	54.84%	36.83%	36.01%	42.81%	46.54%	43.16%	42.61%	54.27%	59.57%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	26.72%	28.92%	31.29%	31.56%	28.67%	33.93%	32.54%	33.97%	21.57%	18.85%
Common Equity to Total Capital	17.62%	10.62%	25.51%	32.25%	28.51%	19.54%	19.89%	23.42%	24.16%	21.57%
Debt to EBITDA	-299.86	-10.61	2.85	9.38	-13.32	-5.81	14.01	9.36	-14.83	-680.90
Net Debt to EBITDA	-219.86	-8.33	2.22	-8.04	-5.28	-3.44	6.68	2.92	-2.59	-157.00
Long-Term Debt to EBITDA	-299.86	-9.63	2.43	9.33	-13.32	-5.81	12.71	9.36	-14.83	-680.90
Debt to NOPAT	-19.88	-10.42	2.67	35.89	-10.32	-6.17	70.42	-9.94	-10.17	-18.81
Net Debt to NOPAT	-14.58	-8.18	2.08	-30.78	-4.09	-3.65	33.58	-3.10	-1.78	-4.34
Long-Term Debt to NOPAT	-19.88	-9.45	2.28	35.72	-10.32	-6.17	63.89	-9.94	-10.17	-18.81
Altman Z-Score	0.25	0.08	0.71	1.45	0.61	0.28	0.48	0.99	0.81	0.95
Noncontrolling Interest Sharing Ratio	57.95%	65.98%	62.55%	52.09%	49.77%	56.24%	62.76%	60.62%	54.53%	46.94%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.64	0.90	0.87	6.67	1.98	1.24	0.63	1.29	1.65	1.83
Quick Ratio	0.33	0.36	0.31	4.61	1.17	0.31	0.28	0.27	0.48	0.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-270	452	2,774	11,642	-8,316	-1,143	760	904	3,726	806
Operating Cash Flow to CapEx	55.04%	493.12%	-426.58%	339.34%	-584.00%	-209.05%	105.25%	312.13%	1,233.00%	297.14%
Free Cash Flow to Firm to Interest Expense	-0.23	0.65	4.23	22.22	-13.75	-1.66	1.14	1.59	6.72	1.54
Operating Cash Flow to Interest Expense	0.65	1.76	-2.06	1.76	-2.41	-0.60	0.48	1.86	6.74	1.59
Operating Cash Flow Less CapEx to Interest Expense	-0.53	1.40	-2.54	1.24	-2.83	-0.89	0.02	1.26	6.20	1.06
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.42	0.21	0.39	0.41	0.37	0.25	0.43	0.50	0.42	0.51
Accounts Receivable Turnover	9.05	4.48	12.12	23.70	18.80	12.54	21.82	24.09	18.86	19.81
Inventory Turnover	6.16	2.61	3.49	5.13	4.59	3.75	6.20	8.16	7.73	9.49
Fixed Asset Turnover	1.66	0.75	1.65	2.27	1.97	1.42	2.75	3.42	2.57	2.44
Accounts Payable Turnover	9.09	4.30	5.99	9.93	9.23	7.51	12.29	14.65	11.73	11.30
Days Sales Outstanding (DSO)	40.34	81.47	30.11	15.40	19.42	29.10	16.73	15.15	19.35	18.43
Days Inventory Outstanding (DIO)	59.27	139.92	104.64	71.21	79.49	97.46	58.84	44.75	47.19	38.47
Days Payable Outstanding (DPO)	40.15	84.91	60.94	36.77	39.53	48.60	29.69	24.91	31.12	32.30
Cash Conversion Cycle (CCC)	59.47	136.48	73.80	49.84	59.39	77.96	45.88	34.99	35.42	24.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	19,267	17,638	18,104	6,667	14,189	14,026	13,386	11,768	7,334	6,166
Invested Capital Turnover	0.79	0.40	0.71	0.91	0.86	0.44	0.83	1.10	1.08	1.41
Increase / (Decrease) in Invested Capital	-364	-1,629	466	-11,437	7,522	-163	-640	-1,618	-4,434	-1,168
Enterprise Value (EV)	17,312	17,888	15,789	3,820	13,702	15,939	16,874	18,017	9,184	7,563
Market Capitalization	2,032	2,404	2,791	3,713	4,969	5,296	7,032	10,149	5,058	3,838
Book Value per Share	$30.92	$15.20	$30.20	$35.15	$26.30	$14.58	$12.72	$11.56	$7.81	$4.89
Tangible Book Value per Share	$10.66	($0.69)	$25.05	$31.14	$22.86	$10.47	$9.54	$9.12	$5.97	$3.51
Total Capital	22,627	20,275	20,015	20,342	19,134	17,317	17,822	16,654	13,280	11,430
Total Debt	12,594	12,258	8,647	7,362	8,192	8,059	8,479	7,096	7,207	6,809
Total Long-Term Debt	12,594	11,119	7,372	7,326	8,192	8,059	7,692	7,096	7,207	6,809
Net Debt	9,234	9,621	6,736	-6,313	3,247	4,768	4,043	2,210	1,261	1,570
Capital Expenditures (CapEx)	1,359	247	316	272	250	199	305	338	303	280
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-7,406	-2,450	-1,335	464	-1,364	-1,586	-7,510	-1,734	-1,280	-1,493
Debt-free Net Working Capital (DFNWC)	-4,046	187	576	14,139	3,581	1,705	-3,074	3,152	4,666	3,746
Net Working Capital (NWC)	-4,046	-952	-699	14,103	3,581	1,705	-3,861	3,152	4,666	3,746
Net Nonoperating Expense (NNE)	1,494	1,043	608	-1,796	997	1,163	620	-689	304	180
Net Nonoperating Obligations (NNO)	9,234	9,621	6,736	-6,313	3,247	4,768	4,043	2,210	1,261	1,545
Total Depreciation and Amortization (D&A)	863	526	518	508	519	510	517	509	518	511
Debt-free, Cash-free Net Working Capital to Revenue	-48.49%	-33.20%	-10.58%	4.13%	-15.17%	-25.70%	-65.75%	-12.50%	-12.44%	-15.64%
Debt-free Net Working Capital to Revenue	-26.49%	2.53%	4.56%	125.98%	39.82%	27.63%	-26.91%	22.72%	45.35%	39.24%
Net Working Capital to Revenue	-26.49%	-12.90%	-5.54%	125.66%	39.82%	27.63%	-33.80%	22.72%	45.35%	39.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($9.29)	($8.07)	$14.80	$11.46	($5.38)	($7.33)	$0.00	$0.00	($1.75)	($0.94)
Adjusted Weighted Average Basic Shares Outstanding	126M	137M	161M	180M	200M	241.34M	0.00	0.00	382M	466M
Adjusted Diluted Earnings per Share	($9.29)	($8.07)	$14.80	$11.46	($5.38)	($7.33)	$0.00	$0.00	($1.75)	($0.94)
Adjusted Weighted Average Diluted Shares Outstanding	126M	137M	161M	180M	200M	241.34M	0.00	0.00	382M	466M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	($7.33)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	131.48M	137M	161M	180M	200M	221M	0.00	0.00	382M	466M
Normalized Net Operating Profit after Tax (NOPAT)	-14	-763	1,828	214	-780	-1,279	124	181	-703	-360
Normalized NOPAT Margin	-0.09%	-10.34%	14.49%	1.91%	-8.67%	-20.72%	1.08%	1.31%	-6.83%	-3.77%
Pre Tax Income Margin	-13.48%	-32.16%	14.79%	1.99%	-19.34%	-41.87%	-5.06%	0.06%	-8.96%	-5.94%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.78	-2.43	3.85	0.53	-1.87	-2.76	0.13	0.44	-1.81	-1.00
NOPAT to Interest Expense	-0.55	-1.70	4.95	0.39	-1.31	-1.90	0.18	-1.26	-1.28	-0.69
EBIT Less CapEx to Interest Expense	-1.96	-2.79	3.37	0.01	-2.29	-3.05	-0.33	-0.16	-2.36	-1.53
NOPAT Less CapEx to Interest Expense	-1.73	-2.06	4.46	-0.13	-1.73	-2.19	-0.28	-1.85	-1.83	-1.23
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-17.30%	-7.93%	5.93%	11.79%	-12.90%	-22.77%	-48.00%	-2,076.00%	-279.15%	-183.95%
Augmented Payout Ratio	-19.98%	-7.93%	5.93%	11.79%	-12.90%	-22.77%	-48.00%	-2,076.00%	-279.15%	-183.95%

This table displays calculated financial ratios and metrics derived from Icahn Enterprises' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	31.66%	-33.36%	-39.23%	-35.91%	-18.86%	5.77%	-6.83%	-13.99%	-6.56%	-1.10%
EBITDA Growth	172.22%	-382.96%	-122.68%	-141.30%	38.78%	75.32%	136.65%	-45.28%	1.96%	64.00%
EBIT Growth	122.22%	-605.31%	-136.08%	-211.63%	343.75%	66.37%	93.55%	-24.31%	15.49%	42.97%
NOPAT Growth	212.82%	-655.84%	-125.28%	-178.93%	-201.83%	66.59%	99.46%	-25.98%	415.99%	43.12%
Net Income Growth	-1.90%	50.61%	-140.45%	-45.99%	86.05%	49.75%	92.74%	-15.99%	366.67%	46.34%
EPS Growth	32.73%	55.03%	-170.75%	-75.61%	97.30%	68.24%	88.00%	0.00%	600.00%	33.33%
Operating Cash Flow Growth	65.35%	-996.08%	-86.20%	143.86%	128.83%	105.03%	-194.72%	-48.35%	-103.32%	112.17%
Free Cash Flow Firm Growth	664.30%	-10.29%	-101.23%	-65.06%	-37.84%	474.76%	1,668.77%	106.86%	-46.79%	-75.88%
Invested Capital Growth	-26.05%	-12.09%	-0.22%	-13.59%	-22.41%	-37.68%	-33.94%	-30.81%	-13.85%	-15.93%
Revenue Q/Q Growth	-11.57%	-36.70%	11.95%	2.28%	11.96%	-17.49%	-1.40%	-5.58%	21.63%	-12.66%
EBITDA Q/Q Growth	-61.82%	-789.12%	72.26%	43.42%	228.30%	-222.55%	141.20%	-324.27%	190.04%	-143.27%
EBIT Q/Q Growth	-93.80%	-7,237.50%	64.71%	28.54%	124.65%	-640.85%	93.23%	-1,276.92%	122.91%	-367.07%
NOPAT Q/Q Growth	-87.64%	-3,018.18%	71.11%	24.26%	84.06%	-857.48%	99.53%	-17,600.00%	139.99%	-272.34%
Net Income Q/Q Growth	25.09%	-89.77%	12.25%	-17.04%	92.84%	-583.33%	87.32%	-1,769.23%	116.46%	-237.50%
EPS Q/Q Growth	9.76%	-129.73%	11.76%	4.00%	98.61%	-2,600.00%	66.67%	-700.00%	106.94%	-460.00%
Operating Cash Flow Q/Q Growth	0.28%	-421.38%	111.60%	552.45%	-5.90%	-92.93%	-318.26%	455.78%	-106.05%	551.85%
Free Cash Flow Firm Q/Q Growth	-2.59%	-79.32%	-132.77%	629.19%	73.31%	91.23%	-10.55%	-30.22%	-55.43%	-13.29%
Invested Capital Q/Q Growth	-7.90%	20.28%	-7.38%	-15.78%	-17.30%	-3.39%	-1.83%	-11.79%	2.98%	-5.72%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	14.30%	-58.12%	9.67%	9.73%	11.27%	-20.90%	14.76%	-0.14%	11.17%	-13.47%
EBITDA Margin	4.16%	-45.32%	-11.23%	-6.21%	7.12%	-10.58%	4.42%	-10.50%	7.77%	-3.85%
Operating Margin	1.25%	-57.45%	-14.83%	-10.98%	2.41%	-18.15%	-0.09%	-16.08%	3.10%	-10.44%
EBIT Margin	0.45%	-51.10%	-16.11%	-11.25%	2.48%	-16.24%	-1.12%	-16.27%	3.06%	-9.37%
Profit (Net Income) Margin	-6.09%	-18.26%	-14.31%	-16.37%	-1.05%	-8.67%	-1.12%	-22.08%	2.99%	-4.70%
Tax Burden Percent	96.85%	87.37%	95.72%	100.48%	-45.45%	104.06%	136.84%	100.83%	119.40%	82.71%
Interest Burden Percent	-1,387.50%	40.89%	92.80%	144.79%	92.96%	51.30%	73.08%	134.64%	81.71%	60.73%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	145.45%	0.00%	0.00%	0.00%	-19.40%	0.00%
Return on Invested Capital (ROIC)	1.14%	-44.37%	-11.66%	-8.41%	-1.28%	-13.69%	-0.07%	-14.15%	5.02%	-10.33%
ROIC Less NNEP Spread (ROIC-NNEP)	-14.51%	-28.67%	-17.17%	-26.50%	-0.97%	-8.19%	-1.30%	-30.26%	3.59%	-6.00%
Return on Net Nonoperating Assets (RNNOA)	-2.29%	-9.48%	-3.36%	-3.75%	-0.05%	-1.82%	-0.37%	-7.12%	0.84%	-1.57%
Return on Equity (ROE)	-1.16%	-53.85%	-15.02%	-12.16%	-1.33%	-15.51%	-0.43%	-21.27%	5.85%	-11.91%
Cash Return on Invested Capital (CROIC)	40.73%	7.19%	-7.83%	1.21%	10.20%	39.01%	35.90%	29.97%	7.92%	11.94%
Operating Return on Assets (OROA)	0.24%	-25.48%	-7.30%	-4.96%	1.02%	-6.85%	-0.49%	-7.90%	1.50%	-4.82%
Return on Assets (ROA)	-3.29%	-9.10%	-6.49%	-7.22%	-0.43%	-3.66%	-0.49%	-10.72%	1.46%	-2.42%
Return on Common Equity (ROCE)	-0.45%	-21.21%	-5.38%	-5.20%	-0.60%	-7.05%	-0.18%	-10.36%	3.12%	-6.32%
Return on Equity Simple (ROE_SIMPLE)	-11.07%	0.00%	-41.02%	-41.23%	-35.19%	0.00%	-24.45%	-27.39%	-24.08%	0.00%
Net Operating Profit after Tax (NOPAT)	31	-899	-260	-197	-31	-300	-1.40	-248	99	-171
NOPAT Margin	0.87%	-40.21%	-10.38%	-7.69%	-1.09%	-12.70%	-0.06%	-11.26%	3.70%	-7.31%
Net Nonoperating Expense Percent (NNEP)	15.65%	-15.70%	5.51%	18.10%	-0.31%	-5.49%	1.24%	16.11%	1.43%	-4.33%
Return On Investment Capital (ROIC_SIMPLE)	0.18%	-5.40%	-1.60%	-1.38%	-0.23%	-2.26%	-0.01%	-2.06%	0.88%	-1.49%
Cost of Revenue to Revenue	85.70%	158.12%	90.33%	90.27%	88.73%	120.90%	85.24%	100.14%	88.83%	113.47%
SG&A Expenses to Revenue	8.64%	14.72%	9.15%	8.40%	7.29%	8.42%	8.28%	8.31%	7.55%	8.77%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	13.06%	-0.67%	24.50%	20.71%	8.87%	-2.75%	14.84%	15.95%	8.07%	-3.04%
Earnings before Interest and Taxes (EBIT)	16	-1,142	-403	-288	71	-384	-26	-358	82	-219
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	147	-1,013	-281	-159	204	-250	103	-231	208	-90
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.45	2.60	3.90	2.19	1.65	1.58	2.13	2.33	2.22	1.56
Price to Tangible Book Value (P/TBV)	3.10	3.30	5.28	2.86	2.13	2.06	2.90	3.18	3.04	2.17
Price to Revenue (P/Rev)	0.66	0.73	0.98	0.69	0.56	0.49	0.59	0.65	0.61	0.40
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	26.38%	24.91%	23.48%	39.41%	48.42%	45.32%	36.23%	28.28%	32.44%	42.49%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.60	1.53	1.84	1.44	1.30	1.25	1.44	1.57	1.49	1.23
Enterprise Value to Revenue (EV/Rev)	1.04	1.30	1.64	1.22	0.97	0.89	1.02	1.02	1.02	0.79
Enterprise Value to EBITDA (EV/EBITDA)	7.33	23.77	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	9.65	72.36	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	12.58	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	4.34	17.08	0.00	31.51	7.36	2.46	3.21	4.19	13.91	9.09
Enterprise Value to Free Cash Flow (EV/FCFF)	3.33	19.93	0.00	110.65	11.10	2.47	3.18	4.29	17.47	9.38
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.72	0.74	0.91	0.98	1.07	1.19	1.17	1.23	1.34	1.47
Long-Term Debt to Equity	0.72	0.74	0.83	0.98	1.07	1.19	1.17	1.23	1.34	1.47
Financial Leverage	0.16	0.33	0.20	0.14	0.05	0.22	0.28	0.24	0.23	0.26
Leverage Ratio	2.79	2.94	2.96	2.83	2.99	3.12	3.28	3.20	3.42	3.47
Compound Leverage Factor	-38.74	1.20	2.75	4.10	2.78	1.60	2.40	4.31	2.80	2.11
Debt to Total Capital	41.94%	42.61%	47.54%	49.62%	51.63%	54.27%	54.02%	55.16%	57.18%	59.57%
Short-Term Debt to Total Capital	0.00%	0.00%	3.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	41.94%	42.61%	43.79%	49.62%	51.63%	54.27%	54.02%	55.16%	57.18%	59.57%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	34.51%	33.97%	33.37%	26.58%	23.17%	21.57%	23.25%	22.14%	19.35%	18.85%
Common Equity to Total Capital	23.56%	23.42%	19.09%	23.81%	25.20%	24.16%	22.73%	22.70%	23.46%	21.57%
Debt to EBITDA	3.35	9.36	-10.10	-5.42	-5.66	-14.83	-64.78	-38.07	-37.92	-680.90
Net Debt to EBITDA	-0.04	2.92	-3.43	-1.53	-0.77	-2.59	-15.44	-5.55	-10.08	-157.00
Long-Term Debt to EBITDA	3.35	9.36	-9.31	-5.42	-5.66	-14.83	-64.78	-38.07	-37.92	-680.90
Debt to NOPAT	5.75	-9.94	-8.76	-5.34	-5.41	-10.17	-14.68	-13.22	-13.12	-18.81
Net Debt to NOPAT	-0.07	-3.10	-2.97	-1.50	-0.74	-1.78	-3.50	-1.93	-3.49	-4.34
Long-Term Debt to NOPAT	5.75	-9.94	-8.07	-5.34	-5.41	-10.17	-14.68	-13.22	-13.12	-18.81
Altman Z-Score	1.10	0.83	0.66	0.92	0.96	0.91	0.95	1.06	1.07	1.02
Noncontrolling Interest Sharing Ratio	60.89%	60.62%	64.21%	57.20%	54.80%	54.53%	58.42%	51.30%	46.77%	46.94%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.50	1.29	0.65	1.42	1.61	1.65	1.46	1.75	1.56	1.83
Quick Ratio	0.30	0.27	0.30	0.39	0.44	0.48	0.39	0.48	0.48	0.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3,478	719	-236	1,247	2,162	4,134	3,698	2,580	1,150	997
Operating Cash Flow to CapEx	711.00%	-2,720.24%	456.90%	2,368.49%	2,324.29%	112.75%	-369.12%	1,353.03%	-93.10%	277.27%
Free Cash Flow to Firm to Interest Expense	25.02	4.99	-1.66	9.17	14.61	32.29	27.19	20.16	8.85	7.73
Operating Cash Flow to Interest Expense	5.12	-15.87	1.87	12.71	10.99	0.90	-1.85	6.98	-0.42	1.89
Operating Cash Flow Less CapEx to Interest Expense	4.40	-16.45	1.46	12.18	10.52	0.10	-2.35	6.46	-0.86	1.21
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.54	0.50	0.45	0.44	0.41	0.42	0.44	0.49	0.49	0.51
Accounts Receivable Turnover	24.83	24.09	21.68	17.71	18.03	18.86	20.78	19.74	19.28	19.81
Inventory Turnover	7.00	8.16	8.52	7.94	7.72	7.73	9.08	9.66	9.58	9.49
Fixed Asset Turnover	3.63	3.42	3.05	2.71	2.54	2.57	2.55	2.48	2.45	2.44
Accounts Payable Turnover	12.44	14.65	12.77	11.88	11.66	11.73	12.36	13.05	12.59	11.30
Days Sales Outstanding (DSO)	14.70	15.15	16.83	20.61	20.24	19.35	17.57	18.49	18.93	18.43
Days Inventory Outstanding (DIO)	52.18	44.75	42.86	45.94	47.30	47.19	40.20	37.77	38.10	38.47
Days Payable Outstanding (DPO)	29.35	24.91	28.59	30.73	31.30	31.12	29.53	27.97	29.00	32.30
Cash Conversion Cycle (CCC)	37.53	34.99	31.11	35.83	36.24	35.42	28.24	28.29	28.03	24.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,784	11,768	10,899	9,179	7,591	7,334	7,200	6,351	6,540	6,166
Invested Capital Turnover	1.30	1.10	1.12	1.09	1.17	1.08	1.12	1.26	1.35	1.41
Increase / (Decrease) in Invested Capital	-3,447	-1,618	-24	-1,444	-2,193	-4,434	-3,699	-2,828	-1,051	-1,168
Enterprise Value (EV)	15,607	18,017	20,078	13,233	9,834	9,184	10,340	9,989	9,776	7,563
Market Capitalization	9,826	10,149	12,063	7,450	5,696	5,058	5,921	6,365	5,881	3,838
Book Value per Share	$12.40	$11.56	$8.74	$9.20	$8.78	$7.81	$6.48	$6.04	$5.56	$4.89
Tangible Book Value per Share	$9.82	$9.12	$6.47	$7.06	$6.81	$5.97	$4.76	$4.44	$4.07	$3.51
Total Capital	16,994	16,654	16,195	14,265	13,703	13,280	12,233	12,011	11,274	11,430
Total Debt	7,127	7,096	7,699	7,078	7,075	7,207	6,608	6,625	6,447	6,809
Total Long-Term Debt	7,127	7,096	7,091	7,078	7,075	7,207	6,608	6,625	6,447	6,809
Net Debt	-83	2,210	2,610	1,992	963	1,261	1,575	965	1,713	1,570
Capital Expenditures (CapEx)	100	84	58	73	70	102	68	66	58	88
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,151	-1,734	-8,114	-1,866	-1,421	-1,280	-1,634	-1,456	-1,465	-1,493
Debt-free Net Working Capital (DFNWC)	5,059	3,152	-3,025	3,220	4,691	4,666	3,399	4,204	3,269	3,746
Net Working Capital (NWC)	5,059	3,152	-3,633	3,220	4,691	4,666	3,399	4,204	3,269	3,746
Net Nonoperating Expense (NNE)	246	-491	98	222	-1.36	-95	25	238	19	-61
Net Nonoperating Obligations (NNO)	-83	2,210	2,403	1,992	963	1,261	1,575	965	1,713	1,545
Total Depreciation and Amortization (D&A)	131	129	122	129	133	134	129	127	126	129
Debt-free, Cash-free Net Working Capital to Revenue	-14.34%	-12.50%	-66.18%	-17.23%	-13.98%	-12.44%	-16.15%	-14.92%	-15.30%	-15.64%
Debt-free Net Working Capital to Revenue	33.74%	22.72%	-24.67%	29.74%	46.17%	45.35%	33.59%	43.07%	34.15%	39.24%
Net Working Capital to Revenue	33.74%	22.72%	-29.63%	29.74%	46.17%	45.35%	33.59%	43.07%	34.15%	39.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.37)	($0.87)	($0.75)	($0.72)	($0.01)	($0.27)	($0.09)	($0.72)	$0.05	($0.18)
Adjusted Weighted Average Basic Shares Outstanding	324M	316M	354M	367M	394M	382M	429M	450M	477M	466M
Adjusted Diluted Earnings per Share	($0.37)	($0.85)	($0.75)	($0.72)	($0.01)	($0.27)	($0.09)	($0.72)	$0.05	($0.18)
Adjusted Weighted Average Diluted Shares Outstanding	324M	316M	354M	367M	394M	382M	429M	450M	477M	466M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	324M	316M	354M	367M	394M	382M	429M	450M	477M	466M
Normalized Net Operating Profit after Tax (NOPAT)	31	-899	-260	-197	49	-300	-1.40	-247	58	-171
Normalized NOPAT Margin	0.87%	-40.21%	-10.38%	-7.69%	1.71%	-12.70%	-0.06%	-11.23%	2.17%	-7.31%
Pre Tax Income Margin	-6.29%	-20.89%	-14.95%	-16.30%	2.30%	-8.33%	-0.82%	-21.90%	2.50%	-5.69%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.12	-7.93	-2.84	-2.12	0.48	-3.00	-0.19	-2.80	0.63	-1.70
NOPAT to Interest Expense	0.22	-6.24	-1.83	-1.45	-0.21	-2.35	-0.01	-1.94	0.76	-1.32
EBIT Less CapEx to Interest Expense	-0.60	-8.51	-3.25	-2.65	0.01	-3.80	-0.69	-3.31	0.18	-2.38
NOPAT Less CapEx to Interest Expense	-0.50	-6.83	-2.24	-1.98	-0.68	-3.14	-0.51	-2.45	0.32	-2.01
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-105.42%	-2,076.00%	-44.72%	-153.00%	-212.92%	-279.15%	-407.79%	-175.10%	-200.31%	-183.95%
Augmented Payout Ratio	-105.42%	-2,076.00%	-44.72%	-153.00%	-212.92%	-279.15%	-407.79%	-175.10%	-200.31%	-183.95%

Frequently Asked Questions About Icahn Enterprises' Financials

When does Icahn Enterprises's fiscal year end?

According to the most recent income statement we have on file, Icahn Enterprises' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Icahn Enterprises' net income changed over the last 9 years?

The last 5 years of Icahn Enterprises' net income performance:

2020: -$2.47 billion
2021: -$500 million
2022: -$25 million
2023: -$1.01 billion
2024: -$542 million

What is Icahn Enterprises's operating income?

Icahn Enterprises's total operating income in 2024 was -$517 million, based on the following breakdown:

Total Gross Profit: $325 million
Total Operating Expenses: $842 million

How has Icahn Enterprises revenue changed over the last 9 years?

Over the last 9 years, Icahn Enterprises' total revenue changed from $15.27 billion in 2015 to $9.55 billion in 2024, a change of -37.5%.

How much debt does Icahn Enterprises have?

Icahn Enterprises' total liabilities were at $11.66 billion at the end of 2024, a 21.1% decrease from 2023, and a 55.8% decrease since 2015.

How much cash does Icahn Enterprises have?

In the past 9 years, Icahn Enterprises' cash and equivalents has ranged from $1.16 billion in 2017 to $3.79 billion in 2019, and is currently $2.60 billion as of their latest financial filing in 2024.

How has Icahn Enterprises' book value per share changed over the last 9 years?

Over the last 9 years, Icahn Enterprises' book value per share changed from 30.92 in 2015 to 4.89 in 2024, a change of -84.2%.

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This page (NASDAQ:IEP) was last updated on 4/14/2025 by MarketBeat.com Staff

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Icahn Enterprises (IEP) Financials

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