IEP Icahn Enterprises (IEP) Q4 FY25 earnings call
Icahn Enterprises reported a mixed Q4 FY25, with strong performance in its investment funds, which were up 11%, largely offset by a $654 million decline in net asset value. The company is adopting a more cautious market view, focusing on defensive names and building a significant cash war chest. Operating segments faced headwinds, including lower utilization in Energy and softening demand in Home Fashions, while strategic portfolio adjustments and a focus on liquidity remain key priorities.
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IEP operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Crude utilization rate Energy | 97%The first quarter refining operations were solid with crude utilization of 97%, although margins were weighed down by higher RFS obligation costs and unrealized derivative losses.Source: earnings call transcript | 98%+The second quarter refining operations were solid with crude utilization over 98%, although margins were weighed down by higher RFS obligation costs.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.