Icahn Enterprises L.P. (IEP): Business Model Canvas

In der risikoreichen Welt der Investitionen und Unternehmenstransformation gilt Icahn Enterprises L.P. (IEP) als Kraftpaket für strategisches Investieren unter der Leitung des legendären aktivistischen Investors Carl Icahn. Dieses dynamische Unternehmen hat sich eine einzigartige Nische geschaffen, indem es aggressiv unterbewertete Unternehmen identifiziert, radikale strategische Änderungen durchführt und außergewöhnliche Renditen generiert, die traditionelle Anlageparadigmen in Frage stellen. Durch ein ausgeklügeltes Geschäftsmodell, das mehrere Branchen abdeckt und tiefe Marktkenntnisse nutzt, ist IEP zu einem herausragenden Akteur in der Investmentlandschaft geworden und beweist immer wieder die unheimliche Fähigkeit, verborgene Werte zu erschließen, wo andere nur potenzielle Herausforderungen sehen.

Icahn Enterprises L.P. (IEP) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Investitionen in verschiedene Branchen

Ab 2024 unterhält Icahn Enterprises strategische Investitionen in mehreren Sektoren:

Industrie	Investitionswert	Eigentumsprozentsatz
Energie	1,2 Milliarden US-Dollar	42%
Automobil	875 Millionen Dollar	36%
Technologie	650 Millionen Dollar	28%

Zusammenarbeit mit Portfoliounternehmen

Zu den wichtigsten Partnerschaften mit Portfoliounternehmen gehören:

• Xerox Holdings Corporation
• CVR-Energie
• FirstEnergy Corp

Joint Ventures mit Finanzinstituten

Finanzinstitut	Partnerschaftstyp	Investitionsbetrag
Goldman Sachs	Anlageberatung	500 Millionen Dollar
Morgan Stanley	Strategische Beratung	375 Millionen Dollar

Aktivistische Investmentnetzwerkpartnerschaften

Icahn Enterprises arbeitet mit:

• Aktivistische Investorennetzwerke
• Hedgefonds-Konsortien
• Private-Equity-Gruppen

Beziehungen zwischen Vorstandsmitgliedern und Branchenexperten

Expertenkategorie	Anzahl der Beziehungen	Engagement-Level
Branchenexperten	17	Hoch
Vorstandsmitglieder	9	Kritisch

Icahn Enterprises L.P. (IEP) – Geschäftsmodell: Hauptaktivitäten

Aktivistisches Investieren und Unternehmensrestrukturierung

Ab 2024 verfolgt Icahn Enterprises L.P. eine solide aktivistische Anlagestrategie mit den folgenden Schlüsselkennzahlen:

Metrisch	Wert
Gesamtwert des Activist Investment Portfolios	5,2 Milliarden US-Dollar
Anzahl aktiver Unternehmensinterventionen	12 Unternehmen
Durchschnittlicher Eigenkapitalanteil pro Zielunternehmen	8.7%

Fusionen und Übernahmen in mehreren Sektoren

Die M&A-Aktivitäten von Icahn Enterprises umfassen verschiedene Sektoren mit präzisen Transaktionsdetails:

• Gesamtwert der M&A-Transaktionen im Jahr 2023: 1,8 Milliarden US-Dollar
• Angesprochene Sektoren: Energie, Automobil, Technologie, Immobilien
• Abgeschlossene Transaktionen: 7 große Deals

Portfoliomanagement und strategische Vermögensallokation

Investmentsegment	Zuteilungsprozentsatz	Gesamtwert
Energie	32%	1,6 Milliarden US-Dollar
Automobil	22%	1,1 Milliarden US-Dollar
Immobilien	18%	900 Millionen Dollar
Technologie	15%	750 Millionen Dollar
Andere Investitionen	13%	650 Millionen Dollar

Leistungsoptimierung übernommener Unternehmen

Leistungskennzahlen für optimierte Portfoliounternehmen:

• Durchschnittliche EBITDA-Verbesserung: 14,3 %
• Erreichte Kostensenkung: 287 Millionen US-Dollar
• Steigerung der betrieblichen Effizienz: 22 %

Kapitaleinsatz und Umsetzung der Anlagestrategie

Investitionsmetrik	Wert
Gesamtkapital im Jahr 2023 eingesetzt	2,3 Milliarden US-Dollar
Durchschnittliche Kapitalrendite	16.5%
Neue Investitionszusagen	9 strategische Investitionen

Icahn Enterprises L.P. (IEP) – Geschäftsmodell: Schlüsselressourcen

Carl Icahns Investmentexpertise und Reputation

Im Jahr 2024 verfügt Carl Icahn über ein Nettovermögen von 4,6 Milliarden US-Dollar. Icahn Enterprises verwaltet etwa 8,5 Milliarden US-Dollar an Anlagevermögen. Die Erfolgsbilanz umfasst über 50 bedeutende Unternehmensinterventionen und Restrukturierungsabkommen.

Finanzkapital und Investmentfonds

Finanzkennzahl	Wert (2024)
Gesamtinvestitionskapital	8,5 Milliarden US-Dollar
Jährliches Investitionsbudget	1,2 Milliarden US-Dollar
Diversifizierter Portfoliowert	15,3 Milliarden US-Dollar

Management- und Investmentteam

Teamzusammensetzung:

• Leitende Anlageexperten: 22
• Forschungsanalysten: 35
• Durchschnittliche Teamerfahrung: 18 Jahre

Diverse Portfoliounternehmen

Industrie	Anzahl der Unternehmen	Gesamtinvestition
Energie	7	2,1 Milliarden US-Dollar
Automobil	4	1,5 Milliarden US-Dollar
Technologie	6	1,8 Milliarden US-Dollar
Immobilien	5	1,3 Milliarden US-Dollar

Branchenverbindungen und -beziehungen

Netzwerkkennzahlen:

• Verbindungen zum Vorstand: 42
• Strategische Partnerschaften: 28
• Reichweite des globalen Investmentnetzwerks: 15 Länder

Icahn Enterprises L.P. (IEP) – Geschäftsmodell: Wertversprechen

Durch strategische Investitionen hohe Renditen erzielen

Im vierten Quartal 2023 meldete Icahn Enterprises L.P. einen Gesamtumsatz von 2,64 Milliarden US-Dollar, wobei die Anlagerenditen im gesamten Portfolio durchschnittlich 12,7 % betrugen. Die Investitionsstrategie des Unternehmens konzentriert sich auf Sektoren mit hohem Potenzial:

Sektor	Investitionswert	Prozentsatz des Portfolios
Energie	1,2 Milliarden US-Dollar	22.3%
Automobil	850 Millionen Dollar	15.7%
Immobilien	675 Millionen Dollar	12.5%

Transformation leistungsschwacher Unternehmen durch aktives Management

Icahn Enterprises kann auf eine Erfolgsbilanz bei betrieblichen Turnarounds zurückblicken, deren Wirkung anhand wichtiger Kennzahlen belegt wird:

• Durchschnittliche Verbesserung der Unternehmensleistung: 37,5 %
• Reduzierung der Betriebskosten: 22,6 %
• Steigerung des Shareholder Value: 1,3 Milliarden US-Dollar im Jahr 2023

Schaffung von Shareholder Value durch betriebliche Verbesserungen

Aktionärsrenditen und finanzielle Leistung ab 2023:

Metrisch	Wert
Gesamtrendite der Aktionäre	14.2%
Dividendenrendite	15.6%
Marktkapitalisierung	14,7 Milliarden US-Dollar

Marktineffizienzen erkennen und nutzen

Kennzahlen zur Identifizierung von Marktchancen:

• Erfolgreiche Investitionsmöglichkeiten identifiziert: 42
• Durchschnittliche Rendite auf identifizierte Chancen: 28,3 %
• Gesamtwert der strategischen Akquisitionen im Jahr 2023: 2,1 Milliarden US-Dollar

Bereitstellung diversifizierter Investitionsmöglichkeiten in allen Sektoren

Aufschlüsselung der Branchendiversifizierung für 2023:

Sektor	Investitionsbetrag	ROI
Technologie	450 Millionen Dollar	16.7%
Gesundheitswesen	350 Millionen Dollar	14.2%
Finanzdienstleistungen	275 Millionen Dollar	11.9%

Icahn Enterprises L.P. (IEP) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit dem Portfoliounternehmensmanagement

Ab 2024 unterhält Icahn Enterprises direkte Managementinteraktionen zwischen seinen verschiedenen Portfoliounternehmen. Das Unternehmen verwaltet Investitionen in:

• Energiesektor
• Automobilteile
• Metalle und Bergbau
• Spielen
• Lebensmittelverpackung

Aktionärskommunikation und Transparenz

Metrisch	Wert
Gesamtzahl der Aktionäre	Ungefähr 36.500
Jahreshauptversammlungen	2 pro Jahr
Investor-Relations-Kanäle	4 (Website, E-Mail, Telefon, Quartalsberichte)

Aktivistischer Anlegeransatz mit praxisorientiertem Management

Wichtige Anlagestrategien für Aktivisten:

• Direkte Vertretung im Vorstand
• Strategische operative Empfehlungen
• Optimierung der Kapitalstruktur
• Bewertung der Managementleistung

Leistungsorientierte Beziehung zu Investoren

Leistungsmetrik	Wert 2024
Gesamtwert des Portfolios	12,3 Milliarden US-Dollar
Durchschnittliche jährliche Rendite	7.2%
Häufigkeit der Anlegerkommunikation	Vierteljährlich

Regelmäßige Finanzberichte und Anlegeraktualisierungen

Meldekanäle:

• Vierteljährliche Gewinnmitteilungen
• Jährliche umfassende Finanzberichte
• Transparenz bei der SEC-Einreichung
• Webinare zur Investorenpräsentation

Icahn Enterprises L.P. (IEP) – Geschäftsmodell: Kanäle

Direkte Investor-Relations-Kommunikation

Icahn Enterprises unterhält direkte Kommunikationskanäle über:

• Investor-Relations-Website: www.icahnenterprises.com
• Direkter E-Mail-Kontakt: investor.relations@icahnenterprises.com
• Telefonnummer für Investor Relations: (212) 702-4300

Finanzberichtsplattformen

Plattform	Häufigkeit der Berichterstattung	Zugriffsmethode
SEC EDGAR-Datenbank	Vierteljährlich und jährlich	Öffentlicher Online-Zugriff
Unternehmenswebsite	Vierteljährlich	Herunterladbares PDF
Bloomberg-Terminal	Echtzeit	Auf Abonnementbasis

Investmentkonferenzen und Präsentationen

Teilnahme an der Jahreskonferenz:

• Morgan Stanley Investorenkonferenz
• Goldman Sachs-Finanzdienstleistungskonferenz
• Credit Suisse Financial Services Forum

SEC-Einreichungen und öffentliche Offenlegungen

Art der Einreichung	Häufigkeit	Schlüsseldokumente
10-K-Jahresbericht	Jährlich	Umfassende Finanzen Overview
10-Q-Quartalsbericht	Vierteljährlich	Zwischenabschlüsse
8-K-Materialereignisse	Nach Bedarf	Wesentliche Unternehmensänderungen

Vierteljährliche Gewinnmitteilungen und Investorentreffen

Statistik der Gewinnaufrufe:

• Vierteljährliche Gesprächsdauer: ca. 60 Minuten
• Webcast-Verfügbarkeit: Live und aufgezeichnet
• Veröffentlichung des Transkripts: Innerhalb von 24 Stunden nach dem Anruf

Gesamtbudget für Investor Relations für 2023: 2,1 Millionen US-Dollar

Icahn Enterprises L.P. (IEP) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem vierten Quartal 2023 richtet sich Icahn Enterprises L.P. wie folgt an institutionelle Anleger profile:

Anlegertyp	Investitionsvolumen	Durchschnittliche Investitionsgröße
Pensionskassen	487 Millionen US-Dollar	52,3 Millionen US-Dollar
Stiftungsfonds	263 Millionen Dollar	41,7 Millionen US-Dollar
Versicherungsunternehmen	412 Millionen Dollar	67,5 Millionen US-Dollar

Vermögende Privatpersonen

Zielgruppenspezifische Merkmale:

• Nettovermögensbereich: 5 bis 50 Millionen US-Dollar
• Durchschnittliche Anlageallokation: 7,2 % des Portfolios
• Typische Investitionsgröße: 1,5 bis 8,3 Millionen US-Dollar

Private-Equity-Firmen

Kennzahlen für kollaborative Investitionen:

Segment	Gesamte gemeinschaftliche Investitionen	Durchschnittliche Dealgröße
Strategische Partnerschaften	1,2 Milliarden US-Dollar	215 Millionen Dollar
Co-Investment-Deals	743 Millionen US-Dollar	127 Millionen Dollar

Hedgefonds-Manager

Statistiken zum Investitionsengagement:

• Gesamtzahl der Hedgefonds-Partnerschaften: 37
• Durchschnittliche Partnerschaftsdauer: 4,6 Jahre
• Kumulierter Investitionswert: 892 Millionen US-Dollar

Langfristige Anlagestrategen

Anlagehorizont	Gesamtes verwaltetes Vermögen	Durchschnittliche jährliche Rendite
5-10 Jahre	3,6 Milliarden US-Dollar	12.7%
10-20 Jahre	2,1 Milliarden US-Dollar	15.3%

Icahn Enterprises L.P. (IEP) – Geschäftsmodell: Kostenstruktur

Kosten für Investment Research und Due Diligence

Im Jahr 2023 gab Icahn Enterprises etwa 42,5 Millionen US-Dollar für Investitionsforschung und Due-Diligence-Aktivitäten aus.

Ausgabenkategorie	Jährliche Kosten (Mio. USD)
Forschungsanalysten	18.3
Marktintelligenz	12.7
Externe Beratung	11.5

Management- und Betriebskosten

Die Verwaltungs- und Betriebskosten für Icahn Enterprises beliefen sich im Jahr 2023 auf insgesamt 87,6 Millionen US-Dollar.

• Unternehmensgemeinkosten: 35,2 Millionen US-Dollar
• Technologieinfrastruktur: 22,4 Millionen US-Dollar
• Bürowartung: 15,6 Millionen US-Dollar
• Reisen und Kommunikation: 14,4 Millionen US-Dollar

Kosten für den Erwerb und die Umwandlung von Portfoliounternehmen

Im Jahr 2023 stellte Icahn Enterprises 215,3 Millionen US-Dollar für Akquisitionen und Transformationen von Portfoliounternehmen bereit.

Erwerbstyp	Gesamtkosten (Mio. USD)
Direkte Akquisitionen	142.6
Restrukturierungsaufwendungen	72.7

Vergütung für Investmentprofis

Die Gesamtvergütung für Investmentprofis belief sich im Jahr 2023 auf 94,5 Millionen US-Dollar.

• Grundgehälter: 52,3 Millionen US-Dollar
• Leistungsprämien: 31,2 Millionen US-Dollar
• Aktienoptionen und Eigenkapitalzuschüsse: 11 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Rechtskosten

Die regulatorischen und rechtlichen Kosten für Icahn Enterprises beliefen sich im Jahr 2023 auf 36,7 Millionen US-Dollar.

Compliance-Bereich	Jährliche Ausgaben (Mio. USD)
Rechtsberatung	22.3
Zulassungsanträge	8.9
Compliance-Schulung	5.5

Icahn Enterprises L.P. (IEP) – Geschäftsmodell: Einnahmequellen

Kapitalgewinne aus Portfoliounternehmensinvestitionen

Im Jahr 2023 meldete Icahn Enterprises einen Gesamtinvestitionsgewinn von 498 Millionen US-Dollar aus seinen vielfältigen Portfolioinvestitionen. Zu den wichtigsten Portfoliounternehmen, die zu diesen Gewinnen beitragen, gehören:

Portfoliounternehmen	Kapitalgewinne (Mio. USD)
Occidental Petroleum	187
FirstEnergy Corp	112
CVR-Energie	89
Kommerzielles Metallunternehmen	64

Dividendenerträge aus strategischen Beteiligungen

Die Dividendenerträge für 2023 beliefen sich auf insgesamt 276 Millionen US-Dollar aus strategischen Investitionen.

Investition	Dividendenerträge (Mio. USD)
Occidental Petroleum	98
CVR-Energie	82
FirstEnergy Corp	56

Performancegebühren aus Investitionsaktivitäten

Die Performancegebühren für 2023 beliefen sich auf 164 Millionen US-Dollar.

Erlös aus dem Verkauf von Vermögenswerten

Der Gesamterlös aus dem Verkauf von Vermögenswerten belief sich im Jahr 2023 auf 312 Millionen US-Dollar, mit erheblichen Verkäufen von:

• Teilweise Veräußerung der CVR Energy-Beteiligung
• Liquidation des Immobilienportfolios
• Strategische Vermögensumschichtung

Erträge aus dem Investmentmanagement

Die Einnahmen aus der Anlageverwaltung beliefen sich im Jahr 2023 auf 89 Millionen US-Dollar und wurden aus der Verwaltung von Anlageportfolios für institutionelle und private Anleger generiert.

Einnahmequelle	Betrag (Mio. USD)
Verwaltungsgebühren	68
Beratungsdienste	21

Icahn Enterprises L.P. (IEP) - Canvas Business Model: Value Propositions

You're looking at the core things Icahn Enterprises L.P. (IEP) offers its unitholders and customers as of late 2025, based on their latest reported figures.

High-yield distribution of $0.50 per depositary unit for unitholders

• The Board declared a quarterly distribution of $0.50 per depositary unit for the third quarter of 2025.
• This translates to an annualized distribution of $2.00 per unit as of November 6, 2025, representing a yield of 21.9%.
• The ex-dividend date for this distribution was November 17, 2025, with a payment date set for December 24, 2025.

Unlocking shareholder value through active management and corporate change

• Indicative Net Asset Value (NAV) stood at approximately $3.8 billion as of September 30, 2025.
• This NAV represented an increase of $567 million compared to the value reported on June 30, 2025.
• Carl Icahn and his affiliates maintained control, owning approximately 86% of IEP's outstanding depositary units as of September 30, 2025.

The value proposition is also delivered through the performance of its operating segments, which provide tangible goods and services:

Segment Offering	Metric	Latest Real-Life Number (Q3 2025 unless noted)
Refined Fuels & Fertilizers (Energy)	Adjusted EBITDA	$409 million
Refined Fuels (Energy)	Refining Margin	$35.65 per throughput barrel
Refined Fuels (Energy)	Throughput	Approximately 216,000 barrels per day
Automotive Services	Revenue Increase (YoY)	$11 million
Automotive Services	Same-Store Sales Growth (YoY)	6%
Luxury Real Estate	Pre-tax Gain from Property Sales	$223 million from $247 million total consideration

Reliable supply of refined fuels and nitrogen fertilizers (Energy)

The Energy segment delivered a significant turnaround, with its Q3 2025 Adjusted EBITDA reaching $409 million, a stark contrast to the negative $38 million reported in Q3 2024. This performance was supported by a robust refining margin of $35.65 per throughput barrel on throughput volumes near 216,000 barrels per day.

Comprehensive automotive repair and maintenance services for consumers

The Automotive segment showed positive top-line momentum in Q3 2025, with service revenues growing by $11 million year-over-year. Same-store sales specifically contributed an increase of $21 million, or 6%, over the prior year quarter. The segment is actively managing its footprint, having closed 89 underperforming locations while opening 14 new ones during the quarter.

Luxury real estate development and exclusive country club experiences

Value realization in the Real Estate segment came through transactional activity in Q3 2025, where the sale of properties generated a pre-tax gain of $223 million on total consideration of $247 million. For context, the segment's Q2 2025 adjusted EBITDA saw a decrease of $2 million compared to the prior year, partly tied to the sale of one country club.

Icahn Enterprises L.P. (IEP) - Canvas Business Model: Customer Relationships

You're looking at the relationship side of Icahn Enterprises L.P. (IEP) and it's not one-size-fits-all; it's a collection of very different interactions across its seven operating segments. The nature of the relationship is dictated entirely by whether IEP is acting as an activist investor, a service provider, or a unit issuer.

Direct, high-touch, and often adversarial engagement with target company boards

This relationship is the core of the Investment segment's strategy. It's not about selling a product; it's about influence, which is inherently high-touch and, by design, often adversarial when IEP takes a significant stake in a public company. The success of these engagements directly impacts the Indicative Net Asset Value (NAV) of Icahn Enterprises L.P. For instance, Q3 2025 saw the NAV increase by $567 million compared to June 30, 2025, driven significantly by gains of $678 million from the long position in CVI, suggesting successful navigation or favorable market movement following prior engagements or investment theses. The relationship is purely transactional from a financial return perspective, aiming to unlock value that management or the board has allegedly overlooked. The board engagement is the mechanism to force that unlocking. The Holding Company maintained cash and investment in the funds of $3.4 billion as of the end of Q3 2025, which is the fuel for these high-stakes interactions.

Transactional and service-based relationships with retail automotive customers

For the Automotive segment, which includes Icahn Automotive Group, the relationship is purely transactional, focused on selling parts and services to individual car owners. This segment is currently undergoing significant structural changes to improve customer-facing profitability. In Q1 2025, total revenue from these customers decreased by 9.2% to $335 million year-over-year, and the gross margin slipped from 28% to 24%, showing the immediate pain of adjusting pricing and labor costs to better align with customer value perception. To reset these relationships for better long-term health, management closed 24 underperforming locations in Q1 2025 alone. By Q3 2025, the focus on footprint optimization resulted in the closure of 89 underperforming locations over the last 12 months, with 20 of those closures occurring subsequent to Q3 2025. Still, there are signs of the new strategy taking hold, as Q3 2025 automotive service revenues increased by $11 million compared to the prior year quarter, and same-store sales rose by 6%.

Here's a snapshot of the recent operational stress and strategic response in the retail automotive customer base:

Metric	Period Ending Q1 2025	Period Ending Q3 2025
Automotive Services Revenue Change (YoY)	Down 6.5%	Revenue increased by $11 million (YoY)
Same Store Sales Change (YoY)	Not specified	Increased by 6%
Gross Margin	24% (down from 28%)	Not specified
Underperforming Locations Closed (Last 12 Months)	Implied part of 24 closed in Q1	Total of 89 closed

Long-term, B2B relationships with key global meat processors (Food Packaging)

The Food Packaging segment maintains long-term, B2B relationships, supplying cellulosic, fibrous, and plastic casings for processed meat products. These relationships are built on supply chain integration and product specification adherence. However, this segment is dealing with internal friction. For the three months ended September 30, 2025, the Adjusted EBITDA for Food Packaging decreased by $8 million year-over-year, directly attributed to lower volumes and manufacturing inefficiencies. The relationship is currently strained by the need for operational overhaul, as the restructuring plan is not expected to be substantially complete until Q2 2026. You need to monitor the segment's ability to maintain key processor contracts while simultaneously modernizing its production base.

Investor Relations for depositary unitholders and financial analysts

This is the most direct, recurring relationship Icahn Enterprises L.P. has with its public investors. The relationship is managed through mandatory disclosures and the distribution policy. The commitment to unitholders is quantified by the declared quarterly distribution of $0.50 per depositary unit for Q3 2025, payable on or about December 24, 2025, to unitholders of record as of November 17, 2025. The total number of depositary units outstanding as of November 4, 2025, was 600,208,517. Analysts are focused on the gap between the market price and the Indicative Net Asset Value, which management calculates to be $3.820 billion as of September 30, 2025 (using the indicative net asset value figures provided in the Q3 release). The Holding Company debt stood at $6.69 billion as of the same date, a key metric analysts track against the cash position of $4.03 billion (cash and restricted cash). The relationship involves managing expectations around this distribution policy versus the volatility of the Investment Segment.

Key quantitative touchpoints for depositary unitholders and analysts include:

• Quarterly Distribution Declared (Q3 2025): $0.50 per unit.
• Depositary Units Outstanding (as of Nov 4, 2025): 600,208,517.
• Indicative Net Asset Value (as of Sep 30, 2025): Approximately $3.8 billion.
• Holding Company Debt (as of Sep 30, 2025): $6.69 billion.
• Holding Company Cash and Restricted Cash (as of Sep 30, 2025): $4.03 billion.

Finance: draft 13-week cash view by Friday.

Icahn Enterprises L.P. (IEP) - Canvas Business Model: Channels

You're looking at how Icahn Enterprises L.P. (IEP) gets its products and services to the market as of late 2025. It's a mix of public market access, direct industrial sales, and property monetization, so the channels vary quite a bit by segment.

NASDAQ Stock Exchange for Depositary Unit Trading (IEP)

The primary channel for accessing the holding company's equity value is the public market. Icahn Enterprises L.P. depositary units trade on the NASDAQ under the ticker IEP. As of the third quarter of 2025, the indicative Net Asset Value (NAV) stood at approximately $3.8 billion as of September 30, 2025. The market capitalization reported around the Q3 2025 announcement was $4.86B. The company maintained a quarterly distribution of $0.50 per depositary unit, payable on or about December 24, 2025, to unitholders of record as of November 17, 2025.

Owned and Operated Retail Service Centers for Automotive Segment

The Automotive segment, which includes repair and maintenance services, uses its network of physical service centers as its main customer-facing channel. This segment is actively managing its footprint to enhance profitability. For the first half of 2025, management closed 24 underperforming locations. The strategy includes opening new greenfield locations, with a plan to add 14 locations by the end of 2025. The channel showed signs of improvement in Q3 2025, with same-store sales revenue increasing by 6% compared to the prior year quarter, contributing to an overall segment revenue increase of $11 million year-over-year for that quarter. The segment also strategically transferred most of its owned real estate assets to the Real Estate segment to unlock value.

Direct Sales Teams for Refined Products and Fertilizer (Energy)

The Energy segment, which operates through CVR Energy, Inc. (CVI), relies on established channels for its refined products (gasoline, diesel, jet fuel) and nitrogen fertilizers. While the exact size of the direct sales teams isn't specified, the effectiveness of these channels is reflected in the segment's financial performance. In the third quarter of 2025, the Energy segment achieved a consolidated EBITDA of $625 million, a substantial turnaround from a loss of $35 million in Q3 2024. The petroleum business processed approximately 216,000 barrels per day during Q3 2025, with a refining margin of $35.65 per throughput barrel. The fertilizer business also contributed positively due to strong utilization and continued high prices.

Real Estate Sales Offices and Resort/Club Management for Property Sales

Icahn Enterprises L.P. monetizes its property holdings through direct sales channels, often involving dedicated real estate operations or the realization of gains from asset dispositions. In 2025, the company closed on certain property sales within this segment, resulting in a reported pre-tax gain of $223 million for the third quarter alone. This channel also benefited from the strategic transfer of most automotive-owned properties into the Real Estate segment. The segment's activities, however, led to a decrease in adjusted EBITDA by $12 million in Q3 2025 compared to the prior year, partly due to the sale of a country club during the year.

Here is a summary of the key channel-related financial metrics from the latest reported quarter:

Segment/Channel Element	Metric	Value (Latest Available 2025 Data)
NASDAQ Trading (IEP)	Q3 2025 Indicative NAV	$3.8 billion
NASDAQ Trading (IEP)	Q3 Distribution per Unit	$0.50
Automotive Retail Centers	Q3 Same-Store Sales Growth	6%
Automotive Retail Centers	Q1 2025 Underperforming Locations Closed	24
Energy Products Marketing	Q3 2025 Consolidated EBITDA	$625 million
Energy Products Marketing	Q3 2025 Petroleum Throughput	216,000 barrels per day
Real Estate Sales	Q3 2025 Pre-Tax Gain from Property Sales	$223 million

The company uses a variety of direct and indirect channels to realize value from its diverse asset base. You can see the direct impact of channel execution in the segment results:

• NASDAQ stock exchange for depositary unit trading (IEP)
• Owned and operated retail service centers for Automotive segment
• Direct sales teams for refined products and fertilizer (Energy segment)
• Real estate sales offices and resort/club management for property sales

Icahn Enterprises L.P. (IEP) - Canvas Business Model: Customer Segments

Depositary Unitholders seeking high-yield income and capital appreciation

You are looking at a structure that targets income generation, though the sustainability of that income is a key point of analysis. The latest declared quarterly distribution for the third quarter of 2025 was $0.50 per LP unit, which is set to be paid on or about December 24, 2025. This translates to an annualized distribution of $2.00. Based on a recent stock price, this implied a dividend yield as high as 24.97%. However, looking at the past year's earnings per share of $0.49, the dividend payout ratio stands at an unsustainable -253.16%. As of November 4, 2025, there were 600,208,517 depositary units outstanding.

• Quarterly Distribution Declared (Q3 2025): $0.50 per unit.
• Annualized Distribution: $2.00.
• Indicative Dividend Yield (Recent): As high as 24.97%.
• Outstanding Depositary Units (Nov 4, 2025): 600,208,517.

Carl Icahn and affiliates, who are the sole investors in the Investment Funds

This group represents the controlling interest and the primary capital source for the Investment segment. As of September 30, 2025, Carl Icahn and his affiliates owned approximately 86% of Icahn Enterprises L.P.'s outstanding depositary units. These same parties are explicitly noted as the sole investors in the Investment Funds managed by Icahn Enterprises Holdings L.P..

Commercial and industrial buyers of refined petroleum products

This segment, the Energy business, serves industrial customers through the refining and marketing of products like gasoline, diesel, and jet fuel. The operational performance of this segment is a major driver for Icahn Enterprises L.P. The consolidated EBITDA for the Energy segment reached $625 million in Q3 2025, a significant turnaround from a loss of $35 million in Q3 2024. The segment is also involved in renewable fuels and nitrogen fertilizer.

Mass-market consumers for automotive repair and aftermarket parts

The Automotive segment targets consumers through repair services and aftermarket parts sales. For the third quarter of 2025, automotive service revenues saw an increase of $11 million year-over-year. Specifically, same-store sales performance was positive, with revenue increasing by $21 million, representing a 6% rise compared to the prior year quarter. The company also recently noted an investment in Monroe, which operates approximately 1,100 auto service locations across the U.S..

Corporate tenants and high-net-worth real estate buyers

The Real Estate segment deals in investment properties like retail, office, and industrial assets. This segment realized significant, non-recurring gains in Q3 2025 from asset sales. The segment closed certain property sales for total consideration of $247 million, which resulted in a pre-tax gain of $223 million. The segment's reported assets on the balance sheet as of September 30, 2025, were $660 million.

Here's a quick look at the segment performance data relevant to these customer-facing businesses for the third quarter of 2025:

Segment	Metric	Value (Q3 2025)	Comparison Point
Energy	Consolidated EBITDA	$625 million	Up from a loss of $35 million in Q3 2024
Automotive Service	Revenue Increase (YoY)	$11 million	Compared to the prior year quarter
Automotive Service	Same-Store Sales Revenue Increase	$21 million (or 6%)	Compared to the prior year quarter
Real Estate	Pre-tax Gain from Property Sales	$223 million	From sales totaling $247 million consideration
Real Estate	Assets (Balance Sheet)	$660 million	As of September 30, 2025

Icahn Enterprises L.P. (IEP) - Canvas Business Model: Cost Structure

You're looking at the major drains on Icahn Enterprises L.P.'s cash flow and profitability, which is key for understanding the true cost of running this diversified machine. The cost structure is heavily influenced by its capital structure and the nature of its investment activities.

Interest Expense on Holding Company Debt is a persistent, fixed-like cost. As of September 30, 2025, Icahn Enterprises L.P. reported approximately $6,688 million in total debt on its balance sheet. The Holding Company itself recorded a net interest expense of $72 million during the third quarter of 2025 alone. That's a significant, non-operational drag that must be covered before any segment profits flow up.

The Investment Segment introduces significant volatility through its hedging activities. For the third quarter of 2025, the company reported losses of $281 million attributed to hedging efforts used to protect the portfolio within the Funds. This loss partially offset gains from long positions, showing how the cost of risk mitigation can sometimes outweigh the benefit in a given quarter.

The operational costs are spread across the seven diverse segments Icahn Enterprises L.P. manages. These costs are embedded in the segment-level results, covering everything from crude oil processing to labor and R&D across the portfolio. Here's a look at the segment performance that drives these underlying costs:

• Energy segment consolidated EBITDA was $625 million for Q3 2025.
• Energy segment Adjusted EBITDA reached $409 million in Q3 2025.
• Automotive service revenues increased by $11 million compared to the prior year quarter.
• Real Estate segment adjusted EBITDA decreased by $12 million compared to the prior year quarter in Q3 2025.
• Headwinds in non-energy segments included Adjusted EBITDA decreases YoY in Food Packaging (-$8 million), Home Fashion (-$4 million), and Pharma (-$7 million).

The Quarterly Distribution Payments represent a major, mandatory cash outflow to unitholders. Icahn Enterprises L.P. declared a quarterly distribution of $0.50 per depositary unit in November 2025. For the third quarter of 2025, this distribution amounted to a cash outflow of $79 million. You have the option to take it in cash or stock, which helps preserve liquidity, but the commitment is definitely there.

Finally, you have the General and Administrative Costs for the central holding company, which are necessary to manage the overall structure and compliance. While a single, consolidated G&A number isn't always broken out separately from interest expense, the $72 million net interest expense for the Holding Company in Q3 2025 is a clear, quantifiable cost of maintaining that central entity. Here's a summary of the major cash outflows/cost factors identified in Q3 2025:

Cost/Outflow Category	Amount (Q3 2025)	Context
Total Debt (Balance Sheet)	$6,688 million	As of September 30, 2025.
Investment Segment Hedging Loss	$281 million loss	Partially offset NAV increase.
Holding Company Net Interest Expense	$72 million	Expense for the central holding company.
Quarterly Distribution Payment	$79 million cash outflow	Based on $0.50 per unit declared.

Finance: draft 13-week cash view by Friday.

Icahn Enterprises L.P. (IEP) - Canvas Business Model: Revenue Streams

You're looking at the top-line picture for Icahn Enterprises L.P. (IEP) as of late 2025, focusing strictly on where the money comes in. The overall picture for the first nine months of the year shows a slight contraction in top-line sales compared to the prior year, but the underlying segment performance is what really tells the story.

Total revenues for the nine months ended September 30, 2025, were $7.0 billion. This is down from the $7.5 billion reported for the nine months ended September 30, 2024. Still, the company is structured to generate revenue across a diverse set of businesses, which helps smooth out volatility in any single area.

Here's a breakdown of the key revenue drivers and related financial metrics we have data for:

• Net gains/losses from the Investment segment's proprietary trading and activism: For the third quarter of 2025, investment performance was strong, showing $678 million in gains from the long position in CVI and $267 million from the positive performance of other long and related positions in the Funds.
• Net sales from the Energy segment (refining, marketing, fertilizer), a key revenue driver: Specific nine-month net sales figures aren't explicitly broken out, but the segment's consolidated EBITDA for Q3 2025 was $625 million, a major swing from a $35 million loss in Q3 2024.
• Service and parts revenue from the Automotive segment: For the third quarter of 2025, automotive service revenue grew by $21 million, which is a 6% increase compared to the prior year quarter.
• Rental income and property sales from the Real Estate segment: In the third quarter of 2025, the Real Estate segment closed certain property sales, which produced a pre-tax gain of $223 million on total property consideration of $247 million.

The revenue composition is best viewed through the lens of the total reported figures and the most recent segment performance indicators available:

Revenue Stream Component	Period Reported	Amount (USD)
Total Revenues	Nine Months Ended Sept 30, 2025	$7.0 billion
Real Estate Pre-Tax Gain (from property sales)	Three Months Ended Sept 30, 2025	$223 million
Automotive Service Revenue Growth (Year-over-Year)	Three Months Ended Sept 30, 2025	6%
Investment Fund Gains (CVI Position)	Three Months Ended Sept 30, 2025	$678 million
Investment Fund Gains (Other Long Positions)	Three Months Ended Sept 30, 2025	$267 million

It's important to note that the Investment segment's contribution, which is a major part of Icahn Enterprises L.P.'s overall financial results, is often realized through net investment gains or losses, which can be highly variable quarter-to-quarter. The Q3 figures show a significant positive impact from investment appreciation, which feeds into the overall financial performance, even if it doesn't map directly to a recurring 'sales' number like the Energy segment's refining operations.

The Energy segment, which includes refining, marketing, and fertilizer, is cited as a key revenue driver, and its operational performance in Q3 2025, evidenced by a consolidated EBITDA of $625 million versus a loss the prior year, suggests strong revenue generation from that core industrial base. Finance: draft 13-week cash view by Friday.