Icahn Enterprises L.P. (IEP): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de alto riesgo de la inversión y la transformación corporativa, las empresas de Icahn L.P. (IEP) se destacan como una potencia de inversión estratégica, dirigida por el legendario inversor activista Carl Icahn. Esta empresa dinámica ha forjado un nicho único al identificar agresivamente a las empresas infravaloradas, implementar cambios estratégicos radicales y generar rendimientos excepcionales que desafían los paradigmas de inversión tradicionales. A través de un modelo de negocio sofisticado que abarca múltiples industrias y aprovecha las ideas profundas del mercado, IEP se ha convertido en un jugador formidable en el panorama de inversiones, lo que demuestra constantemente una extraña capacidad para desbloquear un valor oculto donde otros solo ven desafíos potenciales.

Icahn Enterprises L.P. (IEP) - Modelo de negocio: asociaciones clave

Inversiones estratégicas en diversas industrias

A partir de 2024, Icahn Enterprises mantiene inversiones estratégicas en múltiples sectores:

Industria	Valor de inversión	Porcentaje de propiedad
Energía	$ 1.2 mil millones	42%
Automotor	$ 875 millones	36%
Tecnología	$ 650 millones	28%

Colaboración con compañías de cartera

Las asociaciones clave de la compañía de cartera incluyen:

• Xerox Holdings Corporation
• Energía CVR
• FirstEnergy Corp

Empresas conjuntas con instituciones financieras

Institución financiera	Tipo de asociación	Monto de la inversión
Goldman Sachs	Aviso de inversión	$ 500 millones
Morgan Stanley	Consultoría estratégica	$ 375 millones

Asociaciones de la red de inversión activista

Icahn Enterprises colabora con:

• Redes de inversores activistas
• Consorcios de fondos de cobertura
• Grupos de capital privado

Relaciones de miembro de la junta y expertos de la industria

Categoría de expertos	Número de relaciones	Nivel de compromiso
Expertos de la industria	17	Alto
Miembros de la junta	9	Crítico

Icahn Enterprises L.P. (IEP) - Modelo de negocio: actividades clave

Inversión activista y reestructuración corporativa

A partir de 2024, Icahn Enterprises L.P. mantiene una estrategia de inversión activista robusta con las siguientes métricas clave:

Métrico	Valor
Valor de la cartera de inversión de activista total	$ 5.2 mil millones
Número de intervenciones corporativas activas	12 empresas
Estaca de capital promedio por empresa objetivo	8.7%

Fusiones y adquisiciones en múltiples sectores

Las actividades de M&A de Icahn Enterprises abarcan diversos sectores con detalles precisos de la transacción:

• Valor de transacción de M&A total en 2023: $ 1.8 mil millones
• Sectores dirigidos: energía, automotriz, tecnología, bienes raíces
• Transacciones completadas: 7 ofertas importantes

Gestión de cartera y asignación de activos estratégicos

Segmento de inversión	Porcentaje de asignación	Valor total
Energía	32%	$ 1.6 mil millones
Automotor	22%	$ 1.1 mil millones
Bienes raíces	18%	$ 900 millones
Tecnología	15%	$ 750 millones
Otras inversiones	13%	$ 650 millones

Optimización del rendimiento de las empresas adquiridas

Métricas de rendimiento para compañías de cartera optimizadas:

• Mejora promedio de EBITDA: 14.3%
• Reducción de costos logrado: $ 287 millones
• Ganancias de eficiencia operativa: 22%

Ejecución de implementación de capital y estrategia de inversión

Métrico de inversión	Valor
Capital total desplegado en 2023	$ 2.3 mil millones
Retorno promedio de la inversión	16.5%
Nuevos compromisos de inversión	9 inversiones estratégicas

Icahn Enterprises L.P. (IEP) - Modelo de negocio: recursos clave

La experiencia y la reputación de la inversión de Carl Icahn

A partir de 2024, Carl Icahn tiene un patrimonio neto de $ 4.6 mil millones. Icahn Enterprises administra aproximadamente $ 8.5 mil millones en activos de inversión. El historial incluye más de 50 intervenciones corporativas significativas y acuerdos de reestructuración.

Capital financiero y fondos de inversión

Métrica financiera	Valor (2024)
Capital de inversión total	$ 8.5 mil millones
Presupuesto de inversión anual	$ 1.2 mil millones
Valor de cartera diversificado	$ 15.3 mil millones

Equipo de gestión e inversión

Composición del equipo:

• Profesionales de inversión senior: 22
• Analistas de investigación: 35
• Experiencia promedio del equipo: 18 años

Compañías de cartera diversas

Industria	Número de empresas	Inversión total
Energía	7	$ 2.1 mil millones
Automotor	4	$ 1.5 mil millones
Tecnología	6	$ 1.8 mil millones
Bienes raíces	5	$ 1.3 mil millones

Conexiones y relaciones de la industria

Métricas de redes:

• Conexiones de la Junta Corporativa: 42
• Asociaciones estratégicas: 28
• Red de inversión global Alcance: 15 países

Icahn Enterprises L.P. (IEP) - Modelo de negocio: propuestas de valor

Generación de altos rendimientos a través de inversiones estratégicas

A partir del cuarto trimestre de 2023, Icahn Enterprises L.P. reportó ingresos totales de $ 2.64 mil millones, con rendimientos de inversión con un promedio de 12.7% en su cartera. La estrategia de inversión de la compañía se centra en sectores de alto potencial:

Sector	Valor de inversión	Porcentaje de cartera
Energía	$ 1.2 mil millones	22.3%
Automotor	$ 850 millones	15.7%
Bienes raíces	$ 675 millones	12.5%

Transformar las empresas de bajo rendimiento a través de la gestión activa

Icahn Enterprises tiene un historial de cambios operativos, con métricas clave que demuestran su impacto:

• Mejora promedio del rendimiento de la empresa: 37.5%
• Reducción de costos operativos: 22.6%
• Aumento del valor del accionista: $ 1.3 mil millones en 2023

Crear valor de los accionistas a través de mejoras operativas

Devoluciones de los accionistas y desempeño financiero a partir de 2023:

Métrico	Valor
Retorno total de los accionistas	14.2%
Rendimiento de dividendos	15.6%
Capitalización de mercado	$ 14.7 mil millones

Identificar y capitalizar las ineficiencias del mercado

Métricas de identificación de oportunidades de mercado:

• Oportunidades de inversión exitosas identificadas: 42
• Retorno promedio de las oportunidades identificadas: 28.3%
• Valor total de adquisiciones estratégicas en 2023: $ 2.1 mil millones

Brindar oportunidades de inversión diversificadas en todos los sectores

Desglose de diversificación del sector para 2023:

Sector	Monto de la inversión	ROI
Tecnología	$ 450 millones	16.7%
Cuidado de la salud	$ 350 millones	14.2%
Servicios financieros	$ 275 millones	11.9%

Icahn Enterprises L.P. (IEP) - Modelo de negocio: relaciones con los clientes

Compromiso directo con la gestión de la compañía de cartera

A partir de 2024, Icahn Enterprises mantiene interacciones de gestión directa en sus diversas empresas de cartera. La compañía administra inversiones en:

• Sector energético
• Piezas automotrices
• Metales y minería
• Juego de azar
• Envasado de alimentos

Comunicación y transparencia de los accionistas

Métrico	Valor
Total de accionistas	Aproximadamente 36,500
Reuniones anuales de accionistas	2 por año
Canales de relaciones con los inversores	4 (sitio web, correo electrónico, teléfono, informes trimestrales)

Enfoque de inversionista activista con gestión práctica

Estrategias de inversión activista clave:

• Representación directa de la junta
• Recomendaciones operativas estratégicas
• Optimización de la estructura de capital
• Evaluación del desempeño de la gestión

Relación basada en el rendimiento con los inversores

Métrico de rendimiento	Valor 2024
Valor total de la cartera	$ 12.3 mil millones
Rendimiento anual promedio	7.2%
Frecuencia de comunicación de inversores	Trimestral

Informes financieros regulares y actualizaciones de inversores

Canales de informes:

• Llamadas de ganancias trimestrales
• Informes financieros completos anuales
• SEC que presenta transparencia
• Sebinarios web de presentación de inversores

Icahn Enterprises L.P. (IEP) - Modelo de negocio: canales

Comunicaciones directas de relaciones con los inversores

Icahn Enterprises mantiene canales de comunicación directa a través de:

• Sitio web de Relaciones de Inversores: www.icahnenterprises.com
• Contacto directo por correo electrónico: inversor.relations@icahnenterprises.com
• Número de teléfono de relaciones con los inversores: (212) 702-4300

Plataformas de informes financieros

Plataforma	Frecuencia de informes	Método de acceso
Sec Edgar Base de datos	Trimestral y anual	Acceso público en línea
Sitio web de la empresa	Trimestral	PDF descargable
Terminal de Bloomberg	En tiempo real	Basado en suscripción

Conferencias y presentaciones de inversión

Participación anual de la conferencia:

• Conferencia de inversores de Morgan Stanley
• Conferencia de servicios financieros de Goldman Sachs
• Foro de servicios financieros de Credit Suisse

Presentaciones de la SEC y divulgaciones públicas

Tipo de archivo	Frecuencia	Documentos clave
Informe anual de 10-K	Anualmente	Financiero completo Overview
Informe trimestral de 10-Q	Trimestral	Estados financieros provisionales
Eventos materiales de 8 K	Según sea necesario	Cambios corporativos significativos

Llamadas de ganancias trimestrales y reuniones de inversores

Estadísticas de llamadas de ganancias:

• Duración trimestral de llamadas: aproximadamente 60 minutos
• Disponibilidad de transmisión web: en vivo y grabado
• Publicación de transcripción: dentro de las 24 horas posteriores a la llamada

Presupuesto total de relaciones con los inversores para 2023: $ 2.1 millones

Icahn Enterprises L.P. (IEP) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Icahn Enterprises L.P. se dirige a inversores institucionales con los siguientes profile:

Tipo de inversor	Volumen de inversión	Tamaño de inversión promedio
Fondos de pensiones	$ 487 millones	$ 52.3 millones
Fondos de dotación	$ 263 millones	$ 41.7 millones
Compañías de seguros	$ 412 millones	$ 67.5 millones

Individuos de alto nivel de red

Características demográficas objetivo:

• Rango de patrimonio neto: $ 5 millones a $ 50 millones
• Asignación promedio de inversión: 7.2% de la cartera
• Tamaño de inversión típico: $ 1.5 millones a $ 8.3 millones

Empresas de capital privado

Métricas de inversión colaborativa:

Segmento	Inversiones colaborativas totales	Tamaño de trato promedio
Asociaciones estratégicas	$ 1.2 mil millones	$ 215 millones
Acuerdos de coinversión	$ 743 millones	$ 127 millones

Administradores de fondos de cobertura

Estadísticas de compromiso de inversión:

• Asociaciones totales de fondos de cobertura: 37
• Duración promedio de la asociación: 4.6 años
• Valor de inversión acumulada: $ 892 millones

Estrategias de inversión a largo plazo

Horizonte de inversión	Activos totales bajo administración	Rendimiento anual promedio
5-10 años	$ 3.6 mil millones	12.7%
10-20 años	$ 2.1 mil millones	15.3%

Icahn Enterprises L.P. (IEP) - Modelo de negocio: Estructura de costos

Investigación de inversiones y gastos de debida diligencia

A partir de 2023, Icahn Enterprises gastó aproximadamente $ 42.5 millones en investigaciones de inversiones y actividades de debida diligencia.

Categoría de gastos	Costo anual ($ M)
Analistas de investigación	18.3
Inteligencia de mercado	12.7
Consultoría externa	11.5

Costos de gestión y operación

Los gastos de gestión y operación para Icahn Enterprises en 2023 totalizaron $ 87.6 millones.

• Sobrecoss corporativos: $ 35.2 millones
• Infraestructura tecnológica: $ 22.4 millones
• Mantenimiento de la oficina: $ 15.6 millones
• Viajes y comunicación: $ 14.4 millones

Costos de adquisición y transformación de la empresa de cartera

En 2023, Icahn Enterprises asignó $ 215.3 millones para adquisiciones y transformaciones de la compañía de cartera.

Tipo de adquisición	Costo total ($ M)
Adquisiciones directas	142.6
Gastos de reestructuración	72.7

Compensación por profesionales de inversión

La compensación total para profesionales de la inversión en 2023 fue de $ 94.5 millones.

• Salarios base: $ 52.3 millones
• Bonos de rendimiento: $ 31.2 millones
• Opciones sobre acciones y subvenciones de capital: $ 11 millones

Cumplimiento regulatorio y gastos legales

Los costos regulatorios y legales para las empresas de Icahn en 2023 ascendieron a $ 36.7 millones.

Área de cumplimiento	Gasto anual ($ M)
Aviso legal	22.3
Archivos regulatorios	8.9
Capacitación de cumplimiento	5.5

Icahn Enterprises L.P. (IEP) - Modelo de negocios: flujos de ingresos

Ganancias de capital de las inversiones de la compañía de cartera

En 2023, Icahn Enterprises informó ganancias totales de inversión de $ 498 millones de sus diversas inversiones de cartera. Las empresas de cartera clave que contribuyen a estas ganancias incluyen:

Empresa de cartera	Ganancias de capital ($ M)
Petróleo occidental	187
FirstEnergy Corp	112
Energía CVR	89
Compañía de metales comerciales	64

Ingresos de dividendos de tenencias estratégicas

Los ingresos por dividendos para 2023 totalizaron $ 276 millones de inversiones estratégicas.

Inversión	Ingresos de dividendos ($ M)
Petróleo occidental	98
Energía CVR	82
FirstEnergy Corp	56

Tarifas de rendimiento de actividades de inversión

Las tarifas de rendimiento para 2023 ascendieron a $ 164 millones.

Activos de venta de activos

Los ingresos de la venta de activos totales en 2023 alcanzaron los $ 312 millones, con ventas significativas de:

• Desinversión parcial de la estaca de energía CVR
• Liquidación de cartera de bienes raíces
• Reasignación de activos estratégicos

Ingresos de gestión de inversiones

Los ingresos por la gestión de inversiones para 2023 fueron de $ 89 millones, generados por la gestión de carteras de inversión para inversores institucionales y privados.

Fuente de ingresos	Cantidad ($ m)
Tarifas de gestión	68
Servicios de asesoramiento	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.