ICAHN Enterprises L.P. (IEP): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde des enjeux élevés de l'investissement et de la transformation des entreprises, ICAHN Enterprises L.P. (IEP) est une puissance d'investissement stratégique, dirigé par l'investisseur militant légendaire Carl Icahn. Cette entreprise dynamique a creusé un créneau unique en identifiant agressivement les entreprises sous-évaluées, en mettant en œuvre des changements stratégiques radicaux et en générant des rendements exceptionnels qui remettent en question les paradigmes d'investissement traditionnels. Grâce à un modèle commercial sophistiqué qui s'étend sur plusieurs industries et exploite des informations approfondies sur le marché, l'IEP est devenu un acteur formidable dans le paysage d'investissement, démontrant constamment une capacité étrange à débloquer une valeur cachée où d'autres ne voient que des défis potentiels.

ICAHN Enterprises L.P. (IEP) - Modèle commercial: partenariats clés

Investissements stratégiques dans diverses industries

En 2024, ICAHN Enterprises entretient des investissements stratégiques dans plusieurs secteurs:

Industrie	Valeur d'investissement	Pourcentage de propriété
Énergie	1,2 milliard de dollars	42%
Automobile	875 millions de dollars	36%
Technologie	650 millions de dollars	28%

Collaboration avec des sociétés de portefeuille

Les partenariats clés des sociétés de portefeuille comprennent:

• Xerox Holdings Corporation
• Énergie CVR
• FirstEnergy Corp

Coentreprises avec des institutions financières

Institution financière	Type de partenariat	Montant d'investissement
Goldman Sachs	Avis d'investissement	500 millions de dollars
Morgan Stanley	Conseil stratégique	375 millions de dollars

Partenariats du réseau d'investissement activistes

ICAHN Enterprises collabore avec:

• Réseaux d'investisseurs activistes
• Consortiums de fonds spéculatifs
• Groupes de capital-investissement

Relations des membres du conseil et des experts de l'industrie

Catégorie d'experts	Nombre de relations	Niveau d'engagement
Experts de l'industrie	17	Haut
Membres du conseil d'administration	9	Critique

ICAHN Enterprises L.P. (IEP) - Modèle d'entreprise: Activités clés

Investissement activiste et restructuration des entreprises

En 2024, ICAHN Enterprises L.P. maintient une stratégie d'investissement activiste robuste avec les mesures clés suivantes:

Métrique	Valeur
Valeur du portefeuille d'investissement des activistes totaux	5,2 milliards de dollars
Nombre d'interventions de l'entreprise actives	12 entreprises
Papier de capitaux propres moyen par société cible	8.7%

Fusions et acquisitions sur plusieurs secteurs

Les activités de fusions et acquisitions d'Icahn Enterprises couvrent divers secteurs avec des détails de transaction précis:

• Valeur totale des transactions de fusions et acquisitions en 2023: 1,8 milliard de dollars
• Secteurs ciblés: énergie, automobile, technologie, immobilier
• Transactions terminées: 7 transactions majeures

Gestion du portefeuille et allocation des actifs stratégiques

Segment d'investissement	Pourcentage d'allocation	Valeur totale
Énergie	32%	1,6 milliard de dollars
Automobile	22%	1,1 milliard de dollars
Immobilier	18%	900 millions de dollars
Technologie	15%	750 millions de dollars
Autres investissements	13%	650 millions de dollars

Optimisation des performances des sociétés acquises

Métriques de performance pour les sociétés de portefeuille optimisées:

• Amélioration moyenne de l'EBITDA: 14,3%
• Réduction des coûts réalisée: 287 millions de dollars
• Gains d'efficacité opérationnelle: 22%

Exécution du déploiement et de la stratégie d'investissement en capital

Métrique d'investissement	Valeur
Capital total déployé en 2023	2,3 milliards de dollars
Retour d'investissement moyen	16.5%
Nouveaux engagements d'investissement	9 Investissements stratégiques

ICAHN Enterprises L.P. (IEP) - Modèle commercial: Ressources clés

L'expertise et la réputation d'investissement de Carl Icahn

En 2024, Carl Icahn détient une valeur nette de 4,6 milliards de dollars. ICAHN Enterprises gère environ 8,5 milliards de dollars d'actifs d'investissement. Les antécédents comprennent plus de 50 interventions importantes d'entreprise et des transactions de restructuration.

Fonds de capital financier et d'investissement

Métrique financière	Valeur (2024)
Capital d'investissement total	8,5 milliards de dollars
Budget d'investissement annuel	1,2 milliard de dollars
Valeur de portefeuille diversifiée	15,3 milliards de dollars

Équipe de gestion et d'investissement

Composition de l'équipe:

• Professionnels supérieurs de l'investissement: 22
• Analystes de recherche: 35
• Expérience moyenne de l'équipe: 18 ans

Diverses sociétés de portefeuille

Industrie	Nombre d'entreprises	Investissement total
Énergie	7	2,1 milliards de dollars
Automobile	4	1,5 milliard de dollars
Technologie	6	1,8 milliard de dollars
Immobilier	5	1,3 milliard de dollars

Connexions et relations de l'industrie

Métriques de réseautage:

• Connexions du Conseil d'entreprise: 42
• Partenariats stratégiques: 28
• Réseau d'investissement mondial Reach: 15 pays

ICAHN Enterprises L.P. (IEP) - Modèle d'entreprise: propositions de valeur

Générer des rendements élevés grâce à des investissements stratégiques

Au quatrième trimestre 2023, ICAHN Enterprises L.P. La stratégie d'investissement de l'entreprise se concentre sur les secteurs à haut potentiel:

Secteur	Valeur d'investissement	Pourcentage de portefeuille
Énergie	1,2 milliard de dollars	22.3%
Automobile	850 millions de dollars	15.7%
Immobilier	675 millions de dollars	12.5%

Transformer les entreprises sous-performantes par la gestion active

ICAHN Enterprises a des antécédents de revirement opérationnels, avec des mesures clés démontrant son impact:

• Amélioration moyenne des performances de l'entreprise: 37,5%
• Réduction des coûts opérationnels: 22,6%
• Augmentation de la valeur des actionnaires: 1,3 milliard de dollars en 2023

Création de la valeur des actionnaires grâce à des améliorations opérationnelles

Rendement des actionnaires et performance financière à partir de 2023:

Métrique	Valeur
Rendement total des actionnaires	14.2%
Rendement des dividendes	15.6%
Capitalisation boursière	14,7 milliards de dollars

Identifier et capitaliser sur les inefficacités du marché

Mesures d'identification des opportunités de marché:

• Opportunités d'investissement réussies identifiées: 42
• Retour moyen des opportunités identifiées: 28,3%
• Valeur totale des acquisitions stratégiques en 2023: 2,1 milliards de dollars

Fournir des opportunités d'investissement diversifiées dans les secteurs

Répartition de la diversification du secteur pour 2023:

Secteur	Montant d'investissement	Retour de retour
Technologie	450 millions de dollars	16.7%
Soins de santé	350 millions de dollars	14.2%
Services financiers	275 millions de dollars	11.9%

ICAHN Enterprises L.P. (IEP) - Modèle d'entreprise: relations clients

Engagement direct avec la gestion des entreprises de portefeuille

En 2024, ICAHN Enterprises maintient les interactions directes de gestion dans ses diverses sociétés de portefeuille. La société gère les investissements dans:

• Secteur de l'énergie
• Pièces automobiles
• Métaux et mines
• Jeu
• Emballage alimentaire

Communication et transparence des actionnaires

Métrique	Valeur
Total des actionnaires	Environ 36 500
Réunions annuelles des actionnaires	2 par an
Canaux de relations avec les investisseurs	4 (site Web, e-mail, téléphone, rapports trimestriels)

Approche des investisseurs activistes avec gestion pratique

Stratégies d'investissement des militants clés:

• Représentation directe du conseil d'administration
• Recommandations opérationnelles stratégiques
• Optimisation de la structure du capital
• Évaluation des performances de la gestion

Relation axée sur les performances avec les investisseurs

Métrique de performance	Valeur 2024
Valeur totale du portefeuille	12,3 milliards de dollars
Rendement annuel moyen	7.2%
Fréquence de communication des investisseurs	Trimestriel

Rapports financiers réguliers et mises à jour des investisseurs

Canaux de rapport:

• Appels de résultats trimestriels
• Rapports financiers complets annuels
• Transparence du dépôt de la SEC
• Webinaires de présentation des investisseurs

ICAHN Enterprises L.P. (IEP) - Modèle d'entreprise: canaux

Communications des relations avec les investisseurs directs

ICAHN Enterprises maintient les canaux de communication directs à travers:

• Site Web des relations avec les investisseurs: www.icahlenterprises.com
• Contact par courrier électronique direct: investisseur.relations@icahnerterprises.com
• Relations des investisseurs Numéro de téléphone: (212) 702-4300

Plateformes d'information financière

Plate-forme	Fréquence de rapport	Méthode d'accès
SEC Edgar Database	Trimestriel et annuel	Accès en ligne public
Site Web de l'entreprise	Trimestriel	PDF téléchargeable
Bloomberg Terminal	En temps réel	Sous-marin

Conférences et présentations d'investissement

Participation annuelle de la conférence:

• Conférence des investisseurs de Morgan Stanley
• Conférence des services financiers de Goldman Sachs
• Credit Suisse Financial Services Forum

Dépôts de la SEC et divulgations publiques

Type de classement	Fréquence	Documents clés
Rapport annuel de 10 K	Annuellement	Financier complet Overview
Rapport trimestriel 10-Q	Trimestriel	États financiers intérimaires
Événements matériels 8-K	Au besoin	Changements importants de l'entreprise

Appels de bénéfices trimestriels et réunions des investisseurs

Statistiques des appels de gains:

• Durée trimestrielle de l'appel: environ 60 minutes
• Disponibilité des webdits: en direct et enregistré
• Publication de transcription: dans les 24 heures après l'appel

Budget total des relations avec les investisseurs pour 2023: 2,1 millions de dollars

ICAHN Enterprises L.P. (IEP) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Depuis le quatrième trimestre 2023, ICAHN Enterprises L.P. cible les investisseurs institutionnels avec les éléments suivants profile:

Type d'investisseur	Volume d'investissement	Taille moyenne de l'investissement
Fonds de pension	487 millions de dollars	52,3 millions de dollars
Fonds de dotation	263 millions de dollars	41,7 millions de dollars
Compagnies d'assurance	412 millions de dollars	67,5 millions de dollars

Individus à haute nette

Caractéristiques démographiques cibles:

• Plage de valeur nette: 5 à 50 millions de dollars
• Attribution moyenne des investissements: 7,2% du portefeuille
• Taille d'investissement typique: 1,5 million de dollars à 8,3 millions de dollars

Sociétés de capital-investissement

Métriques d'investissement collaboratives:

Segment	Investissements collaboratifs totaux	Taille moyenne de l'accord
Partenariats stratégiques	1,2 milliard de dollars	215 millions de dollars
Offres de co-investissement	743 millions de dollars	127 millions de dollars

Gestionnaires de fonds spéculatifs

Statistiques de l'engagement des investissements:

• Partenariats totaux de fonds spéculatifs: 37
• Durée du partenariat moyen: 4,6 ans
• Valeur d'investissement cumulative: 892 millions de dollars

Stratèges d'investissement à long terme

Horizon d'investissement	Total des actifs sous gestion	Rendement annuel moyen
5-10 ans	3,6 milliards de dollars	12.7%
10-20 ans	2,1 milliards de dollars	15.3%

ICAHN Enterprises L.P. (IEP) - Modèle d'entreprise: Structure des coûts

Recherche d'investissement et dépenses de diligence raisonnable

En 2023, ICAHN Enterprises a dépensé environ 42,5 millions de dollars en activités de recherche et de diligence raisonnable.

Catégorie de dépenses	Coût annuel ($ m)
Analystes de recherche	18.3
Intelligence du marché	12.7
Conseil externe	11.5

Coûts de gestion et d'exploitation

Les dépenses de gestion et opérationnelles des entreprises ICAHN en 2023 ont totalisé 87,6 millions de dollars.

• Aériments sociaux: 35,2 millions de dollars
• Infrastructure technologique: 22,4 millions de dollars
• Entretien du bureau: 15,6 millions de dollars
• Voyage et communication: 14,4 millions de dollars

Coûts d'acquisition et de transformation des sociétés de portefeuille

En 2023, ICAHN Enterprises a alloué 215,3 millions de dollars aux acquisitions et transformations de sociétés de portefeuille.

Type d'acquisition	Coût total ($ m)
Acquisitions directes	142.6
Frais de restructuration	72.7

Compensation pour les professionnels de l'investissement

La rémunération totale des professionnels de l'investissement en 2023 était de 94,5 millions de dollars.

• Salaires de base: 52,3 millions de dollars
• Bonus de performance: 31,2 millions de dollars
• Options d'achat d'actions et subventions en capitaux propres: 11 millions de dollars

Compliance réglementaire et dépenses juridiques

Les frais de réglementation et juridiques pour les entreprises ICAHN en 2023 se sont élevés à 36,7 millions de dollars.

Zone de conformité	Dépenses annuelles ($ m)
Avis juridique	22.3
Dépôts réglementaires	8.9
Formation de la conformité	5.5

ICAHN Enterprises L.P. (IEP) - Modèle commercial: Strots de revenus

Gains en capital des investissements des sociétés de portefeuille

En 2023, ICAHN Enterprises a déclaré des gains d'investissement totaux de 498 millions de dollars à partir de ses divers investissements de portefeuille. Les principales sociétés de portefeuille contribuant à ces gains comprennent:

Compagnie de portefeuille	Gains en capital ($ m)
Pétrole occidental	187
FirstEnergy Corp	112
Énergie CVR	89
Entreprise de métaux commerciaux	64

Revenu de dividendes des avoirs stratégiques

Les revenus de dividendes pour 2023 ont totalisé 276 millions de dollars provenant d'investissements stratégiques.

Investissement	Revenu de dividendes ($ m)
Pétrole occidental	98
Énergie CVR	82
FirstEnergy Corp	56

Frais de performance des activités d'investissement

Les frais de performance pour 2023 s'élevaient à 164 millions de dollars.

Produits de vente d'actifs

Le produit total des actifs en 2023 a atteint 312 millions de dollars, avec des ventes importantes de:

• Désinvestissement partiel de la participation CVR
• Liquidation du portefeuille immobilier
• Réaffectation des actifs stratégiques

Revenus de gestion des investissements

Les revenus de la gestion des investissements pour 2023 étaient de 89 millions de dollars, générés par la gestion des portefeuilles d'investissement pour les investisseurs institutionnels et privés.

Source de revenus	Montant ($ m)
Frais de gestion	68
Services consultatifs	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.