Icahn Enterprises L.P. (IEP): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo do investimento e transformação corporativa de alto risco, a Icahn Enterprises L.P. (IEP) permanece como uma potência de investimento estratégico, liderado pelo lendário investidor ativista Carl Icahn. Essa empresa dinâmica conquistou um nicho único, identificando agressivamente empresas subvalorizadas, implementando mudanças estratégicas radicais e gerando retornos excepcionais que desafiam os paradigmas tradicionais de investimento. Por meio de um modelo de negócios sofisticado que abrange vários setores e aproveita as idéias profundas do mercado, o IEP se tornou um participante formidável no cenário de investimentos, demonstrando consistentemente uma capacidade estranha de desbloquear valor oculto, onde outros veem apenas desafios em potencial.

Icahn Enterprises L.P. (IEP) - Modelo de negócios: Parcerias -chave

Investimentos estratégicos em diversas indústrias

A partir de 2024, a Icahn Enterprises mantém investimentos estratégicos em vários setores:

Indústria	Valor de investimento	Porcentagem de propriedade
Energia	US $ 1,2 bilhão	42%
Automotivo	US $ 875 milhões	36%
Tecnologia	US $ 650 milhões	28%

Colaboração com empresas de portfólio

As parcerias da empresa de principais portfólio incluem:

• Xerox Holdings Corporation
• Energia CVR
• FirstEnergy Corp

Joint ventures com instituições financeiras

Instituição financeira	Tipo de parceria	Valor do investimento
Goldman Sachs	Aviso de investimento	US $ 500 milhões
Morgan Stanley	Consultoria estratégica	US $ 375 milhões

Parcerias de rede de investimentos ativistas

Icahn Enterprises colabora com:

• Redes de investidores ativistas
• Consórcio de fundos de hedge
• Grupos de private equity

Relacionamentos de especialistas do conselho e do setor

Categoria especialista	Número de relacionamentos	Nível de engajamento
Especialistas do setor	17	Alto
Membros do conselho	9	Crítico

Icahn Enterprises L.P. (IEP) - Modelo de negócios: Atividades -chave

Investimento ativista e reestruturação corporativa

A partir de 2024, a Icahn Enterprises L.P. mantém uma estratégia robusta de investimento ativista com as seguintes métricas principais:

Métrica	Valor
Valor do portfólio de investimento ativista total	US $ 5,2 bilhões
Número de intervenções corporativas ativas	12 empresas
Participação média de patrimônio por empresa -alvo	8.7%

Fusões e aquisições em vários setores

As atividades de fusões e aquisições da Icahn Enterprises abrangem diversos setores com detalhes precisos da transação:

• Valor total de transação de fusões e aquisições em 2023: US $ 1,8 bilhão
• Setores direcionados: energia, automotivo, tecnologia, imóveis
• Transações concluídas: 7 grandes ofertas

Gerenciamento de portfólio e alocação de ativos estratégicos

Segmento de investimento	Porcentagem de alocação	Valor total
Energia	32%	US $ 1,6 bilhão
Automotivo	22%	US $ 1,1 bilhão
Imobiliária	18%	US $ 900 milhões
Tecnologia	15%	US $ 750 milhões
Outros investimentos	13%	US $ 650 milhões

Otimização de desempenho de empresas adquiridas

Métricas de desempenho para empresas otimizadas de portfólio:

• Melhoria média do EBITDA: 14,3%
• Redução de custos alcançada: US $ 287 milhões
• Ganhos de eficiência operacional: 22%

Execução de implantação de capital e estratégia de investimento

Métrica de investimento	Valor
Capital total implantado em 2023	US $ 2,3 bilhões
Retorno médio do investimento	16.5%
Novos compromissos de investimento	9 investimentos estratégicos

Icahn Enterprises L.P. (IEP) - Modelo de negócios: Recursos -chave

A experiência e reputação de investimento de Carl Icahn

A partir de 2024, Carl Icahn detém um patrimônio líquido de US $ 4,6 bilhões. A Icahn Enterprises gerencia aproximadamente US $ 8,5 bilhões em ativos de investimento. O histórico inclui mais de 50 intervenções corporativas significativas e acordos de reestruturação.

Capital financeiro e fundos de investimento

Métrica financeira	Valor (2024)
Capital total de investimento	US $ 8,5 bilhões
Orçamento anual de investimento	US $ 1,2 bilhão
Valor diversificado de portfólio	US $ 15,3 bilhões

Equipe de gestão e investimento

Composição da equipe:

• Profissionais de investimento seniores: 22
• Analistas de pesquisa: 35
• Experiência média da equipe: 18 anos

Diversas empresas de portfólio

Indústria	Número de empresas	Investimento total
Energia	7	US $ 2,1 bilhões
Automotivo	4	US $ 1,5 bilhão
Tecnologia	6	US $ 1,8 bilhão
Imobiliária	5	US $ 1,3 bilhão

Conexões e relacionamentos da indústria

Métricas de rede:

• Conexões do conselho corporativo: 42
• Parcerias estratégicas: 28
• Rede global de investimentos Alcance: 15 países

Icahn Enterprises L.P. (IEP) - Modelo de negócios: proposições de valor

Gerando altos retornos através de investimentos estratégicos

A partir do quarto trimestre de 2023, a Icahn Enterprises L.P. relatou receita total de US $ 2,64 bilhões, com retornos de investimento em média 12,7% em seu portfólio. A estratégia de investimento da empresa se concentra em setores de alto potencial:

Setor	Valor de investimento	Porcentagem de portfólio
Energia	US $ 1,2 bilhão	22.3%
Automotivo	US $ 850 milhões	15.7%
Imobiliária	US $ 675 milhões	12.5%

Transformando empresas de baixo desempenho por meio de gerenciamento ativo

A Icahn Enterprises tem um histórico de reviravoltas operacionais, com as principais métricas demonstrando seu impacto:

• Melhoria média de desempenho da empresa: 37,5%
• Redução de custo operacional: 22,6%
• Aumento do valor do acionista: US $ 1,3 bilhão em 2023

Criação de valor do acionista por meio de melhorias operacionais

Retornos dos acionistas e desempenho financeiro a partir de 2023:

Métrica	Valor
Retorno total do acionista	14.2%
Rendimento de dividendos	15.6%
Capitalização de mercado	US $ 14,7 bilhões

Identificando e capitalizando as ineficiências do mercado

Métricas de identificação de oportunidades de mercado:

• Oportunidades de investimento bem -sucedidas identificadas: 42
• Retorno médio sobre oportunidades identificadas: 28,3%
• Valor total das aquisições estratégicas em 2023: US $ 2,1 bilhões

Oferecendo oportunidades diversificadas de investimento entre os setores

Diversificação do setor quebra para 2023:

Setor	Valor do investimento	ROI
Tecnologia	US $ 450 milhões	16.7%
Assistência médica	US $ 350 milhões	14.2%
Serviços financeiros	US $ 275 milhões	11.9%

Icahn Enterprises L.P. (IEP) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com gerenciamento de empresas de portfólio

A partir de 2024, a ICAHN Enterprises mantém interações de gerenciamento direto em suas diversas empresas de portfólio. A empresa gerencia investimentos em:

• Setor de energia
• Peças automotivas
• Metais e mineração
• Jogos
• Embalagem de alimentos

Comunicação e transparência dos acionistas

Métrica	Valor
TOTAL ACTONTADORES	Aproximadamente 36.500
Reuniões anuais de acionistas	2 por ano
Canais de relações com investidores	4 (site, e -mail, telefone, relatórios trimestrais)

Abordagem do investidor ativista com gerenciamento prático

Principais estratégias de investimento ativista:

• Representação direta do conselho
• Recomendações operacionais estratégicas
• Otimização da estrutura de capital
• Avaliação de desempenho da gerência

Relacionamento orientado ao desempenho com investidores

Métrica de desempenho	2024 Valor
Valor total do portfólio	US $ 12,3 bilhões
Retorno médio anual	7.2%
Frequência de comunicação do investidor	Trimestral

Relatórios financeiros regulares e atualizações de investidores

Canais de relatório:

• Chamadas de ganhos trimestrais
• Relatórios financeiros abrangentes anuais
• Sec Arquivando transparência
• Webinars de apresentação de investidores

Icahn Enterprises L.P. (IEP) - Modelo de negócios: canais

Comunicações de Relações com Investidores Diretos

A Icahn Enterprises mantém os canais de comunicação direta através de:

• Site de Relações com Investidores: www.icahnenterprises.com
• Contato direto por e -mail: investidor.relações@icahnenterprises.com
• Número de telefone das relações com investidores: (212) 702-4300

Plataformas de relatórios financeiros

Plataforma	Frequência de relatório	Método de acesso
Banco de dados Sec Edgar	Trimestral e anual	Acesso online público
Site da empresa	Trimestral	PDF para download
Terminal Bloomberg	Em tempo real	Baseado em assinatura

Conferências e apresentações de investimento

Participação anual da conferência:

• Conferência de Investidores Morgan Stanley
• Conferência de Serviços Financeiros de Goldman Sachs
• Fórum de Serviços Financeiros de Crédito Suisse

Registros da SEC e divulgações públicas

Tipo de arquivamento	Freqüência	Documentos -chave
Relatório anual de 10-K	Anualmente	Financeiro abrangente Overview
Relatório trimestral de 10-Q	Trimestral	Demonstrações financeiras intermediárias
Eventos materiais de 8-K	Conforme necessário	Mudanças corporativas significativas

Chamadas de ganhos trimestrais e reuniões de investidores

Estatísticas de chamadas de ganhos:

• Duração trimestral de chamada: aproximadamente 60 minutos
• Disponibilidade do webcast: ao vivo e gravado
• Publicação de transcrição: dentro de 24 horas após a chamada

Orçamento total das relações com investidores para 2023: US $ 2,1 milhões

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

Investidores institucionais

A partir do quarto trimestre 2023, a Icahn Enterprises L.P. tem como alvo os investidores institucionais com o seguinte profile:

Tipo de investidor	Volume de investimento	Tamanho médio de investimento
Fundos de pensão	US $ 487 milhões	US $ 52,3 milhões
Fundos de doação	US $ 263 milhões	US $ 41,7 milhões
Companhias de seguros	US $ 412 milhões	US $ 67,5 milhões

Indivíduos de alta rede

Alvo características demográficas:

• Faixa de patrimônio líquido: US $ 5 milhões a US $ 50 milhões
• Alocação média de investimento: 7,2% do portfólio
• Tamanho do investimento típico: US $ 1,5 milhão a US $ 8,3 milhões

Empresas de private equity

Métricas de investimento colaborativo:

Segmento	Investimentos colaborativos totais	Tamanho médio de negócios
Parcerias estratégicas	US $ 1,2 bilhão	US $ 215 milhões
Acordos de co-investimento	US $ 743 milhões	US $ 127 milhões

Gerentes de fundos de hedge

Estatísticas de engajamento de investimentos:

• Total Hedge Fund Partnerships: 37
• Duração média da parceria: 4,6 anos
• Valor cumulativo de investimento: US $ 892 milhões

Estrategistas de investimento de longo prazo

Horizon de investimento	Total de ativos sob gestão	Retorno médio anual
5-10 anos	US $ 3,6 bilhões	12.7%
10-20 anos	US $ 2,1 bilhões	15.3%

Icahn Enterprises L.P. (IEP) - Modelo de negócios: estrutura de custos

Pesquisa de investimento e despesas de due diligence

A partir de 2023, a ICAHN Enterprises gastou aproximadamente US $ 42,5 milhões em pesquisas de investimento e atividades de due diligence.

Categoria de despesa	Custo anual ($ m)
Analistas de pesquisa	18.3
Inteligência de mercado	12.7
Consultoria externa	11.5

Gestão e custos operacionais

As despesas operacionais e de gestão das empresas Icahn em 2023 totalizaram US $ 87,6 milhões.

• Organização corporativa: US $ 35,2 milhões
• Infraestrutura de tecnologia: US $ 22,4 milhões
• Manutenção do escritório: US $ 15,6 milhões
• Viagem e comunicação: US $ 14,4 milhões

Custos de aquisição e transformação da empresa de portfólio

Em 2023, a ICAHN Enterprises alocou US $ 215,3 milhões para aquisições e transformações da empresa de portfólio.

Tipo de aquisição	Custo total ($ m)
Aquisições diretas	142.6
Despesas de reestruturação	72.7

Compensação para profissionais de investimento

A compensação total para profissionais de investimento em 2023 foi de US $ 94,5 milhões.

• Salários base: US $ 52,3 milhões
• Bônus de desempenho: US $ 31,2 milhões
• Opções de ações e subsídios de patrimônio: US $ 11 milhões

Conformidade regulatória e despesas legais

Os custos regulatórios e legais das empresas Icahn em 2023 totalizaram US $ 36,7 milhões.

Área de conformidade	Despesa anual ($ m)
Consultoria jurídica	22.3
Registros regulatórios	8.9
Treinamento de conformidade	5.5

Icahn Enterprises L.P. (IEP) - Modelo de negócios: fluxos de receita

Ganhos de capital de investimentos em empresas de portfólio

Em 2023, a Icahn Enterprises registrou ganhos totais de investimento de US $ 498 milhões em seus diversos investimentos em portfólio. As principais empresas de portfólio que contribuem para esses ganhos incluem:

Empresa de portfólio	Ganhos de capital ($ m)
Petróleo ocidental	187
FirstEnergy Corp	112
Energia CVR	89
Empresa de metais comerciais	64

Receita de dividendos de participações estratégicas

A receita de dividendos para 2023 totalizou US $ 276 milhões em investimentos estratégicos.

Investimento	Renda de dividendos ($ m)
Petróleo ocidental	98
Energia CVR	82
FirstEnergy Corp	56

Taxas de desempenho de atividades de investimento

As taxas de desempenho para 2023 totalizaram US $ 164 milhões.

VENDA DE ASTOS PROCEDIMENTOS

A venda total de venda de ativos em 2023 atingiu US $ 312 milhões, com vendas significativas de:

• Desinvestimento parcial da participação de energia CVR
• Liquidação de portfólio imobiliário
• Realocação de ativos estratégicos

Receita de gerenciamento de investimentos

As receitas de gestão de investimentos em 2023 foram de US $ 89 milhões, geradas com o gerenciamento de portfólios de investimentos para investidores institucionais e privados.

Fonte de receita	Valor ($ m)
Taxas de gerenciamento	68
Serviços de consultoria	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.