ICAHN ENTERPRISES L.P.

Overview

Icahn Enterprises L.P. is a holding company whose subsidiaries conduct most of its operating activities. Its businesses span investment, energy, automotive, food packaging, real estate, home fashion and pharmaceuticals. Activities include petroleum refining and marketing, renewable fuels and fertilizer; vehicle repair and maintenance; casings for processed meat products; commercial-property leasing; and the manufacture, sourcing and distribution of home-fashion products.[1]+5

The company operates in the United States and internationally. International reach is particularly evident in Food Packaging, where 71% of 2025 net sales were to customers outside the United States, and Home Fashion, which has facilities in Florida and Bahrain.[3][4] For 2025, consolidated net sales were $8.631 billion, with an additional $664 million in other revenues from operations.[7] The latest workforce figure located was approximately 15,000 employees in operating segments, plus 37 in the holding company and Investment segment, reported for 2024.[8] [1]+8

Products & services

Icahn Enterprises’ product and service offerings span several operating businesses. Its Energy segment sells gasoline, diesel, jet fuel and other distillates, renewable diesel made from renewable feedstocks such as soybean and corn oil, and nitrogen fertilizers including urea ammonium nitrate (UAN) and ammonia. Its two refineries have combined capacity of approximately 206,500 barrels per day; Wynnewood’s renewable-diesel unit can also be returned to hydrocarbon service.[9]+2

Automotive provides vehicle repair and maintenance and sells the parts and materials installed in that work; it exited its separate aftermarket-parts and retail-merchandise business in the first quarter of 2025.[12] Food Packaging subsidiary Viskase makes cellulosic, fibrous and plastic casings for processed meat and poultry, including cellulose casings for sausages and fibrous casings for products such as pepperoni and luncheon meats.[13]+4

Home Fashion subsidiary WestPoint Home manufactures, sources, markets and sells home and hospitality products including sheets, towels, blankets, comforters, quilts and pillows, under brands including Martex, Utica and Vellux.[18][19] Pharma subsidiary VIVUS markets QSYMIA for chronic weight management and PANCREAZE for exocrine pancreatic insufficiency.[20][21] The Real Estate segment leases primarily commercial properties under long-term operating leases.[22] The reviewed sources do not provide product-level shares of company performance. [9]+13

Geographic presence

Icahn Enterprises’ reported sales are predominantly U.S.-based: in FY2025, net sales were $8.287 billion in the United States and $344 million internationally, approximately 96% and 4% of total net sales, respectively. International sales are disclosed only as an aggregate, without a country-level breakdown.[23]

Its U.S. operating footprint includes energy facilities in Kansas, Oklahoma and Illinois; automotive stores, franchise locations and distribution centers throughout the United States; and real estate holdings across multiple states, including regional distribution centers in New York, Indiana, Georgia, Texas and Alabama.[24]+2 Internationally, Viskase has manufacturing facilities across North America, Europe, South America and Asia, while WestPoint Home has a manufacturing facility in Bahrain and Icahn Enterprises’ real estate portfolio includes a resort property in Aruba.[27]+2

The company is headquartered in Sunny Isles Beach, Florida. The reviewed report does not provide a geographic breakdown of employees.[29] [23]+7

Business segments

Icahn Enterprises L.P. reports seven operating segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma; Holding Company is presented separately. The descriptions below follow the company’s reported segment focus, and contribution percentages are approximate shares of 2025 consolidated net sales of $8,631 million.[29][7]

Energy focuses on petroleum refining and marketing, renewable fuels, and nitrogen fertilizer manufacturing and distribution; it generated $7,162 million, or about 83.0% of net sales.[9][7] Automotive provides automotive repair and maintenance services and generated $835 million, about 9.7%; the company reported exiting Aftermarket Parts in the first quarter of 2025.[1][7] Food Packaging makes casings for processed meat and generated $364 million, about 4.2%.[3][7] Home Fashion manufactures, sources, markets, distributes and sells home-fashion products; it generated $170 million, about 2.0%.[4][7] Pharma focuses on specialty pharmaceuticals and generated $99 million, about 1.1%.[30][7] Real Estate includes investment properties, single-family home development and sales, and resort and country-club operations; net sales were $1 million, less than 0.1%.[31][7]

Investment manages proprietary capital through investments including securities; it reported no net sales, so its contribution on this measure is 0%.[32][7] Holding Company is shown separately and also has no net sales.[7] These percentages use net sales, not the broader revenues subtotal, which includes other revenue items such as investment-related income and gains.[7] [29]+17

Company history

Icahn Enterprises was formed in Delaware on February 17, 1987, as American Real Estate Partners, L.P. (AREP). An exchange offer completed that July transferred real estate and other assets from 13 limited partnerships into AREP. In 2007, the partnership changed its name to Icahn Enterprises L.P.[33]+2

The partnership expanded its portfolio over the following decades. It acquired an interest in Tropicana in 2008 and a controlling interest in CVR Energy in 2012. In 2017, it completed its acquisition of Federal-Mogul.[36]+2

In 2018, Icahn Enterprises completed a transaction involving Tropicana’s real estate and gaming and hotel operations for about $1.85 billion in aggregate consideration. Carl Icahn has chaired the partnership’s general partner since 1990.[33]+2 [33]+7

Sources

• ICAHN ENTERPRISES L.P. — Full financial report (2025 Y)
  22 citations

  [1][2][3][4][5][6][7][9][10][11][23][24][25][26][27][28][29][30][31][32][33][36]
• ICAHN ENTERPRISES L.P. — Full financial report (2024 Y)[8]
• ICAHN ENTERPRISES L.P. — Full financial report (2026 Q 2)
  6 citations

  [12][13][14][18][20][22]
• www.viskase.com[15]
• www.viskase.com[16]
• www.viskase.com[17]
• westpointhome.com[19]
• vivus.com[21]
• www.ielp.com[34]
• www.sec.gov[35]
• www.ielp.com[37]
• www.sec.gov[38]
• www.sec.gov[39]
• www.sec.gov[40]