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Net Income (Loss) Per LP Unit

9 Months Ended

Sep. 30, 2025

Net Income (Loss) Per LP Unit

Net Income (Loss) Per LP Unit

11. Net Income (Loss) Per LP Unit

The components of the computation of basic and diluted income (loss) per LP unit of Icahn Enterprises are as follows:


		Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024

		(in millions, except per unit amounts)
Net income (loss) attributable to Icahn Enterprises		$	287		$	22		$	(300)		$	(347)
Net income (loss) attributable to Icahn Enterprises allocated to limited partners (98.01% allocation)		$	281		$	22		$	(295)		$	(340)

Basic and diluted income (loss) per LP unit:		$	0.49		$	0.05		$	(0.54)		$	(0.75)
Basic and diluted weighted average LP units outstanding ⁽¹⁾			575			477			548			452

(1)

Excludes an immaterial amount of unvested RSU awards during the nine months ended September 30, 2025 and 2024.

LP Unit Transactions

Unit Distributions

On February 24, 2025, we declared a quarterly distribution in the amount of $0.50 per depositary unit in which each depositary unitholder had the option to make an election to receive either cash or additional depositary units, payable April 16, 2025. In April 2025, we distributed 23,349,786 depositary units to unitholders who did not elect to receive cash, of which 21,962,413 depositary units were distributed to Mr. Icahn and his affiliates. In connection with these distributions, aggregate cash distributions to all depositary unitholders that made a timely election to receive cash was $75 million, of which $50 million was distributed to Mr. Icahn and his affiliates in April 2025.

On May 5, 2025, we declared a quarterly distribution in the amount of $0.50 per depositary unit in which each depositary unitholder had the option to make an election to receive either cash or additional depositary units, payable June 25, 2025. In June 2025, we distributed 23,351,314 depositary units to unitholders who did not elect to receive cash, of which 22,033,036 depositary units were distributed to Mr. Icahn and his affiliates. In connection with these distributions, aggregate cash distributions to all depositary unitholders that made a timely election to receive cash was $76 million, of which $50 million was distributed to Mr. Icahn and his affiliates in June 2025.

On August 1, 2025, we declared a quarterly distribution in the amount of $0.50 per depositary unit in which each depositary unitholder had the option to make an election to receive either cash or additional depositary units, payable September 24, 2025. In September 2025, we distributed 25,614,344 depositary units to unitholders who did not elect to receive cash, of which 24,149,325 were distributed to Mr. Icahn and his affiliates. In connection with these distributions, aggregate cash distributions to all depositary unitholders that made a timely election to receive cash was $77 million, of which $50 million was distributed to Mr. Icahn and his affiliates in September 2025.

At-The-Market Offerings

During the three months ended September 30, 2025, we sold 1,344,766 depositary units pursuant to the Open Market Sale Agreement entered into November 21, 2022, resulting in gross proceeds of $11 million, and during the nine months ended September 30, 2025, we sold 5,156,758 depositary units resulting in gross proceeds of $44 million. As of September 30, 2025, we continue to have effective Open Market Sale Agreements and Icahn Enterprises may sell its depositary units for up to an additional $3 million in aggregate gross sale proceeds pursuant to its Open Market Sale Agreement entered into November 21, 2022 and up to $400 million in aggregate gross sale proceeds pursuant to its Open Market Sale Agreement entered into August 26, 2024.

Repurchase Authorization

On May 9, 2023, the Board of Directors of the General Partner approved a repurchase program which authorizes Icahn Enterprises or affiliates of Icahn Enterprises to repurchase up to an aggregate of $500 million worth of any of our outstanding fixed-rate senior notes issued by Icahn Enterprises and Icahn Enterprises Finance Corp. and up to an aggregate of $500 million worth of the depositary units issued by Icahn Enterprises (the “Repurchase Program”), in each case subject to restrictions on use of our cash contained in the indentures governing our indebtedness. The repurchases of senior notes or depositary units may be done for cash from time to time in the open market, through tender offers or in privately negotiated transactions upon such terms and at such prices as management may determine. The authorization of the Repurchase Program is for an indefinite term and does not expire until later terminated by the Board of Directors of Icahn Enterprises GP. On November 6, 2024, the Board re-approved the Repurchase Program, and, pursuant to the reapproved Program, we were reauthorized to repurchase up to $500 million worth of our outstanding fixed-rate senior notes, in addition to the $269 million we repurchased prior to the Board’s reapproval of the Repurchase Program. During the nine months ended September 30, 2025, the Company did not repurchase any of the Company’s depositary units under the Repurchase Program and has repurchased $50 million worth of our outstanding fixed-rate senior notes for cash paid of $46 million. The repurchased notes were extinguished but were not retired and are held in treasury. As of September 30, 2025, we were authorized to repurchase up to $450 million of our senior notes and up to $500 million of our outstanding depositary units, in each case subject to restrictions on use of our cash contained in the indentures governing our indebtedness.