The earnings call presented a mixed outlook with notable achievements such as an increase in NAV and significant growth in Caesars' digital business, but also highlighted challenges including negative EBITDA in the Energy segment and a decrease in automotive service revenues.

Company Guidance -

Q3 2025

In the Icahn Enterprises L.P. Second Quarter 2025 Earnings Call, the company provided updates on several key metrics and strategic initiatives. The net asset value (NAV) increased by $252 million from the first quarter, largely due to a 38% rise in the CVI share price and additional share purchases totaling $32 million. CVI also paid down $90 million of its term loan, aided by improved cash flow from better crack spreads, particularly in diesel. The Auto Service division showed signs of a turnaround, with revenue growth of 1% in May and June following a 5% decline in the first quarter. The Pharma segment initiated a pivotal trial for the PAH asset, VI-0106, enrolling 300 patients. Cash and equivalents totaled $1.1 billion at the holding company and $700 million at the funds, with a maintained quarterly distribution of $0.50 per depositary unit. The Energy segment saw a negative EBITDA of $24 million, down from $103 million in the previous year, while the Auto segment faced an $8 million revenue decrease year-over-year. Despite some declines, the company remains focused on long-term growth, maintaining liquidity and exploring new opportunities across its diverse segments.

Increase in Net Asset Value (NAV)

NAV increased by $252 million from the first quarter, driven primarily by a 38% increase in CVI share price and additional share purchases of $32 million.

Positive Developments in CVI

CVI paid down $90 million of its term loan due to improved crack spreads and enhanced cash flow profile.

Pharma Segment Progress

The initiation of VIVUS' pivotal trial for the pulmonary arterial hypertension asset, VI-0106, has been approved.

Strong Cash Position

Ended the quarter with $1.1 billion of cash and cash equivalents at the holding company, plus an additional $700 million of cash at the funds.

Caesars Digital Business Growth

Caesars Digital business grew revenue by 24% and EBITDA by 100% in the second quarter.

Icahn Enterprises (IEP) Earnings, Revenues Date & History

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IEP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	0.17 / -	0.05	―	―	―
Aug 04, 2025	2025 (Q2)	0.14 / -0.30	-0.72	58.33% (+0.42)
May 07, 2025	2025 (Q1)	0.19 / -0.79	-0.09	-777.78% (-0.70)
Feb 26, 2025	2024 (Q4)	0.18 / -0.19	-0.33	42.42% (+0.14)
Nov 08, 2024	2024 (Q3)	0.21 / 0.05	-0.01	600.00% (+0.06)
Aug 07, 2024	2024 (Q2)	0.19 / -0.72	-0.72	0.00% (0.00)
May 08, 2024	2024 (Q1)	0.25 / -0.09	-0.75	88.00% (+0.66)
Feb 28, 2024	2023 (Q4)	0.21 / -0.33	-0.74	55.41% (+0.41)
Nov 03, 2023	2023 (Q3)	0.34 / -0.01	-0.37	97.30% (+0.36)
Aug 04, 2023	2023 (Q2)	0.25 / -0.72	-0.41	-75.61% (-0.31)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

IEP Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 04, 2025	$8.98	$8.95	-0.33%
May 07, 2025	$8.27	$7.92	-4.23%
Feb 26, 2025	$9.25	$9.04	-2.27%
Nov 08, 2024	$11.15	$10.47	-6.10%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.