The earnings call presented a mixed picture with notable improvements in NAV and certain segments like Auto Services and Caesars' digital business. However, challenges remain in key areas such as the Energy segment and Food Packaging, which experienced significant declines.

Company Guidance

During the Icahn Enterprises L.P. second quarter 2025 earnings call, significant metrics were discussed, highlighting both positive developments and ongoing challenges. The net asset value (NAV) increased by $252 million from the first quarter, primarily due to a 38% increase in CVI's share price and additional share purchases totaling $32 million. However, CVR's refining business faced a negative EBITDA of $24 million, impacted by unfavorable RINs valuations and reduced throughput volumes. The Auto Service division showed improvement with a 1% revenue growth in May and June, recovering from a 5% decline in the first quarter. Additionally, the investment funds were down by 0.5% for the quarter but would have realized a 2% positive return excluding refining hedges. The company ended the quarter with $1.1 billion in cash and cash equivalents at the holding company and $700 million at the funds, maintaining a strong liquidity position to capitalize on future opportunities.

Increase in NAV

NAV increased by $252 million from the first quarter, driven primarily by positive performance in CVI.

CVI Share Price Surge

CVI share price increased by 38%, contributing to an increase of $561 million from the first quarter.

Improvement in Auto Service Revenue

After a 5% year-over-year decline in Q1, Auto Service revenue saw 1% growth in both May and June and is expected to accelerate in July.

Cash Reserves

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

Growth in Digital Business at Caesars

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

Icahn Enterprises (IEP) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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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)	0.14 / -	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	$8.50	$8.47	-0.35%
May 07, 2025	$7.83	$7.50	-4.21%
Feb 26, 2025	$8.76	$8.56	-2.28%
Nov 08, 2024	$10.56	$9.91	-6.16%

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.