Icahn Enterprises (NASDAQ:IEP) reported a fourth-quarter net income of $1 million on Wednesday, marking a modest but significant recovery from the $98 million loss recorded in the same period a year earlier.
The Sunny Isles Beach-based conglomerate saw its adjusted EBITDA skyrocket to $281 million, a nearly seventeen-fold increase from $16 million in the prior-year quarter, fueled by double-digit returns within its investment segment.
The quarterly turnaround was primarily driven by the company’s investment funds, which delivered a 10.7% return for the period.
Key contributors included positions in EchoStar and Centuri, which helped offset a downturn in the energy segment.
For the full year 2025, Icahn Enterprises reported total revenues of $9.7 billion and a net loss of $299 million, an improvement over the $445 million loss posted in 2024.
Despite the quarterly profit, the company’s indicative Net Asset Value (NAV) fell to approximately $3.2 billion as of December 31, 2025—a $654 million sequential decline from September.
Management attributed the drop largely to a $778 million decrease in the market value of its long position in CVR Energy (NYSE:CVI) and $75 million in interest expenses at the holding company level.