Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to (Exact Name of Registrant as Specified in Its Charter) (Address of Principal Executive Offices) (Zip Code) (Telephone Number) (State or Other Jur ...

PresentationGood morning, and welcome to the Icahn Enterprises L.P. Fourth Quarter 2025 Earnings Call with Andrew Teno, President and CEO, Ted Papapostolou, Chief Financial Officer; and Robert Flint, Chief Accounting Officer. I would now like to hand the call over to Robert Flint, who will read the opening statement.Robert FlintChief Accounting Officer & Principal Accounting Officer Thank you, operator. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statement ...

Financial Data and Key Metrics Changes - The fourth quarter net asset value (NAV) decreased by $654 million compared to the third quarter, despite an 11% performance increase in funds for the quarter [4] - For the year, the funds were approximately flat including refining hedges and up 7% excluding refining hedges [5] Business Line Data and Key Metrics Changes - Energy segment's adjusted EBITDA was $51 million for Q4 2025, down from $99 million in Q4 2024, impacted by low utilization in the fertilizer business [11] - Automotive service revenues decreased by $1 million compared to the prior year quarter, but same-store sales increased by 5% [11] - Real Estate's Q4 2025 adjusted EBITDA increased by $6 million, driven by intercompany income from the auto segment [12] - Food Packaging's adjusted EBITDA decreased by $8 million due to lower volume and higher manufacturing inefficiencies [12] - Home Fashion's adjusted EBITDA decreased by $5 million due to softening demand in the U.S. retail and hospitality business [13] - Pharma's adjusted EBITDA decreased by $4 million due to reduced sales from generic competition [13] Market Data and Key Metrics Changes - The company remains optimistic about the medium-term refining outlook, citing limited global capacity expansions and new pipeline projects [4] - The company has approximately $750 million in cash at the funds, which has recently increased to over $1.2 billion [9] Company Strategy and Development Direction - The company is taking a more cautious view of the market, focusing on defensive names that benefit from AI build-out [9] - The board declared an unchanged distribution at $0.50 per depository unit [10] Management's Comments on Operating Environment and Future Outlook - Management believes there are no material changes to CVI's outlook and is optimistic about improving profitability through better capture rates [4] - The company is focused on maintaining liquidity to capitalize on opportunities within and outside existing operating segments [14] Other Important Information - The company has taken steps to reduce corporate debt by calling in the remaining balance of the 2026 maturities [10] - A new CEO was appointed for the Food Packaging segment to lead through a transformative period [12] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the Q&A session may have concluded without notable inquiries or responses [15]

Financial Data and Key Metrics Changes - The fourth quarter NAV decreased by $654 million compared to the third quarter, despite an 11% increase in fund performance for the quarter [4] - For the year, the company was approximately flat including refining hedges and up 7% excluding refining hedges [5] Business Line Data and Key Metrics Changes - Energy segment's Adjusted EBITDA was $51 million for Q4 2025, down from $99 million in Q4 2024, impacted by low utilization in the fertilizer business [11] - Automotive service revenues decreased by $1 million compared to the prior year quarter, but same-store sales increased by 5% [11] - Real Estate's Q4 2025 Adjusted EBITDA increased by $6 million, driven by intercompany income from the auto segment [12] - Food Packaging's Adjusted EBITDA decreased by $8 million due to lower volume and higher manufacturing inefficiencies [12] - Home Fashion's Adjusted EBITDA decreased by $5 million due to softening demand in the U.S. retail and hospitality business [13] - Pharma's Adjusted EBITDA decreased by $4 million due to reduced sales from generic competition [13] Market Data and Key Metrics Changes - The company remains optimistic about the medium-term refining outlook, citing limited capacity expansions globally and new pipeline projects [4] - The cash balance at the funds increased to greater than $1.2 billion as of year-end [9] Company Strategy and Development Direction - The company is taking a more cautious view of the market, focusing on defensive names that benefit from AI build-out [9] - The board declared an unchanged distribution at $0.50 per depository unit [10] Management's Comments on Operating Environment and Future Outlook - Management believes there are no material changes to CVI's outlook and remains optimistic about profitability improvements [4] - The company is focused on maintaining liquidity to capitalize on opportunities within and outside existing operating segments [14] Other Important Information - The company has taken steps to reduce corporate debt by calling in the remaining balance of the 2026 maturities [10] - The CEO position in Food Packaging was changed, bringing back Tom Davis to lead during a transformative period [12] Q&A Session Summary - The Q&A session was brief and concluded without specific questions being documented in the provided content [15][17]

Financial Data and Key Metrics Changes - The fourth quarter net asset value (NAV) decreased by $654 million compared to the third quarter, despite an 11% increase in fund performance for the quarter [4] - For the year, the funds were approximately flat including refining hedges and up 7% excluding refining hedges [5] - The company maintained a cash balance of approximately $750 million at year-end, which has since increased to over $1.2 billion [9] Business Line Data and Key Metrics Changes - Energy segment's adjusted EBITDA was $51 million for Q4 2025, down from $99 million in Q4 2024, primarily due to low utilization in the fertilizer business [11] - Automotive service revenues decreased by $1 million compared to the prior year quarter, but same-store sales increased by 5% [11] - Real Estate's Q4 2025 adjusted EBITDA increased by $6 million, driven by intercompany income from the auto segment [12] - Food Packaging's adjusted EBITDA decreased by $8 million due to lower volume and higher manufacturing inefficiencies [12] - Home Fashion's adjusted EBITDA decreased by $5 million due to softening demand in the U.S. retail and hospitality business [13] - Pharma's adjusted EBITDA decreased by $4 million due to reduced sales from generic competition [13] Market Data and Key Metrics Changes - The refining outlook remains optimistic due to limited global capacity expansions and new pipeline projects that should improve regional profitability [4] - The automotive segment is focusing on product, pricing, labor, and distribution strategy to enhance revenue [11] Company Strategy and Development Direction - The company is taking a more cautious view of the market, preferring defensive names that benefit from AI build-out [9] - The board declared an unchanged distribution at $0.50 per depository unit, indicating a stable approach to shareholder returns [10] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the medium-term refining outlook despite share price declines in CVI [4] - The company is focused on building asset value and maintaining liquidity to capitalize on opportunities [14] Other Important Information - The company has taken steps to reduce corporate debt by calling in the remaining balance of the 2026 maturities [10] - A new CEO was appointed for the Food Packaging segment to lead through a transformative period [12] Q&A Session Summary - No specific questions or answers were recorded in the provided content, indicating a lack of engagement during the Q&A segment [15][16]

Q4 2025 Earnings Presentation Icahn Enterprises L.P. February 25, 2026 1 Safe Harbor Statement Forward-Looking Statements and Non-GAAP Financial Measures The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. Forward-looking statements may be identified by words such as "believes," "expects," "potential," "continues ...

Exhibit 99.1 Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced Its Fourth Quarter and Full Year 2025 Financial Results Sunny Isles Beach, Fla, February 25, 2026 – Financial Summary (Net income, net loss and Adjusted EBITDA figures in commentary below are attributable to Icahn Enterprises, unless otherwise specified) For the three months ended December 31, 2025, revenues were $2.7 billion and net income was $1 million, or approximately $0 per depositary unit. For the three months ended December 31, 2024, ...

Core Viewpoint - Icahn Enterprises L.P. will hold a webcast to discuss its fourth quarter 2025 earnings results on February 25, 2026, at 10:00 a.m. Eastern Time [1] Group 1: Company Overview - Icahn Enterprises L.P. is a diversified holding company structured as a master limited partnership, operating in seven primary business segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma [1] Group 2: Financial Information - The indicative net asset value of Icahn Enterprises was approximately $3.8 billion as of September 30, 2025, reflecting an increase of $567 million compared to June 30, 2025 [1]

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Core Insights - The investment landscape is currently characterized by concerns over stock valuations, with notable figures like Howard Marks and Ray Dalio expressing worries about a potential bubble in the market [1][6] - The Fear & Greed Index indicates a strongly overvalued market, suggesting caution among investors [6] Investment News - Mohnish Pabrai participated in the 5th European Value Investing Conference, highlighting ongoing discussions in value investing [1] - Michael Burry, known for "The Big Short," has deregistered Scion Asset Management, raising questions about his future investment strategies [1] - The market is seeing few stocks at 52-week highs, despite overall market records, indicating selective strength among equities [1] Value Investing Insights - Discussions around the death of value investing are emerging, with various analysts questioning its relevance in the current market environment [1] - The psychology of human misjudgment, as discussed by Charlie Munger, remains a critical aspect of investment decision-making [5] Market Indicators - The Buffett Indicator suggests that the market is strongly overvalued, reinforcing the need for careful investment strategies [6] - A significant increase in the ratio of call volume to put volume was noted, reaching 28 times in October, indicating heightened speculative activity [8]