Icahn Enterprises L.P. (IEP) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 397M | -421M | 15M | 275M | -182M | 244M | -54M | 893M | -251M | 115M | 1.63B | 1.73B | 265M | -2.29B | 711M | 709M | 1.92B | 255M | 430M | 187M |
| Operating CF Margin % | 17.18% | -15.45% | 0.55% | 11.37% | -9.05% | 9.45% | -2% | 33.8% | -11.22% | 3.89% | 52.32% | 58.93% | 9.08% | -67.25% | 20.86% | 21.86% | 44.53% | 9.74% | 16.47% | 5.55% |
| Operating CF Growth % | 318.13% | -272.54% | 127.78% | -69.2% | 27.49% | 112.17% | -103.32% | -48.35% | -194.72% | 105.03% | 128.83% | 143.86% | -86.2% | -996.08% | 65.35% | 279.14% | 448.46% | 122.37% | -76.91% | -20.43% |
| Net Income | -563M | 1M | 411M | -201M | -580M | -110M | 80M | -325M | -26M | -205M | -30M | -419M | -358M | -408M | -215M | -287M | 885M | -826M | -211M | -62M |
| Depreciation & Amortization | 123M | 195M | 158M | 132M | 118M | 129M | 126M | 127M | 129M | 134M | 133M | 129M | 122M | 129M | 131M | 127M | 122M | 132M | 126M | 132M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -53M | 4M | 122M | -45M | -72M | -33M | 23M | -19M | -16M | 28M | 12M | -28M | -60M | -104M | -26M | -75M | 57M | -186M | -8M | 44M |
| Other Non-Cash Items | 890M | -547M | 288M | 86M | -152M | -1.11B | 274M | 1.12B | -116M | -102M | 2.21B | -540M | -435M | -688M | 2.26B | 841M | 1.11B | 1.01B | 1.73B | -319M |
| Working Capital Changes | 0 | -74M | -964M | 303M | 504M | 1.37B | -557M | -14M | -222M | 260M | -700M | 2.59B | 996M | -1.21B | -1.44B | 103M | -250M | 122M | -1.21B | 392M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -110M | -137M | -33M | -186M | -118M | 11M | -59M | -91M | -75M | -209M | 92M | -110M | -63M | -89M | -102M | -107M | 38M | 308M | -26M | 130M |
| Capital Expenditures | -114M | -75M | -82M | -96M | -88M | -88M | -58M | -66M | -68M | -102M | -70M | -73M | -58M | -84M | -100M | -99M | -55M | -66M | -81M | -111M |
| CapEx % of Revenue | 4.93% | 2.75% | 3.01% | 3.97% | 4.38% | 3.41% | 2.14% | 2.5% | 3.04% | 3.45% | 2.25% | 2.49% | 1.99% | 2.47% | 2.93% | 3.05% | 1.28% | 2.52% | 3.1% | 3.3% |
| Acquisitions | 0 | -64M | 52M | 0 | 0 | 0 | 1M | 3M | 5M | -149M | 4M | 1M | 19M | 0 | 2M | 2M | 0 | 354M | 26M | 34M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -715M | 2M | -3M | -340M | -30M | 99M | -2M | -29M | -12M | 42M | 158M | -38M | -24M | -5M | -5M | -55M | -14M | -3M | -1M | -3M |
| Cash from Financing | -412M | -52M | -431M | -485M | -65M | 250M | -815M | -172M | -587M | -71M | -693M | -1.62B | 1M | 59M | -70M | 102M | -435M | 183M | -174M | 70M |
| Debt Issued (Net) | 0 | -72M | -22M | -94M | -13M | 349M | -168M | 21M | -600M | 138M | -11M | -13M | -3M | -37M | -8M | 9M | -565M | -19M | -355M | 6M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | -2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | -55M | -79M | -154M | 0 | -71M | -113M | -207M | 0 | -113M | -39M | -155M | 0 | -64M | -60M | -101M | -1M | -42M | -35M | -57M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -412M | 75M | -330M | -237M | -52M | -26M | -534M | 14M | 13M | -96M | -643M | -1.45B | 4M | 160M | -2M | 194M | 131M | 244M | 216M | 121M |
| Net Change in Cash | -125M | -881M | -451M | -399M | -364M | 505M | -926M | -213M | -913M | -166M | 1.03B | -3M | 203M | -2.32B | 541M | 708M | 1.52B | 744M | 229M | 387M |
| Free Cash Flow | 283M | -496M | -67M | 179M | -270M | 156M | -112M | 827M | -319M | 13M | 1.56B | 1.66B | 207M | -2.37B | 611M | 610M | 1.86B | 189M | 349M | 76M |
| FCF Margin % | 12.25% | -18.2% | -2.46% | 7.4% | -13.43% | 6.04% | -4.14% | 31.3% | -14.25% | 0.44% | 50.06% | 56.44% | 7.09% | -69.72% | 17.92% | 18.8% | 43.25% | 7.22% | 13.37% | 2.26% |
| FCF Growth % | 204.81% | -417.95% | 40.18% | -78.36% | 15.36% | 1100% | -107.19% | -50.06% | -254.11% | 100.55% | 154.83% | 171.48% | -88.9% | -1353.44% | 75.07% | 702.63% | 411.87% | 115.96% | -80.85% | -56.07% |
| FCF per Share | 0.49 | -0.86 | -0.12 | 0.33 | -0.52 | 0.31 | -0.23 | 1.84 | -0.74 | 0.03 | 3.95 | 4.51 | 0.58 | -6.97 | 1.89 | 1.99 | 6.24 | 0.67 | 1.31 | 0.30 |
| FCF Conversion (FCF/Net Income) | -0.65x | -421.00x | 0.05x | -1.70x | 0.44x | -2.54x | -2.45x | -2.75x | 6.78x | -0.85x | -271.17x | -6.55x | -1.00x | 9.14x | -5.88x | -5.67x | 6.06x | -0.53x | -2.97x | -1.40x |
| Interest Paid | 0 | 0 | 112M | 148M | 100M | 136M | 102M | 0 | 58M | 127M | 83M | 133M | 83M | 135M | 82M | 123M | 98M | 0 | 97M | 144M |
| Taxes Paid | 0 | 0 | 10M | -1M | 2M | -66M | 4M | 0 | 25M | 10M | 52M | 38M | 5M | 41M | 79M | 0 | 0 | 0 | 34M | 0 |