Q4 2025 Icahn Enterprises LP Earnings Call Transcript
Key Points
- Icahn Enterprises LP's funds showed strong performance, up approximately 11% for the fourth quarter.
- The company has a significant cash reserve, with more than $1.2 billion in cash at the funds, providing financial flexibility.
- AEP, a top position, is benefiting from the AI infrastructure build-out, with a new $72 billion CapEx plan driving growth.
- EchoStar's sale of additional spectrum to SpaceX in exchange for equity demonstrates the value of its spectrum portfolio.
- Centuri reported strong growth, with base revenue and EBITDA increasing by 25% and 28% respectively, enhancing financial flexibility.
- Fourth quarter NAV decreased by $654 million compared to the third quarter.
- Energy segment's adjusted EBITDA decreased significantly from $99 million in Q4 '24 to $51 million in Q4 '25.
- The fertilizer business faced challenges due to low utilization and downtime events at the Coffeyville facility.
- Automotive service revenues decreased by $1 million compared to the prior year quarter, despite a 5% increase in same-store sales.
- Food Packaging's adjusted EBITDA decreased by $8 million due to lower volume and manufacturing inefficiencies.
Good morning, and welcome to the Icahn Enterprises L.P.'s 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.
Thank you, operator. 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 expects, anticipates, intends, plans, believes, seeks, estimates, will or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises L.P. and its subsidiaries. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and
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