Icahn Enterprises Sees Increase in Q3 Profits
Third-Quarter Financial Performance: Icahn Enterprises L.P. reported a significant increase in net income for Q3 2025, reaching $287 million or $0.49 per depositary unit, up from $22 million or $0.05 per depositary unit in the same quarter last year.
Revenue and EBITDA Comparison: The company's revenues for the quarter were $2.73 billion, slightly down from $2.79 billion in the previous year, while adjusted EBITDA rose to $383 million from $183 million year-over-year.
Net Asset Value Increase: As of September 30, 2025, the indicative net asset value increased by $567 million since June 30, 2025, primarily driven by gains from a long position in CVI and other fund positions.
Disclaimer on Views: The opinions expressed in the report are those of the author and do not necessarily reflect the views of Nasdaq, Inc.
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Ultra-Rich Family Offices Invested in Struggling Stocks as Market Reached Record Highs Last Quarter
Private Investment Trends: Ultra-wealthy private investment firms capitalized on AI-driven market gains, with notable moves including Appaloosa's exit from Oracle and significant increases in stakes in consumer stocks like Whirlpool and Goodyear.
Carl Icahn's Strategy: Icahn's family office increased its investment in International Flavors & Fragrances by 27%, betting on a recovery for the stock, which has seen a decline this year.
Health Insurance Investments: Leon Cooperman's Omega Advisors expanded its holdings in health insurance stocks, boosting its stakes in Cigna and Elevance Health despite challenges in the healthcare sector.
Tech Stock Engagement: Family offices continued to invest in major tech stocks, with Soros Fund Management significantly increasing its stakes in Apple and Amazon, while Duquesne Family Office re-entered positions in Amazon and Meta.
Hedge Fund Tycoon Carl Icahn's Q3: The Activist Takes a Defensive Stance, Sells Off a Troubling Investment, and Increases Stake in EchoStar
Icahn's Portfolio Reshuffle: Carl Icahn's latest 13F filing reveals a $9.14 billion portfolio, showcasing a significant reshuffle, including the complete liquidation of his stake in Bausch Health Companies, which had dropped 75%.
New Investments: Icahn made a notable investment in EchoStar Corp, acquiring 4.35 million shares, making it one of his top five positions, alongside increased stakes in Centuri Holdings and International Flavors & Fragrances.
Concentration in Holdings: Despite the changes, Icahn's portfolio remains highly concentrated, with 98.5% of capital in just 10 stocks, and nearly 48% tied to Icahn Enterprises, which he continues to invest in despite its significant decline.
Strategic Outlook: Icahn's moves indicate a shift in strategy, as he exits underperforming investments while doubling down on perceived value opportunities, reflecting his long-term conviction in his core holdings.
