伊坎企业 2025年季度报告

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or forsuch shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,”“accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the ExchangeAct (Check One): If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section13(a)ofthe Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No⌧ As of May 7, 2025, there were546,086,101of Icahn Enterprises’ depositary units outstanding. ICAHN ENTERPRISESL.P.TABLE OF CONTENTS PARTI. FINANCIAL INFORMATIONFinancial Statements (Unaudited) Item1.2Item2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations32Item3.Quantitative and Qualitative Disclosures About Market Risk49Item4.Controls and Procedures50 PARTII. OTHER INFORMATION Item1.Legal Proceedings51Item1A.Risk Factors51Item 2.Unregistered Sales of Equity Securities and Use or Proceeds52Item 5.Other Information52Item6.Exhibits52 FORWARD-LOOKING STATEMENTS This Report contains certain statements that are, or may be deemed to be, “forward-lookingstatements” within the meaning of Section27A of the Securities Act of 1933, as amended, andSection21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or by thePrivate Securities Litigation Reform Act. All statements included in this Report, other than statementsthat relate solely to historical fact, are “forward-looking statements.” Such statements include, but arenot limited to, any statement that may predict, forecast, indicate or imply future results, performance,achievements or events, or any statement that may relate to strategies, plans or objectives for, orpotential results of, future operations, financial results, financial condition, business prospects,growth strategy or liquidity, and market conditions, and are based upon management’s current plansand beliefs or current estimates of future results or trends. Forward-looking statements can generallybe identified by phrases such as “believes,” “expects,” “potential,” “continues,” “may,” “should,”“seeks,” “predicts,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “could,” “designed,”“should be” and other similar expressions that denote expectations of future or conditional eventsrather than statements of fact. Forward-looking statements include certain statements made under the caption, “Management’sDiscussion and Analysis of Financial Condition and Results of Operations,” under PartI, Item2 ofthis Report, but also forward-looking statements that appear in other parts of this Report.Forward-looking statements reflect our current views with respect to future events and are based on certainassumptions and are subject to risks and uncertainties that could cause our actual results to differmaterially from trends, plans, or expectations set forth in the forward-looking statements. Theseinclude risks related to economic downturns, substantial competition and rising operating costs; theimpacts from the Russia/Ukraine conflict and ongoing conflict in the Middle East, includingeconomic volatility and the impacts of export controls and other economic sanctions; risks related toour investment activities, including the nature of the investments made by the private funds in whichwe invest, including the impact of the use of leverage through options, short sales, swaps, forwardsand other derivative instruments; risk related to our ability to comply with the covenants in our seniornotes and the risk of foreclosure on the assets securing our notes; declines in the fair value of ourinvestments, losses in the private funds and loss of key employees; risks related to our ability tocontinue to conduct our activities in a manner so as to not be deemed an investment company underthe Investment Company Act of 1940, as amended, or be taxed as a corporation; risks relating to shortsellers and associated litigation and regulatory inquires; risks related to our general partner andcontrolling unitholder; pledges of our units by our controlling unitholder; risks related to our energybusiness, including the volatility and availability of crude oil, other feed stocks and refined products,declines in global demand for crude oil, refined products and liquid transportation fuels, unfavorablerefining margin (crack spread), interrupted access to