Icahn Capital
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Carl Icahn's Icahn Capital reported 13 stock positions worth $9.1 billion. Its top holding was Icahn Enterprises (IEP) at 47.8% of the portfolio, followed by CVR Energy (CVI, 28.1%) and Southwest Gas (SWX, 5.2%). Compared with Q2 2025, it opened 2 new positions, sold out of 1, added to 4 and reduced 1. The biggest buy was a new position in Echostar Class A (ECHO) and the biggest sale an exit from Bausch Health Cos (BHC).
- Most Recent 13F
- Q2 2026
- Notable People
- Carl Icahn
- Location
- SUNNY ISLES BEACH, FL
- CIK
- 0000921669
- Portfolio Value
- $9.1B (Q3 2025)
- SEC Filing
- 0001539497-25-002973 ↗ filed Nov 14, 2025
Holdings Value
Holdings 13 stocks · $9.1B
| IEP Icahn Enterprises LP | 47.80% | 518,932,944 | $4.4B | Add +4.9% |
| CVI CVR Energy Inc. | 28.10% | 70,418,471 | $2.6B | No change |
| SWX Southwest Gas Holdings Inc. | 5.17% | 6,032,604 | $472.6M | Reduce -19.9% |
| UAN CVR Partners LP | 4.11% | 4,164,274 | $375.3M | No change |
| ECHO Echostar Corp. Class A | 3.64% | 4,354,542 | $332.5M | New |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 3.20% | 4,750,000 | $292.3M | Add +26.7% |
| CTRI Centuri Holdings Inc. | 2.51% | 10,847,672 | $229.6M | Add +69.4% |
| JBLU Jetblue Airways Corp. | 1.81% | 33,621,735 | $165.4M | No change |
| AEP American Electric Power | 1.48% | 1,205,300 | $135.6M | No change |
| CZR Caesars Entertainment Inc. | 0.72% | 2,440,109 | $65.9M | No change |
| SD Sandridge Energy Inc. | 0.60% | 4,870,233 | $54.9M | Add +1.1% |
| BLCO Bausch + Lomb Corp. | 0.58% | 3,500,000 | $52.7M | No change |
| MNRO Monro Inc. | 0.29% | 1,465,000 | $26.3M | New |
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 12 | $8.3B | IEP, CVI, UAN, CTRI, IFF |
| Q1 2026 | 12 | $8.6B | IEP, CVI, UAN, CTRI, IFF |
| Q4 2025 | 13 | $8.4B | IEP, CVI, SWX, UAN, ECHO |
| Q3 2025 | 13 | $9.1B | IEP, CVI, SWX, UAN, ECHO |
| Q2 2025 | 12 | $7.9B | IEP, CVI, SWX, UAN, IFF |
| Q1 2025 | 14 | $7.5B | IEP, CVI, SWX, UAN, IFF |
| Q4 2024 | 14 | $7.4B | IEP, CVI, SWX, IFF, UAN |
| Q3 2024 | 14 | $9.9B | IEP, CVI, SWX, IFF, BHC |
| Q2 2024 | 14 | $10.8B | IEP, CVI, SWX, IFF, UAN |
| Q1 2024 | 13 | $11.2B | IEP, CVI, SWX, BHC, IFF |