Icahn Capital

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Carl Icahn's Icahn Capital reported 13 stock positions worth $8.4 billion. Its top holding was Icahn Enterprises (IEP) at 49.1% of the portfolio, followed by CVR Energy (CVI, 21.2%) and Southwest Gas (SWX, 5.7%). Compared with Q3 2025, it added to 4 and reduced 2. The biggest buy was Centuri (CTRI, shares +32%) and the biggest sale Intl Flavors & Fragrances (IFF, shares −10%).

Most Recent 13F
Q2 2026
Notable People
Carl Icahn
Location
SUNNY ISLES BEACH, FL
CIK
0000921669
Portfolio Value
$8.4B (Q4 2025)
SEC Filing
0001539497-26-000679 ↗ filed Feb 17, 2026

Holdings Value

0$5.0B$10.0B$15.0B Q1 2024: $11.2B Q1 2024 Q2 2024: $10.8B Q2 2024 Q3 2024: $9.9B Q3 2024 Q4 2024: $7.4B Q4 2024 Q1 2025: $7.5B Q1 2025 Q2 2025: $7.9B Q2 2025 Q3 2025: $9.1B Q3 2025 Q4 2025: $8.4B $8.4B Q4 2025 Q1 2026: $8.6B Q1 2026 Q2 2026: $8.3B Q2 2026

Holdings 13 stocks · $8.4B
IEP Icahn Enterprises LP 49.12% 549,400,539 $4.1B Add +5.9%
CVI CVR Energy Inc. 21.21% 70,418,471 $1.8B No change
SWX Southwest Gas Holdings Inc. 5.72% 6,032,604 $482.7M No change
UAN CVR Partners LP 5.05% 4,164,274 $426.8M No change
ECHO Echostar Corp. Class A 4.32% 3,354,542 $364.6M Reduce -23.0%
CTRI Centuri Holdings Inc. 4.29% 14,336,044 $362.0M Add +32.2%
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 3.41% 4,275,000 $288.1M Reduce -10.0%
JBLU Jetblue Airways Corp. 1.81% 33,621,735 $153.0M No change
AEP American Electric Power 1.65% 1,205,300 $139.0M No change
MNRO Monro Inc. 1.21% 5,078,573 $101.8M Add +246.7%
SD Sandridge Energy Inc. 0.84% 4,911,564 $70.9M Add +0.8%
BLCO Bausch + Lomb Corp. 0.71% 3,500,000 $59.8M No change
CZR Caesars Entertainment Inc. 0.68% 2,440,109 $57.1M No change

Portfolio Sells Q3 2025 → Q4 2025
IFF Intl Flavors & Fragrances Reduce -10.0% 3.41% +0.21
ECHO Echostar Corp. Class A Reduce -23.0% 4.32% +0.68

Portfolio Buys Q3 2025 → Q4 2025
CTRI Centuri Holdings Inc. Add +32.2% 4.29% +1.77
IEP Icahn Enterprises LP Add +5.9% 49.12% +1.32
MNRO Monro Inc. Add +246.7% 1.21% +0.92
SD Sandridge Energy Inc. Add +0.8% 0.84% +0.24

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 12$8.3BIEP, CVI, UAN, CTRI, IFF
Q1 2026 12$8.6BIEP, CVI, UAN, CTRI, IFF
Q4 2025 13$8.4BIEP, CVI, SWX, UAN, ECHO
Q3 2025 13$9.1BIEP, CVI, SWX, UAN, ECHO
Q2 2025 12$7.9BIEP, CVI, SWX, UAN, IFF
Q1 2025 14$7.5BIEP, CVI, SWX, UAN, IFF
Q4 2024 14$7.4BIEP, CVI, SWX, IFF, UAN
Q3 2024 14$9.9BIEP, CVI, SWX, IFF, BHC
Q2 2024 14$10.8BIEP, CVI, SWX, IFF, UAN
Q1 2024 13$11.2BIEP, CVI, SWX, BHC, IFF