Carl Icahn's top holdings (August 2025) include Icahn Enterprises L P (IEP), a diversified holding company primarily engaged in the management of its various portfolio companies.

Carl Icahn is the founder and Chairman of Icahn Enterprises, a public company that operates a diverse set of businesses. His investment approach typically involves acquiring significant stakes in companies and advocating for strategic changes within those organizations, often termed activist investing. Through Icahn Enterprises, he oversees investments across a range of sectors.

Icahn Enterprises L P (IEP)

Icahn Enterprises is a multi-industry holding company that owns and operates businesses across diverse sectors including energy, automotive, food packaging, metals, and real estate. It serves as the primary vehicle for Carl Icahn's various investment activities and strategic operations. The company's market capitalization stands at $5.11B, while the current value of Carl Icahn's holding in IEP is $4.52B. Its discounted cash flow value is $11.82 per share.
Here's an overview of Carl Icahn's trades in Icahn Enterprises L P:

CVR Energy Inc (CVI)

CVR Energy is a diversified holding company primarily engaged in petroleum refining and nitrogen fertilizer manufacturing operations. The company operates through its subsidiaries, CVR Refining and CVR Partners, serving various markets for fuels and agricultural products. CVR Energy has a market capitalization of $2.8B, with Carl Icahn's position currently valued at $1.89B. The company's discounted cash flow analysis suggests a value of $50.78 per share.
Here's an overview of Carl Icahn's trades in CVR Energy Inc:

Southwest Gas Holdings Inc (SWX)

Southwest Gas Holdings is a utility company engaged in the purchase, distribution, and sale of natural gas to residential, commercial, and industrial customers. It also provides utility infrastructure services. The company has a market cap of $5.64B, and this holding in Carl Icahn's portfolio is currently worth $588.6M. Its discounted cash flow value is -$29.66 per share.
Here's an overview of Carl Icahn's trades in Southwest Gas Holdings Inc:

CVR Partners LP (UAN)

CVR Partners operates as a master limited partnership focused on the production of nitrogen fertilizers. Its primary products include urea ammonium nitrate (UAN) and ammonia, which are essential for agricultural applications. The company¡¯s market capitalization is $944.5M, with the current value of Carl Icahn's position in CVR Partners LP standing at $388.31M. The discounted cash flow value for the company is $161.92 per share.
Here's an overview of Carl Icahn's trades in CVR Partners LP:

International Flavors & Fragrances Inc. (IFF)

International Flavors & Fragrances Inc. develops, manufactures, and supplies a wide range of flavor, fragrance, and cosmetic active ingredients for consumer products. Their offerings are utilized in numerous household and personal care items, as well as food and beverage products worldwide. This holding in Carl Icahn's portfolio is currently worth $266.36M, while the company's market cap is $19.6B. The discounted cash flow value for International Flavors & Fragrances is $106.24 per share.
Here's an overview of Carl Icahn's trades in International Flavors & Fragrances Inc.: