Carl Icahn Q4 2025 Portfolio Review: Significant IEP Increase, SATS Reduction
Carl Icahn's portfolio value as of December 31, 2025, stood at approximately $8.45 billion. His largest holding, Icahn Enterprises LP (IEP), saw a notable increase of 5.87%.
As of December 31, 2025, Carl Icahn's portfolio, managed by Icahn Capital Management, held a total value of approximately $8.45 billion. This comprehensive review analyzes observable changes in his holdings during the fourth quarter of 2025, focusing on significant increases, decreases, and other portfolio adjustments.
The most prominent change during this quarter was a substantial increase in Carl Icahn's stake in Icahn Enterprises LP (IEP). His position in IEP, categorized under the Energy sector, grew by 5.87% compared to the previous quarter. This translates to an increase of approximately 30.47 million shares, bringing his total holdings in IEP to 549,400,539 shares, representing nearly 49.12% of his total portfolio. Investors can explore Icahn's complete portfolio and IEP details further on InsiderSet and InsiderSet respectively.
Conversely, Icahn reduced his position in EchoStar Corporation (SATS), a Technology stock. He sold approximately 2.29 million shares, resulting in a 22.96% decrease in his SATS holdings during the quarter. His total shares in SATS decreased to 3,354,542, accounting for 4.32% of the portfolio. For more information on SATS, visit InsiderSet.
Carl Icahn also increased his stake in several other companies. He boosted his position in Centuri Holdings, Inc. (CTRI), a Utilities company, by 32.16% (an increase of 3,488,372 shares). His IFF (International Flavors and Fragrances Inc.), a Basic Materials stock, saw a 10% reduction in shares (-475,000 shares). Additionally, he significantly increased his holdings in Monro, Inc. (MNRO), a Consumer Cyclical, by 246.66% (adding 3,613,573 shares), and modestly added to his position in SandRidge Energy, Inc. (SD), an Energy stock.
It is important to note that the data provided does not indicate any new positions initiated or any existing positions fully exited during this quarter.
Overall, Carl Icahn's fourth-quarter activity saw a concentration on his largest holding, IEP, while he simultaneously reduced exposure in other sectors like Technology (SATS). For a complete view of Icahn's investment profile, refer to InsiderSet.