Great investors · Carl Icahn · Q4 2025
What Carl Icahn bought and sold in Q4 2025
Icahn Capital 13F portfolio as of Dec 31, 2025: 13 positions worth $8.4 bn. Largest: IEP, CVI, SWX, UAN. Filed with the SEC on Feb 17, 2026.
The 13F is filed by Icahn Capital, not by Carl Icahn personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q4 2025
- IncreasedIcahn EnterprisesIEP+2.5 pp
- IncreasedCenturi HoldingsCTRI+1.0 pp
- IncreasedMonroMNRO+0.8 pp
Sells in Q4 2025
- ReducedEchoStarECHO−1.2 pp
4 companies with material moves, out of 5 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Icahn Capital's Q4 2025 13F lists 13 lines of US-listed securities worth $8.4 bn; the largest is IEP at 49.1% of the portfolio. It was accepted by the SEC on Feb 17, 2026 at 4:32 PM ET.
Against the previous quarter, it opened no new positions, closed none, added to 3 (MNRO, IEP and CTRI) and trimmed 2 (ECHO and IFF). 8 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Icahn Enterprises IEP | 549.4 M | $4.1 bn | 49.1% | +5.9% |
| 2 | CVR Energy CVI | 70.4 M | $1.8 bn | 21.2% | no change |
| 3 | Southwest Gas Holdings SWX | 6.0 M | $483M | 5.72% | no change |
| 4 | CVR Partners UAN | 4.2 M | $427M | 5.05% | no change |
| 5 | EchoStar ECHO | 3.4 M | $365M | 4.32% | −23% |
| 6 | Centuri Holdings CTRI | 14.3 M | $362M | 4.29% | +32% |
| 7 | International Flavors & Fragrances IFF | 4.3 M | $288M | 3.41% | −10% |
| 8 | Jetblue Airways JBLU | 33.6 M | $153M | 1.81% | no change |
| 9 | American Electric Power AEP | 1.2 M | $139M | 1.65% | no change |
| 10 | Monro MNRO | 5.1 M | $102M | 1.21% | +247% |
| 11 | Sandridge Energy SD | 4.9 M | $70.9M | 0.84% | no change |
| 12 | Bausch & Lomb BLCO | 3.5 M | $59.8M | 0.71% | no change |
| 13 | Caesars Entertainment CZR | 2.4 M | $57.1M | 0.68% | no change |
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Icahn Capital's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.