Carl Icahn - Icahn Capital Management
Icahn Capital Management
Latest 13F filing
Q4 2025
filed Feb 17, 2026
Portfolio value
$8.45B
Positions
13
Top 10 concentration
97.8%
QoQ change
-7.6%
$-696.43M
Activity vs. Q3 2025
0
New positions
4
Added to
7
Unchanged
2
Reduced
7
Exited
Portfolio composition — Q4 2025
- IEPIcahn Enterprises LP49.1%
- CVICVR Energy Inc21.2%
- SWXSouthwest Gas Holdings Inc.5.7%
- UANCVR Partners, LP5.1%
- SATSEchoStar Corporation4.3%
- CTRICenturi Holdings, Inc.4.3%
- IFFInternational Flavors and Fragrances Inc.3.4%
- JBLUJetBlue Airways Corp.1.8%
- AEPAmerican Electric Power Company1.6%
- MNROMonro, Inc.1.2%
- Other3 more positions2.2%
Top buys
New & added positions, by size
Holdings as of Q4 2025
| # | Ticker | Issuer | Shares | Value | % Portfolio | Reported price | Action | Δ Shares |
|---|---|---|---|---|---|---|---|---|
| 1 | IEP | Icahn Enterprises LP | 549,400,539 | $4.15B | 49.12% | $7.55 | ADD | +5.9% |
| 2 | CVI | CVR Energy Inc | 70,418,471 | $1.79B | 21.21% | $25.44 | — | 0% |
| 3 | SWX | Southwest Gas Holdings Inc. | 6,032,604 | $482.73M | 5.72% | $80.02 | — | 0% |
| 4 | UAN | CVR Partners, LP | 4,164,274 | $426.84M | 5.05% | $102.50 | — | 0% |
| 5 | SATS | EchoStar Corporation | 3,354,542 | $364.64M | 4.32% | $108.70 | REDUCE | -23.0% |
| 6 | CTRI | Centuri Holdings, Inc. | 14,336,044 | $361.99M | 4.29% | $25.25 | ADD | +32.2% |
| 7 | IFF | International Flavors and Fragrances Inc. | 4,275,000 | $288.09M | 3.41% | $67.39 | REDUCE | -10.0% |
| 8 | JBLU | JetBlue Airways Corp. | 33,621,735 | $152.98M | 1.81% | $4.55 | — | 0% |
| 9 | AEP | American Electric Power Company | 1,205,300 | $138.98M | 1.65% | $115.31 | — | 0% |
| 10 | MNRO | Monro, Inc. | 5,078,573 | $101.77M | 1.21% | $20.04 | ADD | +246.7% |
| 11 | SD | SandRidge Energy, Inc. | 4,911,564 | $70.87M | 0.84% | $14.43 | ADD | +0.8% |
| 12 | BLCO | Bausch Plus Lomb Corp. | 3,500,000 | $59.78M | 0.71% | $17.08 | — | 0% |
| 13 | CZR | Caesars Entertainment, Inc. | 2,440,109 | $57.07M | 0.68% | $23.39 | — | 0% |
Positions exited in Q4 2025
Source: SEC EDGAR 13F-HR filing Feb 17, 2026. Reported prices are derived from the filing's value-to-shares ratio (effectively the quarter-end mark). Filings are published with a 45-day delay. CIK 0000921669.