Short answer

Icahn Enterprises L.p (IEP) filed its fiscal 2017 10-K annual report with the SEC on Mar 1, 2018. It reported revenue of $21.7B (+33.0% year over year) and net income of $2.4B.

Top risk flagged: Investment Company Act registration risk: SEC penalties, contract rescission and operational restrictions if holdings trigger inadvertent registration

FY2017 key financial metrics · XBRL

Revenue: $21.7B; +33.0% YoY
Net income: $2.4B; +315.4% YoY
Gross margin: 2.3%; −0.8 pp YoY
ROE: 47.6%; +100.0 pp YoY
Operating cash flow: −$1.4B; −186.8% YoY

Source: XBRL data from the Icahn Enterprises L.p (IEP) FY2017 10-K on SEC EDGAR. USD.

Icahn Enterprises L.p FY2017 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

Diversified activist holding company: undervalued investments, operational control and management changes across ten reporting segments
New 2017 automotive additions: Precision Tune and American Driveline franchise businesses
Strategic ownership consolidation: Federal-Mogul increased from 82% to 100%, Tropicana from 72.5% to 83.9%
Railcar portfolio reshaping: ARL sold its fleet of more than 34,000 railcars for approximately $3.3 billion
Approximately 89,000 segment employees, with 81% in Automotive and 51% internationally

Management Discussion & Analysis

Revenue $21.744B, up $5.396B YoY, driven by Automotive $10.528B and Energy $5.918B
Net income $2.591B vs $(2.220)B, aided by Railcar gain $1.7B and Real Estate gains $496M
Best segment Automotive: sales $10.528B, gross margin 19%; worst Investment: net loss $1.223B despite 2.1% fund returns
Cash flow: operating use $1.436B, ARL proceeds $1.8B, capex $950M to $1.0B planned for 2018
Capital allocation: $1.3B Investment Funds investment, $600M rights offering, $79M distributions, $36M Tropicana repurchases; market and leverage risks remaining

Risk Factors

Investment Company Act registration risk: SEC penalties, contract rescission and operational restrictions if holdings trigger inadvertent registration
RIN exposure: EPA Renewable Fuel Standards and volatile credits costs affecting Coffeyville and Wynnewood refineries
International exposure: Federal-Mogul and Viskase face currency controls, import restrictions and political instability across foreign operations
Supply vulnerability: Single-source material suppliers or energy disruptions could reduce production and compress margins
Control concentration: Mr. Icahn owns approximately 91.0% of depositary units and controls the general partner

Generated from the filing text; verify against the original. How to read a 10-K

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