Icahn Enterprises acquired: Carl Icahn invested in these shares in the third quarter of 2025

11th place: The ranking

In the third quarter of 2025, Carl Icahn managed assets of around $9.14 billion. Since the star investor’s portfolio clearly exceeded the value of 100 million US dollars, Icahn – as in previous quarters – had to disclose his investments again in a 13F form at the end of the third quarter of 2025. The following ranking lists his ten largest holdings in the past quarter, sorted by their share of the total portfolio. Only stock investments were taken into account. The status is September 30, 2025, the data was published on November 14.

Source: sec.gov, Image: Heidi Gutman/CNBC/NBCU Photo Bank via Getty Images

10th place: Caesars Entertainment

Carl Icahn’s investment in the hotel and casino operator Caesars Entertainment once again leads the rankings. The star investor did not touch this investment in the third quarter of 2025, which meant that – as in the previous quarter – it once again landed in tenth place. The 2,440,109 shares that were still in Icahn’s portfolio at the end of the quarter were worth around $65.94 million as of the reporting date and therefore accounted for 0.72 percent of his overall portfolio.

Source: sec.gov, Image: caesars entertainment

9th place: American Electric Power

The energy company American Electric Power was also able to defend its place in the ranking. Carl Icahn did not change anything about this shareholding in the past quarter. The 1,205,300 shares held were worth approximately $135.60 million as of September 30, 2025. The investment therefore accounted for 1.48 percent of the entire portfolio.

Source: sec.gov, Image: T. Schneider / Shutterstock.com

8th place: JetBlue Airways

The investment in JetBlue Airways also remained unchanged – and thus again in eighth place. At the end of the quarter, Carl Icahn continued to own 33,621,735 shares of the airline’s stock, valued at approximately $165.42 million. This made up 1.81 percent of his total portfolio.

Source: sec.gov, Image: Markus Mainka / Shutterstock.com

7th place: Centuri Holdings

Carl Icahn, however, significantly expanded his stake in Centuri Holdings in the third quarter of 2025: The star investor increased his stake in the energy infrastructure company in his portfolio by a whopping 69.39 percent. In total, Icahn held 10,847,672 Centuri shares with a total value of approximately $229.65 million at the end of the quarter. This corresponded to a share of 2.51 percent of his total portfolio.

Source: sec.gov, Image: Centuri Holdings

6th place: International Flavors & Fragrances

Icahn also significantly expanded its stake in International Flavors & Fragrances in the third quarter of 2025, by an impressive 26.67 percent. As of September 30, 2025, there were now 4,750,000 shares of the fragrance manufacturer in its portfolio. With a value of around $292.32 million, the investment accounted for 3.20 percent of his total portfolio and fell one place lower.

Source: sec.gov, Image: Casimiro PT / Shutterstock.com

5th place: EchoStar Corp.

EchoStar shares are a completely new investment for Carl Icahn. In the last quarter of the year, the investor acquired 4,354,542 shares in the satellite fleet operator. This investment was worth around $332.51 million as of the reporting date, making up 3.64 percent of the entire portfolio.

Source: sec.gov, Image: Triff / Shutterstock.com

4th place: CVR Partners LP

However, the star investor remained inactive in the third quarter with CVR Partners LP, so that there were still 4,164,274 shares of the nitrogen fertilizer producer in his portfolio as of the reporting date. At the end of the quarter, these were worth around $375.28 million, making up 4.11 percent of his entire portfolio.

Source: sec.gov, Image: MacroEcon / Shutterstock.com

3rd place: Southwest Gas

At the end of the third quarter of 2025, there were 6,032,604 Southwest Gas shares in Carl Icahn’s portfolio – 19.91 percent less than in the previous quarter. Overall, this position was worth around $472.59 million as of the reporting date, making it 5.17 percent of the entire portfolio.

Source: sec.gov, Image: Casimiro PT / Shutterstock.com

2nd place: CVR Energy

As in the previous quarter, the holding in CVR Energy was in second place in Carl Icahn’s portfolio. The star investor did not change this position in the last quarter of the year, so as of the reporting date there were a total of 70,418,471 shares of the energy company in his portfolio, which were worth around 2.57 billion US dollars and made up 28.10 percent of the entire portfolio.

Source: sec.gov, Image: rafapress / Shutterstock.com

1st place: Icahn Enterprises

As in previous quarters, the stake in his own holding company Icahn Enterprises was by far the first place in the star investor’s portfolio in the third quarter of 2025. Icahn expanded the position by 4.88 percent during the reporting period, so that a total of 518,932,944 Icahn Enterprises shares were in his portfolio as of the reporting date. At the end of the third quarter, this stake was worth around $4.37 billion, making up a whopping 47.80 percent of the entire portfolio.

Source: sec.gov, Image: IgorGolovniov / Shutterstock.com