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Side-by-side financial comparison of ICAHN ENTERPRISES L.P. (IEP) and SPX Technologies, Inc. (SPXC), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
ICAHN ENTERPRISES L.P. is the larger business by last-quarter revenue ($2.7B vs $637.3M, roughly 4.2× SPX Technologies, Inc.). SPX Technologies, Inc. runs the higher net margin — 0.0% vs 12.2%, a 12.2% gap on every dollar of revenue. On growth, SPX Technologies, Inc. posted the faster year-over-year revenue change (19.4% vs 5.4%). SPX Technologies, Inc. produced more free cash flow last quarter ($126.7M vs $-496.0M). Over the past eight quarters, SPX Technologies, Inc.'s revenue compounded faster (17.0% CAGR vs 4.5%).
Icahn Enterprises L.P. is an American publicly traded master limited partnership and conglomerate headquartered at Milton Tower in Sunny Isles Beach, Florida. The company has investments in various industries including energy, automotive, food packaging, metals, real estate and home fashion. The company is controlled by Carl Icahn, who owns 86 percent of it.
SPX Technologies, Inc. is an American manufacturing company, headquartered in Charlotte, North Carolina. The company operates within four markets: heating, ventilation, and air conditioning (HVAC), detection and measurement, power transmission and generation, and engineered solutions. Examples of SPX’s products include cooling towers and boilers, underground pipe and cable locators, power transformers, and heat exchangers. Brands include Waukesha, Dielectric, Genfare, Fahrenheat, Radiodetecti...
IEP vs SPXC — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $637.3M |
| Net Profit | $1.0M | $77.9M |
| Gross Margin | — | 39.8% |
| Operating Margin | 0.6% | 15.7% |
| Net Margin | 0.0% | 12.2% |
| Revenue YoY | 5.4% | 19.4% |
| Net Profit YoY | 101.0% | 36.4% |
| EPS (diluted) | — | $1.56 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $2.7B | $637.3M | ||
| Q3 25 | $2.7B | $592.8M | ||
| Q2 25 | $2.4B | $552.4M | ||
| Q1 25 | $1.9B | $482.6M | ||
| Q4 24 | $2.6B | $533.7M | ||
| Q3 24 | $2.8B | $483.7M | ||
| Q2 24 | $2.2B | $501.3M | ||
| Q1 24 | $2.5B | $465.2M |
| Q4 25 | $1.0M | $77.9M | ||
| Q3 25 | $287.0M | $62.7M | ||
| Q2 25 | $-165.0M | $52.2M | ||
| Q1 25 | $-422.0M | $51.2M | ||
| Q4 24 | $-98.0M | $57.1M | ||
| Q3 24 | $22.0M | $50.2M | ||
| Q2 24 | $-331.0M | $44.2M | ||
| Q1 24 | $-38.0M | $49.0M |
| Q4 25 | — | 39.8% | ||
| Q3 25 | — | 40.4% | ||
| Q2 25 | — | 41.4% | ||
| Q1 25 | — | 40.6% | ||
| Q4 24 | — | 40.9% | ||
| Q3 24 | — | 40.9% | ||
| Q2 24 | — | 40.1% | ||
| Q1 24 | — | 39.3% |
| Q4 25 | 0.6% | 15.7% | ||
| Q3 25 | 19.7% | 16.4% | ||
| Q2 25 | -10.4% | 15.7% | ||
| Q1 25 | -35.0% | 13.8% | ||
| Q4 24 | -5.2% | 16.9% | ||
| Q3 24 | 2.4% | 16.3% | ||
| Q2 24 | -21.9% | 14.9% | ||
| Q1 24 | -0.8% | 13.9% |
| Q4 25 | 0.0% | 12.2% | ||
| Q3 25 | 10.5% | 10.6% | ||
| Q2 25 | -7.0% | 9.4% | ||
| Q1 25 | -22.6% | 10.6% | ||
| Q4 24 | -3.8% | 10.7% | ||
| Q3 24 | 0.8% | 10.4% | ||
| Q2 24 | -15.0% | 8.8% | ||
| Q1 24 | -1.5% | 10.5% |
| Q4 25 | — | $1.56 | ||
| Q3 25 | — | $1.28 | ||
| Q2 25 | — | $1.10 | ||
| Q1 25 | — | $1.09 | ||
| Q4 24 | — | $1.21 | ||
| Q3 24 | — | $1.06 | ||
| Q2 24 | — | $0.94 | ||
| Q1 24 | — | $1.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.4B | $364.0M |
| Total DebtLower is stronger | — | $496.7M |
| Stockholders' EquityBook value | — | $2.2B |
| Total Assets | $14.2B | $3.6B |
| Debt / EquityLower = less leverage | — | 0.22× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $1.4B | $364.0M | ||
| Q3 25 | $1.8B | $229.4M | ||
| Q2 25 | $1.8B | $132.8M | ||
| Q1 25 | $2.2B | $177.8M | ||
| Q4 24 | $2.6B | $156.9M | ||
| Q3 24 | $2.3B | $124.8M | ||
| Q2 24 | $2.2B | $128.1M | ||
| Q1 24 | $2.5B | $100.5M |
| Q4 25 | — | $496.7M | ||
| Q3 25 | — | $499.8M | ||
| Q2 25 | — | $950.3M | ||
| Q1 25 | — | $872.0M | ||
| Q4 24 | — | $577.0M | ||
| Q3 24 | — | $665.2M | ||
| Q2 24 | — | $509.9M | ||
| Q1 24 | — | $516.6M |
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | $14.2B | $3.6B | ||
| Q3 25 | $14.8B | $3.4B | ||
| Q2 25 | $14.8B | $3.3B | ||
| Q1 25 | $15.5B | $3.1B | ||
| Q4 24 | $16.3B | $2.7B | ||
| Q3 24 | $17.4B | $2.8B | ||
| Q2 24 | $18.0B | $2.8B | ||
| Q1 24 | $20.1B | $2.8B |
| Q4 25 | — | 0.22× | ||
| Q3 25 | — | 0.23× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.42× | ||
| Q3 24 | — | 0.49× | ||
| Q2 24 | — | 0.40× | ||
| Q1 24 | — | 0.42× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-421.0M | $195.2M |
| Free Cash FlowOCF − Capex | $-496.0M | $126.7M |
| FCF MarginFCF / Revenue | -18.4% | 19.9% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 2.8% | 10.7% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | -421.00× | 2.51× |
| TTM Free Cash FlowTrailing 4 quarters | $-654.0M | $241.2M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $-421.0M | $195.2M | ||
| Q3 25 | $15.0M | $106.5M | ||
| Q2 25 | $275.0M | $42.5M | ||
| Q1 25 | $-182.0M | $-10.9M | ||
| Q4 24 | $244.0M | $166.5M | ||
| Q3 24 | $-54.0M | $51.4M | ||
| Q2 24 | $893.0M | $57.5M | ||
| Q1 24 | $-251.0M | $10.5M |
| Q4 25 | $-496.0M | $126.7M | ||
| Q3 25 | $-67.0M | $96.1M | ||
| Q2 25 | $179.0M | $34.8M | ||
| Q1 25 | $-270.0M | $-16.4M | ||
| Q4 24 | $156.0M | $156.7M | ||
| Q3 24 | $-112.0M | $43.5M | ||
| Q2 24 | $827.0M | $47.1M | ||
| Q1 24 | $-319.0M | $600.0K |
| Q4 25 | -18.4% | 19.9% | ||
| Q3 25 | -2.5% | 16.2% | ||
| Q2 25 | 7.6% | 6.3% | ||
| Q1 25 | -14.5% | -3.4% | ||
| Q4 24 | 6.1% | 29.4% | ||
| Q3 24 | -4.0% | 9.0% | ||
| Q2 24 | 37.6% | 9.4% | ||
| Q1 24 | -12.9% | 0.1% |
| Q4 25 | 2.8% | 10.7% | ||
| Q3 25 | 3.0% | 1.8% | ||
| Q2 25 | 4.1% | 1.4% | ||
| Q1 25 | 4.7% | 1.1% | ||
| Q4 24 | 3.4% | 1.8% | ||
| Q3 24 | 2.1% | 1.6% | ||
| Q2 24 | 3.0% | 2.1% | ||
| Q1 24 | 2.8% | 2.1% |
| Q4 25 | -421.00× | 2.51× | ||
| Q3 25 | 0.05× | 1.70× | ||
| Q2 25 | — | 0.81× | ||
| Q1 25 | — | -0.21× | ||
| Q4 24 | — | 2.92× | ||
| Q3 24 | -2.45× | 1.02× | ||
| Q2 24 | — | 1.30× | ||
| Q1 24 | — | 0.21× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
IEP
| Public Utilities Inventory Petroleum Products | $1.6B | 61% |
| Other | $381.0M | 14% |
| Automotive Services | $345.0M | 13% |
| Nitrogen Fertilizer Products | $131.0M | 5% |
| Food Packaging Segment | $82.0M | 3% |
| Home Fashion Segment | $45.0M | 2% |
| Renewable Products | $32.0M | 1% |
| Pharma Segment | $23.0M | 1% |
| Holding Company | $11.0M | 0% |
SPXC
| Package And Process Cooling Equipment And Services And Engineered Air Movement And Handling Solutions | $258.5M | 41% |
| Detectionand Measurement Reportable Segment | $206.2M | 32% |
| CA | $57.7M | 9% |
| Kranze Technology Solutions Inc | $37.9M | 6% |
| GB | $32.0M | 5% |
| Other Foreign Countries | $28.6M | 4% |
| Other | $16.4M | 3% |
