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Side-by-side financial comparison of ICAHN ENTERPRISES L.P. (IEP) and Vistra Corp. (VST). Click either name above to swap in a different company.
Vistra Corp. is the larger business by last-quarter revenue ($4.8B vs $2.7B, roughly 1.8× ICAHN ENTERPRISES L.P.). Vistra Corp. runs the higher net margin — 4.8% vs 0.0%, a 4.8% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs 5.4%). Vistra Corp. produced more free cash flow last quarter ($596.0M vs $-496.0M). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% 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.
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
IEP vs VST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $4.8B |
| Net Profit | $1.0M | $233.0M |
| Gross Margin | — | — |
| Operating Margin | 0.6% | 9.9% |
| Net Margin | 0.0% | 4.8% |
| Revenue YoY | 5.4% | 31.2% |
| Net Profit YoY | 101.0% | -47.2% |
| EPS (diluted) | — | $0.55 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.7B | $4.8B | ||
| Q3 25 | $2.7B | $4.8B | ||
| Q2 25 | $2.4B | $3.8B | ||
| Q1 25 | $1.9B | $4.3B | ||
| Q4 24 | $2.6B | $3.7B | ||
| Q3 24 | $2.8B | $4.3B | ||
| Q2 24 | $2.2B | $3.6B | ||
| Q1 24 | $2.5B | $3.2B |
| Q4 25 | $1.0M | $233.0M | ||
| Q3 25 | $287.0M | $652.0M | ||
| Q2 25 | $-165.0M | $327.0M | ||
| Q1 25 | $-422.0M | $-268.0M | ||
| Q4 24 | $-98.0M | $441.0M | ||
| Q3 24 | $22.0M | $1.9B | ||
| Q2 24 | $-331.0M | $365.0M | ||
| Q1 24 | $-38.0M | $-35.0M |
| Q4 25 | 0.6% | 9.9% | ||
| Q3 25 | 19.7% | 21.7% | ||
| Q2 25 | -10.4% | 13.7% | ||
| Q1 25 | -35.0% | -2.8% | ||
| Q4 24 | -5.2% | 16.4% | ||
| Q3 24 | 2.4% | 59.6% | ||
| Q2 24 | -21.9% | 22.5% | ||
| Q1 24 | -0.8% | 2.7% |
| Q4 25 | 0.0% | 4.8% | ||
| Q3 25 | 10.5% | 13.6% | ||
| Q2 25 | -7.0% | 8.7% | ||
| Q1 25 | -22.6% | -6.3% | ||
| Q4 24 | -3.8% | 12.0% | ||
| Q3 24 | 0.8% | 43.5% | ||
| Q2 24 | -15.0% | 10.1% | ||
| Q1 24 | -1.5% | -1.1% |
| Q4 25 | — | $0.55 | ||
| Q3 25 | — | $1.75 | ||
| Q2 25 | — | $0.81 | ||
| Q1 25 | — | $-0.93 | ||
| Q4 24 | — | $1.09 | ||
| Q3 24 | — | $5.25 | ||
| Q2 24 | — | $0.90 | ||
| Q1 24 | — | $-0.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.4B | $785.0M |
| Total DebtLower is stronger | — | $15.8B |
| Stockholders' EquityBook value | — | $5.1B |
| Total Assets | $14.2B | $41.5B |
| Debt / EquityLower = less leverage | — | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.4B | $785.0M | ||
| Q3 25 | $1.8B | $602.0M | ||
| Q2 25 | $1.8B | $458.0M | ||
| Q1 25 | $2.2B | $561.0M | ||
| Q4 24 | $2.6B | $1.2B | ||
| Q3 24 | $2.3B | $905.0M | ||
| Q2 24 | $2.2B | $1.6B | ||
| Q1 24 | $2.5B | $1.1B |
| Q4 25 | — | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
| Q4 25 | — | $5.1B | ||
| Q3 25 | — | $5.2B | ||
| Q2 25 | — | $4.8B | ||
| Q1 25 | — | $4.8B | ||
| Q4 24 | — | $5.6B | ||
| Q3 24 | — | $5.4B | ||
| Q2 24 | — | $5.6B | ||
| Q1 24 | — | $5.7B |
| Q4 25 | $14.2B | $41.5B | ||
| Q3 25 | $14.8B | $38.0B | ||
| Q2 25 | $14.8B | $38.1B | ||
| Q1 25 | $15.5B | $38.2B | ||
| Q4 24 | $16.3B | $37.8B | ||
| Q3 24 | $17.4B | $37.9B | ||
| Q2 24 | $18.0B | $39.1B | ||
| Q1 24 | $20.1B | $38.2B |
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-421.0M | $1.4B |
| Free Cash FlowOCF − Capex | $-496.0M | $596.0M |
| FCF MarginFCF / Revenue | -18.4% | 12.4% |
| Capex IntensityCapex / Revenue | 2.8% | 17.4% |
| Cash ConversionOCF / Net Profit | -421.00× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | $-654.0M | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-421.0M | $1.4B | ||
| Q3 25 | $15.0M | $1.5B | ||
| Q2 25 | $275.0M | $572.0M | ||
| Q1 25 | $-182.0M | $599.0M | ||
| Q4 24 | $244.0M | $1.4B | ||
| Q3 24 | $-54.0M | $1.7B | ||
| Q2 24 | $893.0M | $1.2B | ||
| Q1 24 | $-251.0M | $312.0M |
| Q4 25 | $-496.0M | $596.0M | ||
| Q3 25 | $-67.0M | $1.0B | ||
| Q2 25 | $179.0M | $-118.0M | ||
| Q1 25 | $-270.0M | $-169.0M | ||
| Q4 24 | $156.0M | $923.0M | ||
| Q3 24 | $-112.0M | $1.0B | ||
| Q2 24 | $827.0M | $698.0M | ||
| Q1 24 | $-319.0M | $-153.0M |
| Q4 25 | -18.4% | 12.4% | ||
| Q3 25 | -2.5% | 21.1% | ||
| Q2 25 | 7.6% | -3.1% | ||
| Q1 25 | -14.5% | -4.0% | ||
| Q4 24 | 6.1% | 25.2% | ||
| Q3 24 | -4.0% | 23.4% | ||
| Q2 24 | 37.6% | 19.4% | ||
| Q1 24 | -12.9% | -4.8% |
| Q4 25 | 2.8% | 17.4% | ||
| Q3 25 | 3.0% | 9.6% | ||
| Q2 25 | 4.1% | 18.4% | ||
| Q1 25 | 4.7% | 18.1% | ||
| Q4 24 | 3.4% | 11.7% | ||
| Q3 24 | 2.1% | 15.8% | ||
| Q2 24 | 3.0% | 13.8% | ||
| Q1 24 | 2.8% | 14.7% |
| Q4 25 | -421.00× | 6.15× | ||
| Q3 25 | 0.05× | 2.25× | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.07× | ||
| Q3 24 | -2.45× | 0.90× | ||
| Q2 24 | — | 3.28× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
