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Side-by-side financial comparison of ICAHN ENTERPRISES L.P. (IEP) and Waste Connections, Inc. (WCN). 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 $2.4B, roughly 1.1× Waste Connections, Inc.). Waste Connections, Inc. runs the higher net margin — 10.9% vs 0.0%, a 10.9% gap on every dollar of revenue. On growth, ICAHN ENTERPRISES L.P. posted the faster year-over-year revenue change (5.4% vs 5.0%). Waste Connections, Inc. produced more free cash flow last quarter ($172.6M vs $-496.0M). Over the past eight quarters, Waste Connections, Inc.'s revenue compounded faster (7.0% 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.
Waste Connections, Inc. is a North American integrated waste services company that provides waste collection, transfer, disposal and recycling services, primarily of solid waste. It has operations in both the United States and Canada. Its headquarters is located in The Woodlands, Texas. It is the third largest waste management company in North America.
IEP vs WCN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $2.4B |
| Net Profit | $1.0M | $258.5M |
| Gross Margin | — | 42.5% |
| Operating Margin | 0.6% | 17.7% |
| Net Margin | 0.0% | 10.9% |
| Revenue YoY | 5.4% | 5.0% |
| Net Profit YoY | 101.0% | 231.9% |
| EPS (diluted) | — | $1.01 |
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 | $2.4B | ||
| Q3 25 | $2.7B | $2.5B | ||
| Q2 25 | $2.4B | $2.4B | ||
| Q1 25 | $1.9B | $2.2B | ||
| Q4 24 | $2.6B | $2.3B | ||
| Q3 24 | $2.8B | $2.3B | ||
| Q2 24 | $2.2B | $2.2B | ||
| Q1 24 | $2.5B | $2.1B |
| Q4 25 | $1.0M | $258.5M | ||
| Q3 25 | $287.0M | $286.3M | ||
| Q2 25 | $-165.0M | $290.3M | ||
| Q1 25 | $-422.0M | $241.5M | ||
| Q4 24 | $-98.0M | $-196.0M | ||
| Q3 24 | $22.0M | $308.0M | ||
| Q2 24 | $-331.0M | $275.5M | ||
| Q1 24 | $-38.0M | $230.1M |
| Q4 25 | — | 42.5% | ||
| Q3 25 | — | 42.8% | ||
| Q2 25 | — | 42.1% | ||
| Q1 25 | — | 42.0% | ||
| Q4 24 | — | 41.4% | ||
| Q3 24 | — | 42.5% | ||
| Q2 24 | — | 42.1% | ||
| Q1 24 | — | 41.1% |
| Q4 25 | 0.6% | 17.7% | ||
| Q3 25 | 19.7% | 17.9% | ||
| Q2 25 | -10.4% | 19.1% | ||
| Q1 25 | -35.0% | 17.5% | ||
| Q4 24 | -5.2% | -8.8% | ||
| Q3 24 | 2.4% | 20.3% | ||
| Q2 24 | -21.9% | 18.9% | ||
| Q1 24 | -0.8% | 17.7% |
| Q4 25 | 0.0% | 10.9% | ||
| Q3 25 | 10.5% | 11.6% | ||
| Q2 25 | -7.0% | 12.1% | ||
| Q1 25 | -22.6% | 10.8% | ||
| Q4 24 | -3.8% | -8.7% | ||
| Q3 24 | 0.8% | 13.2% | ||
| Q2 24 | -15.0% | 12.3% | ||
| Q1 24 | -1.5% | 11.1% |
| Q4 25 | — | $1.01 | ||
| Q3 25 | — | $1.11 | ||
| Q2 25 | — | $1.12 | ||
| Q1 25 | — | $0.93 | ||
| Q4 24 | — | $-0.76 | ||
| Q3 24 | — | $1.19 | ||
| Q2 24 | — | $1.07 | ||
| Q1 24 | — | $0.89 |
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 | $46.0M |
| Total DebtLower is stronger | — | $8.8B |
| Stockholders' EquityBook value | — | $8.2B |
| Total Assets | $14.2B | $21.1B |
| Debt / EquityLower = less leverage | — | 1.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.4B | $46.0M | ||
| Q3 25 | $1.8B | $117.6M | ||
| Q2 25 | $1.8B | $110.2M | ||
| Q1 25 | $2.2B | $111.2M | ||
| Q4 24 | $2.6B | $62.4M | ||
| Q3 24 | $2.3B | $115.3M | ||
| Q2 24 | $2.2B | $78.7M | ||
| Q1 24 | $2.5B | $112.0M |
| Q4 25 | — | $8.8B | ||
| Q3 25 | — | $8.6B | ||
| Q2 25 | — | $8.3B | ||
| Q1 25 | — | $8.4B | ||
| Q4 24 | — | $8.1B | ||
| Q3 24 | — | $8.2B | ||
| Q2 24 | — | $7.7B | ||
| Q1 24 | — | $7.8B |
| Q4 25 | — | $8.2B | ||
| Q3 25 | — | $8.1B | ||
| Q2 25 | — | $8.4B | ||
| Q1 25 | — | $8.0B | ||
| Q4 24 | — | $7.9B | ||
| Q3 24 | — | $8.3B | ||
| Q2 24 | — | $8.0B | ||
| Q1 24 | — | $7.8B |
| Q4 25 | $14.2B | $21.1B | ||
| Q3 25 | $14.8B | $20.8B | ||
| Q2 25 | $14.8B | $20.7B | ||
| Q1 25 | $15.5B | $20.3B | ||
| Q4 24 | $16.3B | $19.8B | ||
| Q3 24 | $17.4B | $20.1B | ||
| Q2 24 | $18.0B | $19.3B | ||
| Q1 24 | $20.1B | $19.1B |
| Q4 25 | — | 1.07× | ||
| Q3 25 | — | 1.07× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | — | 0.99× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | — | 1.00× |
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 | $556.9M |
| Free Cash FlowOCF − Capex | $-496.0M | $172.6M |
| FCF MarginFCF / Revenue | -18.4% | 7.3% |
| Capex IntensityCapex / Revenue | 2.8% | 16.2% |
| Cash ConversionOCF / Net Profit | -421.00× | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | $-654.0M | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-421.0M | $556.9M | ||
| Q3 25 | $15.0M | $677.4M | ||
| Q2 25 | $275.0M | $638.2M | ||
| Q1 25 | $-182.0M | $541.5M | ||
| Q4 24 | $244.0M | $568.9M | ||
| Q3 24 | $-54.0M | $558.3M | ||
| Q2 24 | $893.0M | $611.4M | ||
| Q1 24 | $-251.0M | $490.3M |
| Q4 25 | $-496.0M | $172.6M | ||
| Q3 25 | $-67.0M | $380.3M | ||
| Q2 25 | $179.0M | $352.9M | ||
| Q1 25 | $-270.0M | $329.1M | ||
| Q4 24 | $156.0M | $172.2M | ||
| Q3 24 | $-112.0M | $286.2M | ||
| Q2 24 | $827.0M | $394.2M | ||
| Q1 24 | $-319.0M | $320.4M |
| Q4 25 | -18.4% | 7.3% | ||
| Q3 25 | -2.5% | 15.5% | ||
| Q2 25 | 7.6% | 14.7% | ||
| Q1 25 | -14.5% | 14.8% | ||
| Q4 24 | 6.1% | 7.6% | ||
| Q3 24 | -4.0% | 12.2% | ||
| Q2 24 | 37.6% | 17.5% | ||
| Q1 24 | -12.9% | 15.5% |
| Q4 25 | 2.8% | 16.2% | ||
| Q3 25 | 3.0% | 12.1% | ||
| Q2 25 | 4.1% | 11.9% | ||
| Q1 25 | 4.7% | 9.5% | ||
| Q4 24 | 3.4% | 17.6% | ||
| Q3 24 | 2.1% | 11.6% | ||
| Q2 24 | 3.0% | 9.7% | ||
| Q1 24 | 2.8% | 8.2% |
| Q4 25 | -421.00× | 2.15× | ||
| Q3 25 | 0.05× | 2.37× | ||
| Q2 25 | — | 2.20× | ||
| Q1 25 | — | 2.24× | ||
| Q4 24 | — | — | ||
| Q3 24 | -2.45× | 1.81× | ||
| Q2 24 | — | 2.22× | ||
| Q1 24 | — | 2.13× |
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% |
WCN
| Southern | $552.9M | 23% |
| Central | $450.9M | 19% |
| Landfill | $386.5M | 16% |
| Transfer | $370.6M | 16% |
| Other | $347.9M | 15% |
| Exploration And Production Waste Treatment Recovery And Disposal | $171.1M | 7% |
| Solid Waste Recycling | $51.2M | 2% |
| Intermodal And Other | $42.3M | 2% |
