<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1997

                                       OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO ______


                         Commission file number 0-18982

                             IEA INCOME FUND X, L.P.
             (Exact name of registrant as specified in its charter)


         California                                   94-3098648
(State or other jurisdiction of                     (I.R.S. Employer
incorporation or organization)                      Identification No.)

         444 Market Street, 15th Floor, San Francisco, California 94111
               (Address of principal executive offices) (Zip Code)

                                 (415) 677-8990
              (Registrant's telephone number, including area code)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X]. No [ ].


<PAGE>   2
                             IEA INCOME FUND X, L.P.

                      REPORT ON FORM 10-Q FOR THE QUARTERLY
                         PERIOD ENDED SEPTEMBER 30, 1997

                                TABLE OF CONTENTS


<TABLE>
<CAPTION>
                                                                                                                 PAGE
                                                                                                                 ----
<S>                                                                                                               <C>
PART I - FINANCIAL INFORMATION

  Item 1.      Financial Statements

         Balance Sheets - September 30, 1997 (unaudited) and December 31, 1996                                     4

         Statements of Operations for the three and nine months ended September 30, 1997 and 1996 (unaudited)      5

         Statements of Cash Flows for the nine months ended September 30, 1997 and 1996 (unaudited)                6

         Notes to Financial Statements (unaudited)                                                                 7

  Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations                10


PART II - OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K                                                                         13
</TABLE>



                                       2


<PAGE>   3
                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

         Presented herein are the Registrant's balance sheets as of September
         30, 1997 and December 31, 1996, statements of operations for the three
         and nine months ended September 30, 1997 and 1996, and statements of
         cash flows for the nine months ended September 30, 1997 and 1996.


                                       3


<PAGE>   4
                            IEA INCOME FUND X, L.P.

                                 BALANCE SHEETS

                                  (UNAUDITED)


<TABLE>
<CAPTION>
                                                          September 30,     December 31,
                                                             1997               1996
                                                          ------------       -----------
<S>                                                       <C>                <C>        
               Assets
Current assets:
   Cash and cash equivalents, includes $579,704
      at September 30, 1997 and $642,672 at December
      31, 1996 in interest-bearing accounts               $    697,143       $   642,886
   Net lease receivables due from Leasing Company
      (notes 1 and 2)                                          353,985           389,210
                                                          ------------       -----------

         Total current assets                                1,051,128         1,032,096
                                                          ------------       -----------

Container rental equipment, at cost                         17,318,635        17,587,240
   Less accumulated depreciation                             7,169,395         6,519,342
                                                          ------------       -----------
      Net container rental equipment                        10,149,240        11,067,898
                                                          ------------       -----------

                                                          $ 11,200,368       $12,099,994
                                                          ============       ===========

          Partners' Capital

Partners' capital (deficit):
   General partner                                        $     (8,996)      $         -
   Limited partners                                         11,209,364        12,099,994
                                                          ------------       -----------

         Total partners' capital                            11,200,368        12,099,994
                                                          ------------       -----------

                                                          $ 11,200,368       $12,099,994
                                                          ============       ===========
</TABLE>


   The accompanying notes are an integral part of these financial statements.


                                       4


<PAGE>   5
                             IEA INCOME FUND X, L.P.

                            STATEMENTS OF OPERATIONS

                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                    Three Months Ended            Nine Months Ended
                                              ----------------------------  ------------------------------
                                              September 30,  September 30,  September 30,    September 30,
                                                   1997          1996           1997             1996
                                              -------------  -------------  -------------    -------------
<S>                                              <C>           <C>           <C>               <C>       
Net lease revenue (notes 1 and 3)                $354,771      $422,304      $ 1,040,031       $1,295,796

Other operating expenses:
  Depreciation                                    252,879       256,910          764,640          771,210
  Other general and administrative expenses        11,460        10,971           31,428           28,954
                                                 --------      --------      -----------       ----------
                                                  264,339       267,881          796,068          800,164
                                                 --------      --------      -----------       ----------
    Earnings from operations                       90,432       154,423          243,963          495,632

Other income (expense):
  Interest income                                   7,191         9,998           21,463           31,444
  Net gain (loss) on disposal of equipment          6,714         6,780           (8,213)          13,551
                                                 --------      --------      -----------       ----------
                                                   13,905        16,778           13,250           44,995
                                                 --------      --------      -----------       ----------
    Net earnings                                 $104,337      $171,201      $   257,213       $  540,627
                                                 ========      ========      ===========       ==========
Allocation of net earnings:
  General partner                                $ 15,120      $ 24,510      $    45,169       $   78,309
  Limited partners                                 89,217       146,691          212,044          462,318
                                                 --------      --------      -----------       ----------
                                                 $104,337      $171,201      $   257,213       $  540,627
                                                 ========      ========      ===========       ==========
Limited partners' per unit
        share of net earnings                    $   2.28      $   3.74      $      5.41       $    11.79
                                                 ========      ========      ===========       ==========
</TABLE>


   The accompanying notes are an integral part of these financial statements.


                                       5


<PAGE>   6
                             IEA INCOME FUND X, L.P.

                            STATEMENTS OF CASH FLOWS

                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                       Nine Months Ended
                                                                 -----------------------------
                                                                 September 30,     September 30,
                                                                    1997               1996
                                                                 -----------       -----------
<S>                                                              <C>               <C>        
Net cash provided by operating activities                        $ 1,119,240       $ 1,350,299

Cash flows provided by (used in) investing activities:
  Proceeds from sale of container rental equipment                    91,856           129,359
  Purchase of container rental equipment                                   -          (127,622)
  Acquisition fees paid to general partner                                 -            (6,382)
                                                                 -----------       -----------

        Net cash provided by (used in) investing activities           91,856            (4,645)
                                                                 -----------       -----------

Cash flows used in financing activities:
  Distribution to partners                                        (1,156,839)       (1,545,035)
                                                                 -----------       -----------

Net increase (decrease) in cash and cash equivalents                  54,257          (199,381)

Cash and cash equivalents at January 1                               642,886           890,683
                                                                 -----------       -----------

Cash and cash equivalents at September 30                        $   697,143       $   691,302
                                                                 ===========       ===========
</TABLE>


   The accompanying notes are an integral part of these financial statements.


                                       6


<PAGE>   7
                             IEA INCOME FUND X, L.P.

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


(1)  Summary of Significant Accounting Policies

     (a) Nature of Operations

         IEA Income Fund X, L.P. (the "Partnership") is a limited partnership
         organized under the laws of the State of California on July 18, 1989
         for the purpose of owning and leasing marine cargo containers. Cronos
         Capital Corp. ("CCC") is the general partner and, with its affiliate
         Cronos Containers Limited (the "Leasing Company"), manages the business
         of the Partnership. The Partnership shall continue until December 31,
         2010, unless sooner terminated upon the occurrence of certain events.

         The Partnership commenced operations on January 17, 1990, when the
         minimum subscription proceeds of $1,000,000 were obtained. The
         Partnership offered 40,000 units of limited partnership interest at
         $500 per unit, or $20,000,000. The offering terminated on October 30,
         1990, at which time 39,206 limited partnership units had been
         purchased.

         As of September 30, 1997, the Partnership operated 3,984 twenty-foot,
         1,142 forty-foot and 95 forty-foot high-cube marine dry cargo
         containers.


     (b) Leasing Company and Leasing Agent Agreement

         Pursuant to the Limited Partnership Agreement of the Partnership, all
         authority to administer the business of the Partnership is vested in
         CCC. CCC has entered into a Leasing Agent Agreement whereby the Leasing
         Company has the responsibility to manage the leasing operations of all
         equipment owned by the Partnership. Pursuant to the Agreement, the
         Leasing Company is responsible for leasing, managing and re-leasing the
         Partnership's containers to ocean carriers and has full discretion over
         which ocean carriers and suppliers of goods and services it may deal
         with. The Leasing Agent Agreement permits the Leasing Company to use
         the containers owned by the Partnership, together with other containers
         owned or managed by the Leasing Company and its affiliates, as part of
         a single fleet operated without regard to ownership. Since the Leasing
         Agent Agreement meets the definition of an operating lease in Statement
         of Financial Accounting Standards (SFAS) No. 13, it is accounted for as
         a lease under which the Partnership is lessor and the Leasing Company
         is lessee.

         The Leasing Agent Agreement generally provides that the Leasing Company
         will make payments to the Partnership based upon rentals collected from
         ocean carriers after deducting direct operating expenses and management
         fees to CCC. The Leasing Company leases containers to ocean carriers,
         generally under operating leases which are either master leases or term
         leases (mostly two to five years). Master leases do not specify the
         exact number of containers to be leased or the term that each container
         will remain on hire but allow the ocean carrier to pick up and drop off
         containers at various locations; rentals are based upon the number of
         containers used and the applicable per-diem rate. Accordingly, rentals
         under master leases are all variable and contingent upon the number of
         containers used. Most containers are leased to ocean carriers under
         master leases; leasing agreements with fixed payment terms are not
         material to the financial statements. Since there are no material
         minimum lease rentals, no disclosure of minimum lease rentals is
         provided in these financial statement


                                                                     (Continued)


                                       7


<PAGE>   8
                                      IEA INCOME FUND X, L.P.

                              NOTES TO UNAUDITED FINANCIAL STATEMENTS


     (c) Basis of Accounting

         The Partnership utilizes the accrual method of accounting. Net lease
         revenue is recorded by the Partnership in each period based upon its
         leasing agent agreement with the Leasing Company. Net lease revenue is
         generally dependent upon operating lease rentals from operating lease
         agreements between the Leasing Company and its various lessees, less
         direct operating expenses and management fees due in respect of the
         containers specified in each operating lease agreement.


     (d) Financial Statement Presentation

         These financial statements have been prepared without audit. Certain
         information and footnote disclosures normally included in financial
         statements prepared in accordance with generally accepted accounting
         procedures have been omitted. It is suggested that these financial
         statements be read in conjunction with the financial statements and
         accompanying notes in the Partnership's latest annual report on Form
         10-K.

         The preparation of financial statements in conformity with generally
         accepted accounting principles (GAAP) requires the Partnership to make
         estimates and assumptions that affect the reported amounts of assets
         and liabilities and disclosure of contingent assets and liabilities at
         the date of the financial statements and the reported amounts of
         revenues and expenses during the reported period. Actual results could
         differ from those estimates.

         The interim financial statements presented herewith reflect all
         adjustments of a normal recurring nature which are, in the opinion of
         management, necessary to a fair statement of the financial condition
         and results of operations for the interim periods presented.


(2)  Net Lease Receivables Due from Leasing Company

     Net lease receivables due from the Leasing Company are determined by
     deducting direct operating payables and accrued expenses, base management
     fees payable, and reimbursed administrative expenses payable to CCC and its
     affiliates from the rental billings payable by the Leasing Company to the
     Partnership under operating leases to ocean carriers for the containers
     owned by the Partnership. Net lease receivables at September 30, 1997 and
     December 31, 1996 were as follows:


<TABLE>
<CAPTION>
                                                    September 30,  December 31,
                                                         1997         1996
                                                       --------      --------
<S>                                                    <C>           <C>     
Lease receivables, net of doubtful accounts
   of $116,546 at September 30, 1997 and $118,561
   at December 31, 1996                                $659,330      $684,654
Less:
Direct operating payables and accrued expenses          163,568       128,685
Damage protection reserve                                75,495        93,935
Base management fees                                     55,771        61,227
Reimbursed administrative expenses                       10,511        11,597
                                                       --------      --------
                                                       $353,985      $389,210
                                                       ========      ========
</TABLE>


                                                                     (Continued)


                                       8


<PAGE>   9
                             IEA INCOME FUND X, L.P.

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


(3)  Net Lease Revenue

     Net lease revenue is determined by deducting direct operating expenses,
     base management fees and reimbursed administrative expenses to CCC from the
     rental revenue billed by the Leasing Company under operating leases to
     ocean carriers for the containers owned by the Partnership. Net lease
     revenue for the three and nine-month periods ended September 30, 1997 and
     1996, was as follows:

<TABLE>
<CAPTION>
                                             Three Months Ended            Nine Months Ended
                                         ------------------------      --------------------------
                                       September 30,   September 30,  September 30,    September 30,
                                           1997           1996            1997            1996
                                         --------      ----------      ----------      ----------
<S>                                      <C>           <C>             <C>             <C>       
Rental revenue                           $580,706      $  686,278      $1,775,057      $2,135,916
Less:
Rental equipment operating expenses       153,893         175,581         513,520         571,320
Base management fees                       39,971          47,072         123,136         144,412
Reimbursed administrative expenses         32,071          41,321          98,370         124,388
                                         --------      ----------      ----------      ----------
                                         $354,771      $  422,304      $1,040,031      $1,295,796
                                         ========      ==========      ==========      ==========
</TABLE>


                                       9


<PAGE>   10
Item 2. Management's Discussion and Analysis of Financial Condition and Results
        of Operations

It is suggested that the following discussion be read in conjunction with the
Registrant's most recent annual report on Form 10-K.

1)   Material changes in financial condition between September 30, 1997 and
     December 31, 1996.

     At September 30, 1997, the Registrant had $697,143 in cash and cash
     equivalents, an increase of $54,257 from the December 31, 1996 cash
     balances. Net lease receivables at September 30, 1997 declined 9% when
     compared to December 31, 1996. Contributing to this decline was an increase
     in direct operating payables and accrued expenses, a component of net lease
     receivables. Deferred revenue from advance billing on rental containers
     contributed to a $34,883 (27%) increase in direct operating payables and
     accrued expenses.

     The Registrant's cash distribution from operations for the third quarter of
     1997 was 7% (annualized) of the limited partners' original capital
     contribution, unchanged from the second quarter of 1997. Distributions from
     operations are directly related to the Registrant's results from operations
     and may fluctuate accordingly. The cash distribution from sales proceeds
     for the third quarter of 1997 was 1.00% (annualized) of the limited
     partners' original capital contribution, an increase of .25% (annualized)
     from the second quarter of 1997. As mentioned in the Registrant's annual
     report on Form 10-K for the year ending December 31, 1996, amounts
     generated from future container sales will no longer be used to purchase
     and replace containers and will be distributed to its partners. These
     amounts may fluctuate depending on the level of container disposals.

     During 1996, ocean carriers and other transport companies moved away from
     leasing containers outright, as declining container prices, favorable
     interest rates and the abundance of available capital resulted in ocean
     carriers and transport companies purchasing a larger share of equipment for
     their own account, reducing their need for leased containers. Once the
     demand for leased containers began to fall, per-diem rental rates were also
     adversely affected. Since the beginning of 1997, the container leasing
     industry has experienced a modest recovery as indicated by an upward trend
     in container utilization. This trend can also be seen within the
     Registrant's utilization rate, which increased from 74% at December 31,
     1996 to 79% at September 30, 1997. Increasing cargo volumes and continuing
     equipment imbalances within the container fleets of shipping lines and
     transport companies have re-established a need for these companies to
     replenish their leased fleets during 1997.

     Although there has been an improvement in container utilization rates,
     per-diem rental rates continue to remain under pressure as a result of the
     following factors: start-up leasing companies offering new containers and
     low rental rates in an effort to break into the leasing market; established
     leasing companies reducing rates to very low levels; and a continuing
     oversupply of containers. The recent volatility of the Hong Kong and other
     Asian financial markets and its impact on trade, shipping, and container
     leasing, especially intra-Asia and Asia-Europe routes, has yet to be
     determined. While these conditions could impact the Registrant's financial
     condition and operating performance through the remainder of 1997 and first
     half of 1998, the Registrant is well positioned to take advantage of
     further improvements in the container leasing market.


2)   Material changes in the results of operations between the three and
     nine-month periods ended September 30, 1997 and the three and nine-month
     periods ended September 30, 1996.

     Net lease revenue for the three and nine-month periods ended September 30,
     1997 was $354,771 and $1,040,031, respectively, a decline of approximately
     16% and 20%, respectively, from the same periods in the prior year. Gross
     rental revenue (a component of net lease revenue) for the three and
     nine-month periods ended September 30, 1997 was $580,706 and $1,775,057,
     respectively, a decline of 15% and 17%, respectively, from the same periods
     in the prior year. During 1997, gross rental revenue was primarily impacted
     by lower per-diem rental rates. Average per-diem rental rates declined 14%
     and 13% when compared to the same respective periods in the prior year.
     Utilization of the Registrant's fleet of containers, which steadily
     increased since December 31, 1996, did not recover to the same levels
     experienced during the three and nine-month periods ended September 30,
     1996.


                                       10


<PAGE>   11
     The Registrant's average fleet size and utilization rates for the three and
     nine-month periods ended September 30, 1997 and 1996 were as follows:


<TABLE>
<CAPTION>
                                           Three Months Ended             Nine Months Ended
                                      ----------------------------  ----------------------------
                                      September 30,  September 30,  September 30,  September 30,
                                          1997           1996           1997           1996
                                      -------------  -------------  -------------  -------------
<S>                                        <C>         <C>             <C>         <C>  
Average Fleet Size (measured in
  twenty-foot equivalent units (TEU))      6,483       6,565            6,522       6,563
Average Utilization                           77%         78%              75%         80%
</TABLE>


     Rental equipment operating expenses were 27% and 29%, respectively, of the
     Registrant's gross lease revenue during the three and nine-month periods
     ended September 30, 1997, as compared to 26% and 27%, respectively, during
     the three and nine-month periods ended September 30, 1996. The increase for
     the nine-month period ended September 30, 1997 was largely attributable to
     an increase in costs associated with lower utilization levels, including
     handling and storage.

     As reported in the Registrant's Current Report on Form 8-K and Amendment
     No. 1 to Current Report on Form 8-K, filed with the Commission on February
     7, 1997 and February 26, 1997, respectively, Arthur Andersen, London,
     England, resigned as auditors of The Cronos Group, a Luxembourg Corporation
     headquartered in Orchard Lea, England (the "Parent Company"), on February
     3, 1997.

     The Parent Company is the indirect corporate parent of Cronos Capital
     Corp., the general partner of the Registrant. In its letter of resignation
     to the Parent Company, Arthur Andersen states that it resigned as auditors
     of the Parent Company and all other entities affiliated with the Parent
     Company. While its letter of resignation was not addressed to the general
     partner or the Registrant, Arthur Andersen confirmed to the general partner
     that its resignation as auditors of the entities referred to in its letter
     of resignation included its resignation as auditors of Cronos Capital Corp.
     and the Registrant. Following Arthur Andersen's resignation, the Parent
     Company subsequently received notification from the Securities and Exchange
     Commission that it was conducting a private investigation of the Parent
     Company regarding the events and circumstances leading to Arthur Andersen's
     resignation. The results of this investigation are still pending.
     Accordingly, the Registrant does not, at this time, have sufficient
     information to determine the impact, if any, that the Securities and
     Exchange Commission investigation of the Parent Company and the concerns
     expressed by Arthur Andersen in its letter of resignation may have on the
     future operating results and financial condition of the Registrant or the
     Leasing Company's ability to manage the Registrant's fleet in subsequent
     periods. However, the general partner of the Registrant does not believe,
     based upon the information currently available to it, that Arthur
     Andersen's resignation was triggered by any concern over the accounting
     policies and procedures followed by the Registrant.

     Arthur Andersen's report on the financial statements of Cronos Capital
     Corp. and the Registrant, for either of the previous two years, has not
     contained an adverse opinion or a disclaimer of opinion, nor was any such
     report qualified or modified as to uncertainty, audit scope, or accounting
     principles. During the Registrant's previous two fiscal years and the
     subsequent interim period preceding Arthur Andersen's resignation, there
     have been no disagreements between Cronos Capital Corp. or the Registrant
     and Arthur Andersen on any matter of accounting principles or practices,
     financial statement disclosure, or auditing scope or procedure.

     The Registrant retained a new auditor, Moore Stephens, P.C. ("Moore
     Stephens") on April 10, 1997, as reported in the Registrant's Current
     Report on Form 8-K, filed April 14, 1997.


                                       11


<PAGE>   12
     The President of the Leasing Company, a subsidiary of the Parent Company,
     along with two marketing Vice Presidents, resigned in June 1997. These
     vacancies were filled by qualified, long-time employees who average over 15
     years of experience in the container leasing industry, therefore providing
     continuity in the management of the Leasing Company. The Registrant and
     general partner do not believe these changes will have a material impact on
     the future operating results and financial condition of the Registrant.


     Cautionary Statement

     This Quarterly Report on Form 10-Q contains statements relating to future
     results of the Registrant, including certain projections and business
     trends, that are "forward-looking statements" as defined in the Private
     Securities Litigation Reform Act of 1995. Actual results may differ
     materially from those projected as a result of certain risks and
     uncertainties, including but not limited to changes in: economic
     conditions; trade policies; demand for and market acceptance of leased
     marine cargo containers; competitive utilization and per-diem rental rate
     pressures; as well as other risks and uncertainties, including but not
     limited to those described in the above discussion of the marine container
     leasing business under Item 2., Management's Discussion and Analysis of
     Financial Condition and Results of Operations; and those detailed from time
     to time in the filings of Registrant with the Securities and Exchange
     Commission.


                                       12


<PAGE>   13
                           PART II - OTHER INFORMATION


Item 6.  Exhibits and Reports on Form 8-K

(a)  Exhibits


<TABLE>
<CAPTION>
       Exhibit
          No.                          Description                              Method of Filing
          ---                          -----------                              ----------------
<S>             <C>                                                             <C>        
         3(a)    Limited Partnership Agreement of the Registrant,               *
                 amended and restated as of November 7, 1989

         3(b)    Certificate of Limited Partnership of the Registrant           **

         27      Financial Data Schedule                                        Filed with this document
</TABLE>


(b)  Reports on Form 8-K

     No reports on Form 8-K were filed by the Registrant during the quarter
     ended September 30, 1997.

-------------

*    Incorporated by reference to Exhibit "A" to the Prospectus of the
     Registrant dated November 7, 1989, included as part of Registration
     Statement on Form S-1 (No. 33-30245)

**   Incorporated by reference to Exhibit 3.2 to the Registration Statement on
     Form S-1 (No. 33-30245)


                                       13


<PAGE>   14
                                   SIGNATURES


        Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.



                              IEA INCOME FUND X, L.P.

                              By   Cronos Capital Corp.
                                   The General Partner



                              By    /s/ JOHN KALLAS
                                 -------------------------------
                                  John Kallas
                                   Vice President, Treasurer
                                   Principal Finance & Accounting Officer



Date: November 10, 1997


                                       14


<PAGE>   15
                                  EXHIBIT INDEX



<TABLE>
<CAPTION>
   Exhibit
      No.                          Description                               Method of Filing
      ---                          -----------                               ----------------
<S>          <C>                                                                 <C>  
     3(a)    Limited Partnership Agreement of the Registrant,                     * 
             amended and restated as of November 7, 1989

     3(b)    Certificate of Limited Partnership of the Registrant                 **

     27      Financial Data Schedule                                              Filed with this document
</TABLE>

-------------

*    Incorporated by reference to Exhibit "A" to the Prospectus of the
     Registrant dated November 7, 1989, included as part of Registration
     Statement on Form S-1 (No. 33-30245)
**   Incorporated by reference to Exhibit 3.2 to the Registration Statement
     on Form S-1 (No. 33-30245)