Icahn Enterprises L.P. (IEP)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$10.6B

Revenue growth

10.6%

Net income, last twelve months

-$526.0M

Earnings per share

-$0.74

Operating margin

-4.2%

Net margin

-5.0%

Free cash flow

-$244.0M

Market value

$3.8B

Dividend yield

112.8%

Cash

$1.2B

Debt

$6.4B

Shares outstanding

710.9M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 5 August 2026.

• Net loss widened versus last year. Net loss attributable to IEP was $355 million, or $0.52 per depositary unit, against $165 million, or $0.30, in Q2 2025. Revenues were $3.0 billion, up from $2.4 billion.
• Adjusted EBITDA turned to a loss. Adjusted EBITDA attributable to IEP was a loss of $134 million, against $40 million in Q2 2025. The Q2 2025 figure uses the recalculated exclusions.
• Six-month net loss deepened. Six-month net loss attributable to IEP was $814 million, or $1.22 per depositary unit, against $587 million a year earlier.
• Net loss from investments rose. Net loss from investment activities was $334 million in Q2 2026, against $74 million in Q2 2025, within total revenues of $2,975 million.
• Indicative NAV fell to $2.6 billion. Indicative net asset value was about $2.6 billion at June 30, 2026, down $765 million from March 31, 2026. The release describes the figure as indicative.
• Investment Funds interest declined. The Holding Company's interest in the Investment Funds was $1,978 million, down from $2,221 million at March 31, 2026 and $2,711 million at December 31, 2025.
• Holding Company cash fell. Holding Company cash and cash equivalents were $381 million at June 30, against $624 million at March 31, 2026. Holding Company debt was $4,426 million.
• CVR Energy value fell in quarter. The NAV table values CVR Energy at $1,961 million at June 30, 2026, against $2,396 million at March 31, 2026, based on closing share prices.
• Energy derivative losses adjusted out. Energy segment derivatives produced an unrealized loss of $151 million over six months, which Adjusted EBITDA excludes. The Q2 2026 adjustment was a $7 million gain.
• RFS liability revaluation added back. Revaluation of the RFS liability was added back at $73 million for Q2 2026, against $89 million in Q2 2025, and $124 million for the six months.
• Pep Boys sale lifts IAG value. Icahn Automotive Group was carried at $765 million, up from $704 million at March 31, 2026. The increase includes an estimated $97 million tied to the Pep Boys sale agreement.
• Real Estate segment value rose. The Real Estate segment was carried at $1,417 million at June 30, 2026, up from $1,394 million at March 31, 2026.
• Smaller subsidiaries valued lower. WestPoint Home was carried at $148 million, against $151 million at March 31, and Vivus at $153 million, against $161 million.
• Cash and debt both declined. Cash and cash equivalents were $1,221 million at June 30, 2026, down from $1,450 million at December 31, 2025. Debt was $6,389 million, down from $6,616 million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

Company events

The newest 8-K filings of 482 held.

Every filing

The newest filings with the SEC of 872 held.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

130 funds held it at 30 Jun 2026: 67 added and 17 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• ExxonMobil Holdings Corp. (XOM): revenue $368.8B, market value $748.7B
• Chevron Corp. (CVX): revenue $215.3B, market value $453.1B
• ConocoPhillips (COP): revenue $63.3B, market value $179.1B
• BP plc (BP): revenue $192.5B, market value $136.9B
• Marathon Petroleum Corp. (MPC): revenue $153.6B, market value $123.8B
• Equinor ASA (EQNR): revenue $106.5B, market value $119.2B
• Valero Energy Corp. (VLO): revenue $153.3B, market value $108.3B
• Phillips 66 (PSX): revenue $168.2B, market value $106.7B
• Suncor Energy Inc. (SU): revenue $37.5B, market value $92.5B
• PBF Energy Inc. (PBF): revenue $34.4B, market value $8.9B

What the company does

Icahn Enterprises L.P. is a master limited partnership formed in Delaware on 17 February 1987 and headquartered in Sunny Isles Beach, Florida. It is a diversified holding company with subsidiaries in seven reporting segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. Outside its Holding Company and Investment segment, its businesses employ approximately 13,500 people. Mr. Carl C. Icahn and his affiliates owned approximately 86% of its outstanding depositary units as of 31 December 2025.

How the group is structured

Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings, which together with its subsidiaries owns substantially all of the group's assets and conducts substantially all of its operations. Icahn Enterprises GP, which Mr. Icahn indirectly owns and controls, holds a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings. The business began as American Real Estate Partners L.P. in 1987.

Apart from the Investment segment, the segments are mainly independently operated businesses in which the company holds a controlling interest. The Investment segment earns revenue from gains and losses on investment transactions. The other segments earn revenue mainly from product sales, plus automotive services and real estate leasing. Most revenue comes from customers in the United States, and Food Packaging accounts for most of the revenue from customers outside it.

The company says it conducts its activities so as not to be deemed an investment company under the Investment Company Act of 1940, which limits investment securities to no more than 40% of its total assets.

How it finds and runs businesses

The company says its approach is to look for undervalued companies in the Graham & Dodd tradition. It often becomes actively involved in the companies it targets. That can mean influencing management, running proxy fights or tender offers, or taking a controlling interest and operating the business. Mr. Icahn has been an activist investor since 1980.

Several operating businesses began as investment positions. In 2012 the company acquired a controlling interest in CVR Energy, which started as an Investment segment position and is now the Energy segment.

The Investment segment

The segment consists of private investment funds, the Investment Funds, in which the company holds general partner interests and invests its own capital. The only investors are the company, certain members of Mr. Icahn's family and his affiliates. The funds are not offered to outside investors. Mr. Icahn sets and leads the investment strategy.

The funds can hold long and short equities, long and short bonds, bank debt, options, swaps and other derivatives. As of 31 December 2025 the segment's positions included American Electric Power Company, Southwest Gas Holdings, EchoStar, Centuri Holdings and International Flavors and Fragrances. Mr. Icahn and his affiliates may co-invest alongside the funds, and the company has no interest in those co-investments.

Energy

The company owns approximately 70% of the common stock of CVR Energy, based in Sugar Land, Texas, and 3% of the common units of CVR Partners. Energy accounted for approximately 83% of consolidated net sales, mostly from petroleum products. The petroleum business was about 90% of Energy net sales in 2025.

CVR Energy's refineries in Coffeyville, Kansas and Wynnewood, Oklahoma have a combined capacity of approximately 206,500 barrels per day. They make gasoline, diesel, jet fuel, pet coke and asphalt. Customers are mainly retailers, railroads, farm cooperatives and other refiners and marketers. The Wynnewood hydrocracker was converted to renewable diesel in April 2022 and returned to hydrocarbon processing in December 2025. CVR Energy keeps the option to switch it back.

CVR Partners makes urea ammonium nitrate and ammonia fertilizer. Its Coffeyville plant uses pet coke and its East Dubuque, Illinois plant uses natural gas. The refineries are subject to the Clean Air Act's renewable fuel standard, which requires blending renewable fuels or buying renewable identification numbers.

Automotive and the smaller segments

Icahn Automotive Group LLC, based in Bala Cynwyd, Pennsylvania, provides automotive repair and maintenance services and sells installed parts. It left the Aftermarket Parts business in the first quarter of 2025 and also leases excess real estate. Automotive was approximately 10% of consolidated net sales in 2025. Its ten largest suppliers supplied approximately 86% of merchandise purchased.

Food Packaging is run through Viskase, a producer of cellulosic, fibrous and plastic casings for processed meat. About 71% of its 2025 net sales were to customers outside the United States. The company owns approximately 93% of Viskase.

Real Estate holds land, retail, office and industrial properties leased to corporate tenants. It also develops and sells single-family homes and operates a resort and a country club.

Home Fashion, through WestPoint Home LLC, makes and sells home fashion products from owned facilities in Chipley, Florida and Bahrain.

Pharma, through Vivus LLC, has two approved therapies, one for chronic weight management and one for exocrine pancreatic insufficiency. It has two product candidates in active clinical development and two in early-stage development.

Its people

The Holding Company and Investment segment have 47 employees. Of the roughly 13,500 employees in the other segments, approximately 55% work in Automotive, 15% in Food Packaging, 13% in Home Fashion and 11% in Energy. Each remaining segment has 3% or less. About 26% of employees are based internationally, mainly in Food Packaging and Home Fashion.

*From Icahn Enterprises's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/813762/000110465926019821/tmb-20251231x10k.htm)*

From the company's 10-K.