Icahn Enterprises Reports $225 Million Third-Quarter 2026 Net Loss

The Tip Desk · November 3, 2026 · 3 min read

Third-quarter 2026 revenue was $3.2 billion; a $225 million net loss and $214 million Adjusted EBITDA loss both included $522 million of refining-hedge losses. Indicative net asset value rose $865 million to about $3.5 billion as the CVR Energy stake gained $1.7 billion.

Icahn Enterprises L.P. (IEP) reported revenues of $3.2 billion and a $225 million net loss attributable to the partnership for the three months ended September 30, 2026, or a loss of $0.31 a depositary unit, after a $355 million net loss in the prior quarter.

The master limited partnership said revenues were $3.2 billion in the third quarter. Net sales were $3.549 billion, compared with $2.316 billion a year earlier. Net loss from investment activities was $779 million, versus $48 million in the year-ago quarter. An impairment charge of $165 million was recorded, with none a year earlier.

Adjusted EBITDA attributable to IEP was a loss of $214 million, compared with a $134 million loss in the second quarter. The company said the third-quarter net loss and Adjusted EBITDA loss included $522 million of losses on refining hedges in the Investment Funds attributable to IEP and did not include an increase of approximately $1.7 billion in the value of its long position in CVR Energy. Effective March 31, 2026, IEP modified its Adjusted EBITDA calculation to exclude certain Energy segment results, including unrealized gains and losses on hedging contracts, unrealized gains and losses on Renewable Fuel Standard positions, and inventory revaluation.

Indicative net asset value was approximately $3.5 billion as of September 30, 2026, an increase of $865 million from June 30, 2026, after a $765 million decrease from March 31, 2026. The partnership said the increase was primarily due to the approximately $1.7 billion rise in the value of the CVI long position, offset in part by the $522 million decrease related to refining-hedge losses. CVR Energy was valued at $3.631 billion in the September 30 indicative net asset value schedule, versus $1.961 billion at June 30. The holding company’s interest in the Investment Funds was $1.370 billion at September 30, down from $1.978 billion at June 30.

CVR Energy announced a transaction to acquire two refineries and a marketing platform from Marathon Petroleum for a $4.2 billion purchase price, which IEP said represents less than 3.5 times management’s estimate of 2026 EBITDA. For the nine months ended September 30, 2026, the company said the acquisition increases CVR’s EBITDA from approximately $900 million on a stand-alone basis to approximately $2.0 billion on a pro forma basis, and earnings per share from $3.73 to $7.80, an accretion of over 105%, excluding $75 million in future annual run-rate synergies.

In August 2026, Icahn Automotive Group closed the sale of Pep Boys – Manny Moe & Jack Holding Corp. for $700 million, subject to customary closing conditions, receiving $645 million in proceeds, and retained the AAMCO and Precision Tune Auto Care franchise businesses. Icahn Automotive Group’s indicative net asset value was $215 million at September 30, 2026, versus $619 million at December 31, 2025; the values reflect different asset scopes following the August 2026 Pep Boys sale. Most Automotive Owned Real Estate had been transferred to the Real Estate Segment in the fourth quarter of 2025 and was already presented there as of December 31, 2025.

The board declared a third-quarter distribution of $0.50 per depositary unit, the 86th consecutive quarterly distribution since 2005, to be paid on or about December 23, 2026. Cash and cash equivalents were $2.290 billion at September 30, 2026. Debt was $6.357 billion.