Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced Its Third Quarter 2026 Financial Results

Cash and cash equivalents increased to $2,290 million, while equity attributable to IEP fell to $746 million from year-end 2025.

Rhea-AI Summary

Icahn Enterprises (Nasdaq: IEP) reported a third-quarter 2026 net loss attributable to IEP of $225 million, reversing year-earlier income.

Revenue rose to $3,171 million from $2,725 million. The loss was $0.31 per unit versus income of $0.49. Adjusted EBITDA, a non-GAAP earnings measure, swung to a $214 million loss from $75 million income. Results included $522 million of refining-hedge losses but excluded an approximately $1.7 billion increase in its CVI position's value.

Indicative net asset value reached approximately $3.5 billion at September 30, up $865 million from June 30. Nine-month net loss attributable to IEP widened to $1,039 million from $300 million. Subsidiary CVR Energy announced a $4.2 billion acquisition of two refineries and a marketing platform from Marathon Petroleum. IEP declared an unchanged $0.50 quarterly distribution, payable on or about December 23, 2026.

10 points · 2 major

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Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

2 major · 11 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointCVI position value increased approximately $1.7 billion in Q3 and approximately $1.8 billion over nine months.
• Major point. Forward-looking: it has not happened yet and may not happen.CVR Energy acquisition announced: two refineries and a marketing platform from Marathon Petroleum for $4.2 billion. 1.1× market cap
• Moderate pointQ3 revenue rose to $3,171 million from $2,725 million a year earlier.
• Moderate pointIndicative net asset value reached approximately $3.5 billion at September 30, 2026, up $865 million from June 30.
• Moderate pointCash and cash equivalents rose to $2,290 million at September 30, 2026, from $1,450 million at year-end 2025.

5 minor points

• Minor pointNine-month revenue increased to $8,352 million from $6,961 million a year earlier.
• Minor pointDebt declined to $6,357 million at September 30, 2026, from $6,616 million at year-end 2025.
• Minor pointSelling, general and administrative expenses fell to $177 million in Q3 from $218 million; nine-month expenses also declined.
• Minor pointInterest expense fell to $116 million in Q3 from $122 million; nine-month expense also declined.
• Minor pointOther operating expenses fell to $90 million in Q3 from $150 million; nine-month expenses also declined.

Negative

• Major pointNine-month net loss attributable to IEP widened to $1,039 million from $300 million a year earlier.
• Major pointRefining-hedge losses attributable to IEP totaled $522 million in Q3 and $917 million over nine months.
• Moderate pointQ3 net loss attributable to IEP was $225 million versus $287 million income a year earlier.
• Moderate pointQ3 adjusted EBITDA attributable to IEP swung to a $214 million loss from $75 million income.
• Moderate pointImpairment expense reached $165 million in Q3 versus none; nine-month expense rose from $12 million to $165 million. 4.5% of market cap
• Moderate pointCost of goods sold rose to $2,733 million in Q3 from $1,685 million; nine-month costs also increased.
• Moderate pointEquity attributable to IEP fell to $746 million at September 30, 2026, from $1,942 million at year-end 2025.
• Moderate pointDepositary units outstanding increased to 756,961,276 at September 30, 2026, from 637,209,452 at year-end 2025.

3 minor points

• Minor pointQ3 per-unit loss was $0.31 versus income of $0.49 a year earlier.
• Minor pointNine-month per-unit loss widened to $1.51 from $0.54 a year earlier.
• Minor pointNine-month adjusted EBITDA loss attributable to IEP widened to $564 million from $113 million.

News Explained

For IEP’s declared $0.50 distribution, holders may elect cash or additional units by December 11, 2026; no timely election defaults to units, so the payment can increase units outstanding and change existing holders’ ownership proportions.

Key Figures

Net loss attributable to IEP: $225 million Adjusted EBITDA attributable to IEP: $214 million loss Refining hedge losses: $522 million +4 more

Net loss attributable to IEP

$225 million

Q3 2026; compared with $287 million net income in Q3 2025

Adjusted EBITDA attributable to IEP

$214 million loss

Q3 2026; compared with $75 million Adjusted EBITDA in Q3 2025

Refining hedge losses

$522 million

Q3 2026 losses in the Investment Funds attributable to IEP

Indicative NAV increase

$865 million

Increase from June 30 to September 30, 2026

Quarterly distribution

$0.50 per depositary unit

Third-quarter distribution declared

CVI acquisition purchase price

$4.2 billion

Purchase of two refineries and a marketing platform from Marathon Petroleum

Acquisition valuation

Less than 3.5 times

Management's estimate of 2026 EBITDA

Previous Earnings Reports

1 past event · Latest: Aug 05

Same Type 1 event

1. Aug 05

   Q2 earnings

   24h Move

   -3.5%

   Q2 2026 reported a $355 million net loss and $134 million Adjusted EBITDA loss.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, pro forma, volume weighted average trading price, master limited partnership, +1 more

5 terms

adjusted ebitda financial

"Adjusted EBITDA attributable to IEP was a loss of $214 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

pro forma financial

"to approximately $2.0 billion, on a pro forma basis"

Pro forma refers to financial information that is prepared based on estimates or adjustments to show what a company's results might look like under certain scenarios, such as new projects or acquisitions. It helps investors understand the potential impact of future events by providing a clear, hypothetical view of financial performance, much like a weather forecast shows possible future conditions.

volume weighted average trading price financial

"at the volume weighted average trading price of the units"

Volume weighted average trading price (VWAP) is the average price of a security over a set period, calculated by giving more weight to prices where more shares were traded — in other words, prices with higher volume count more. Investors use VWAP as a benchmark to judge trade execution and market activity: it helps tell whether a buy or sell occurred at a better or worse price than the market’s typical traded level, like comparing your purchase to the crowd’s average.

master limited partnership financial

"a master limited partnership, is a diversified holding company"

A master limited partnership is a type of business structure that combines features of a corporation and a partnership, allowing it to raise money from investors while passing profits directly to them. Think of it as a shared ownership group that offers regular income, making it attractive to investors seeking steady cash flow. This structure is often used by companies involved in natural resources or energy, where consistent revenue is common.

forward-looking statements regulatory

"This release may contain certain "forward-looking statements""

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SUNNY ISLES BEACH, Fla., Nov. 3, 2026 /PRNewswire/

• Indicative Net Asset Value was approximately $3.5 billion as of September 30, 2026, an increase of $865 million compared to June 30, 2026. This increase was primarily due to an increase of approximately $1.7 billion in the value of our long position in our majority owned subsidiary, CVI (which is currently valued at $4.2 billion¹), offset in part with a decrease of $522 million related to losses on refining hedges in the Investment Funds attributable to IEP.
• IEP declares third quarter distribution of $0.50 per depositary unit (the 86^th consecutive quarterly distribution since 2005).
• Net loss attributable to IEP was $225 million for Q3 2026, compared to net income of $287 million for Q3 2025. Q3 2026 net loss included $522 million of losses on refining hedges in the Investment Funds attributable to IEP but does not include the increase in value of approximately $1.7 billion from our long position in CVI.
• Adjusted EBITDA attributable to IEP was a loss of $214 million for Q3 2026, compared to Adjusted EBITDA of $75 million for Q3 2025. Q3 2026 Adjusted EBITDA included $522 million of losses on refining hedges in the Investment Funds attributable to IEP but does not include the increase in value of approximately $1.7 billion from our long position in CVI.
• CVR Energy announced a transformative transaction to acquire two refineries and a marketing platform from Marathon Petroleum for $4.2 billion purchase price which represents less than 3.5 times management's estimate of 2026 EBITDA.

Financial Summary

For the three months ended September 30, 2026, revenues were $3.2 billion and net loss attributable to IEP was $225 million, or a loss of $0.31 per depositary unit. For the three months ended September 30, 2025, revenues were $2.7 billion and net income attributable to IEP was $287 million, or $0.49 per depositary unit. Adjusted EBITDA loss attributable to IEP was $214 million for the three months ended September 30, 2026, compared to Adjusted EBITDA attributable to IEP of $75 million for the three months ended September 30, 2025.² Net loss attributable to IEP and Adjusted EBITDA loss attributable to IEP for the three months ended September 30, 2026, were negatively impacted by losses of $522 million on refining hedges in the Investment Funds attributable to IEP but does not include the increase in value of approximately $1.7 billion from our long position in CVI.

For the nine months ended September 30, 2026, revenues were $8.4 billion and net loss attributable to IEP was $1.0 billion, or a loss of $1.51 per depositary unit. For the nine months ended September 30, 2025, revenues were $7.0 billion and net loss attributable to IEP was $300 million, or a loss of $0.54 per depositary unit. Adjusted EBITDA loss attributable to IEP was $564 million for the nine months ended September 30, 2026, compared to Adjusted EBITDA loss attributable to IEP of $113 million for the nine months ended September 30, 2025.² Net loss attributable to IEP and Adjusted EBITDA loss attributable to IEP for the nine months ended September 30, 2026, were negatively impacted by losses of $917 million on refining hedges in the Investment Funds attributable to IEP but does not include the increase in value of approximately $1.8 billion from our long position in CVI.

As of September 30, 2026, indicative net asset value increased $865 million compared to June 30, 2026. This increase was primarily due to an increase of approximately $1.7 billion in the value of our long position in CVI, offset in part with a decrease of $522 million related to losses on refining hedges in the Investment Funds attributable to IEP.

CVR Energy announced a transformative transaction to acquire two refineries and a marketing platform from Marathon Petroleum for $4.2 billion purchase price which represents less than 3.5 times management's estimate of 2026 EBITDA. For the nine months ended September 30, 2026, 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.  Additionally, earnings per share increases from $3.73 per share, on a stand-alone basis, to $7.80 per share, on a pro forma basis, an accretion in earnings per share of over 105% for stockholders. These figures do not include $75 million in future annual run-rate synergies, primarily relating to SG&A expenses and commercial and operational opportunities.

On November 2, 2026, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $0.50 per depositary unit, which will be paid on or about December 23, 2026 to depositary unitholders of record at the close of business on November 16, 2026. Depositary unitholders will have until December 11, 2026 to make a timely election to receive either cash or additional depositary units. If a unitholder does not make a timely election, it will automatically be deemed to have elected to receive the distribution in additional depositary units. Depositary unitholders who elect to receive (or who are deemed to have elected to receive) additional depositary units will receive units valued at the volume weighted average trading price of the units during the five consecutive trading days ending December 18, 2026. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any unitholders electing to receive (or who are deemed to have elected to receive) depositary units.

Icahn Enterprises L.P., a master limited partnership, is a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.

Caution Concerning Forward-Looking Statements

This release may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises and its subsidiaries. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors, including risks related to economic downturns, substantial competition and rising operating costs; risks related to our investment activities, including the nature of the investments made by the private funds in which we invest and  the impact of the use of leverage through options, short sales, swaps, forwards and other derivative instruments, including the risk of counterparty termination and early settlement of such positions; risks related to our ability to comply with the covenants in our senior notes and the risk of foreclosure on the assets securing our notes; risks related to our ability to refinance our debt; our ability to continue to meet our liquidity needs; declines in the fair value of our investments, losses in the private funds and loss of key employees; risks related to our ability to continue to conduct our activities in a manner so as to not be deemed an investment company under the Investment Company Act of 1940, as amended, or to be taxed as a corporation; risks related to short sellers and associated litigation and regulatory inquiries; risks related to our general partner and controlling unitholder; pledges of our units by our controlling unitholder; risks related to our energy business, including the volatility and availability of crude oil, other feed stocks and refined products, declines in global demand for crude oil, refined products and liquid transportation fuels, unfavorable refining margin (crack spread), interrupted access to pipelines, significant fluctuations in nitrogen fertilizer demand in the agricultural industry and seasonality of results; volatile commodity pricing and higher industry utilization and oversupply risks related to potential strategic transactions involving our Energy segment, and the impact of tariffs; risks related to our automotive activities and exposure to adverse conditions in the automotive industry; risks related to our food packaging activities, including competition from better capitalized competitors, inability of our suppliers to timely deliver raw materials, and the failure to effectively respond to industry changes in casings technology; supply chain issues; inflation, including increased costs of raw materials and shipping; interest rate increases; labor shortages and workforce availability; risks related to our real estate activities, including the extent of any tenant bankruptcies and insolvencies; risks related to our home fashion operations, including changes in the availability and price of raw materials, manufacturing disruptions, and changes in transportation costs and delivery times; the impacts from the Russia/Ukraine conflict and conflict in the Middle East, including the U.S.-Israel and Iran war, and any related economic volatility, disruptions to global commodity markets, export controls and other economic sanctions; political and regulatory uncertainty, including changing economic policy and the imposition of tariffs; and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission including our Annual Report on Form 10-K and our quarterly reports on Form 10-Q under the caption "Risk Factors." Additionally, there may be other factors not presently known to us or which we currently consider to be immaterial that may cause our actual results to differ materially from the forward-looking statements. Past performance in our Investment segment is not indicative of future performance. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise. 

___________________________________ 1 Based on October 30, 2026, closing price of $58.37. 2 The presentation of Adjusted EBITDA in this release for Q3 2025 has been prepared using a calculation with different exclusions than what has been used when preparing Adjusted EBITDA for prior periods, including our prior presentation of Adjusted EBIDA for Q3 2025. See "Uses of Non-GAAP Financial Measures" at the end of this press release for additional explanation of the updates in our presentation.

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
	(in millions, except per unit amounts)
Revenues:
Net sales	$	3,549		$	2,316		$	8,941		$	6,461
Other revenues from operations		111			168			447			508
Net loss from investment activities		(779)			(48)			(1,415)			(516)
Interest and dividend income		46			70			142			222
Gain on disposition of assets, net		209			218			206			262
Other income, net		35			1			31			24
		3,171			2,725			8,352			6,961
Expenses:
Cost of goods sold		2,733			1,685			7,956			5,819
Other expenses from operations		90			150			378			455
Selling, general and administrative		177			218			589			626
Dividend expense		4			10			14			25
Impairment		165			—			165			12
Restructuring, net		—			2			2			7
Interest expense		116			122			360			379
		3,285			2,187			9,464			7,323
Income (loss) before income tax expense		(114)			538			(1,112)			(362)
Income tax (expense) benefit		(113)			(127)			(66)			(8)
Net (loss) income		(227)			411			(1,178)			(370)
Less: net (loss) income attributable to non-controlling interests		(2)			124			(139)			(70)
Net (loss) income attributable to Icahn Enterprises	$	(225)		$	287		$	(1,039)		$	(300)
Net (loss) income attributable to Icahn Enterprises allocated to:
Limited partners	$	(220)		$	281		$	(1,018)		$	(295)
General partner		(5)			6			(21)			(5)
	$	(225)		$	287		$	(1,039)		$	(300)
Basic and Diluted (loss) income per LP unit	$	(0.31)		$	0.49		$	(1.51)		$	(0.54)
Basic and Diluted weighted average LP units outstanding		716			575			675			548
Distributions declared per LP unit	$	0.50		$	0.50		$	1.50		$	1.50

 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
		September 30,			December 31,
		2026			2025
		(in millions, except unit amounts)
ASSETS
Cash and cash equivalents		$	2,290		$	1,450
Cash held at consolidated affiliated partnerships and restricted cash			1,307			1,969
Investments			989			2,251
Due from brokers			797			1,656
Accounts receivable, net			614			393
Related party notes receivable, net			141			129
Inventories, net			870			845
Property, plant and equipment, net			3,293			3,670
Deferred tax asset			243			165
Derivative assets, net			6			7
Goodwill			105			290
Intangible assets, net			279			349
Other assets			694			1,041
Total Assets		$	11,628		$	14,215
LIABILITIES AND EQUITY
Accounts payable		$	712		$	690
Accrued expenses and other liabilities			1,331			1,192
Deferred tax liabilities			272			314
Derivative liabilities, net			643			595
Securities sold, not yet purchased, at fair value			750			1,382
Debt			6,357			6,616
Total liabilities			10,065			10,789
Equity:
Limited partners: Depositary units: 756,961,276 units issued and outstanding at September 30, 2026 and 637,209,452 units issued and outstanding at December 31, 2025			1,555			2,728
General partner			(809)			(786)
Equity attributable to Icahn Enterprises			746			1,942
Equity attributable to non-controlling interests			817			1,484
Total equity			1,563			3,426
Total Liabilities and Equity		$	11,628		$	14,215

Use of Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures in evaluating its performance. These include non-GAAP EBITDA and Adjusted EBITDA. EBITDA represents earnings from continuing operations before net interest expense (excluding our Investment Segment), income tax (benefit) expense and depreciation and amortization. We define Adjusted EBITDA as EBITDA excluding certain effects of impairment, restructuring costs, transformation costs, certain pension plan expenses, gains/losses on disposition of assets, gains/losses on extinguishment of debt, the performance of closed stores and including closing costs, Energy segment unrealized gains/losses on hedging contracts, unrealized gains/losses on Renewable Fuel Standard ("RFS") positions, Energy segment inventory revaluation, and certain other non-operational or non-recurring charges. The Energy segment's basis for determining inventory value impacts are under a GAAP First-In, First-Out ("FIFO") basis. Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period. We present EBITDA and Adjusted EBITDA on a consolidated basis and on a basis attributable to Icahn Enterprises net of the effects of non-controlling interests. We conduct substantially all of our operations through subsidiaries. The operating results of our subsidiaries may not be sufficient to make distributions to us. In addition, our subsidiaries are not obligated to make funds available to us for payment of our indebtedness, payment of distributions on our depositary units or otherwise, and distributions and intercompany transfers from our subsidiaries to us may be restricted by applicable law or covenants contained in debt agreements and other agreements to which these subsidiaries currently may be subject or into which they may enter into in the future. The terms of any borrowings of our subsidiaries or other entities in which we own equity may restrict dividends, distributions or loans to us. 

We believe that providing EBITDA and Adjusted EBITDA to investors has economic substance as these measures provide important supplemental information of our performance to investors and permits investors and management to evaluate the core operating performance of our business without regard to interest (except with respect to our Investment segment), taxes and depreciation and amortization and certain effects of impairment, restructuring costs, certain pension plan expenses, gains/losses on disposition of assets, gains/losses on extinguishment of debt and certain other non-operational charges. Additionally, we believe this information is frequently used by securities analysts, investors and other interested parties in the evaluation of companies that have issued debt. Management uses, and believes that investors benefit from referring to, these non-GAAP financial measures in assessing our operating results, as well as in planning, forecasting and analyzing future periods. Adjusting earnings for these charges allows investors to evaluate our performance from period to period, as well as our peers, without the effects of certain items that may vary depending on accounting methods and the book value of assets. Additionally, EBITDA and Adjusted EBITDA present meaningful measures of performance exclusive of our capital structure and the method by which assets were acquired and financed. Effective March 31, 2026, we modified our calculation of Adjusted EBITDA to exclude the impacts of certain of our Energy segment results, including unrealized gains/losses on hedging contracts, unrealized gains/losses on RFS positions, and inventory revaluation. We believe that this revised presentation improves the supplemental information provided to our investors because management believes these are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful and the significance of these measures have been disproportionately impacted by increased volatility in recent periods.

EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis of our results as reported under generally accepted accounting principles in the United States, or U.S. GAAP. For example, EBITDA and Adjusted EBITDA: 

• do not reflect our cash expenditures, or future requirements for capital expenditures, or contractual commitments; 
• do not reflect changes in, or cash requirements for, our working capital needs; and 
• do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments on our debt. 

Although depreciation and amortization are non-cash charges, the assets being depreciated or amortized often will have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements. Other companies in the industries in which we operate may calculate EBITDA and Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures. In addition, EBITDA and Adjusted EBITDA do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations. 

EBITDA and Adjusted EBITDA are not measurements of our financial performance under U.S. GAAP and should not be considered as alternatives to net income or any other performance measures derived in accordance with U.S. GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. Given these limitations, we rely primarily on our U.S. GAAP results and use EBITDA and Adjusted EBITDA only as a supplemental measure of our financial performance.  

Use of Indicative Net Asset Value Data

The Company uses indicative net asset value as an additional method for considering the value of the Company's assets, and we believe that this information can be helpful to investors. Please note, however, that the indicative net asset value does not represent the market price at which the depositary units trade. Accordingly, data regarding indicative net asset value is of limited use and should not be considered in isolation.

The Company's depositary units are not redeemable, which means that investors have no right or ability to obtain from the Company the indicative net asset value of units that they own. Units may be bought and sold on The Nasdaq Global Select Market at prevailing market prices. Those prices may be higher or lower than the indicative net asset value of the depositary units as calculated by management. 

See below for more information on how we calculate the Company's indicative net asset value. 

	September 30,		June 30,		December 31,
	2026		2026		2025
	(in millions)(unaudited)
Market-valued Subsidiaries and Investments:
Holding Company interest in Investment Funds(1)	$ 1,370		$ 1,978		$ 2,711
CVR Energy(2)	3,631		1,961		1,791
CVR Partners LP(2)	34		30		28
Total market-valued subsidiaries and investments	$ 5,035		$ 3,969		$ 4,530
Other Subsidiaries:
Viskase(3)	$ 64		$ 96		$ 53
Real Estate Segment(4)	1,309		1,417		1,367
WestPoint Home(1)	142		148		155
Vivus(1)	149		153		169
Icahn Automotive Group(5)	215		765		619
Operating Business Indicative Gross Asset Value	$ 6,914		$ 6,548		$ 6,893
Add: Other Net Assets(6)	47		99		98
Indicative Gross Asset Value	$ 6,961		$ 6,647		$ 6,991
Add: Holding Company cash and cash equivalents(7)	921		381		839
Less: Holding Company debt(7)	(4,415)		(4,426)		(4,664)
Indicative Net Asset Value	$ 3,467		$ 2,602		$ 3,166

Indicative net asset value does not purport to reflect a valuation of IEP. The calculated indicative net asset value does not include any value for our Investment Segment other than the fair market value of our investment in the Investment Funds. A valuation is a subjective exercise and indicative net asset value does not necessarily consider all elements or consider in the adequate proportion the elements that could affect the valuation of IEP. Investors may reasonably differ on what such elements are and their impact on IEP. No representation or assurance, express or implied, is made as to the accuracy and correctness of indicative net asset value as of these dates or with respect to any future indicative or prospective results which may vary.

 

(1)	Represents GAAP equity attributable to IEP as of each respective date.
(2)	Based on closing share price on each date (or if such date was not a trading day, the immediately preceding trading day) and the number of shares owned by us as of each respective date.
(3)	Management performed a valuation of Viskase with the assistance of third-party consultants to estimate fair-market value. This analysis utilized the average results of a discounted cashflow methodology and a guideline public company methodology. Different judgments or assumptions would result in different estimates of value. Viskase indicative net asset value is derived by allocating our portion of ownership to the total equity value.
(4)	For each period presented, management performed a valuation with the assistance of third-party consultants to estimate fair-market value, which utilized the results of discounted cashflow and sales comparison methodologies. Different judgments or assumptions would result in different estimates of value. For certain properties under a purchase and sale agreement, indicative fair market value is based on the anticipated sales price adjusted for customary closing costs. In August 2025, certain properties were sold and the value of the consideration received and held in our Real Estate Segment consisted of preferred equity investment and debt and was used in the calculation of indicative fair value. As of September 30, 2026, the Real Estate Segment line item includes the retained leases from the sale of Pep Boys.
(5)	For each period presented, management performed a valuation of Icahn Automotive Group ("IAG"), including the Automotive Services and Franchise businesses and Automotive Owned Real Estate, with the assistance of third-party consultants to estimate fair value. This analysis utilized the average results of a discounted cashflow methodology and a guideline public company methodology. Different judgments or assumptions would result in different estimates of value. During the fourth quarter of 2025 the majority of the Automotive Owned Real Estate was transferred to the Real Estate Segment and as of December 31, 2025 is presented in the Real Estate Segment line item. In August 2026, IAG closed the sale of Pep Boys – Manny Moe & Jack Holding Corp. pursuant to a stock purchase agreement for $700 million, subject to customary closing conditions, for which it received $645 million in proceeds. IAG retained the automotive franchise businesses of AAMCO Transmissions and Total Care ("AAMCO") and Precision Tune Auto Care ("PTAC").
(6)	Represents GAAP equity of the Holding Company Segment, excluding cash and cash equivalents, debt and non-cash deferred tax assets or liabilities. As of December 31, 2025, June 30, 2026 and September 30, 2026, Other Net Assets includes $6, $5 and $20 million, respectively, of liabilities assumed from the Auto Plus bankruptcy and Pep Boys sale.
(7)	Holding Company's balance as of each respective date.

 

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026		2025				2026				2025
	(in millions)(unaudited)
Adjusted EBITDA
Net loss	($227)		$411				($1,178)				($370)
Interest expense, net	93		95				300				291
Income tax expense (benefit)	113		127				66				8
Depreciation and amortization	114		158				361				408
EBITDA before non-controlling interests	93		791				(451)				337
Impairment	165		-				165				12
Restructuring costs	1		1				2				7
Revaluation of RFS Liability	(314)		(471)				(190)				(271)
Unrealized loss (gain) on Energy segment derivatives	127		7				278				6
Inventory valuation impacts, (favorable) unfavorable	(35)		19				(173)				27
(Gain) on disposition of assets	(210)		(222)				(210)				(266)
Transformation costs	5		14				26				34
(Gain) loss on extinguishment of debt, net	(1)		(1)				31				(4)
Out of period adjustments	-		-				(4)				-
Equity method earnings adjustment	(27)		-				(27)				-
Same store adjustment including closing costs	2		6				10				17
Other	3		8				8				11
Adjusted EBITDA before non-controlling interests	($191)		$152				($535)				($90)
Adjusted EBITDA attributable to IEP
Net loss	($225)		$287				($1,039)				($300)
Interest expense, net	84		86				269				257
Income tax expense (benefit)	74		102				37				16
Depreciation and amortization	72		106				238				275
EBITDA attributable to IEP	5		581				(495)				248
Impairment	165		-				165				11
Restructuring costs	1		1				2				6
Revaluation of RFS Liability	(223)		(330)				(135)				(194)
Unrealized loss (gain) on Energy segment derivatives	90		6				196				5
Inventory valuation impacts, (favorable) unfavorable	(24)		13				(121)				19
(Gain) on disposition of assets	(210)		(222)				(210)				(266)
Transformation costs	5		14				26				34
(Gain) loss on extinguishment of debt, net	(1)		(1)				21				(4)
Out of period adjustments	-		-				(4)				-
Equity method earnings adjustment	(27)		-				(27)				-
Same store adjustment including closing costs	2		6				10				17
Other	3		7				8				11
Adjusted EBITDA attributable to IEP	($214)		$75				($564)				($113)

Investor Contact:
Robert Flint, Chief Financial Officer
IR@ielp.com
(800) 255-2737

 

View original content:https://www.prnewswire.com/news-releases/icahn-enterprises-lp-nasdaq-iep-today-announced-its-third-quarter-2026-financial-results-302927759.html

SOURCE Icahn Enterprises L.P.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Icahn Enterprises' third-quarter 2026 earnings?

Icahn Enterprises reported a $225 million net loss attributable to IEP, or $0.31 per depositary unit, for the three months ended September 30, 2026. A year earlier, net income attributable to IEP was $287 million, or $0.49 per depositary unit.

How much is IEP's third-quarter 2026 distribution and when will it be paid?

IEP declared a $0.50 distribution per depositary unit, payable on or about December 23, 2026. Unitholders of record at the close of business on November 16, 2026, are eligible.

How can IEP unitholders choose cash for the third-quarter 2026 distribution?

Unitholders must make a timely election by December 11, 2026, to receive cash rather than additional depositary units. Without a timely election, the distribution defaults to additional units. Those units will be valued at the volume weighted average trading price during the five consecutive trading days ending December 18, 2026.