Icahn Enterprises SEC Filings

Icahn Enterprises L.P. reported a net loss attributable to the partnership of $459 million for the quarter ended March 31, 2026, compared with a loss of $422 million a year earlier. Basic and diluted loss per depositary unit was $0.71, versus $0.79 in the prior-year quarter.

Total revenues, including net sales and other operating revenues, were $2.21 billion, up from $1.87 billion, driven largely by the Energy and Automotive segments. The Investment segment recorded a net loss from investment activities of $300 million, compared with a loss of $394 million a year earlier.

Operating cash flow improved to an inflow of $397 million from an outflow of $182 million in the prior-year period. Total assets declined to $12.93 billion from $14.22 billion, while debt decreased slightly to $6.39 billion. The partnership declared a quarterly distribution of $0.50 per depositary unit, creating a $325 million distribution payable, and continued its at-the-market equity program. As of May 6, 2026, there were 672,050,553 depositary units outstanding.

Icahn Enterprises L.P. reported a net loss attributable to the partnership of $459 million for the quarter ended March 31, 2026, compared with a loss of $422 million a year earlier. Basic and diluted loss per depositary unit was $0.71, versus $0.79 in the prior-year quarter.

Total revenues, including net sales and other operating revenues, were $2.21 billion, up from $1.87 billion, driven largely by the Energy and Automotive segments. The Investment segment recorded a net loss from investment activities of $300 million, compared with a loss of $394 million a year earlier.

Operating cash flow improved to an inflow of $397 million from an outflow of $182 million in the prior-year period. Total assets declined to $12.93 billion from $14.22 billion, while debt decreased slightly to $6.39 billion. The partnership declared a quarterly distribution of $0.50 per depositary unit, creating a $325 million distribution payable, and continued its at-the-market equity program. As of May 6, 2026, there were 672,050,553 depositary units outstanding.

Icahn Enterprises L.P. reported a first quarter 2026 net loss attributable to the company of $459 million, or $0.71 per depositary unit, on revenues of about $2.2 billion, compared with a $422 million loss, or $0.79 per unit, on $1.9 billion of revenues a year earlier.

The quarter’s GAAP net loss excludes a $605 million increase in the value of the long position in CVR Energy and reflects $425 million of refining hedge losses in the Investment segment and $158 million of unrealized derivative losses in the Energy segment. Adjusted EBITDA loss attributable to Icahn Enterprises improved slightly to $216 million from $228 million.

Indicative net asset value rose by $201 million since December 31, 2025, reaching $3.37 billion, helped by the CVR Energy position but partly offset by refining hedge losses, holding company net interest expense and the distribution payable. The board declared a quarterly distribution of $0.50 per depositary unit, payable in cash or additional units on or about June 25, 2026, to holders of record on May 18, 2026.

Icahn Enterprises L.P. reported a first quarter 2026 net loss attributable to the company of $459 million, or $0.71 per depositary unit, on revenues of about $2.2 billion, compared with a $422 million loss, or $0.79 per unit, on $1.9 billion of revenues a year earlier.

The quarter’s GAAP net loss excludes a $605 million increase in the value of the long position in CVR Energy and reflects $425 million of refining hedge losses in the Investment segment and $158 million of unrealized derivative losses in the Energy segment. Adjusted EBITDA loss attributable to Icahn Enterprises improved slightly to $216 million from $228 million.

Indicative net asset value rose by $201 million since December 31, 2025, reaching $3.37 billion, helped by the CVR Energy position but partly offset by refining hedge losses, holding company net interest expense and the distribution payable. The board declared a quarterly distribution of $0.50 per depositary unit, payable in cash or additional units on or about June 25, 2026, to holders of record on May 18, 2026.

Icahn Enterprises L.P. reported that Carl C. Icahn, through affiliated entities, received 32,536,774 Depositary Units as a payment-in-kind dividend on 549,400,539 Depositary Units owned on the dividend record date. This increased his indirect holdings to 581,937,313 Depositary Units.

The Depositary Units are held indirectly through entities including CCI Onshore LLC, Gascon Partners, High Coast Limited Partnership, Highcrest Investors LLC and Thornwood Associates Limited Partnership. The transaction is described as exempt from Section 16(b) liability under Rule 16b-3(d) and involves indirect beneficial ownership with customary pecuniary-interest disclaimers.

Icahn Enterprises L.P. major affiliated holders report updated beneficial ownership on an amended Schedule 13D after a quarterly unit distribution. The reporting group, led by Carl C. Icahn, may be deemed to beneficially own 581,937,313 Depositary Units, or approximately 86.89% of outstanding units.

This percentage is based on 549,400,539 Depositary Units outstanding as of February 25, 2026, plus 32,536,774 units issued to the reporting persons on April 15, 2026 as a regular quarterly distribution. Individual entities such as CCI Onshore LLC, Gascon Partners and High Coast Limited Partnership report substantial sole voting and dispositive power over large unit blocks, with Carl C. Icahn reporting shared voting and dispositive power over 581,937,313 units.

Icahn Enterprises L.P. furnished an updated investor presentation outlining its diversified structure and 2025 performance. The partnership reported a 2025 net loss attributable to Icahn Enterprises of $299 million, an improvement from a $445 million loss in 2024, while Adjusted EBITDA attributable to Icahn Enterprises rose to $338 million from $184 million.

Total assets were $14.2 billion as of December 31, 2025. Carl Icahn and his affiliates owned approximately 86% of outstanding depositary units, and Icahn Enterprises’ investment in the Investment Funds had a fair value of about $2.7 billion. The presentation highlights multiple segments, including Investment, Energy, Automotive, Real Estate, Food Packaging, Home Fashion and Pharma, and shows an indicative net asset value of $3.17 billion at December 31, 2025. As of March 3, 2026, the partnership had a $2.00 annualized distribution, corresponding to a 24.33% yield based on a unit price of $8.22.

Icahn Enterprises L.P. is a Delaware master limited partnership and diversified holding company controlled by Carl Icahn, who, with affiliates, owns about 86% of its depositary units as of December 31, 2025. The business spans seven segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.

The Energy segment, led by majority‑owned CVR Energy, generates about 83% of consolidated net sales, primarily from petroleum refining and nitrogen fertilizers. The Automotive segment focuses on repair and maintenance services and exited the aftermarket parts distribution business after the 2023 Auto Plus Chapter 11 filing and deconsolidation.

The company had approximately $2.7 billion of proprietary capital invested in private Investment Funds as of December 31, 2025 and emphasizes activist value investing. Significant risk factors include heavy reliance on Mr. Icahn’s control and pledged units, potential reclassification as an investment company or corporation for tax purposes, substantial regulatory and environmental exposure in Energy, concentration and illiquidity risks in the Investment Funds, complex tax obligations for unitholders, and ongoing vulnerability to short‑seller campaigns, related litigation and regulatory inquiries.

Icahn Enterprises L.P. reported much stronger results for Q4 2025, with revenues of $2.7 billion and net income of $1 million, compared with a net loss of $98 million a year earlier. Adjusted EBITDA jumped to $281 million from $16 million, showing a sharp improvement in operating performance.

For full-year 2025, revenues were $9.7 billion versus $10.0 billion in 2024, while net loss narrowed to $299 million from $445 million. Adjusted EBITDA rose to $338 million from $184 million. Indicative net asset value was $3.166 billion at December 31 2025, down $654 million from September 30 2025, mainly due to a $778 million decline in the long position in CVR Energy and $75 million of holding company net interest expense, partially offset by $261 million of positive fund performance.

The board declared a quarterly distribution of $0.50 per depositary unit, payable on or about April 15 2026 to holders of record on March 9 2026. Unitholders may elect to receive cash or additional units, with unit elections priced using the volume-weighted average trading price over the five trading days ending April 10 2026.

Icahn Enterprises L.P. reported that it has initiated the process to fully redeem its outstanding 6.250% Senior Notes due 2026. On January 27, 2026, the company instructed the trustee to send a formal redemption notice to noteholders.

The company intends to redeem all remaining notes on February 26, 2026 at 100.000% of principal, plus accrued and unpaid interest up to, but not including, the redemption date, using cash on hand. After completion, no 2026 Notes would remain outstanding, although the company cautions there can be no assurances the redemption will occur.

Icahn Enterprises L.P. furnished updated investor presentation materials under Item 7.01 of a Form 8‑K, to be used in meetings with investors, groups, media, and for presentations and speeches.

The materials are included as Exhibit 99.1 and are being furnished, not filed, so they are not subject to Section 18 liability and are not incorporated by reference unless specifically referenced in another filing.