Highlights

  • Second quarter 2026 net loss was USD 388 million, and net loss attributable to Icahn Enterprises was USD 355 million.
  • Net sales were USD 3,081 million, and the Investment segment reported a USD 334 million net loss from investment activities.
  • The board declared a USD 0.50 quarterly distribution per depositary unit on August 3, 2026, payable in cash or units.
  • Cash and cash equivalents were USD 1,221 million at June 30, 2026, and debt was USD 6,389 million.

Icahn Enterprises L.P. (NASDAQ: IEP) depositary units closed at USD 5.76 on October 23, 2026, down 5.95%. The diversified holding company's most recent quarterly report on file is its Form 10-Q for the period ended June 30, 2026, filed on August 5.

Icahn Enterprises is a master limited partnership formed in Delaware on February 17, 1987, with principal executive offices at 16690 Collins Avenue in Sunny Isles Beach, Florida. It conducts operations through Icahn Enterprises Holdings L.P. in Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma businesses. Carl C. Icahn indirectly owns and controls the general partner, and he and his affiliates owned approximately 87% of the depositary units at June 30, 2026.

Second Quarter 2026 Results

Icahn Enterprises reported net sales of USD 3,081 million for the three months ended June 30, 2026, compared with USD 2,143 million a year earlier. Total revenues were USD 2,975 million against USD 2,369 million, which included a net loss from investment activities of USD 334 million against USD 74 million.

Cost of goods sold was USD 2,883 million against USD 2,118 million, and interest expense was USD 121 million against USD 129 million. The loss before income tax was USD 386 million against USD 246 million. Net loss was USD 388 million against USD 201 million, and net loss attributable to Icahn Enterprises was USD 355 million against USD 165 million. Basic and diluted loss per LP unit was USD 0.52 against USD 0.30.

For the six months, net sales were USD 5,392 million and net loss was USD 951 million, against USD 4,145 million and USD 781 million. Net loss attributable to Icahn Enterprises was USD 814 million against USD 587 million, or USD 1.22 per LP unit against USD 1.08.

Balance Sheet and Investment Funds

Cash and cash equivalents were USD 1,221 million at June 30, 2026, against USD 1,450 million at December 31, 2025. Debt was USD 6,389 million against USD 6,616 million. Total equity was USD 2,146 million against USD 3,426 million.

The company held interests in its Investment Funds with a fair value of approximately USD 2.0 billion at June 30, 2026, compared with USD 2.7 billion at December 31, 2025. It states that the Investment Funds are open only to the company and certain of Mr. Icahn's family members and affiliates.

Energy Segment

The Energy segment operates through CVR Energy, an independent petroleum refiner and marketer of transportation fuels that also holds a nitrogen fertilizer business through CVR Partners. During the six months, the company increased its ownership of CVR Energy by acquiring 783,404 shares. CVR Energy held 100% of the general partner interest and approximately 37% of the common units of CVR Partners.

Distributions and Units

The company declared quarterly distributions of USD 0.50 per depositary unit on February 23, May 4 and August 3, 2026. Unitholders may elect cash or additional units. In April, it distributed 34,841,101 units to those who did not elect cash, and in June, 38,864,540 units, with Mr. Icahn and affiliates receiving most of them.

The August distribution is payable on or about September 23, 2026 to holders of record on August 17, with an election deadline of September 11. Depositary units outstanding were 710,915,093 at June 30, 2026, against 637,209,452 at December 31, 2025.

The filing also notes that the loan agreement under which Mr. Icahn has pledged depositary units values the pledged units based on the company's indicative net asset value rather than market price, so a decline in that value could result in margin calls.