Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced Its Third Quarter 2026 Financial Results
ICAHN ENTERPRISES L.P. (IEP) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced Its Third Quarter 2026 Financial Results Sunny Isles Beach, Fla, November 3, 2026 – · Indicative Net Asset Value was approximately $3.5 billion as of September 30, 2026, an increase of $865 million compared to June
How this was made
The 30-second read
Why it matters
The earnings surprise and distribution announcement are likely to move the unit price in after‑hours trading.
Market read
First‑report earnings for a mid‑cap MLP; new loss figures and distribution could affect price and income‑focused investors.
What to watch
The announced $0.50 distribution may attract income‑seeking investors despite the loss.
Third-quarter revenue was $3,171 million, while net loss attributable to Icahn Enterprises was $225 million and Adjusted EBITDA attributable to IEP was a loss of $214 million.
Revenue increased versus the prior-year quarter and indicative net asset value increased by $865 million from June 30, 2026, but the company reported a $225 million net loss and a $214 million Adjusted EBITDA loss, with both negatively affected by $522 million of refining-hedge losses attributable to IEP.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30, 2026GAAP | $3.17B | – | – |
| Net sales, three months ended September 30, 2026GAAP | $3.55B | – | – |
| Other revenues from operations, three months ended September 30, 2026GAAP | $111M | – | – |
| Net loss from investment activities, three months ended September 30, 2026GAAP | −$779M | – | – |
| Interest and dividend income, three months ended September 30, 2026GAAP | $46M | – | – |
| Gain on disposition of assets, net, three months ended September 30, 2026GAAP | $209M | – | – |
| Other income, net, three months ended September 30, 2026GAAP | $35M | – | – |
| Cost of goods sold, three months ended September 30, 2026GAAP | $2.73B | – | – |
| Other expenses from operations, three months ended September 30, 2026GAAP | $90M | – | – |
| Selling, general and administrative, three months ended September 30, 2026GAAP | $177M | – | – |
| Impairment, three months ended September 30, 2026GAAP | $165M | – | – |
| Interest expense, three months ended September 30, 2026GAAP | $116M | – | – |
| Income (loss) before income tax expense, three months ended September 30, 2026GAAP | −$114M | – | – |
| Income tax expense, three months ended September 30, 2026GAAP | $113M | – | – |
| Net loss attributable to Icahn Enterprises, three months ended September 30, 2026GAAP | −$225M | – | – |
| Basic and diluted loss income per LP unit, three months ended September 30, 2026GAAP | $(0.31) | – | – |
| Adjusted EBITDA attributable to IEP, three months ended September 30, 2026non-GAAP | −$214M | – | – |
| Revenue, nine months ended September 30, 2026GAAP | $8.35B | – | – |
| Net sales, nine months ended September 30, 2026GAAP | $8.94B | – | – |
| Net loss from investment activities, nine months ended September 30, 2026GAAP | −$1.42B | – | – |
| Income (loss) before income tax expense, nine months ended September 30, 2026GAAP | −$1.11B | – | – |
| Income tax expense (benefit), nine months ended September 30, 2026GAAP | $66M | – | – |
| Net loss attributable to Icahn Enterprises, nine months ended September 30, 2026GAAP | −$1.04B | – | – |
| Basic and diluted loss income per LP unit, nine months ended September 30, 2026GAAP | $(1.51) | – | – |
| Adjusted EBITDA attributable to IEP, nine months ended September 30, 2026non-GAAP | −$564M | – | – |
| Indicative Net Asset Value, September 30, 2026other | $3.47B | $865 million | – |
| Cash and cash equivalents, September 30, 2026GAAP | $2.29B | – | – |
| Cash held at consolidated affiliated partnerships and restricted cash, September 30, 2026GAAP | $1.31B | – | – |
| Investments, September 30, 2026GAAP | $989M | – | – |
| Total assets, September 30, 2026GAAP | $11.63B | – | – |
| Debt, September 30, 2026GAAP | $6.36B | – | – |
| Total liabilities, September 30, 2026GAAP | $10.06B | – | – |
| Total equity, September 30, 2026GAAP | $1.56B | – | – |
| Distributions declared per LP unit, three months ended September 30, 2026GAAP | $0.50 | – | – |
| Distributions declared per LP unit, nine months ended September 30, 2026GAAP | $1.50 | – | – |
Capital returns
- The Board of Directors of the general partner declared a quarterly distribution of $0.50 per depositary unit on November 2, 2026.
- The distribution 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 have until December 11, 2026 to elect cash or additional depositary units.
- The company described this as the 86th consecutive quarterly distribution since 2005.
What drove it
- Indicative net asset value increased by $865 million compared with June 30, 2026, primarily due to an increase of approximately $1.7 billion in the value of IEP's long position in CVI.
- The increase in CVI value was offset in part by a decrease of $522 million related to losses on refining hedges in the Investment Funds attributable to IEP.
- Third-quarter net loss and Adjusted EBITDA loss attributable to IEP were negatively affected by $522 million of refining-hedge losses in the Investment Funds attributable to IEP.
- CVR Energy announced an acquisition of two refineries and a marketing platform from Marathon Petroleum for a $4.2 billion purchase price.
- The filing states the acquisition represents less than 3.5 times management's estimate of 2026 EBITDA and identifies $75 million in future annual run-rate synergies, primarily relating to SG&A expenses and commercial and operational opportunities.
Concerns
- Net loss attributable to IEP was $(225) million in Q3 2026 versus net income attributable to IEP of $287 million in Q3 2025.
- Adjusted EBITDA attributable to IEP was $(214) million in Q3 2026 versus $75 million in Q3 2025.
- Net loss from investment activities was $(779) million in Q3 2026 and $(1,415) million for the nine months ended September 30, 2026.
- The company recorded $165 million of impairment in Q3 2026.
- The company modified its Adjusted EBITDA calculation effective March 31, 2026 to exclude certain Energy segment results, and stated that the Q3 2025 Adjusted EBITDA presentation uses different exclusions than its prior presentation of that period.
- Indicative net asset value does not purport to reflect a valuation of IEP and does not include any value for the Investment Segment other than the fair market value of its investment in the Investment Funds.
What to watch
- The effect of refining hedges in the Investment Funds, which contributed losses of $522 million attributable to IEP in Q3 2026 and $917 million in the first nine months of 2026.
- The value of IEP's long position in CVI, which increased by approximately $1.7 billion during the third quarter and was currently valued at $4.2 billion in the release.
- Completion and execution of CVR Energy's proposed $4.2 billion acquisition, including the stated $75 million in future annual run-rate synergies.
- Holding Company liquidity and debt, including Holding Company cash and cash equivalents of $921 million and Holding Company debt of $(4,415) million in the indicative net asset value presentation.
- The cash-versus-units election outcome for the $0.50 per depositary unit quarterly distribution.
Balance sheet and cash flow
- Cash and cash equivalents were $2,290 million as of September 30, 2026.
- Cash held at consolidated affiliated partnerships and restricted cash was $1,307 million as of September 30, 2026.
- Debt was $6,357 million as of September 30, 2026.
- Total assets were $11,628 million, total liabilities were $10,065 million, and total equity was $1,563 million as of September 30, 2026.
- Holding Company cash and cash equivalents used in indicative net asset value were $921 million, and Holding Company debt was $(4,415) million, as of September 30, 2026.
- The filing did not provide a cash flow statement, operating cash flow, capital expenditures, or free cash flow.
Analysis
Icahn Enterprises reported $3,171 million of revenue for the three months ended September 30, 2026, compared with $2,725 million in the prior-year quarter. Net sales were $3,549 million versus $2,316 million, but net loss from investment activities widened to $(779) million from $(48) million. The company consequently moved to a net loss attributable to Icahn Enterprises of $(225) million, or $(0.31) per LP unit, from net income attributable to Icahn Enterprises of $287 million, or $0.49 per LP unit.
Investment and hedge activity was the principal reported drag. The release states that third-quarter net loss and Adjusted EBITDA loss attributable to IEP were negatively affected by $522 million of losses on refining hedges in the Investment Funds attributable to IEP. Adjusted EBITDA attributable to IEP was $(214) million, compared with $75 million a year earlier. The reported impairment charge was $165 million. The company also changed its Adjusted EBITDA calculation effective March 31, 2026, including exclusions for certain Energy segment hedge, RFS and inventory-revaluation results, and noted that the Q3 2025 comparison has different exclusions from its prior presentation.
For the first nine months, revenue was $8,352 million versus $6,961 million, while net loss attributable to Icahn Enterprises was $(1,039) million versus $(300) million. Nine-month Adjusted EBITDA attributable to IEP was $(564) million compared with $(113) million. The release attributes part of the year-to-date pressure to $917 million of refining-hedge losses attributable to IEP, while separately noting that the reported results do not include the increase of approximately $1.8 billion in the value of the long position in CVI.
Balance-sheet and asset-value developments were mixed. Cash and cash equivalents were $2,290 million and debt was $6,357 million at September 30, 2026. Indicative net asset value was $3,467 million, up $865 million from $2,602 million at June 30, 2026, primarily reflecting an approximately $1.7 billion increase in the value of the CVI position, partially offset by refining-hedge losses. CVR Energy's announced $4.2 billion acquisition is presented as a major strategic transaction, with management estimates cited for 2026 EBITDA and future annual run-rate synergies, but IEP issued no formal financial outlook in this release.
Capital returns continued through a declared $0.50 per depositary unit quarterly distribution, described as the 86th consecutive quarterly distribution since 2005. The distribution can be received in cash or additional depositary units, subject to the stated election mechanics. The filing provides no operating cash flow, free cash flow, share-repurchase activity, gross-margin disclosure, or formal forward guidance.
Not in the filing
stated, not guessed- Formal financial guidance was not provided.
- Previous-period outlook was not provided.
- Gross profit and gross margin were not reported.
- Operating income was not reported.
- Operating cash flow, capital expenditures, and free cash flow were not reported.
- Segment revenue and segment profitability were not reported.
- Share repurchases were not reported.
- Named executive quotations were not provided.
- Prior-quarter financial-statement comparatives were not provided for the reported income-statement metrics.
- Cash and debt prior-year comparisons as of September 30, 2025 were not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
SEC Form 8‑K filing provides the first public disclosure of Icahn Enterprises L.P.'s Q3 2026 financial results.
Ticker impact
Q3 2026 results show a $225 million net loss and a $0.50 per unit distribution.
likely pressure as the market prices in the net loss and hedge losses despite the NAV increase
Earnings surprise with a loss and large hedge losses typically weigh on the unit price, even though the NAV rose from the CVI position.
Market effects
Energy‑focused MLPs may see heightened scrutiny on hedge exposure.
U.S. investors in master‑limited partnerships could adjust exposure after the loss report.
Limited; impact confined to IEP and comparable MLPs.
Counterpoint
NAV increase from the CVI stake could support the unit price if investors focus on asset appreciation.
Key entities
- companyIcahn Enterprises L.P.
Diversified holding MLP reporting Q3 2026 results.
- subsidiaryCVI
Majority‑owned subsidiary whose valuation drove NAV growth.
