Q2 FY2026
Filed Aug 5, 2026Q2 2026 revenue was $2,975 million and net loss attributable to Icahn Enterprises was $355 million, while Adjusted EBITDA loss attributable to IEP was $134 million.
Revenue was higher than the prior-year quarter, but net loss attributable to Icahn Enterprises widened to $355 million from $165 million and Adjusted EBITDA moved to a $134 million loss from $40 million of Adjusted EBITDA. Indicative Net Asset Value decreased $765 million from March 31, 2026.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenuesGAAP | $2,975 million | – | – |
| Net salesGAAP | $3,081 million | – | – |
| Other revenues from operationsGAAP | $175 million | – | – |
| Net loss from investment activitiesGAAP | $(334) million | – | – |
| Interest and dividend incomeGAAP | $49 million | – | – |
| Loss on disposition of assets, netGAAP | $(1) million | – | – |
| Other income, netGAAP | $5 million | – | – |
| Cost of goods soldGAAP | $2,883 million | – | – |
| Other expenses from operationsGAAP | $147 million | – | – |
| Selling, general and administrativeGAAP | $203 million | – | – |
| Dividend expenseGAAP | $5 million | – | – |
| ImpairmentGAAP | — | – | – |
| Restructuring, netGAAP | $2 million | – | – |
| Interest expenseGAAP | $121 million | – | – |
| Loss before income tax expenseGAAP | $(386) million | – | – |
| Income tax expenseGAAP | $(2) million | – | – |
| Net lossGAAP | $(388) million | – | – |
| Net loss attributable to non-controlling interestsGAAP | $(33) million | – | – |
| Net loss attributable to Icahn EnterprisesGAAP | $(355) million | – | – |
| Loss per depositary unitGAAP | a loss of $0.52 per depositary unit | – | – |
| Adjusted EBITDA loss attributable to IEPnon-GAAP | $134 million | – | – |
| Indicative Net Asset Valueother | approximately $2.6 billion | – | – |
| Six-month revenuesGAAP | $5,181 million | – | – |
| Six-month net loss attributable to Icahn EnterprisesGAAP | $(814) million | – | – |
| Six-month loss per depositary unitGAAP | a loss of $1.22 per depositary unit | – | – |
| Six-month Adjusted EBITDA loss attributable to IEPnon-GAAP | $350 million | – | – |
Capital returns
- On August 3, 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.
- The distribution will be paid on or about September 23, 2026 to depositary unitholders of record at the close of business on August 17, 2026.
- Depositary unitholders will have until September 11, 2026 to make a timely election to receive either cash or additional depositary units.
- Unitholders receiving or deemed 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 September 18, 2026.
What drove it
- Net sales were $3,081 million, compared to $2,143 million for the prior-year quarter.
- Net loss from investment activities was $(334) million, compared to $(74) million for the prior-year quarter.
- Mr. Icahn stated that exceptional geopolitical events disproportionately affected long refining exposure versus crack spreads and other short refinery positions.
- The Holding Company’s interest in the Investment Funds was affected primarily by net losses from broad market hedges.
- Mr. Icahn stated that the refining investment had a strong rebound during July and that IEP is continuing to right-size its hedge portfolio to better align with underlying exposures.
Concerns
- Net loss attributable to Icahn Enterprises was $(355) million, compared to $(165) million for the prior-year quarter.
- Adjusted EBITDA loss attributable to IEP was $134 million, compared to Adjusted EBITDA attributable to IEP of $40 million in Q2 2025.
- Net loss from investment activities was $(334) million, compared to $(74) million in the prior-year quarter.
- Indicative Net Asset Value decreased $765 million compared to March 31, 2026.
- The filing identifies risks including volatility in commodity pricing, refining margins, global demand for refined products, liquidity needs, debt refinancing, covenant compliance, investment losses, and geopolitical conflict.
What to watch
- The effect of the hedge-portfolio adjustments on periodic volatility and performance consistency.
- The performance and valuation of CVR Energy, of which IEP stated that it owns 71%.
- Whether the July rebound in IEP’s refining investment persists.
- Further changes in Indicative Net Asset Value and in the Holding Company’s interest in the Investment Funds.
- The September 23, 2026 quarterly distribution payment and unitholder elections between cash and additional depositary units.
Balance sheet and cash flow
- Indicative Net Asset Value was approximately $2.6 billion as of June 30, 2026.
- Indicative Net Asset Value decreased $765 million compared to March 31, 2026.
- The decrease included a decrease of $435 million in the value of the long position in CVI and a decrease of $243 million related to the Holding Company’s interest in the Investment Funds. The Investment Funds decrease was primarily driven by net losses from broad market hedges.
Analysis
Icahn Enterprises reported Q2 2026 revenues of $2,975 million, compared with $2,369 million in the prior-year quarter. Net sales were $3,081 million versus $2,143 million, while other revenues from operations were $175 million versus $172 million. These increases were offset in the consolidated result by a net loss from investment activities of $(334) million, compared with $(74) million in Q2 2025.
The consolidated loss widened materially. Net loss attributable to Icahn Enterprises was $(355) million, or a loss of $0.52 per depositary unit, compared with $(165) million, or a loss of $0.30 per depositary unit. Adjusted EBITDA loss attributable to IEP was $134 million, compared with Adjusted EBITDA attributable to IEP of $40 million. The company stated that its Q2 2025 Adjusted EBITDA presentation uses different exclusions from those used in prior presentations, including its prior presentation for Q2 2025.
Expense lines showed cost of goods sold of $2,883 million compared with $2,118 million, while selling, general and administrative expense was $203 million compared with $207 million. Interest expense was $121 million compared with $129 million. Income tax expense was $(2) million, versus an income tax benefit of $45 million in the prior-year quarter. Loss before income tax expense was $(386) million compared with $(246) million.
Indicative Net Asset Value was approximately $2.6 billion as of June 30, 2026, down $765 million from March 31, 2026. IEP attributed the decrease primarily to a $435 million decline in the value of its long CVI position and a $243 million decline related to the Holding Company’s interest in the Investment Funds, primarily driven by net losses from broad market hedges. Mr. Icahn described the quarter’s refining and hedge losses as affected by exceptional geopolitical events and pointed to a strong rebound in the refining investment during July.
For the first six months of 2026, revenues were $5,181 million compared with $4,236 million, and net loss attributable to Icahn Enterprises was $(814) million compared with $(587) million. IEP declared a $0.50 per depositary unit quarterly distribution, payable on or about September 23, 2026. No forward financial outlook was provided in the supplied filing text.
Management, verbatim
While I believe this strategy has generally served well in mitigating risk, our results this quarter were impacted by exceptional geopolitical events that disproportionately affected our long refining exposure versus crack spreads and other short refinery positions.
Carl C. Icahn, IEP Chairman
Importantly, the strong rebound in our refining investment during July underscores the temporary nature of these dislocations and highlights the timing differences that can occur between our underlying positions and related hedges.
Carl C. Icahn, IEP Chairman
In addition, we are continuing to right-size our hedge portfolio to better align with our underlying exposures.
Carl C. Icahn, IEP Chairman
Not in the filing
stated, not guessed- Segment revenue, segment profitability, and segment-level drivers were not included in the supplied filing text.
- Gross profit and gross margin were not reported in the supplied filing text.
- Operating income or loss was not reported in the supplied filing text.
- Operating cash flow and free cash flow were not reported in the supplied filing text.
- Cash, cash equivalents, total debt, and net debt were not reported in the supplied filing text.
- Share repurchases were not reported in the supplied filing text.
- Forward revenue, margin, expense, tax-rate, or other financial guidance was not provided in the supplied filing text.
- Prior-quarter figures for the reported income-statement metrics were not provided in the supplied filing text.
- Percentage year-over-year and quarter-over-quarter changes for the reported metrics were not provided in the supplied filing text.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.