Icahn Enterprises reports Q3 loss, NAV rise and announces $4.2 bn CVI acquisition
Icahn Enterprises L.P. posted a third‑quarter 2026 net loss of $225 million, or $0.31 per depositary unit, compared with a $287 million profit a year earlier. The firm said its indicative net asset value grew to about $3.5 billion, up $865 million from the prior quarter, driven mainly by a roughly $1.7 billion uplift in the valuation of its majority‑owned subsidiary CVI and partially offset by $522 million of refining‑hedge losses. CVI announced a $4.2 billion purchase of two Marathon Petroleum refineries and a marketing platform, and Icahn declared a $0.50 per‑unit quarterly distribution.
Why it matters
The loss and hedge losses reduce earnings for the quarter, while the NAV increase reflects a higher valuation of CVI, which could improve future cash flow. The $4.2 bn acquisition is expected to more than double CVR Energy’s EBITDA and is projected to be highly accretive to earnings, which may affect investor sentiment and the stock’s valuation.
Key facts
- 1Indicative net asset value was about $3.5 billion as of September 30 2026, an increase of $865 million versus June 30 2026. prnewswire.com
- 2The rise stemmed mainly from a roughly $1.7 billion uplift in the value of its majority‑owned subsidiary CVI. prnewswire.com
- 3Refining‑hedge losses reduced the NAV by $522 million. prnewswire.com
- 4Net loss attributable to Icahn Enterprises was $225 million for Q3 2026, versus net income of $287 million in Q3 2025. prnewswire.com
- 5Revenue for the quarter was $3.2 billion. prnewswire.com
- 6Adjusted EBITDA loss was $214 million for Q3 2026, compared with $75 million adjusted EBITDA in Q3 2025. prnewswire.com
Summary written by AlphAI AI Desk from 8 of 8 sources. Not investment advice. Figures are as stated by the linked sources.