Icahn Enterprises L.P. Q3 2026 Earnings Recap

IEP shares rose 3.7% after earnings. The quarter showed a sharp year-over-year swing to a loss, but investors may have focused on higher NAV, driven primarily by CVI, and the announced refinery acquisition.

Key Takeaways

• NAV increased $865 million from Q2, mainly from a $1.7 billion increase in the value of IEP’s CVI position, partly offset by $522 million of refining-hedge losses.
• IEP reported a $225 million net loss, or $0.31 per unit, versus net income of $287 million, or $0.49 per unit, a year earlier. Adjusted EBITDA was a loss of $214 million versus positive $75 million.
• The investment funds returned negative 5.5% excluding refining hedges and negative 31.3% including them. Refining hedges contributed to the quarter’s losses.
• Energy segment adjusted EBITDA rose to $404 million from $98 million a year earlier; CVR cited strong refining operations and record MidCon crack spreads, while fertilizer results were hurt by the East Dubuque turnaround.
• IEP received $645 million from the Pep Boys sale and recognized a $215 million pre-tax gain. The $0.50-per-unit distribution was unchanged; IEP said it expects to address senior notes maturing in May 2027 in the coming months.