Icahn Enterprises (IEP) Q3 2026 earnings summary

Executive summary

• Indicative NAV was $3.467B at September 30, up $865M QoQ, mainly from a ~$1.7B increase in the CVI position, partly offset by $522M of refining-hedge losses in the funds.

• Q3 net loss attributable to depositary unit holders was $225M, or $0.31 per unit, versus net income of $287M, or $0.49 per unit, a year earlier.

• Investment Funds and refining-hedge losses offset stronger Energy results and the Pep Boys sale gain.

Financial highlights

• Q3 revenue was $3.171B versus $2.725B; Adjusted EBITDA attributable to depositary unit holders was a $214M loss versus $75M of income. The 2026 calculation changed.

• Energy segment Q3 net sales were $3.282B versus $1.945B, and Adjusted EBITDA was $582M versus $180M.

• Investment segment net loss attributable to depositary unit holders was $610M versus a $16M loss in Q3 2025.

• Pep Boys sale generated $645M in net proceeds and an estimated $215M pretax gain.

Outlook and guidance

• CVR Energy expected the proposed $4.2B Marathon refinery and logistics acquisition to close by year-end 2026, subject to customary conditions and regulatory approvals.

• Pro forma estimates project 9M EBITDA rising from ~$900M to ~$2.0B and EPS from $3.73 to $7.80, an increase of over 105%; estimates exclude $75M of future annual run-rate synergies.

• Management expected sufficient liquidity for obligations, including refinancing or repayment of approximately $1.4B of 2027 notes, for at least 12 months, subject to fund values and market conditions.

• Next $0.50-per-unit distribution was payable on or about December 23, 2026, with cash or additional-unit elections.