Icahn Enterprises, L.P. (IEP)

Icahn Enterprises reported a third-quarter 2026 net loss attributable to the partnership of $225 million on 3 November, against net income of $287 million a year earlier 1. Revenues for the quarter were $3.2 billion 1.

The loss included $522 million of losses on refining hedges 1. These are bets held in its private Investment Funds to offset swings in the value of its CVR Energy stake 2.

For the first nine months of 2026, revenues were $8.4 billion and the net loss attributable to the partnership was $1.0 billion 1. A year earlier the nine-month net loss was $300 million 1.

The open question is CVR Energy's deal, announced on 3 November, to buy two refineries from Marathon Petroleum for about $4.2 billion 6. It still needs antitrust clearance, and the partnership owned about 71 percent of CVR Energy at 30 June 52.

Icahn Enterprises is a master limited partnership formed in Delaware on 17 February 1987 3. It aims to stay taxed as a partnership rather than a corporation, and to stay outside the rules for investment companies 2.

Much of its story is the Investment Funds, private funds through which it invests its own capital, with only Icahn family members and affiliates as the other investors 2. The funds returned a loss of 16.9 percent in 2023 and 3.5 percent in 2024, then a gain of 0.4 percent in 2025 3.

Revenue shrank as businesses were pared back 3. It was $10.9 billion in 2023, $10.0 billion in 2024 and $9.7 billion in 2025 3. Net income attributable to the partnership was a loss every year of the three: $684 million, $445 million and $299 million 3.

Energy was the largest and most shifting piece 3. Its revenue fell from $9.3 billion in 2023 to $7.7 billion in 2024 and $7.2 billion in 2025 3. In December 2025 the renewable diesel unit went back to ordinary fuel processing because of unfavorable economics 3.

Cars were a second turning point 3. The Automotive segment exited its aftermarket parts business in the first quarter of 2025 3. In October and November 2025 it moved $465 million of owned properties into the Real Estate segment 3.

That move helped Real Estate revenue rise to $336 million in 2025 from $97 million in 2024 3. Bisnow reported that the group sold the parts maker Federal-Mogul in 2018 and that its Auto Plus unit filed for bankruptcy in 2023 7.

In February 2026 CVR Energy sold $1 billion of new senior notes and used the money to repay older, costlier debt 3. In March Viskase merged with Enzon Pharmaceuticals 2.

On 19 July 2026 Icahn Automotive agreed to sell The Pep Boys to Mavis Tire Supply for a base purchase price of $700.0 million 2. The sale closed on 20 August for about $700 million in cash 4.

Energy: CVR Energy

The Energy segment is run through CVR Energy, an independent refiner of gasoline, diesel and jet fuel, and it also makes nitrogen fertilizer through CVR Partners 2. Its two refineries are in Coffeyville, Kansas, and Wynnewood, Oklahoma 3.

Energy brought in $7.2 billion of revenue in the latest year, about 74.4 percent of the group total of $9.7 billion (computed) 3.

Automotive

Icahn Automotive ran car repair and maintenance, with about 820 company-run stores and 727 franchise locations 3. Its revenue in the latest year was $1.4 billion 3.

After the Pep Boys sale the partnership kept the owned real estate and the AAMCO Transmissions and Precision Tune Auto Care businesses 4. Bisnow reported that the chain has 800 locations 7.

Investment Funds

The Investment segment holds interests in the private funds, with a fair value of about $2.0 billion at 30 June 2026 2. In the first half of 2026 the funds returned a loss of 18.2 percent 2.

Food packaging, real estate, home fashion and pharma

Viskase makes casings used to package processed meat, and the partnership owns about 94 percent of it 2. Real Estate holds 202 net lease commercial properties, and Home Fashion makes hospitality and home goods under WestPoint Home 32.

Pharma is Vivus, a specialty drug company with two approved therapies, one for weight management and one for a pancreas condition 2. Its revenue in the latest year was $105 million 3.

People and workforce

Carl Icahn is chairman of the board, and the directors are picked by him as controlling owner of the general partner, not elected by unit holders 3. The Holding Company and Investment segment have 47 employees, and the other segments about 13,500 3.

The umbrella, in words

Mr. Icahn and his affiliates owned approximately 87 percent of the depositary units at 30 June 2026 2. His general partner company holds a 1 percent interest in the partnership and its operating arm 2.

It owns about 71 percent of CVR Energy and 3 percent of CVR Partners, while CVR Energy holds about 37 percent of CVR Partners 2. It owns about 94 percent of Viskase 2.

Its subsidiary American Entertainment Properties agreed to buy up to $500 million of new preferred stock in CVR Energy if needed 5. In the Pep Boys sale, the partnership agreed to guarantee Icahn Automotive's obligations to the buyer 2.

It owns a 1.5 million square foot office tower and retail complex in Midtown Atlanta, Georgia 3. It also holds a preferred equity interest in TEB, a developer's vehicle that bought properties from it in August 2025 2.

Open matters

The U.S. Attorney's office for the Southern District of New York contacted the partnership on 3 May 2023 about its governance, capitalization, offerings, disclosure and dividends 2. The 10-Q says there has been no substantive communication since 2.

The board declared a quarterly distribution of $0.50 per depositary unit on 2 November, payable on or about 23 December 2026 to holders of record on 16 November 1. Holders have until 11 December to choose cash or more units, and units are the default 1.

CVR Energy agreed to buy the Marathon refineries and marketing business for a base cash purchase price of $4,200 million, subject to closing adjustments 5. Closing needs antitrust waiting periods to end and a North Dakota approval of the Mandan hazardous waste permit transfer 5.

CVR Energy expects to fund the deal with $2.5 billion of secured debt, $500 million from its controlling shareholder, $800 million from Trafigura and cash 6.

Either side may end the agreement if closing has not happened within 270 days of signing, a period that can stretch to 360 days in specified cases 5. CVR Energy's chief executive Dane Neumann said the company expects the acquired business to produce substantial cash flows over at least the next twelve months 6.

The partnership said it could still sell up to $363 million of units under its at-the-market program, with no obligation to do so 2.