Key Highlights

  • Loss of USD 0.31 per unit missed the consensus estimate of USD 0.09 profit, against USD 0.49 profit last year.
  • Net sales of USD 3.549 billion rose 53% and topped the consensus estimate of USD 2.33 billion.
  • Indicative net asset value rose USD 865 million to USD 3.5 billion on a USD 1.7 billion CVR Energy gain.
  • A distribution of USD 0.50 per depositary unit was declared, the 86th consecutive quarterly payment since 2005.

Icahn Enterprises L.P. (NASDAQ:IEP) reported a third quarter 2026 net loss attributable to the Partnership of USD 225 million, or a loss of USD 0.31 per depositary unit, against Net Income of USD 287 million, or USD 0.49 per unit, a year earlier. The result compares with a consensus estimate of USD 0.09 per unit. Net sales rose to USD 3.549 billion from USD 2.316 billion, above a consensus estimate of USD 2.33 billion, while total revenues, which include Investment losses and gains on asset dispositions, were USD 3.171 billion against USD 2.725 billion. The quarter included USD 522 million of losses on refining hedges in the Investment Funds attributable to the partnership.

Hedge Losses, Impairment and Adjusted EBITDA

Adjusted EBITDA attributable to the partnership was a loss of USD 214 million against a gain of USD 75 million a year earlier. The company noted that neither net loss nor adjusted EBITDA reflects the increase of about USD 1.7 billion in the value of its long position in CVR Energy. Net loss from investment activities was USD 779 million against USD 48 million, and an impairment charge of USD 165 million was recorded with none a year earlier. Gains on asset dispositions were USD 209 million, and income tax expense was USD 113 million despite a pre-tax loss of USD 114 million. For nine months, net loss attributable to the partnership was USD 1.039 billion, or USD 1.51 per unit, with USD 917 million of refining hedge losses.

CVR Energy Acquisition and Distribution

CVR Energy announced an agreement to acquire two refineries and a Marketing platform from Marathon Petroleum for a USD 4.2 billion purchase price, which the company said is less than 3.5 times management estimate of 2026 EBITDA. On a pro forma basis for nine months, CVR EBITDA rises from about USD 900 million to about USD 2.0 billion, and Earnings Per Share from USD 3.73 to USD 7.80, before USD 75 million of annual run-rate synergies. The board of the general partner declared a distribution of USD 0.50 per depositary unit, payable on or about December 23, 2026 to holders of record on November 16, 2026, with an election between cash and additional units due by December 11, 2026.

Net Asset Value, Cash and Debt Against Prior Periods

Indicative net asset value of USD 3.467 billion compares with USD 2.602 billion at June 30, 2026 and USD 3.166 billion at year end 2025. CVR Energy was valued at USD 3.631 billion against USD 1.961 billion in June, while the Holding Company interest in the Investment Funds fell to USD 1.370 billion from USD 1.978 billion and Icahn Automotive Group to USD 215 million from USD 765 million. Holding company cash was USD 921 million against USD 381 million, and holding company debt was USD 4.415 billion against USD 4.426 billion. Depositary units outstanding rose to 756.96 million from 637.21 million at year end.