10-Q · May 6, 2026
Icahn Enterprises reported a significant decline in Q1 2026 with revenues of $2.206 billion, slightly missing estimates of $2.333 billion. The company recorded a net loss of $459 million and a diluted EPS of -$0.71,…
Earnings analysis · 10-Q
IEP earnings analysis
Filed August 5, 2026 · Our reading of the company's report
The latest report
IEP delivered Q2 revenue of $2.975 billion, up $606 million year over year and above Q1 2026 revenue of $2.470 billion, led by a $977 million increase in Energy net sales. However, the consolidated loss widened to $388…
Read full summary
IEP delivered Q2 revenue of $2.975 billion, up $606 million year over year and above Q1 2026 revenue of $2.470 billion, led by a $977 million increase in Energy net sales. However, the consolidated loss widened to $388 million from $201 million as Investment Funds lost 10.9%, including $332 million of broad-market hedge losses. Liquidity is a central concern: holding-company Fund investments declined from $2.7 billion at year-end to approximately $1.7 billion by July 31, while holding-company debt remained approximately $4.4 billion.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Revenue increased 26% year over year
Consolidated revenue rose to $2.975 billion in Q2 2026 from $2.369 billion in Q2 2025, an increase of $606 million, or 26%. It also increased from $2.470 billion in Q1 2026.
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Energy recovered to a 4% gross margin
Energy net sales increased $977 million, or 55%, to $2.738 billion. Gross margin improved to 4% from negative 4%, as higher refinery throughput following the prior-year Coffeyville turnaround and higher gasoline/distillate prices outweighed higher compliance and derivative costs.
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Automotive margin improved despite closures
Automotive revenue declined $14 million, or 4%, due principally to $12 million of revenue lost from strategic store closures, but gross profit increased $2 million, or 2%. Gross margin expanded to 29% from 27%.
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Pep Boys transaction could add $700M cash
The announced Pep Boys sale has a base cash purchase price of $700.0 million and is expected to close in the coming months, subject to customary closing conditions. IEP retains the previously transferred owned real estate, AAMCO and Precision Tune Auto Care.
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Energy liquidity capacity expanded
Energy refinancing increased the CVR Energy ABL commitment from $345 million to $550 million, with potential expansion to $700 million, and extended maturity to February 12, 2031. Aggregate availability under the CVR Energy and CVR Partners ABL facilities was $590 million at June 30, 2026.
What to watch
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Investment losses materially widened
The consolidated net loss widened to $388 million from $201 million in the prior-year quarter. Investment Funds returned negative 10.9%, versus negative 0.5%, driven by $332 million of broad-market hedge losses and $99 million of energy-sector losses on refining hedges.
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Fund-value decline pressures holding liquidity
Holding-company investments in the Investment Funds fell to approximately $2.0 billion at June 30, 2026 from $2.7 billion at December 31, 2025, and subsequently declined to approximately $1.7 billion as of July 31, 2026. The Holding Company redeemed $240 million of cash and $40 million of securities during the first six months.
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High debt remains relative to holding cash
Holding-company cash was approximately $381 million against total debt of approximately $4.4 billion at June 30, 2026. While debt declined from $4.664 billion at December 31, 2025, the $1.455 billion of 5.250% notes mature in 2027 and management says repayment could require Investment Fund redemptions, cash, or additional financing.
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Generic competition sharply reduced Pharma sales
Pharma net sales fell $18 million, or 55%, because of generic competition in the anti-obesity market, while gross margin fell to 40% from 52%. Management expects planned launches in 12 additional European countries and 6 Middle East countries eventually to offset lost U.S. revenue.
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Pledged units and further redemption risk
Mr. Icahn and affiliates pledged 618,393,343 depositary units and approximately $330 million of Investment Fund interests as of June 30, 2026. They also notified the funds in July of an intended $275 million redemption expected in August 2026, which could further affect fund liquidity.
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Energy gains remain commodity-sensitive
Energy's quarter benefited from higher throughput, but current-period cost of goods sold included an unfavorable $80 million derivative impact and increased Renewable Fuel Standard compliance costs. Energy profitability remains exposed to volatile crack spreads, RIN costs and commodity prices.
Management's outlook
The 10-Q provides no quantitative revenue or EPS outlook. Management said planned 2026 capital expenditures have had no material change from the 2025 10-K, expects the $700.0 million Pep Boys sale to close in the coming months subject to customary conditions, and declared a $0.50-per-unit quarterly distribution payable around September 23, 2026.
Earlier filings 4
10-K · February 26, 2026
Icahn Enterprises L.P.'s 10-K report for the year ended December 31, 2025 presents a challenging financial landscape, featuring mixed results across various segments. Total revenues declined to $9.658 billion…
10-Q · November 5, 2025
Icahn Enterprises reported strong results in Q3 2025, with revenue reaching $2.48 billion, up from $2.32 billion in Q2 2025, and a substantial earnings per share (EPS) of $0.49, beating estimates of $0.15. The Energy…
10-Q · August 4, 2025
Icahn Enterprises reported disappointing second quarter results, with revenue at $2.32 billion, down 9.1% from the prior year and EPS of -0.3, missing expectations by 3.14%. The company's energy segment experienced…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.