Icahn Enterprises L.p. (IEP) · Nov 3, 2026 · Earnings

Icahn Enterprises earnings miss as CVR deal lifts NAV

Miss — LP-unit loss $(0.31) vs ~$0.09 consensus

Icahn Enterprises’ Q3 earnings missed expectations as hedge losses drove a loss, while the CVR refinery acquisition boosted net asset value.

IEP is a leveraged, diversified holding company whose story is increasingly driven by two volatile pieces: investment-fund performance and its majority-owned CVR Energy refining business. The prior quarter had already shown pressure, with indicative net asset value falling $765 million, so this release was not starting from a clean operating baseline.

The quarter missed the market’s earnings bar by a wide margin. The published Q3 expectation was roughly $0.09 per depositary unit, but IEP reported a $0.31 loss; revenue was much higher than expected, yet that top-line beat did not translate into earnings. The deterioration was also visible below GAAP earnings: adjusted EBITDA attributable to IEP swung to a $214 million loss from a $75 million profit a year earlier.

MetricQ3 2026Q3 2025Consensus
Revenue (Financial Highlights)$3.2B$2.7B$2.33B
LP-unit EPS (Financial Highlights)$(0.31)$0.49$0.09
Adjusted EBITDA attributable to IEP (Adjusted EBITDA)$(214)M$75M

The NAV rebound is real, but it is mostly a mark-to-market offset—not proof that the operating businesses suddenly improved. Indicative net asset value rose $865 million sequentially, primarily because IEP’s long CVR position gained about $1.7 billion, while refining-hedge losses in the investment funds reduced value by $522 million. That makes the balance-sheet story better than the income statement, but also reinforces how dependent IEP remains on volatile commodity and market positions.

The CVR refinery acquisition is the genuinely constructive strategic development. CVR announced a $4.2 billion purchase of two refineries and a marketing platform from Marathon, with management projecting pro forma EBITDA of about $2.0 billion versus roughly $900 million standalone and more than 105% EPS accretion before projected synergies. Press reports had already indicated that a multibillion-dollar deal was close, so the definitive announcement is partly new rather than an entirely unexpected change in direction. The transaction strengthens the energy platform, but the filing does not yet establish how execution, financing, or integration will affect IEP’s consolidated cash generation.

The unchanged $0.50 distribution offers continuity, not fresh upside. The distribution was declared again, with default elections favoring additional units, which preserves the standing payout structure while potentially adding to unit count rather than increasing cash outflow.

Bottom line: This is an earnings miss and a sharp deterioration in adjusted operating results, partially cushioned by a CVR-driven NAV rebound and a strategically important refinery acquisition. The business story is mixed, but the quarter itself lands slightly below expectations rather than rewriting the company’s direction.

What to watch next

CVR acquisition closing and financing

Original filing on SEC EDGAR

More Icahn Enterprises L.p. news

Icahn Enterprises earnings miss as CVR deal lifts NAV | IEP Stock News
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