Icahn Enterprises Posts $225 Million Q3 Loss as Indicative NAV Rises

Icahn Enterprises (IEP ) announced its third-quarter 2026 results on November 3, 2026, reporting a $225 million net loss attributable to Icahn Enterprises, or $0.31 per depositary unit, as $522 million of refining-hedge losses in its Investment Funds weighed on the quarter.

At the same time, indicative net asset value (NAV) rose $865 million during the quarter to $3.47 billion at September 30, 2026. The increase was primarily due to an approximately $1.7 billion rise in the value of Icahn’s long position in majority-owned CVR Energy (CVI ). That valuation gain was not included in the quarterly net loss, creating a sharp contrast between the earnings result and the company-calculated asset measure.

The bottom line reversed from net income of $287 million, or $0.49 per unit, in the third quarter of 2025. Revenue increased to $3.2 billion from $2.7 billion, but that growth did not prevent the swing to a loss. The condensed income statement shows a $779 million net loss from investment activities, compared with $48 million a year earlier, alongside a $165 million impairment charge after no impairment in the prior-year quarter.

Adjusted EBITDA attributable to Icahn Enterprises was a loss of $214 million, compared with positive Adjusted EBITDA of $75 million. Icahn defines the non-GAAP measure as EBITDA excluding items including impairment, restructuring, certain Energy segment unrealized hedging and Renewable Fuel Standard effects, and inventory revaluation. Icahn modified the calculation effective March 31, 2026, and the year-earlier comparison uses different exclusions from its earlier presentation.

Within the asset-value calculation, the Holding Company interest in the Investment Funds declined to $1.37 billion from $1.98 billion at June 30, 2026, while Holding Company cash and cash equivalents increased to $921 million from $381 million. Indicative NAV is not the depositary units’ market price, and the units are not redeemable for that value. The calculation also assigns no value to the Investment Segment beyond the fair market value of the Holding Company’s Investment Funds interest.

The board of Icahn Enterprises’ general partner declared a $0.50 distribution per depositary unit on November 2, 2026, marking the 86th consecutive quarterly distribution since 2005. It is payable on or about December 23, 2026, to unitholders of record at the close of business on November 16, 2026.

CVR Refinery Expansion Remains Pending

CVR Energy separately announced a definitive agreement with Marathon Petroleum (MPC ) subsidiaries to acquire the St. Paul Park, Minnesota, and Mandan, North Dakota, refineries and a related marketing business for approximately $4.2 billion plus net working capital. The refineries have respective capacities of 105,000 and 72,000 barrels per day, while the marketing channel supplies up to 590 branded locations.

CVR expects the acquisition to increase its crude-oil throughput capacity from approximately 207,000 to 384,000 barrels per day and to close by the end of 2026. The funding plan combines $2.5 billion of committed secured debt financing, a $500 million equity commitment from CVR’s controlling shareholder, an $800 million equity investment from Trafigura US Holdings and cash on hand. Completion remains subject to customary closing conditions and regulatory clearance, including expiration or termination of the Hart-Scott-Rodino waiting period.

The quarter separates Icahn’s market-valued assets from its reported earnings: CVR’s higher valuation lifted indicative NAV, while refining-hedge and investment losses drove the bottom line lower. CVR’s proposed acquisition would add substantial refining scale, but regulatory clearance and closing are still required before that larger platform can contribute to results.