Icahn Enterprises (IEP) Q1 2026 earnings summary

Executive summary

• Q1 2026 net loss attributable to unitholders was $459 million ($0.71 per unit), compared to $422 million ($0.79 per unit) in Q1 2025, with revenues rising to $2.21 billion from $1.87 billion year-over-year.

• Indicative net asset value rose to $3.4 billion as of March 31, 2026, up $201 million from December 31, 2025, mainly due to a $605 million increase in the value of the long position in CVI.

• Adjusted EBITDA loss improved to $216 million from $228 million in Q1 2025.

• Major leadership changes: Ted Papapostolou appointed CEO and Rob Flint as CFO, succeeding Andrew Teno.

• A quarterly distribution of $0.50 per depositary unit was declared, payable in cash or additional units.

Financial highlights

• Revenues increased to $2.21 billion in Q1 2026, up 15% year-over-year, primarily due to a 20% increase in Energy segment sales.

• Net loss attributable to the partnership was $459 million in Q1 2026, compared to $422 million in Q1 2025.

• Adjusted EBITDA loss improved to $216 million in Q1 2026 from $228 million in Q1 2025.

• Cash and cash equivalents at quarter-end were $1.3 billion; total assets were $12.9 billion and debt was $6.4 billion.

• Investment Funds posted a negative return of 8.2% for the quarter; net short notional exposure was 29%.

Outlook and guidance

• Management highlighted ongoing strategic reviews in the Energy segment, including potential acquisitions and restructuring.

• The partnership expects to derive $447 million in aggregate locked-in value within the Energy segment through 2027 from the sale of NYMEX crack spread swaps entered into during Q1 2026.

• The Food Packaging segment expects restructuring benefits to materialize later in 2026.

• Pharma segment anticipates international launches to offset U.S. revenue declines from generic competition.

• Management notes ongoing risks from economic volatility, interest rate increases, geopolitical conflicts, and regulatory uncertainty.