Icahn Enterprises (IEP) Q2 2026 earnings summary

Executive summary

• Q2 2026 net loss attributable to unitholders was $355 million ($0.52 per unit), widening from $165 million ($0.30 per unit) in Q2 2025, with revenues rising to $3.08 billion from $2.4 billion year-over-year.

• Adjusted EBITDA loss was $134 million, compared to a positive $40 million in Q2 2025, reflecting operational headwinds and investment losses.

• Indicative net asset value as of June 30, 2026, was $2.6 billion, down $765 million from March 31, 2026, mainly due to declines in funds and CVI.

• Entered agreement in July 2026 to sell Pep Boys for $700 million, with closing expected in the coming months; IEP/IAG to retain real estate and franchise businesses.

• Quarterly distribution of $0.50 per depositary unit declared, with option for cash or additional units.

Financial highlights

• Q2 2026 net loss attributable to IEP was $355 million, with Adjusted EBITDA loss of $134 million; indicative net asset value dropped to $2.6 billion from $3.4 billion sequentially.

• Net sales for Q2 2026 were $3.08 billion, up 44% year-over-year; six-month net sales were $5.39 billion, up 30%.

• Investment segment posted a negative 10.9% return for Q2 2026, with a net loss attributable to IEP of $238 million.

• Energy segment Adjusted EBITDA rose to $209 million from $99 million year-over-year; net income improved to $34 million from a $102 million loss.

• Automotive segment revenues declined 4% year-over-year in Q2, but gross margin improved to 29% from 27%.

Outlook and guidance

• Sale of Pep Boys expected to provide $700 million in proceeds and close in Q3, enhancing liquidity and flexibility to address 2027 debt maturities.

• Management expects recent volatility in refining investments to be temporary, with July showing a strong rebound.

• Ongoing strategic reviews in the Energy segment may result in further acquisitions or restructuring.

• Focus remains on building asset value and maintaining liquidity for future opportunities.