{"success":true,"data":{"pressRelease":{"id":"23092","rtpr_id":"nPnblp1Nca","ticker":"IEP","exchange":"NASDAQ","all_tickers":["IEP"],"title":"Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced Its First Quarter 2026 Financial Results","author":"PR Newswire","published_at":"2026-05-06T12:00:07.412Z","article_body":"Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced Its First Quarter 2026 Financial Results\n\nPR Newswire\n\nSUNNY ISLES BEACH, Fla., May 6, 2026\n\nSUNNY ISLES BEACH, Fla., May 6, 2026 /PRNewswire/ --\n\n * Indicative Net Asset Value was approximately $3.4 billion as of March 31,\n2026, an increase of $201 million compared to December 31, 2025. This\nimprovement was primarily due to an increase of $605 million in the value of\nour long position in CVI, offset in part by losses on refining hedges in the\nInvestment segment of $320 million, the Holding Company's net interest expense\nof $79 million and IEP distribution payable of $51 million. Excluding refining\nhedges and $605 million of gains in CVI, the Investment segment alone saw\npositive performance of $110 million.\n * IEP declares first quarter distribution of $0.50 per depositary unit\nFinancial Summary\n\nFor the three months ended March 31, 2026, revenues were $2.2 billion and net\nloss attributable to IEP was $459 million, or approximately $0.71 per\ndepositary unit. This first quarter 2026 GAAP net loss does not include the\nincrease of $605 million in the value of our long position in CVI and was\nnegatively impacted by $425 million of losses resulting from the impact of\nrefining hedges within our Investment segment and $158 million of unrealized\nderivative losses within our Energy segment and does not include $447 million\nof aggregate locked in value expected to be derived within our Energy segment\nthrough 2027 from the sale of NYMEX crack spread swaps entered into during Q1\n2026 (in each case including losses and expected value attributable to\nnon-controlling interests). For the three months ended March 31, 2025,\nrevenues were $1.9 billion and net loss attributable to IEP was $422 million,\nor a loss of $0.79 per depositary unit. Adjusted EBITDA loss attributable to\nIEP was $216 million for the three months ended March 31, 2026, compared to\nAdjusted EBITDA loss attributable to IEP of $228 million for the three months\nended March 31, 2025.([1])\n\nAs of March 31, 2026, indicative net asset value increased $201 million\ncompared to December 31, 2025. This improvement was primarily due to an\nincrease of $605 million in the value of our long position in CVI, offset in\npart by losses on refining hedges in the Investment Segment of $320 million,\nthe Holding Company's net interest expense of $79 million and IEP's\ndistribution payable to unitholders of $51 million. Excluding the negative\nimpact of refining hedges and $605 million of gains in CVI, the Investment\nsegment saw positive performance of $110 million.\n\nOn May 4, 2026, the Board of Directors of the general partner of Icahn\nEnterprises declared a quarterly distribution in the amount of $0.50 per\ndepositary unit, which will be paid on or about June 25, 2026 to depositary\nunitholders of record at the close of business on May 18, 2026. Depositary\nunitholders will have until June 12, 2026 to make a timely election to receive\neither cash or additional depositary units. If a unitholder does not make a\ntimely election, it will automatically be deemed to have elected to receive\nthe distribution in additional depositary units. Depositary unitholders who\nelect to receive (or who are deemed to have elected to receive) additional\ndepositary units will receive units valued at the volume weighted average\ntrading price of the units during the five consecutive trading days ending\nJune 22, 2026. Icahn Enterprises will make a cash payment in lieu of issuing\nfractional depositary units to any unitholders electing to receive (or who are\ndeemed to have elected to receive) depositary units.\n\n (1 )  The presentation of Adjusted EBITDA in this release for Q1 2026 and Q1 2025\n       has been prepared using a calculation with different exclusions than what has\n       been used when preparing Adjusted EBITDA for prior periods, including our\n       prior presentation of Adjusted EBITDA for Q1 2025. See \"Uses of Non-GAAP\n       Financial Measures\" at the end of this press release for additional\n       explanation of the updates in our presentation.\n\nIcahn Enterprises L.P., a master limited partnership, is a diversified holding\ncompany owning subsidiaries currently engaged in the following continuing\noperating businesses: Investment, Energy, Automotive, Food Packaging, Real\nEstate, Home Fashion and Pharma.\n\nCaution Concerning Forward-Looking Statements\n\nThis release may contain certain \"forward-looking statements\" within the\nmeaning of the Private Securities Litigation Reform Act of 1995, many of which\nare beyond our ability to control or predict. Forward-looking statements may\nbe identified by words such as \"expects,\" \"anticipates,\" \"intends,\" \"plans,\"\n\"believes,\" \"seeks,\" \"estimates,\" \"will\" or words of similar meaning and\ninclude, but are not limited to, statements about the expected future business\nand financial performance of Icahn Enterprises and its subsidiaries.\nActual events, results and outcomes may differ materially from our\nexpectations due to a variety of known and unknown risks, uncertainties and\nother factors, including risks related to economic downturns, substantial\ncompetition and rising operating costs; risks related to our investment\nactivities, including the nature of the investments made by the private funds\nin which we invest, including the impact of the use of leverage through\noptions, short sales, swaps, forwards and other derivative instruments,\nincluding counterparty termination and early settlement of these positions;\nrisks related to our ability to comply with the covenants in our senior notes\nand the risk of foreclosure on the assets securing our notes; declines in the\nfair value of our investments, losses in the private funds and loss of key\nemployees; risks related to our ability to continue to conduct our activities\nin a manner so as to not be deemed an investment company under the Investment\nCompany Act of 1940, as amended, or to be taxed as a corporation; risks\nrelated to short sellers and associated litigation and regulatory inquiries;\nrisks relating to our general partner and controlling unitholder; pledges of\nour units by our controlling unitholder; risks related to our energy business,\nincluding the volatility and availability of crude oil, other feed stocks and\nrefined products, declines in global demand for crude oil, refined products\nand liquid transportation fuels, unfavorable refining margin (crack spread),\ninterrupted access to pipelines, significant fluctuations in nitrogen\nfertilizer demand in the agricultural industry and seasonality of results;\nvolatile commodity pricing and higher industry utilization and oversupply\nrisks related to potential strategic transactions involving our Energy\nsegment, and the impact of tariffs; risks related to our automotive activities\nand exposure to adverse conditions in the automotive industry; risks related\nto our food packaging activities, including competition from better\ncapitalized competitors, inability of our suppliers to timely deliver raw\nmaterials, and the failure to effectively respond to industry changes in\ncasings technology; supply chain issues; inflation, including increased costs\nof raw materials and shipping; interest rate increases; labor shortages and\nworkforce availability; risks related to our real estate activities, including\nthe extent of any tenant bankruptcies and insolvencies; risks related to our\nhome fashion operations, including changes in the availability and price of\nraw materials, manufacturing disruptions, and changes in transportation costs\nand delivery times; the impacts of the ongoing Russia/Ukraine conflict and\nconflict in the Middle East, including the U.S.-Israel and Iran war, and\nrelated economic volatility, disruption to global commodity markets, export\ncontrols and other economic sanctions; political and regulatory uncertainty,\nincluding changing economic policy and the imposition of tariffs; and other\nrisks and uncertainties detailed from time to time in our filings with the\nSecurities and Exchange Commission including our Annual Report on Form 10-K\nand our quarterly reports on Form 10-Q under the caption \"Risk Factors\".\nAdditionally, there may be other factors not presently known to us or which we\ncurrently consider to be immaterial that may cause our actual results to\ndiffer materially from the forward-looking statements. Past performance in our\nInvestment segment is not indicative of future performance. We undertake no\nobligation to publicly update or review any forward-looking information,\nwhether as a result of new information, future developments or otherwise.\n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS\n\n(UNAUDITED)\n\n                                                           Three Months Ended March 31,\n                                                           2026                       2025\n                                                           (in millions, except per unit amounts)\n Revenues:\n Net sales                                                 $        2,311             $        2,002\n Other revenues from operations                                     161                        168\n Net loss from investment activities                                (302)                      (394)\n Interest and dividend income                                       47                         83\n Loss on disposition of assets, net                                 (2)                        (3)\n Other (loss) income, net                                           (9)                        11\n                                                                    2,206                      1,867\n Expenses:\n Cost of goods sold                                                 2,340                      2,016\n Other expenses from operations                                     141                        151\n Selling, general and administrative                                209                        201\n Dividend expense                                                   5                          8\n Impairment                                                         —                          10\n Restructuring, net                                                 —                          7\n Interest expense                                                   123                        128\n                                                                    2,818                      2,521\n Loss before income tax expense                                     (612)                      (654)\n Income tax benefit                                                 49                         74\n Net loss                                                           (563)                      (580)\n Less: net loss attributable to non-controlling interests           (104)                      (158)\n Net loss attributable to Icahn Enterprises                $        (459)             $        (422)\n\n Net loss attributable to Icahn Enterprises allocated to:\n Limited partners                                          $        (450)             $        (414)\n General partner                                                    (9)                        (8)\n                                                           $        (459)             $        (422)\n\n Basic and Diluted loss per LP unit                        $        (0.71)            $        (0.79)\n Basic and Diluted weighted average LP units outstanding            637                        523\n Distributions declared per LP unit                        $        0.50              $        0.50\n\n \n CONDENSED CONSOLIDATED BALANCE SHEETS\n\n(UNAUDITED)\n\n                                                                                 March 31,                  December 31,\n                                                                                 2026                       2025\n                                                                                 (in millions, except unit amounts)\n ASSETS\n Cash and cash equivalents                                                       $        1,299             $         1,450\n Cash held at consolidated affiliated partnerships and restricted cash                    1,995                       1,969\n Investments                                                                              1,638                       2,251\n Due from brokers                                                                         945                         1,656\n Accounts receivable, net                                                                 481                         393\n Related party notes receivable, net                                                      132                         129\n Inventories                                                                              927                         845\n Property, plant and equipment, net                                                       3,634                       3,670\n Deferred tax asset                                                                       184                         165\n Derivative assets, net                                                                   17                          7\n Goodwill                                                                                 290                         290\n Intangible assets, net                                                                   340                         349\n Assets held for sale                                                                     27                          —\n Other assets                                                                             1,024                       1,041\n Total Assets                                                                    $        12,933            $         14,215\n LIABILITIES AND EQUITY\n Accounts payable                                                                $        757               $         690\n Accrued expenses and other liabilities                                                   1,678                       1,192\n Deferred tax liabilities                                                                 276                         314\n Derivative liabilities, net                                                              735                         595\n Securities sold, not yet purchased, at fair value                                        748                         1,382\n Debt                                                                                     6,392                       6,616\n Total liabilities                                                                        10,586                      10,789\n\n Equity:\n Limited partners: Depositary units: 637,209,452 units issued and outstanding             1,948                       2,728\n at\n March 31, 2026 and December 31, 2025\n General partner                                                                          (801)                       (786)\n Equity attributable to Icahn Enterprises                                                 1,147                       1,942\n Equity attributable to non-controlling interests                                         1,200                       1,484\n Total equity                                                                             2,347                       3,426\n Total Liabilities and Equity                                                    $        12,933            $         14,215\n\nUse of Non-GAAP Financial Measures\n\nThe Company uses certain non-GAAP financial measures in evaluating its\nperformance. These include non-GAAP EBITDA and Adjusted EBITDA. EBITDA\nrepresents earnings from continuing operations before net interest expense\n(excluding our Investment Segment), income tax (benefit) expense and\ndepreciation and amortization. We define Adjusted EBITDA as EBITDA excluding\ncertain effects of impairment, restructuring costs, transformation costs,\ncertain pension plan expenses, gains/losses on disposition of assets,\ngains/losses on extinguishment of debt, the performance of closed stores and\nincluding closing costs, Energy segment unrealized gains/losses on hedging\ncontracts, unrealized gains/losses on Renewable Fuel Standard (\"RFS\")\npositions, Energy segment inventory revaluation, and certain other\nnon-operational or non-recurring charges. The Energy segment's basis for\ndetermining inventory value impacts are under a GAAP First-In, First-Out\n(\"FIFO\") basis. Changes in crude oil prices can cause fluctuations in the\ninventory valuation of crude oil, work in process and finished goods, thereby\nresulting in a favorable inventory valuation impact when crude oil prices\nincrease and an unfavorable inventory valuation impact when crude oil prices\ndecrease. The inventory valuation impact is calculated based upon inventory\nvalues at the beginning of the accounting period and at the end of the\naccounting period. We present EBITDA and Adjusted EBITDA on a consolidated\nbasis and on a basis attributable to Icahn Enterprises net of the effects of\nnon-controlling interests. We conduct substantially all of our operations\nthrough subsidiaries. The operating results of our subsidiaries may not be\nsufficient to make distributions to us. In addition, our subsidiaries are not\nobligated to make funds available to us for payment of our indebtedness,\npayment of distributions on our depositary units or otherwise, and\ndistributions and intercompany transfers from our subsidiaries to us may be\nrestricted by applicable law or covenants contained in debt agreements and\nother agreements to which these subsidiaries currently may be subject or into\nwhich they may enter into in the future. The terms of any borrowings of our\nsubsidiaries or other entities in which we own equity may restrict dividends,\ndistributions or loans to us.\n\nWe believe that providing EBITDA and Adjusted EBITDA to investors has economic\nsubstance as these measures provide important supplemental information of our\nperformance to investors and permits investors and management to evaluate the\ncore operating performance of our business without regard to interest (except\nwith respect to our Investment segment), taxes and depreciation and\namortization and certain effects of impairment, restructuring costs, certain\npension plan expenses, gains/losses on disposition of assets, gains/losses on\nextinguishment of debt and certain other non-operational charges.\nAdditionally, we believe this information is frequently used by securities\nanalysts, investors and other interested parties in the evaluation of\ncompanies that have issued debt. Management uses, and believes that investors\nbenefit from referring to, these non-GAAP financial measures in assessing our\noperating results, as well as in planning, forecasting and analyzing future\nperiods. Adjusting earnings for these charges allows investors to evaluate our\nperformance from period to period, as well as our peers, without the effects\nof certain items that may vary depending on accounting methods and the book\nvalue of assets. Additionally, EBITDA and Adjusted EBITDA present meaningful\nmeasures of performance exclusive of our capital structure and the method by\nwhich assets were acquired and financed. Effective March 31, 2026, we\nmodified our calculation of Adjusted EBITDA to exclude the impacts of certain\nof our Energy segment results, including unrealized gains/losses on hedging\ncontracts, unrealized gains/losses on RFS positions, and inventory\nrevaluation. We believe that this revised presentation improves the\nsupplemental information provided to our investors because management believes\nthese are not attributable to or indicative of our underlying operational\nresults of the period or that may obscure results and trends we deem useful\nand the significance of these measures have been disproportionately impacted\nby increased volatility in recent periods.\n\nEBITDA and Adjusted EBITDA have limitations as analytical tools, and you\nshould not consider them in isolation, or as substitutes for analysis of our\nresults as reported under generally accepted accounting principles in the\nUnited States, or U.S. GAAP. For example, EBITDA and Adjusted EBITDA:\n\n * do not reflect our cash expenditures, or future requirements for capital\nexpenditures, or contractual commitments;\n * do not reflect changes in, or cash requirements for, our working capital\nneeds; and\n * do not reflect the significant interest expense, or the cash requirements\nnecessary to service interest or principal payments on our debt.\nAlthough depreciation and amortization are non-cash charges, the assets being\ndepreciated or amortized often will have to be replaced in the future, and\nEBITDA and Adjusted EBITDA do not reflect any cash requirements for such\nreplacements. Other companies in the industries in which we operate may\ncalculate EBITDA and Adjusted EBITDA differently than we do, limiting their\nusefulness as comparative measures. In addition, EBITDA and Adjusted\nEBITDA do not reflect the impact of earnings or charges resulting from\nmatters we consider not to be indicative of our ongoing operations.\n\nEBITDA and Adjusted EBITDA are not measurements of our financial performance\nunder U.S. GAAP and should not be considered as alternatives to net income or\nany other performance measures derived in accordance with U.S. GAAP or as\nalternatives to cash flow from operating activities as a measure of our\nliquidity. Given these limitations, we rely primarily on our U.S. GAAP results\nand use EBITDA and Adjusted EBITDA only as a supplemental measure of our\nfinancial performance.\n\nUse of Indicative Net Asset Value Data\n\nThe Company uses indicative net asset value as an additional method for\nconsidering the value of the Company's assets, and we believe that this\ninformation can be helpful to investors. Please note, however, that the\nindicative net asset value does not represent the market price at which the\ndepositary units trade. Accordingly, data regarding indicative net asset value\nis of limited use and should not be considered in isolation.\n\nThe Company's depositary units are not redeemable, which means that investors\nhave no right or ability to obtain from the Company the indicative net asset\nvalue of units that they own. Units may be bought and sold on The Nasdaq\nGlobal Select Market at prevailing market prices. Those prices may be higher\nor lower than the indicative net asset value of the depositary units as\ncalculated by management.\n\nSee below for more information on how we calculate the Company's indicative\nnet asset value.\n\n                                                           March 31,                December 31,\n                                                           2026                     2025\n                                                           (in millions)(unaudited)\n Market-valued Subsidiaries and Investments:\n    Holding Company interest in Investment Funds((1))      $ 2,221                  $ 2,711\n    CVR Energy((2))                                        2,396                    1,791\n    CVR Partners LP((2))                                   34                       28\n Total market-valued subsidiaries and investments          $ 4,651                  $ 4,530\n\n Other Subsidiaries:\n    Viskase((3))                                           $ 98                     $ 53\n    Real Estate Segment((4))                               1,394                    1,367\n    WestPoint Home((1))                                    151                      155\n    Vivus((1))                                             161                      169\n    Icahn Automotive Group((5))                            704                      619\n Operating Business Indicative Gross Asset Value           $ 7,159                  $ 6,893\n    Add: Other Net Assets((6))                             9                        98\n Indicative Gross Asset Value                              $ 7,168                  $ 6,991\n    Add: Holding Company cash and cash equivalents((7))    624                      839\n    Less: Holding Company debt((7))                        (4,425)                  (4,664)\n Indicative Net Asset Value                                $ 3,367                  $ 3,166\n\nIndicative net asset value does not purport to reflect a valuation of IEP. The\ncalculated indicative net asset value does not include any value for our\nInvestment Segment other than the fair market value of our investment in the\nInvestment Funds. A valuation is a subjective exercise and indicative net\nasset value does not necessarily consider all elements or consider in the\nadequate proportion the elements that could affect the valuation of IEP.\nInvestors may reasonably differ on what such elements are and their impact on\nIEP. No representation or assurance, express or implied, is made as to the\naccuracy and correctness of indicative net asset value as of these dates or\nwith respect to any future indicative or prospective results which may\nvary.\n (1)  Represents GAAP equity attributable to IEP as of each respective date.\n (2)  Based on closing share price on each date (or if such date was not a trading\n      day, the immediately preceding trading day) and the number of shares owned by\n      us as of each respective date.\n (3)  Management performed a valuation of Viskase with the assistance of third-party\n      consultants to estimate fair-market value. This analysis utilized the average\n      results of a discounted cashflow methodology and a guideline public company\n      methodology. Different judgments or assumptions would result in different\n      estimates of value. Viskase indicative net asset value is derived by\n      allocating our portion of ownership to the total equity value.\n (4)  For each period presented, management performed a valuation with the\n      assistance of third-party consultants to estimate fair-market value, which\n      utilized the average results of discounted cashflow and sales comparison\n      methodologies. Different judgments or assumptions would result in different\n      estimates of value. For certain properties under a purchase and sale\n      agreement, indicative fair market value is based on the anticipated sales\n      price adjusted for customary closing costs. In August 2025, certain properties\n      were sold and the value of the consideration received and held in our Real\n      Estate Segment consisted of preferred equity investment and debt and was used\n      in the calculation of indicative fair value.\n (5)  For each period presented, management performed a valuation of Icahn\n      Automotive Group (\"IAG\"), including the Automotive Services business and\n      Automotive Owned Real Estate, with the assistance of third party consultants\n      to estimate fair value. This analysis utilized the average results of a\n      discounted cashflow methodology and a guideline public company methodology.\n      Different judgments or assumptions would result in different estimates of\n      value. During the fourth quarter of 2025 the majority of the Automotive Owned\n      Real Estate was transferred to the Real Estate Segment and as of December 31,\n      2025 are now presented in the Real Estate Segment line item.\n (6)  Represents GAAP equity of the Holding Company segment, excluding cash and cash\n      equivalents, debt and non-cash deferred tax assets or liabilities. As of\n      December 31, 2025 and March 31, 2026, Other Net Assets includes $6 and $5\n      million respectively, of liabilities assumed from the Auto Plus bankruptcy.\n (7)  Holding Company's balance as of each respective date.\n\n                                                          Three Months Ended March 31,\n                                                          2026                      2025\n\n Adjusted EBITDA[2]\n Net loss                                                 ($563)                    ($580)\n Interest expense, net                                    106                       94\n Income tax (benefit)                                     (49)                      (74)\n Depreciation and amortization                            123                       118\n EBITDA before non-controlling interests                  (383)                     (442)\n Impairment                                               -                         10\n Restructuring costs                                      -                         7\n Revaluation of RFS Liability(2)                          51                        112\n Unrealized loss (gain) on energy segment derivatives(2)  158                       (3)\n Inventory valuation impacts, (favorable)(2)              (120)                     (24)\n Loss on disposition of assets, net                       1                         2\n Transformation costs                                     10                        8\n Loss on extinguishment of debt, net                      32                        -\n Same store adjustment including closing costs            5                         4\n Other                                                    3                         3\n Adjusted EBITDA before non-controlling interests         ($243)                    ($323)\n\n Adjusted EBITDA attributable to IEP\n Net loss                                                 ($459)                    ($422)\n Interest expense, net                                    95                        83\n Income tax (benefit)                                     (39)                      (56)\n Depreciation and amortization                            83                        79\n EBITDA attributable to IEP                               (320)                     (316)\n Impairment                                               -                         9\n Restructuring costs                                      -                         6\n Revaluation of RFS Liability                             36                        74\n Unrealized loss (gain) on energy segment derivatives     111                       (2)\n Inventory valuation impacts, (favorable)                 (84)                      (16)\n Loss on disposition of assets, net                       1                         2\n Transformation costs                                     10                        8\n Loss on extinguishment of debt, net                      22                        -\n Same store adjustment including closing costs            5                         4\n Other                                                    3                         3\n Adjusted EBITDA attributable to IEP                      ($216)                    ($228)\n\n (2 )  The presentation of Adjusted EBITDA in this release for Q1 2026 and Q1 2025\n       has been prepared using a calculation excluding Energy segment unrealized\n       gains/losses on hedging contracts, unrealized gains/losses on RFS positions,\n       Energy segment inventory revaluation, and certain other non-operational or\n       non-recurring charges which were not excluded when preparing Adjusted EBITDA\n       for prior periods, including our prior presentation of Adjusted EBITDA for Q1\n       2025. See \"Uses of Non-GAAP Financial Measures\" for additional explanation of\n       the updates in our presentation.\n\nInvestor Contact:\nTed Papapostolou, Chief Financial Officer\nIR@ielp.com (mailto:IR@ielp.com)\n(800) 255-2737\n\nView original\ncontent:https://www.prnewswire.com/news-releases/icahn-enterprises-lp-nasdaq-iep-today-announced-its-first-quarter-2026-financial-results-302764088.html\n(https://www.prnewswire.com/news-releases/icahn-enterprises-lp-nasdaq-iep-today-announced-its-first-quarter-2026-financial-results-302764088.html)\n\nSOURCE Icahn Enterprises L.P.\n\n\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPnblp1Nca","title":"Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced Its First Quarter 2026 Financial Results","author":"PR Newswire","ticker":"IEP","created":"2026-05-06T12:00:07.412Z","tickers":["IEP"],"exchange":"NASDAQ","article_body":"Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced Its First Quarter 2026 Financial Results\n\nPR Newswire\n\nSUNNY ISLES BEACH, Fla., May 6, 2026\n\nSUNNY ISLES BEACH, Fla., May 6, 2026 /PRNewswire/ --\n\n * Indicative Net Asset Value was approximately $3.4 billion as of March 31,\n2026, an increase of $201 million compared to December 31, 2025. This\nimprovement was primarily due to an increase of $605 million in the value of\nour long position in CVI, offset in part by losses on refining hedges in the\nInvestment segment of $320 million, the Holding Company's net interest expense\nof $79 million and IEP distribution payable of $51 million. Excluding refining\nhedges and $605 million of gains in CVI, the Investment segment alone saw\npositive performance of $110 million.\n * IEP declares first quarter distribution of $0.50 per depositary unit\nFinancial Summary\n\nFor the three months ended March 31, 2026, revenues were $2.2 billion and net\nloss attributable to IEP was $459 million, or approximately $0.71 per\ndepositary unit. This first quarter 2026 GAAP net loss does not include the\nincrease of $605 million in the value of our long position in CVI and was\nnegatively impacted by $425 million of losses resulting from the impact of\nrefining hedges within our Investment segment and $158 million of unrealized\nderivative losses within our Energy segment and does not include $447 million\nof aggregate locked in value expected to be derived within our Energy segment\nthrough 2027 from the sale of NYMEX crack spread swaps entered into during Q1\n2026 (in each case including losses and expected value attributable to\nnon-controlling interests). For the three months ended March 31, 2025,\nrevenues were $1.9 billion and net loss attributable to IEP was $422 million,\nor a loss of $0.79 per depositary unit. Adjusted EBITDA loss attributable to\nIEP was $216 million for the three months ended March 31, 2026, compared to\nAdjusted EBITDA loss attributable to IEP of $228 million for the three months\nended March 31, 2025.([1])\n\nAs of March 31, 2026, indicative net asset value increased $201 million\ncompared to December 31, 2025. This improvement was primarily due to an\nincrease of $605 million in the value of our long position in CVI, offset in\npart by losses on refining hedges in the Investment Segment of $320 million,\nthe Holding Company's net interest expense of $79 million and IEP's\ndistribution payable to unitholders of $51 million. Excluding the negative\nimpact of refining hedges and $605 million of gains in CVI, the Investment\nsegment saw positive performance of $110 million.\n\nOn May 4, 2026, the Board of Directors of the general partner of Icahn\nEnterprises declared a quarterly distribution in the amount of $0.50 per\ndepositary unit, which will be paid on or about June 25, 2026 to depositary\nunitholders of record at the close of business on May 18, 2026. Depositary\nunitholders will have until June 12, 2026 to make a timely election to receive\neither cash or additional depositary units. If a unitholder does not make a\ntimely election, it will automatically be deemed to have elected to receive\nthe distribution in additional depositary units. Depositary unitholders who\nelect to receive (or who are deemed to have elected to receive) additional\ndepositary units will receive units valued at the volume weighted average\ntrading price of the units during the five consecutive trading days ending\nJune 22, 2026. Icahn Enterprises will make a cash payment in lieu of issuing\nfractional depositary units to any unitholders electing to receive (or who are\ndeemed to have elected to receive) depositary units.\n\n (1 )  The presentation of Adjusted EBITDA in this release for Q1 2026 and Q1 2025\n       has been prepared using a calculation with different exclusions than what has\n       been used when preparing Adjusted EBITDA for prior periods, including our\n       prior presentation of Adjusted EBITDA for Q1 2025. See \"Uses of Non-GAAP\n       Financial Measures\" at the end of this press release for additional\n       explanation of the updates in our presentation.\n\nIcahn Enterprises L.P., a master limited partnership, is a diversified holding\ncompany owning subsidiaries currently engaged in the following continuing\noperating businesses: Investment, Energy, Automotive, Food Packaging, Real\nEstate, Home Fashion and Pharma.\n\nCaution Concerning Forward-Looking Statements\n\nThis release may contain certain \"forward-looking statements\" within the\nmeaning of the Private Securities Litigation Reform Act of 1995, many of which\nare beyond our ability to control or predict. Forward-looking statements may\nbe identified by words such as \"expects,\" \"anticipates,\" \"intends,\" \"plans,\"\n\"believes,\" \"seeks,\" \"estimates,\" \"will\" or words of similar meaning and\ninclude, but are not limited to, statements about the expected future business\nand financial performance of Icahn Enterprises and its subsidiaries.\nActual events, results and outcomes may differ materially from our\nexpectations due to a variety of known and unknown risks, uncertainties and\nother factors, including risks related to economic downturns, substantial\ncompetition and rising operating costs; risks related to our investment\nactivities, including the nature of the investments made by the private funds\nin which we invest, including the impact of the use of leverage through\noptions, short sales, swaps, forwards and other derivative instruments,\nincluding counterparty termination and early settlement of these positions;\nrisks related to our ability to comply with the covenants in our senior notes\nand the risk of foreclosure on the assets securing our notes; declines in the\nfair value of our investments, losses in the private funds and loss of key\nemployees; risks related to our ability to continue to conduct our activities\nin a manner so as to not be deemed an investment company under the Investment\nCompany Act of 1940, as amended, or to be taxed as a corporation; risks\nrelated to short sellers and associated litigation and regulatory inquiries;\nrisks relating to our general partner and controlling unitholder; pledges of\nour units by our controlling unitholder; risks related to our energy business,\nincluding the volatility and availability of crude oil, other feed stocks and\nrefined products, declines in global demand for crude oil, refined products\nand liquid transportation fuels, unfavorable refining margin (crack spread),\ninterrupted access to pipelines, significant fluctuations in nitrogen\nfertilizer demand in the agricultural industry and seasonality of results;\nvolatile commodity pricing and higher industry utilization and oversupply\nrisks related to potential strategic transactions involving our Energy\nsegment, and the impact of tariffs; risks related to our automotive activities\nand exposure to adverse conditions in the automotive industry; risks related\nto our food packaging activities, including competition from better\ncapitalized competitors, inability of our suppliers to timely deliver raw\nmaterials, and the failure to effectively respond to industry changes in\ncasings technology; supply chain issues; inflation, including increased costs\nof raw materials and shipping; interest rate increases; labor shortages and\nworkforce availability; risks related to our real estate activities, including\nthe extent of any tenant bankruptcies and insolvencies; risks related to our\nhome fashion operations, including changes in the availability and price of\nraw materials, manufacturing disruptions, and changes in transportation costs\nand delivery times; the impacts of the ongoing Russia/Ukraine conflict and\nconflict in the Middle East, including the U.S.-Israel and Iran war, and\nrelated economic volatility, disruption to global commodity markets, export\ncontrols and other economic sanctions; political and regulatory uncertainty,\nincluding changing economic policy and the imposition of tariffs; and other\nrisks and uncertainties detailed from time to time in our filings with the\nSecurities and Exchange Commission including our Annual Report on Form 10-K\nand our quarterly reports on Form 10-Q under the caption \"Risk Factors\".\nAdditionally, there may be other factors not presently known to us or which we\ncurrently consider to be immaterial that may cause our actual results to\ndiffer materially from the forward-looking statements. Past performance in our\nInvestment segment is not indicative of future performance. We undertake no\nobligation to publicly update or review any forward-looking information,\nwhether as a result of new information, future developments or otherwise.\n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS\n\n(UNAUDITED)\n\n                                                           Three Months Ended March 31,\n                                                           2026                       2025\n                                                           (in millions, except per unit amounts)\n Revenues:\n Net sales                                                 $        2,311             $        2,002\n Other revenues from operations                                     161                        168\n Net loss from investment activities                                (302)                      (394)\n Interest and dividend income                                       47                         83\n Loss on disposition of assets, net                                 (2)                        (3)\n Other (loss) income, net                                           (9)                        11\n                                                                    2,206                      1,867\n Expenses:\n Cost of goods sold                                                 2,340                      2,016\n Other expenses from operations                                     141                        151\n Selling, general and administrative                                209                        201\n Dividend expense                                                   5                          8\n Impairment                                                         —                          10\n Restructuring, net                                                 —                          7\n Interest expense                                                   123                        128\n                                                                    2,818                      2,521\n Loss before income tax expense                                     (612)                      (654)\n Income tax benefit                                                 49                         74\n Net loss                                                           (563)                      (580)\n Less: net loss attributable to non-controlling interests           (104)                      (158)\n Net loss attributable to Icahn Enterprises                $        (459)             $        (422)\n\n Net loss attributable to Icahn Enterprises allocated to:\n Limited partners                                          $        (450)             $        (414)\n General partner                                                    (9)                        (8)\n                                                           $        (459)             $        (422)\n\n Basic and Diluted loss per LP unit                        $        (0.71)            $        (0.79)\n Basic and Diluted weighted average LP units outstanding            637                        523\n Distributions declared per LP unit                        $        0.50              $        0.50\n\n \n CONDENSED CONSOLIDATED BALANCE SHEETS\n\n(UNAUDITED)\n\n                                                                                 March 31,                  December 31,\n                                                                                 2026                       2025\n                                                                                 (in millions, except unit amounts)\n ASSETS\n Cash and cash equivalents                                                       $        1,299             $         1,450\n Cash held at consolidated affiliated partnerships and restricted cash                    1,995                       1,969\n Investments                                                                              1,638                       2,251\n Due from brokers                                                                         945                         1,656\n Accounts receivable, net                                                                 481                         393\n Related party notes receivable, net                                                      132                         129\n Inventories                                                                              927                         845\n Property, plant and equipment, net                                                       3,634                       3,670\n Deferred tax asset                                                                       184                         165\n Derivative assets, net                                                                   17                          7\n Goodwill                                                                                 290                         290\n Intangible assets, net                                                                   340                         349\n Assets held for sale                                                                     27                          —\n Other assets                                                                             1,024                       1,041\n Total Assets                                                                    $        12,933            $         14,215\n LIABILITIES AND EQUITY\n Accounts payable                                                                $        757               $         690\n Accrued expenses and other liabilities                                                   1,678                       1,192\n Deferred tax liabilities                                                                 276                         314\n Derivative liabilities, net                                                              735                         595\n Securities sold, not yet purchased, at fair value                                        748                         1,382\n Debt                                                                                     6,392                       6,616\n Total liabilities                                                                        10,586                      10,789\n\n Equity:\n Limited partners: Depositary units: 637,209,452 units issued and outstanding             1,948                       2,728\n at\n March 31, 2026 and December 31, 2025\n General partner                                                                          (801)                       (786)\n Equity attributable to Icahn Enterprises                                                 1,147                       1,942\n Equity attributable to non-controlling interests                                         1,200                       1,484\n Total equity                                                                             2,347                       3,426\n Total Liabilities and Equity                                                    $        12,933            $         14,215\n\nUse of Non-GAAP Financial Measures\n\nThe Company uses certain non-GAAP financial measures in evaluating its\nperformance. These include non-GAAP EBITDA and Adjusted EBITDA. EBITDA\nrepresents earnings from continuing operations before net interest expense\n(excluding our Investment Segment), income tax (benefit) expense and\ndepreciation and amortization. We define Adjusted EBITDA as EBITDA excluding\ncertain effects of impairment, restructuring costs, transformation costs,\ncertain pension plan expenses, gains/losses on disposition of assets,\ngains/losses on extinguishment of debt, the performance of closed stores and\nincluding closing costs, Energy segment unrealized gains/losses on hedging\ncontracts, unrealized gains/losses on Renewable Fuel Standard (\"RFS\")\npositions, Energy segment inventory revaluation, and certain other\nnon-operational or non-recurring charges. The Energy segment's basis for\ndetermining inventory value impacts are under a GAAP First-In, First-Out\n(\"FIFO\") basis. Changes in crude oil prices can cause fluctuations in the\ninventory valuation of crude oil, work in process and finished goods, thereby\nresulting in a favorable inventory valuation impact when crude oil prices\nincrease and an unfavorable inventory valuation impact when crude oil prices\ndecrease. The inventory valuation impact is calculated based upon inventory\nvalues at the beginning of the accounting period and at the end of the\naccounting period. We present EBITDA and Adjusted EBITDA on a consolidated\nbasis and on a basis attributable to Icahn Enterprises net of the effects of\nnon-controlling interests. We conduct substantially all of our operations\nthrough subsidiaries. The operating results of our subsidiaries may not be\nsufficient to make distributions to us. In addition, our subsidiaries are not\nobligated to make funds available to us for payment of our indebtedness,\npayment of distributions on our depositary units or otherwise, and\ndistributions and intercompany transfers from our subsidiaries to us may be\nrestricted by applicable law or covenants contained in debt agreements and\nother agreements to which these subsidiaries currently may be subject or into\nwhich they may enter into in the future. The terms of any borrowings of our\nsubsidiaries or other entities in which we own equity may restrict dividends,\ndistributions or loans to us.\n\nWe believe that providing EBITDA and Adjusted EBITDA to investors has economic\nsubstance as these measures provide important supplemental information of our\nperformance to investors and permits investors and management to evaluate the\ncore operating performance of our business without regard to interest (except\nwith respect to our Investment segment), taxes and depreciation and\namortization and certain effects of impairment, restructuring costs, certain\npension plan expenses, gains/losses on disposition of assets, gains/losses on\nextinguishment of debt and certain other non-operational charges.\nAdditionally, we believe this information is frequently used by securities\nanalysts, investors and other interested parties in the evaluation of\ncompanies that have issued debt. Management uses, and believes that investors\nbenefit from referring to, these non-GAAP financial measures in assessing our\noperating results, as well as in planning, forecasting and analyzing future\nperiods. Adjusting earnings for these charges allows investors to evaluate our\nperformance from period to period, as well as our peers, without the effects\nof certain items that may vary depending on accounting methods and the book\nvalue of assets. Additionally, EBITDA and Adjusted EBITDA present meaningful\nmeasures of performance exclusive of our capital structure and the method by\nwhich assets were acquired and financed. Effective March 31, 2026, we\nmodified our calculation of Adjusted EBITDA to exclude the impacts of certain\nof our Energy segment results, including unrealized gains/losses on hedging\ncontracts, unrealized gains/losses on RFS positions, and inventory\nrevaluation. We believe that this revised presentation improves the\nsupplemental information provided to our investors because management believes\nthese are not attributable to or indicative of our underlying operational\nresults of the period or that may obscure results and trends we deem useful\nand the significance of these measures have been disproportionately impacted\nby increased volatility in recent periods.\n\nEBITDA and Adjusted EBITDA have limitations as analytical tools, and you\nshould not consider them in isolation, or as substitutes for analysis of our\nresults as reported under generally accepted accounting principles in the\nUnited States, or U.S. GAAP. For example, EBITDA and Adjusted EBITDA:\n\n * do not reflect our cash expenditures, or future requirements for capital\nexpenditures, or contractual commitments;\n * do not reflect changes in, or cash requirements for, our working capital\nneeds; and\n * do not reflect the significant interest expense, or the cash requirements\nnecessary to service interest or principal payments on our debt.\nAlthough depreciation and amortization are non-cash charges, the assets being\ndepreciated or amortized often will have to be replaced in the future, and\nEBITDA and Adjusted EBITDA do not reflect any cash requirements for such\nreplacements. Other companies in the industries in which we operate may\ncalculate EBITDA and Adjusted EBITDA differently than we do, limiting their\nusefulness as comparative measures. In addition, EBITDA and Adjusted\nEBITDA do not reflect the impact of earnings or charges resulting from\nmatters we consider not to be indicative of our ongoing operations.\n\nEBITDA and Adjusted EBITDA are not measurements of our financial performance\nunder U.S. GAAP and should not be considered as alternatives to net income or\nany other performance measures derived in accordance with U.S. GAAP or as\nalternatives to cash flow from operating activities as a measure of our\nliquidity. Given these limitations, we rely primarily on our U.S. GAAP results\nand use EBITDA and Adjusted EBITDA only as a supplemental measure of our\nfinancial performance.\n\nUse of Indicative Net Asset Value Data\n\nThe Company uses indicative net asset value as an additional method for\nconsidering the value of the Company's assets, and we believe that this\ninformation can be helpful to investors. Please note, however, that the\nindicative net asset value does not represent the market price at which the\ndepositary units trade. Accordingly, data regarding indicative net asset value\nis of limited use and should not be considered in isolation.\n\nThe Company's depositary units are not redeemable, which means that investors\nhave no right or ability to obtain from the Company the indicative net asset\nvalue of units that they own. Units may be bought and sold on The Nasdaq\nGlobal Select Market at prevailing market prices. Those prices may be higher\nor lower than the indicative net asset value of the depositary units as\ncalculated by management.\n\nSee below for more information on how we calculate the Company's indicative\nnet asset value.\n\n                                                           March 31,                December 31,\n                                                           2026                     2025\n                                                           (in millions)(unaudited)\n Market-valued Subsidiaries and Investments:\n    Holding Company interest in Investment Funds((1))      $ 2,221                  $ 2,711\n    CVR Energy((2))                                        2,396                    1,791\n    CVR Partners LP((2))                                   34                       28\n Total market-valued subsidiaries and investments          $ 4,651                  $ 4,530\n\n Other Subsidiaries:\n    Viskase((3))                                           $ 98                     $ 53\n    Real Estate Segment((4))                               1,394                    1,367\n    WestPoint Home((1))                                    151                      155\n    Vivus((1))                                             161                      169\n    Icahn Automotive Group((5))                            704                      619\n Operating Business Indicative Gross Asset Value           $ 7,159                  $ 6,893\n    Add: Other Net Assets((6))                             9                        98\n Indicative Gross Asset Value                              $ 7,168                  $ 6,991\n    Add: Holding Company cash and cash equivalents((7))    624                      839\n    Less: Holding Company debt((7))                        (4,425)                  (4,664)\n Indicative Net Asset Value                                $ 3,367                  $ 3,166\n\nIndicative net asset value does not purport to reflect a valuation of IEP. The\ncalculated indicative net asset value does not include any value for our\nInvestment Segment other than the fair market value of our investment in the\nInvestment Funds. A valuation is a subjective exercise and indicative net\nasset value does not necessarily consider all elements or consider in the\nadequate proportion the elements that could affect the valuation of IEP.\nInvestors may reasonably differ on what such elements are and their impact on\nIEP. No representation or assurance, express or implied, is made as to the\naccuracy and correctness of indicative net asset value as of these dates or\nwith respect to any future indicative or prospective results which may\nvary.\n (1)  Represents GAAP equity attributable to IEP as of each respective date.\n (2)  Based on closing share price on each date (or if such date was not a trading\n      day, the immediately preceding trading day) and the number of shares owned by\n      us as of each respective date.\n (3)  Management performed a valuation of Viskase with the assistance of third-party\n      consultants to estimate fair-market value. This analysis utilized the average\n      results of a discounted cashflow methodology and a guideline public company\n      methodology. Different judgments or assumptions would result in different\n      estimates of value. Viskase indicative net asset value is derived by\n      allocating our portion of ownership to the total equity value.\n (4)  For each period presented, management performed a valuation with the\n      assistance of third-party consultants to estimate fair-market value, which\n      utilized the average results of discounted cashflow and sales comparison\n      methodologies. Different judgments or assumptions would result in different\n      estimates of value. For certain properties under a purchase and sale\n      agreement, indicative fair market value is based on the anticipated sales\n      price adjusted for customary closing costs. In August 2025, certain properties\n      were sold and the value of the consideration received and held in our Real\n      Estate Segment consisted of preferred equity investment and debt and was used\n      in the calculation of indicative fair value.\n (5)  For each period presented, management performed a valuation of Icahn\n      Automotive Group (\"IAG\"), including the Automotive Services business and\n      Automotive Owned Real Estate, with the assistance of third party consultants\n      to estimate fair value. This analysis utilized the average results of a\n      discounted cashflow methodology and a guideline public company methodology.\n      Different judgments or assumptions would result in different estimates of\n      value. During the fourth quarter of 2025 the majority of the Automotive Owned\n      Real Estate was transferred to the Real Estate Segment and as of December 31,\n      2025 are now presented in the Real Estate Segment line item.\n (6)  Represents GAAP equity of the Holding Company segment, excluding cash and cash\n      equivalents, debt and non-cash deferred tax assets or liabilities. As of\n      December 31, 2025 and March 31, 2026, Other Net Assets includes $6 and $5\n      million respectively, of liabilities assumed from the Auto Plus bankruptcy.\n (7)  Holding Company's balance as of each respective date.\n\n                                                          Three Months Ended March 31,\n                                                          2026                      2025\n\n Adjusted EBITDA[2]\n Net loss                                                 ($563)                    ($580)\n Interest expense, net                                    106                       94\n Income tax (benefit)                                     (49)                      (74)\n Depreciation and amortization                            123                       118\n EBITDA before non-controlling interests                  (383)                     (442)\n Impairment                                               -                         10\n Restructuring costs                                      -                         7\n Revaluation of RFS Liability(2)                          51                        112\n Unrealized loss (gain) on energy segment derivatives(2)  158                       (3)\n Inventory valuation impacts, (favorable)(2)              (120)                     (24)\n Loss on disposition of assets, net                       1                         2\n Transformation costs                                     10                        8\n Loss on extinguishment of debt, net                      32                        -\n Same store adjustment including closing costs            5                         4\n Other                                                    3                         3\n Adjusted EBITDA before non-controlling interests         ($243)                    ($323)\n\n Adjusted EBITDA attributable to IEP\n Net loss                                                 ($459)                    ($422)\n Interest expense, net                                    95                        83\n Income tax (benefit)                                     (39)                      (56)\n Depreciation and amortization                            83                        79\n EBITDA attributable to IEP                               (320)                     (316)\n Impairment                                               -                         9\n Restructuring costs                                      -                         6\n Revaluation of RFS Liability                             36                        74\n Unrealized loss (gain) on energy segment derivatives     111                       (2)\n Inventory valuation impacts, (favorable)                 (84)                      (16)\n Loss on disposition of assets, net                       1                         2\n Transformation costs                                     10                        8\n Loss on extinguishment of debt, net                      22                        -\n Same store adjustment including closing costs            5                         4\n Other                                                    3                         3\n Adjusted EBITDA attributable to IEP                      ($216)                    ($228)\n\n (2 )  The presentation of Adjusted EBITDA in this release for Q1 2026 and Q1 2025\n       has been prepared using a calculation excluding Energy segment unrealized\n       gains/losses on hedging contracts, unrealized gains/losses on RFS positions,\n       Energy segment inventory revaluation, and certain other non-operational or\n       non-recurring charges which were not excluded when preparing Adjusted EBITDA\n       for prior periods, including our prior presentation of Adjusted EBITDA for Q1\n       2025. See \"Uses of Non-GAAP Financial Measures\" for additional explanation of\n       the updates in our presentation.\n\nInvestor Contact:\nTed Papapostolou, Chief Financial Officer\nIR@ielp.com (mailto:IR@ielp.com)\n(800) 255-2737\n\nView original\ncontent:https://www.prnewswire.com/news-releases/icahn-enterprises-lp-nasdaq-iep-today-announced-its-first-quarter-2026-financial-results-302764088.html\n(https://www.prnewswire.com/news-releases/icahn-enterprises-lp-nasdaq-iep-today-announced-its-first-quarter-2026-financial-results-302764088.html)\n\nSOURCE Icahn Enterprises L.P.\n\n\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-05-06T12:00:07.470197899Z","server_sent_at_ms":1778068807470},"received_at":"2026-05-06T12:00:07.661Z","source_url":null},"analysis":{"id":"17168","press_release_id":"23092","analysis_json":{"industry":{"label":"Financial Services","sector":"Financials"},"redFlags":["$425 million in losses from refining hedges","$158 million in unrealized derivative losses within Energy segment","Significant reliance on non-GAAP measures (Adjusted EBITDA) due to exclusions"],"eventType":"earnings","narrative":"Icahn Enterprises reported Q1 revenue of $2.2 billion, but GAAP net loss widened to $459 million, largely due to $425 million in refining hedge losses and $158 million in unrealized derivative losses.\n\nDespite the net loss, Indicative Net Asset Value increased by $201 million to approximately $3.4 billion, driven primarily by a $605 million gain in its CVI position.\n\nThe Board declared a quarterly distribution of $0.50 per depositary unit, maintaining the dividend payout despite the volatility.","sentiment":"mixed","agentHooks":{"shouldPost":true,"suggestedAngle":"Mixed Q1: NAV up on CVI gains, but heavy hedge/derivative losses drive wider net loss; dividend held steady."},"keyFigures":{"revenue":2200000000,"revenueYoy":"15.8%","customDimensions":{"nav":3400000000,"cvi_gain":605000000,"nav_change":201000000,"distribution_per_unit":0.5,"hedge_losses_investment":320000000,"derivative_losses_energy":158000000}},"quotedText":"Indicative Net Asset Value was approximately $3.4 billion as of March 31, 2026, an increase of $201 million compared to December 31, 2025.","namedEntities":{"people":[{"name":"Ted Papapostolou","role":"Chief Financial Officer"}],"products":[],"companies":[{"name":"Icahn Enterprises L.P.","ticker":"IEP"},{"name":"CVR Energy","ticker":"CVI","relationship":"subsidiary/holding"},{"name":"CVR Partners LP","relationship":"subsidiary/holding"},{"name":"Viskase","relationship":"subsidiary"},{"name":"WestPoint Home","relationship":"subsidiary"},{"name":"Vivus","relationship":"subsidiary"},{"name":"Icahn Automotive Group","relationship":"subsidiary"}],"dollarAmounts":[{"amount":"$3.4 billion","context":"Indicative Net Asset Value as of March 31, 2026"},{"amount":"$201 million","context":"Increase in NAV compared to December 31, 2025"},{"amount":"$605 million","context":"Increase in value of long position in CVI"},{"amount":"$320 million","context":"Losses on refining hedges in Investment segment"},{"amount":"$79 million","context":"Holding Company's net interest expense"},{"amount":"$51 million","context":"IEP distribution payable"},{"amount":"$0.50","context":"First quarter distribution per depositary unit"},{"amount":"$2.2 billion","context":"Q1 2026 Revenues"},{"amount":"$459 million","context":"Q1 2026 Net loss attributable to IEP"},{"amount":"$425 million","context":"Losses from impact of refining hedges"},{"amount":"$158 million","context":"Unrealized derivative losses within Energy segment"}]},"materialImpact":{"score":4,"reasoning":"The company reported a wider GAAP net loss of $459 million driven by significant hedge and derivative losses ($425M and $158M respectively), which is a bearish signal. However, the Indicative Net Asset Value increased by $201 million to $3.4 billion due to a $605 million gain in CVI, and the distribution was maintained at $0.50. The volatility in the investment segment and the mixed operating results justify a high material impact score."},"tickerRelevance":{"others":[{"ticker":"CVI","relevance":"partner"}],"primary":"IEP"},"globalImportance":35,"audienceRelevance":55,"eventTypeSecondary":["dividend"],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"earnings-with-mixed-signals-and-hedge-losses","sectorWeight":"Financials","householdBrandBoost":10,"retailFavoriteBoost":5}},"event_type":"earnings","event_type_secondary":["dividend"],"sentiment":"mixed","material_impact_score":4,"narrative":"Icahn Enterprises reported Q1 revenue of $2.2 billion, but GAAP net loss widened to $459 million, largely due to $425 million in refining hedge losses and $158 million in unrealized derivative losses.\n\nDespite the net loss, Indicative Net Asset Value increased by $201 million to approximately $3.4 billion, driven primarily by a $605 million gain in its CVI position.\n\nThe Board declared a quarterly distribution of $0.50 per depositary unit, maintaining the dividend payout despite the volatility.","key_figures":{"revenue":2200000000,"revenueYoy":"15.8%","customDimensions":{"nav":3400000000,"cvi_gain":605000000,"nav_change":201000000,"distribution_per_unit":0.5,"hedge_losses_investment":320000000,"derivative_losses_energy":158000000}},"named_entities":{"people":[{"name":"Ted Papapostolou","role":"Chief Financial Officer"}],"products":[],"companies":[{"name":"Icahn Enterprises L.P.","ticker":"IEP"},{"name":"CVR Energy","ticker":"CVI","relationship":"subsidiary/holding"},{"name":"CVR Partners LP","relationship":"subsidiary/holding"},{"name":"Viskase","relationship":"subsidiary"},{"name":"WestPoint Home","relationship":"subsidiary"},{"name":"Vivus","relationship":"subsidiary"},{"name":"Icahn Automotive Group","relationship":"subsidiary"}],"dollarAmounts":[{"amount":"$3.4 billion","context":"Indicative Net Asset Value as of March 31, 2026"},{"amount":"$201 million","context":"Increase in NAV compared to December 31, 2025"},{"amount":"$605 million","context":"Increase in value of long position in CVI"},{"amount":"$320 million","context":"Losses on refining hedges in Investment segment"},{"amount":"$79 million","context":"Holding Company's net interest expense"},{"amount":"$51 million","context":"IEP distribution payable"},{"amount":"$0.50","context":"First quarter distribution per depositary unit"},{"amount":"$2.2 billion","context":"Q1 2026 Revenues"},{"amount":"$459 million","context":"Q1 2026 Net loss attributable to IEP"},{"amount":"$425 million","context":"Losses from impact of refining hedges"},{"amount":"$158 million","context":"Unrealized derivative losses within Energy segment"}]},"model_name":"glm-4.7","prompt_hash":"sha256:511026a279f8af46","schema_hash":"sha256:96555d0809de301c","created_at":"2026-05-06T15:23:07.891Z","global_importance":35,"audience_relevance":55,"importance_components":{"tickerTier":"mid-cap","eventGravity":"earnings-with-mixed-signals-and-hedge-losses","sectorWeight":"Financials","householdBrandBoost":10,"retailFavoriteBoost":5}},"durationMs":133104,"modelName":"glm-4.7"}}