---
title: "Icahn Enterprises | 8-K: FY2026 Q1 Revenue: USD 2.206 B"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/285372904.md"
datetime: "2026-05-06T12:02:51.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285372904.md)
  - [en](https://longbridge.com/en/news/285372904.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285372904.md)
---

# Icahn Enterprises | 8-K: FY2026 Q1 Revenue: USD 2.206 B

Revenue: As of FY2026 Q1, the actual value is USD 2.206 B.

EPS: As of FY2026 Q1, the actual value is USD -0.71, missing the estimate of USD 0.1.

EBIT: As of FY2026 Q1, the actual value is USD -536 M.

#### Indicative Net Asset Value (NAV)

Icahn Enterprises L.P.’s indicative net asset value was approximately $3.4 billion as of March 31, 2026, which is an increase of $201 million compared to December 31, 2025. This improvement was primarily driven by a $605 million increase in the value of the long position in CVI. This was partially offset by - $320 million in losses from refining hedges within the Investment segment, - $79 million in the Holding Company’s net interest expense, and - $51 million for IEP distribution payable. Excluding the impact of refining hedges and CVI gains, the Investment segment alone showed a positive performance of $110 million.

#### Consolidated Revenues

Total revenues for the three months ended March 31, 2026, were $2.2 billion, an increase from $1.9 billion for the same period in 2025. Net sales were $2,311 million in Q1 2026, up from $2,002 million in Q1 2025. Other revenues from operations were $161 million in Q1 2026, compared to $168 million in Q1 2025. Net loss from investment activities improved to - $302 million in Q1 2026 from - $394 million in Q1 2025. Interest and dividend income decreased to $47 million in Q1 2026 from $83 million in Q1 2025.

#### Net Loss and Adjusted EBITDA

Net loss attributable to Icahn Enterprises L.P. was - $459 million for the three months ended March 31, 2026, compared to - $422 million for the same period in 2025. The Q1 2026 GAAP net loss was negatively impacted by - $425 million in losses from refining hedges within the Investment segment and - $158 million in unrealized derivative losses within the Energy segment. Adjusted EBITDA loss attributable to Icahn Enterprises L.P. was - $216 million for Q1 2026, an improvement from - $228 million for Q1 2025.

#### Operating Expenses

Cost of goods sold increased to $2,340 million in Q1 2026 from $2,016 million in Q1 2025. Selling, general and administrative expenses were $209 million in Q1 2026, compared to $201 million in Q1 2025. Interest expense was $123 million in Q1 2026, slightly down from $128 million in Q1 2025.

#### Balance Sheet Highlights

As of March 31, 2026, total assets were $12,933 million, a decrease from $14,215 million as of December 31, 2025. Cash and cash equivalents decreased to $1,299 million from $1,450 million during the same period. Investments decreased to $1,638 million from $2,251 million. Total liabilities were $10,586 million as of March 31, 2026, down from $10,789 million as of December 31, 2025. Debt decreased to $6,392 million from $6,616 million. Total equity was $2,347 million as of March 31, 2026, compared to $3,426 million as of December 31, 2025.

#### Distributions

The Board of Directors declared a quarterly distribution of $0.50 per depositary unit, payable on or about June 25, 2026, to unitholders of record as of May 18, 2026.

#### Outlook/Guidance

Icahn Enterprises L.P. expects to derive $447 million of aggregate locked-in value within its Energy segment through 2027. This value is anticipated from the sale of NYMEX crack spread swaps that were entered into during Q1 2026.

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