Icahn Enterprises unveils $225 million Q3 loss
Key points
- Icahn Enterprises reported a $225 million third-quarter net loss, reversing a $287 million profit a year earlier.
- Revenue increased to $3.17 billion, while adjusted EBITDA swung to a $214 million loss and shares fell 1.9% following the results.
- Subsidiary CVR Energy announced a $4.2 billion refinery acquisition, while Icahn Enterprises maintained its $0.50 quarterly distribution.
Icahn Enterprises (NASDAQ:IEP) reported a $225 million net loss for the third quarter of 2026, reversing a $287 million profit a year earlier.
Revenue increased to $3.17 billion from $2.73 billion, while the company recorded a $0.31 loss per unit against earnings of $0.49 previously.
Adjusted EBITDA, which excludes certain accounting items, shifted to a $214 million loss from a $75 million profit, reflecting $522 million in refining-hedge losses.
The quarterly results excluded approximately $1.7 billion in gains from the company's CVR Energy investment, while indicative net asset value reached $3.5 billion.
Icahn Enterprises maintained its $0.50 quarterly distribution, payable around December 23, while its shares fell 1.9% following the earnings announcement.
The company's nine-month net loss widened to $1.04 billion from $300 million, despite an $865 million increase in indicative net asset value since June.
Subsidiary CVR Energy announced a $4.2 billion acquisition of two refineries and a marketing platform from Marathon Petroleum, expanding its refining operations.
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