Icahn Enterprises L.P. reported an adjusted loss of $0.31 per unit for the third quarter, missing analysts’ consensus estimate of earnings of $0.09. Revenue rose 18.5% year over year to $3.2 billion, above the $2.33 billion forecast and up from $2.7 billion a year earlier.
The partnership recorded a $225 million net loss attributable to Icahn Enterprises, compared with net income of $287 million in the same quarter last year. Adjusted EBITDA attributable to the partnership was negative $214 million, versus positive adjusted EBITDA of $75 million in the third quarter of 2025.
The results were affected by $522 million in losses on refining hedges held by the Investment Funds. That figure does not include an approximately $1.7 billion increase in the value of Icahn Enterprises’ long position in CVR Energy, its majority-owned subsidiary. Shares fell 1.9% following the results.
Icahn Enterprises’ indicative net asset value was approximately $3.5 billion as of September 30, 2026, up $865 million from June 30. The company attributed the increase primarily to a higher valuation for CVR Energy, which reached $4.2 billion.
CVR Energy announced an agreement to acquire two refineries and a marketing platform from Marathon Petroleum for $4.2 billion. The transaction is valued at less than 3.5 times management’s estimate of 2026 EBITDA. CVR said the deal is expected to increase pro forma earnings per share by more than 105% for the nine months ended September 30, 2026, before taking into account $75 million in expected annual synergies.
On November 2, Icahn Enterprises’ board declared a quarterly distribution of $0.50 per depositary unit, payable on or about December 23. The company said it was its 86th consecutive quarterly distribution since 2005.
Sources: Investing.com News.