Companies /Energy

Icahn Enterprises L P

NASDAQ: IEP Oil & Gas Refining & Marketing
$6.78
â–² $0.05 (+0.74%) today
Markets closed · 6:18am ET

Q1 2026 Earnings

Reported May 6, 2026, 8:00am ET · SEC source
$-0.71
Miss −810.00%
EPS · est. $0.10
$2.2B
Miss −5.44%
Revenue · est. $2.3B
−7.0%
Trailing market
IEP vs S&P since report
3 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−1.8%−0.9%0+0.9%May 6May 7report 8:00am ETearnings+0.3%−0.3%
−1.8%−0.9%0+0.9%May 6May 7earnings+0.3%−0.3%
IEP −0.3%S&P 500 +0.3%
−2%−1%0+1%May 6May 7report 8:00am ETearnings+0.6%−0.3%
−2%−1%0+1%May 6May 7earnings+0.6%−0.3%
IEP −0.3%NASDAQ +0.6%
0+3%+6%May 5May 14report 8:00am ETearnings+2.1%+1.7%
0+3%+6%May 5May 14earnings+2.1%+1.7%
IEP +1.7%S&P 500 +2.1%
0+3%+6%May 5May 14report 8:00am ETearnings+3.9%+1.7%
0+3%+6%May 5May 14earnings+3.9%+1.7%
IEP +1.7%NASDAQ +3.9%
−4.68%
Day of report
+0.50%
Next session
+0.88%
One week
−6.30%
30 days

S&P 500 over the same 30 days: +0.73%.

Did IEP Beat Earnings? Q1 2026 Results

Icahn Enterprises delivered a sharply disappointing first quarter for fiscal 2026, posting a loss of $0.71 per depositary unit against a consensus estimate of $0.10, a miss of 810.00%, while revenue of $2.21 billion fell 5.44% short of the $2.33 billion analysts had expected despite rising 9.7% year over year. The headline loss, which widened in absolute terms to $459.00 million from $422.00 million a year ago, was driven primarily by $425.00 million in refining hedge losses within the Investment segment and $158.00 million of unrealized derivative losses in the Energy segment, overwhelming the underlying revenue growth. Notably, a $605.00 million increase in the fair value of IEP's long position in CVR Energy did not flow through the income statement, though it lifted indicative net asset value to approximately $3.37 billion. Looking ahead, management pointed to $447.00 million in locked-in value expected through 2027 from NYMEX crack spread swaps entered during the quarter, offering some forward visibility even as crude oil volatility and tariff uncertainty remain key risks.

Key Takeaways
  • CVI long position appreciation of $605 million boosted indicative net asset value
  • Refining hedge losses of $425 million negatively impacted GAAP results
  • Unrealized derivative losses of $158 million in the Energy segment
  • Net sales increased to $2,311 million from $2,002 million year-over-year
  • Investment segment generated positive performance of $110 million excluding CVI gains and refining hedges

Forward Guidance & Outlook

IEP noted that $447 million of aggregate locked-in value is expected to be derived within the Energy segment through 2027 from the sale of NYMEX crack spread swaps entered into during Q1 2026, including value attributable to non-controlling interests.

IEP YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$800.0M$1.6B$2.4B$2.0B$2.2BRevenue$-514,978,122$-459,000,000Net Income
$0$800.0M$1.6B$2.4BRevenueNet Income

Figures from SEC filings and company reports. Not investment advice.