ICAHN ENTERPRISES L.P. — Form 8-K
Filed August 5, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 72/100
What the filing says
Icahn Enterprises reported Q2 2026 net loss attributable to IEP of $355 million versus $165 million loss in Q2 2025. Adjusted EBITDA loss was $134 million versus $40 million profit in Q2 2025. Indicative net asset value declined $765 million from March 31, 2026 ($3.367B) to June 30, 2026 ($2.602B), driven by $435 million decrease in CVR Energy value and $243 million loss in Investment Funds hedges. The company declared $0.50 per unit quarterly distribution. Management attributes losses to geopolitical events impacting refining spreads versus hedges, though notes July refinery rebound.
Why this rating
NAV decline of $765M represents 29% of company's $2.6B market cap—substantial erosion. Consecutive quarterly losses with worsening trend signal operational stress. However, loss is in hedging/valuation, not core refining; management notes July recovery and hedge adjustments underway. Material but not existential given diversified portfolio and $1.2B cash.
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