The worsening loss and NAV erosion, driven by hedge losses and a declining CVI stake, signal continued fundamental deterioration. Monitor the planned sale of Pep Boys for $700M as a potential liquidity event, but the core portfolio's performance remains the key risk.
Price Chart
Executive Summary
Icahn Enterprises reported a significantly worse Q2 2026, with net loss widening to $355M from $165M a year ago and Adjusted EBITDA swinging from +$40M to -$134M. The primary driver was a $765M sequential decline in indicative NAV, driven by a $435M drop in the value of its CVR Energy stake and $243M in hedge losses within the Investment Funds. The deteriorating financial performance is a clear negative signal for the holding company's units.
Key Financial Metrics
Key Facts
- Q2 2026 net loss attributable to IEP was $355 million, compared to a net loss of $165 million in Q2 2025.
- Adjusted EBITDA loss attributable to IEP was $134 million for Q2 2026, compared to Adjusted EBITDA of $40 million in Q2 2025.
- Indicative Net Asset Value fell to approximately $2.6 billion as of June 30, 2026, a decrease of $765 million from March 31, 2026.
- The NAV decline was primarily due to a $435 million decrease in the value of the long position in CVI and a $243 million decrease in the Holding Company's interest in the Investment Funds.
- Revenues increased to $3.0 billion in Q2 2026 from $2.4 billion in Q2 2025, but net loss from investment activities widened to -$334 million from -$74 million.
- The quarterly distribution was maintained at $0.50 per depositary unit.
Financial Impact
Net loss widened by $190M YoY to -$355M; Adjusted EBITDA swung from +$40M to -$134M; NAV declined by $765M QoQ.
Risk Factors
- Further decline in CVR Energy (CVI) share price directly reduces IEP's NAV.
- Continued losses from the Investment Funds' broad market hedges could further erode equity.
- High leverage (Holding Company debt of $4.4B) against a shrinking asset base increases financial risk.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-090743 |
| Document: tm2622273d1_8k.htm | 0001104659-26-090743 |
| Document: 0001104659-26-090743-index-headers.html | 0001104659-26-090743 |
| Document: 0001104659-26-090743-index.html | 0001104659-26-090743 |
| Document: 0001104659-26-090743.txt | 0001104659-26-090743 |
| 8-K Data (Synthetic) | 0001104659-26-090743 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 20, 2026 6w ago | 8-K | $6.79 $6.78 | ▼ −0.15% | ▼ −0.62% | $6.67 (−1.77%) |
Aug 7, 2026 8w ago | 8-K | $7.43 $7.11 | ▼ −4.31% | ▼ −4.26% | $6.67 (−10.23%) |
Aug 5, 2026 8w ago | 8-K | $7.46 $7.50 | ▼ −0.54% | ▼ −0.19% | $6.67 (+10.59%) |
Aug 5, 2026 8w ago | Press Release | $7.46 $7.50 | ▼ −0.54% | ▼ −0.19% | $6.67 (+10.59%) |
Jul 23, 2026 10w ago | Press Release | $7.69 $7.71 | ▼ −0.26% | ▲ +0.11% | $6.67 (+13.26%) |
Jul 21, 2026 10w ago | 8-K | $7.69 $7.73 | ▲ +0.52% | ▲ +1.75% | $6.67 (−13.26%) |
May 6, 2026 21w ago | 8-K | $7.46 $7.52 | ▼ −0.88% | ▲ +0.29% | $6.67 (+10.53%) |
Mar 5, 2026 30w ago | 8-K | $7.24 $7.13 | ▲ +1.60% | ▼ −0.64% | $6.67 (+7.90%) |
Feb 25, 2026 31w ago | 8-K | $7.02 $7.22 | ▲ +2.76% | ▲ +3.86% | $6.67 (−5.01%) |
US Market Status
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