Icahn Enterprises Q2 net loss widens, net asset value falls

Icahn Enterprises LP

05/08/2026 13:09

Overview
US diversified holding company reported Q2 revenue up yr/yr, net loss widened
Q2 adjusted EBITDA loss deepened to $134 mln from $40 mln a year ago
Net asset value fell $765 mln from prior quarter, mainly on CVR and hedge losses

Outlook
Icahn Enterprises says it is right-sizing hedge portfolio to reduce volatility and improve consistency
Company sees current market environment as breeding attractive opportunities for refineries such as CVR
Icahn Enterprises notes strong rebound in refining investment during July, highlighting temporary nature of recent losses

Result Drivers
CVR ENERGY LOSSES - Co said decrease in net asset value was mainly due to $435 mln drop in value of long position in CVR Energy
HEDGE LOSSES - Co said net asset value was also hit by $243 mln losses from broad market hedges
GEOPOLITICAL EVENTS - Chairman Icahn said exceptional geopolitical events disproportionately affected refining investments and related hedge positions

Company press release: ID:nPn4wl9yba

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Beat
$3 bln
$2.05 bln (1 Analyst)
Q2 Net Income
Miss
-$355 mln
$73 mln (1 Analyst)
Q2 Net Asset Value
 
$2.6 bln
 

Analyst Coverage
The stock recently traded at 61 times the next 12-month earnings vs. a P/E of 16 three months ago

Reuters Recommended Reads
Aug 5 - Phillips 66 beats quarterly estimates as Iran war boosts US refining margins 
Aug 5 - Delek US beats Q2 revenue estimates, on track to meet FY EBITDA guidance
Aug 4 - Aramco says US-Iran war has cost the global market 2.6 billion barrels of oil

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)