olivLaw · US equity research
Icahn Enterprises L.P. IEP
Petroleum Refining · SIC 2911 · Vertical: Petroleum Refining (SIC 2911)
Icahn Enterprises L.P. (IEP) is a diversified holding company based in Sunny Isles Beach, Florida, with subsidiaries in energy, automotive, food packaging, real estate, home fashion, pharma and an investment segment. In the second quarter of 2026 it reported a net loss attributable to IEP of 355 million USD, driven by geopolitical events that hit its long refining position.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Icahn Enterprises L.P. (IEP) stock was 5.34 USD (−0.19% on the day), with market capitalisation 4.0 bn USD, dividend yield 112.36%, beta 0.68, 52-week range 5.16–9.15 USD. Latest reported quarter (Q3 2026): revenue of 3.2 bn USD (+16.4% YoY), net income of -225.0 m USD (−178.4% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 22.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 4.85 – 7.18
- in the lower half of the band · %B 0.21 · band width 38.9%
- SMA 50 / 200
- 6.53 / 7.39
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.41 / -0.34
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −19.9% | −1.1% | −18.8 pp | — |
| 3 months | −28.4% | −0.5% | −28.0 pp | — |
| 6 months | −32.7% | +4.4% | −37.1 pp | — |
| Year to date | −29.3% | +12.3% | −41.6 pp | — |
| 1 year | −34.2% | +13.5% | −47.7 pp | +54.4% |
| 3 years | −72.5% | +76.4% | −149.0 pp | +83.1% |
| 5 years | −90.6% | +63.7% | −154.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.6 bn | 1.9 bn | 2.4 bn | 2.7 bn | 2.7 bn | 2.2 bn | 3.0 bn | 3.2 bn |
| SG&A | 205.0 m | 201.0 m | 207.0 m | 218.0 m | 211.0 m | 209.0 m | 203.0 m | 177.0 m |
| Depreciation & amortisation | 129.0 m | 118.0 m | 132.0 m | 158.0 m | 195.0 m | 123.0 m | 124.0 m | 114.0 m |
| Interest expense | 129.0 m | 128.0 m | 129.0 m | 122.0 m | 125.0 m | 123.0 m | 121.0 m | 116.0 m |
| Pre-tax income | -133.0 m | -654.0 m | -246.0 m | 538.0 m | 17.0 m | -612.0 m | -386.0 m | -114.0 m |
| Income tax | -23.0 m | -74.0 m | -45.0 m | 127.0 m | -27.0 m | -49.0 m | 2.0 m | 113.0 m |
| Net income | -98.0 m | -422.0 m | -165.0 m | 287.0 m | 1.0 m | -459.0 m | -355.0 m | -225.0 m |
| Operating cash flow | 244.0 m | -182.0 m | 275.0 m ≈ | 15.0 m ≈ | -421.0 m | 397.0 m | 116.0 m ≈ | 216.0 m ≈ |
| Capex | 88.0 m | 88.0 m | 96.0 m | 82.0 m | 75.0 m | 114.0 m | 80.0 m | 100.0 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | ⚠ 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.8 bn | 9.0 bn | 6.1 bn | 11.3 bn | 14.2 bn | 10.9 bn | 10.0 bn | 9.7 bn |
| Revenue YoY | −6.7% | −23.6% | −31.9% | — | +25.2% | −23.0% | −8.4% | −3.6% |
| Net income | 1.5 bn | -1.1 bn | -1.7 bn | -518.0 m | -183.0 m | -684.0 m | -445.0 m | -299.0 m |
| Net income YoY | −39.6% | −174.1% | unavailable | — | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | — | unavailable | unavailable | unavailable | unavailable |
| net % | 12.6% | -12.2% | -27.0% | -4.6% | -1.3% | -6.3% | -4.4% | -3.1% |
| Free cash flow | 651.0 m | -1.7 bn | -615.0 m | 16.0 m | 717.0 m | 3.4 bn | 552.0 m | -654.0 m |
The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.5 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- unavailable USD
- Total assets
- 14.2 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- -2.0%
- FCF margin
- -6.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 6.1 bn | 11.3 bn | 14.2 bn | 10.9 bn | 10.0 bn | 9.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 1.2 bn | 1.2 bn | 1.3 bn | 852.0 m | 783.0 m | 837.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 510.0 m | 517.0 m | 509.0 m | 518.0 m | 511.0 m | 603.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Interest expense | 688.0 m | 666.0 m | 568.0 m | 554.0 m | 523.0 m | 504.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -2.6 bn | -578.0 m | 9.0 m | -922.0 m | -567.0 m | -345.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | -116.0 m | -78.0 m | 34.0 m | 90.0 m | -25.0 m | -19.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -1.7 bn | -518.0 m | -183.0 m | -684.0 m | -445.0 m | -299.0 m | SEC (XBRL)· 26 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.7 bn | 2.3 bn | 2.3 bn | 3.0 bn | 2.6 bn | 1.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 1.6 bn | 1.5 bn | 1.5 bn | 1.0 bn | 897.0 m | 845.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 4.2 bn | 4.1 bn | 4.0 bn | 4.0 bn | 3.8 bn | 3.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 294.0 m | 290.0 m | 288.0 m | 288.0 m | 288.0 m | 290.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 660.0 m | 595.0 m | 533.0 m | 466.0 m | 409.0 m | 349.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 25.0 bn | 27.7 bn | 27.9 bn | 20.9 bn | 16.3 bn | 14.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 15.7 bn | 18.4 bn | 18.4 bn | 14.8 bn | 11.7 bn | 10.8 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -416.0 m | 321.0 m | 1.1 bn | 3.7 bn | 832.0 m | -313.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 199.0 m | 305.0 m | 338.0 m | 303.0 m | 280.0 m | 341.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | -615.0 m ≈ | 16.0 m ≈ | 717.0 m ≈ | 3.4 bn ≈ | 552.0 m ≈ | -654.0 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -581.0 m | 528.0 m | -260.0 m | -290.0 m | -215.0 m | -402.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -653.0 m | 293.0 m | -344.0 m | -2.4 bn | -1.3 bn | -1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 526.0 m | — | — | — | — | — | SEC (XBRL)· 26 Feb 2021verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.0 bn USD
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 78.85 – 106.03 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)78.85 – 106.03 (Mid 90.44)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -9.4% | 0 (vs peers) | 27% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -12.0% | 0 (on a fixed band) | 36% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.5% | 0 (on a fixed band) | 36% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ICAHN ENTERPRISES L.P. (IEP). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 9.7 bn USD in 2025; YoY growth -3.6%; net margin -9.4%.
The estimated value range is 78.85–106.03 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 90.44 USD, the price of 5.34 USD leaves a potential of 1,593.7% (value / price − 1) and a margin of safety of 94.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- The price is below the estimated value range
What contradicts it
- Net margin: -9.4%
- Revenue CAGR 3Y: -12.0%
- FCF yield: -1.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Petroleum Refining (SIC 2911) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| XOMExxonMobil Holdings Corporation | 701.6 bn | 27.7 | 9.8% | 7.6% | −5.0% | +46% / +65% |
| CVXChevron Corp | 428.7 bn | 20.8 | 12.2% | 9.6% | −6.8% | +44% / +51% |
| COPConocoPhillips | 164.5 bn | 18.1 | 14.2% | 14.7% | +7.7% | +54% / +18% |
| EQNREquinor Asa | 107.0 bn | 22.1 | 12.2% | 4.7% | +2.6% | +87% / +34% |
| MPCMarathon Petroleum Corporation | 106.9 bn | 7.7 | 72.6% | 8.4% | −4.4% | +103% / +163% |
| VLOValero Energy Corp | 101.9 bn | 8.2 | 50.1% | 8.4% | −5.5% | +107% / +191% |
| PSXPhillips 66 | 101.3 bn | 8.3 | 41.1% | 7.5% | −7.5% | +90% / +101% |
| YPFYPF Sociedad Anonima | 16.4 bn | — | -7.4% | -4.5% | −4.4% | +13% / +151% |
| CVICvr Energy, Inc | 4.3 bn | 16.3 | 27.5% | 2.7% | −5.9% | +25% / +35% |
| IEPIcahn Enterprises L.P. | 4.0 bn | — | — | -9.4% | −3.6% | −34% / −73% |
| DKDelek Us Holdings, Inc. | 4.0 bn | 18.2 | 62.6% | 1.9% | −9.5% | +69% / +141% |
| CLMTCalumet, Inc. | 3.8 bn | — | — | -3.0% | −1.2% | +126% / +153% |
| SUNCSunococorp LLC | 3.4 bn | 23.8 | — | 0.4% | +11.1% | +26% / unavailable |
| IMOImperial Oil Limited | — | — | 25.2% | 10.9% | −8.6% | +29% / +126% |
| SUNSunoco LP | — | — | — | 2.9% | +11.1% | +15% / +18% |
| BPBp PLC | — | — | 0.1% | 0.0% | −1.1% | +26% / +26% |
| PBFPbf Energy Inc. | — | 3.2 | 41.1% | 7.0% | −11.4% | +111% / +64% |
| SUSuncor Energy Inc | — | — | 13.2% | 11.3% | −4.6% | +61% / +118% |
1- and 3-year price returns: for IEP from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (03 Nov 2026 · results).
In brief
Icahn Enterprises L.P. (IEP) is a diversified holding company based in Sunny Isles Beach, Florida, with subsidiaries in energy, automotive, food packaging, real estate, home fashion, pharma and an investment segment. In the second quarter of 2026 it reported a net loss attributable to IEP of 355 million USD, driven by geopolitical events that hit its long refining position 123.
SWOT
Strengths
- Diversification across seven reporting segments and majority control of several subsidiaries give a broad operating base 1. The company kept enough liquidity to repurchase debt 12.
- The activist strategy and decades of restructuring experience distinguish the company from other holding companies 1. The chairman's statement in August 2026 supports this long-term philosophy 3.
- Stakes in private funds and in subsidiaries with steady cash flows, such as CVR Energy, support distributions to unitholders 13.
Weaknesses
- Quarterly results are highly volatile, and the adjusted EBITDA loss in the second quarter of 2026 shows sensitivity to market hedges 3.
- Control is concentrated in Carl C. Icahn and affiliates, who hold over 86% of units, limiting the influence of other investors 12.
- Partnership tax status depends on meeting complex qualifying income tests, and failure could create significant tax liabilities 1.
Opportunities
- If dislocations in refining ease, the value of the Energy segment could rise, as the July 2026 rebound suggests 3.
- Strategic transactions considered by CVR Energy, including acquisitions of refining assets, could expand operations, though none is assured 2.
- Lowering debt costs through new senior notes could improve net margins in the Energy segment 12.
Threats
- Volatile oil and refined product prices, combined with geopolitical tension, can quickly affect refinery margins 13.
- Regulatory changes on renewable fuels and trade tariffs could raise operating costs 1.
- If Icahn and affiliates sold units due to margin calls or tax changes, the unit price could decline 1.
Risks
- Hedging losses and volatilityhigh
Broad market hedges produced losses that reduced indicative net asset value in the second quarter of 2026 3. If the hedge reset does not reduce volatility, quarterly results could remain unstable 3.
- Dependence on the Energy segmenthigh
The Energy segment makes up most consolidated sales, and its prices and margins are exposed to external shocks 1. A prolonged period of weak margins could materially affect consolidated results.
- Control and pledged unitsmedium
Carl C. Icahn has pledged IEP units and Investment Fund interests to secure personal loans, and forced sales could weigh on the unit price 1. If those sales cut his stake below 25%, governance could be affected 1.
- Investment company status riskmedium
If the holding company's asset mix led to registration requirements under the Investment Company Act, the company could have to change its structure, with significant costs and restrictions 1.
- Partnership tax risklow
If qualifying income fell below the required threshold, IEP could be taxed as a corporation, reducing distributions available to unitholders 1. Proposed legislative changes could have the same effect 1.
Investment thesis
What would need to be true (bull case)
- If dislocations in refining ease, the long position in CVR Energy could recover value, as the July 2026 rebound suggests 3.
- Diversification across seven segments and the Pep Boys sale could simplify the portfolio and free capital for new opportunities 2.
- Management's activist experience and its record of restructurings could support long-term holding value 13.
What would break the thesis
- Hedging losses reduced indicative net asset value by significant sums in the second quarter of 2026, showing the vulnerability of the strategy 3.
- Concentrated control and pledged units held by the controlling holder could create selling pressure that affects the unit price 1.
- If refining margins stay volatile, consolidated results could remain negative, with adjusted EBITDA losses 3.
What to watch
- Closing of the Pep Boys transaction and use of proceedsQ3 2026
- Energy segment results and refining margin trendsQ3 2026
- Adjustment of the hedge portfolio and effect on indicative net asset valuenext 10-Q
- Any strategic transactions by CVR Energy involving refining assets2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (03 Nov 2026 · results).
The business
Icahn Enterprises L.P. is a master limited partnership formed in Delaware in 1987 that operates as a diversified holding company with seven reporting segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma 1. Its strategy rests on finding undervalued assets, often through distressed securities, followed by activist involvement to change management or operations 1. The company is controlled by Carl C. Icahn and affiliates, who owned about 87% of depositary units as of June 30, 2026 2.
The Energy segment runs through CVR Energy, in which IEP holds a majority stake, and covers petroleum refining and marketing, renewable fuels and nitrogen fertilizer through CVR Partners 1. As of June 30, 2026, IEP owned about 71% of CVR Energy's common stock 2. The Investment segment consists of private funds in which the company holds general partner interests and which are not offered to outside investors 1.
Beyond the operating segments, IEP reports Holding Company results, including investment activity and holding-level expenses 1. In July 2026 its subsidiary Icahn Automotive agreed to sell Pep Boys to Mavis Tire Supply for a base price of 700.0 million USD, a transaction expected to close in the coming months 2.
Segments
Energy
The Energy segment, through CVR Energy, generated most of consolidated net sales, representing about 83% of them in fiscal 2025 1. Segment revenues were 7188 million USD in 2025 1. The Coffeyville and Wynnewood refineries have a combined capacity of about 206500 barrels per day 1.
Investment
The Investment segment manages proprietary capital through private funds with a fair market value of about 2.7 billion USD at December 31, 2025 1. Its results depend on funds allocated and the performance of underlying investments, and in the second quarter of 2026 losses came mainly from broad market hedges 3.
Market context
IEP operates in petroleum refining, where crack spreads and volatile energy prices drive results, and in diversified holding assets. In fiscal 2025 and the first half of 2026, geopolitical conditions and fuel price volatility strongly influenced the Energy segment 13. The company has flagged that policy and tariff changes can affect its operations 1.
In Energy, fuel demand, global refining competition and renewable fuel rules shape margins. The EPA decision on small refinery relief reduced WRC's RIN obligations by about 488 million USD 1. If geopolitical tension persists, refining margins could stay volatile, directly affecting quarterly results 3.
Trends
- Volatility in refining marginsmixed
Exceptional geopolitical events hit the long refining position more than the short hedges, producing losses in the second quarter of 2026 3. If these dislocations prove temporary, as the July rebound suggests, the impact could be limited.
- Reshaping the automotive portfoliomixed
The Pep Boys sale and the transfer of owned properties to the Real Estate segment point to a focus on clearer-value assets 12. This shift could reduce exposure to the US automotive market.
- Improved financing structure at CVR Energytailwind
CVR Energy issued 1 billion USD of senior notes in February 2026 and redeemed more expensive debt, which could lower financing costs 12. Losses on debt extinguishment were, however, recorded in the first half of the year.
- Pressure from hedging activityheadwind
Broad market hedges produced net losses in the second quarter of 2026 and reduced indicative net asset value 3. The company says it is right-sizing its hedge portfolio to reduce volatility, but the effect on results remains uncertain 3.
Competitive position
In refining, CVR Energy competes with other independent refiners and large integrated oil companies, and its main customers are retailers, railroads, farm cooperatives and other refiners 1. The refinery's largest customer represented 12% of its net sales in 2025 1.
In nitrogen fertilizer, CVR Partners competes in agricultural markets where seasonal demand and the cost of natural gas or pet coke matter. In food packaging, competition comes from better capitalized companies, as described in the risk factors 3.
- Valero EnergyVLO
Not named directly in the supplied sources; included as a comparable US refiner with similar refining exposure.
- Marathon PetroleumMPC
Not named directly in the supplied sources; a comparable US refiner in the central United States.
- Par Pacific HoldingsPARR
Not named directly in the supplied sources; a smaller independent refiner with a comparable profile.
- Other nitrogen fertilizer producers
Competitors in the UAN and ammonia markets are cited only generically in the sources, without names.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Arbor Realty, Icahn Enterprises and Herzfeld: 3 Unconventional High Yield BetsYahoo Finance — News · 22 Aug 2026 · EN
The latest news item in our archive is from 22 Aug 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Current report20 Aug 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report07 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report21 Jul 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report11 May 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Icahn Enterprises L.P. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Icahn Enterprises L.P. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Icahn Enterprises L.P. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.