| Segment Reporting |
13. Segment Reporting We report segment information based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategies, which may include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues. Therefore, although many of our businesses are operated under separate local management, certain of our businesses are grouped together when they operate within a similar industry, comprising similarities in products, customers, production processes and regulatory environments, and when such businesses, when considered together, may be managed in accordance with one or more investment strategies specific to those businesses. Our reportable segments reflect the way the Company is managed, and for which separate financial information is available and evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and assess performance. The Chairman of the Board of Directors of our general partner, who is our CODM, reviews financial information for each segment and evaluates the results in relation to our broader business strategies. Accordingly, segment operating results are assessed based on net income from continuing operations attributable to Icahn Enterprises. Assets provided to the CODM are consistent with those reported in the condensed consolidated balance sheets, and there are no intra-entity sales or transfers, or significant expense categories regularly reviewed by the CODM beyond those disclosed in the condensed consolidated statements of operations. Condensed Statements of Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2026 | | | Investment | | Energy | | Automotive | | Food Packaging | | Real Estate | | Home Fashion | | Pharma | | Holding Company | | Consolidated | | | | (in millions) | Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net sales | | $ | — | | $ | 1,980 | | $ | 187 | | $ | 87 | | $ | 3 | | $ | 39 | | $ | 15 | | $ | — | | $ | 2,311 | Other revenues from operations | | | — | | | — | | | 142 | | | — | | | 18 | | | — | | | 1 | | | — | | | 161 | Net loss from investment activities | | | (300) | | | — | | | — | | | — | | | — | | | — | | | — | | | (2) | | | (302) | Interest and dividend income | | | 31 | | | 5 | | | — | | | — | | | 4 | | | — | | | — | | | 7 | | | 47 | Loss on disposition of assets, net | | | — | | | (1) | | | (1) | | | — | | | — | | | — | | | — | | | — | | | (2) | Other loss (income), net | | | — | | | (17) | | | — | | | 1 | | | 7 | | | — | | | — | | | — | | | (9) | | | | (269) | | | 1,967 | | | 328 | | | 88 | | | 32 | | | 39 | | | 16 | | | 5 | | | 2,206 | Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cost of goods sold | | | — | | | 2,095 | | | 123 | | | 78 | | | 3 | | | 32 | | | 9 | | | — | | | 2,340 | Other expenses from operations | | | — | | | — | | | 122 | | | — | | | 19 | | | — | | | — | | | — | | | 141 | Dividend expense | | | 5 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 5 | Selling, general and administrative | | | 4 | | | 47 | | | 109 | | | 13 | | | 5 | | | 10 | | | 14 | | | 7 | | | 209 | Interest expense | | | 1 | | | 31 | | | 1 | | | 3 | | | — | | | 1 | | | — | | | 86 | | | 123 | | | | 10 | | | 2,173 | | | 355 | | | 94 | | | 27 | | | 43 | | | 23 | | | 93 | | | 2,818 | (Loss) income before income tax benefit | | | (279) | | | (206) | | | (27) | | | (6) | | | 5 | | | (4) | | | (7) | | | (88) | | | (612) | Income tax benefit (expense) | | | — | | | 33 | | | 7 | | | (1) | | | — | | | — | | | — | | | 10 | | | 49 | Net (loss) income | | | (279) | | | (173) | | | (20) | | | (7) | | | 5 | | | (4) | | | (7) | | | (78) | | | (563) | Less: net (loss) income attributable to non-controlling interests | | | (69) | | | (34) | | | — | | | (1) | | | — | | | — | | | — | | | — | | | (104) | Net (loss) income attributable to Icahn Enterprises | | $ | (210) | | $ | (139) | | $ | (20) | | $ | (6) | | $ | 5 | | $ | (4) | | $ | (7) | | $ | (78) | | $ | (459) | Supplemental information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Capital expenditures | | $ | — | | $ | 47 | | $ | 47 | | $ | 9 | | $ | 10 | | $ | 1 | | $ | — | | $ | — | | $ | 114 | Depreciation and amortization | | $ | — | | $ | 96 | | $ | 12 | | $ | 4 | | $ | 8 | | $ | 1 | | $ | 2 | | $ | — | | $ | 123 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | | Investment | | Energy | | Automotive | | Food Packaging | | Real Estate | | Home Fashion | | Pharma | | Holding Company | | Consolidated | | | | (in millions) | Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net sales | | $ | — | | $ | 1,646 | | $ | 198 | | $ | 94 | | $ | — | | $ | 41 | | $ | 23 | | $ | — | | $ | 2,002 | Other revenues from operations | | | — | | | — | | | 151 | | | — | | | 17 | | | — | | | — | | | — | | | 168 | Net loss from investment activities | | | (394) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (394) | Interest and dividend income | | | 55 | | | 10 | | | 1 | | | — | | | — | | | — | | | — | | | 17 | | | 83 | Gain on disposition of assets, net | | | — | | | (1) | | | (2) | | | — | | | — | | | — | | | — | | | — | | | (3) | Other income, net | | | 7 | | | 2 | | | — | | | 2 | | | — | | | (1) | | | 1 | | | — | | | 11 | | | | (332) | | | 1,657 | | | 348 | | | 96 | | | 17 | | | 40 | | | 24 | | | 17 | | | 1,867 | Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cost of goods sold | | | — | | | 1,748 | | | 144 | | | 80 | | | — | | | 31 | | | 13 | | | — | | | 2,016 | Other expenses from operations | | | — | | | — | | | 135 | | | — | | | 16 | | | — | | | — | | | — | | | 151 | Dividend expense | | | 8 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 8 | Selling, general and administrative | | | 4 | | | 44 | | | 105 | | | 12 | | | 5 | | | 11 | | | 13 | | | 7 | | | 201 | Impairment | | | — | | | — | | | — | | | 10 | | | — | | | — | | | — | | | — | | | 10 | Restructuring, net | | | — | | | — | | | — | | | 7 | | | — | | | — | | | — | | | — | | | 7 | Interest expense | | | 6 | | | 35 | | | 1 | | | 3 | | | — | | | — | | | — | | | 83 | | | 128 | | | | 18 | | | 1,827 | | | 385 | | | 112 | | | 21 | | | 42 | | | 26 | | | 90 | | | 2,521 | (Loss) income before income tax (expense) benefit | | | (350) | | | (170) | | | (37) | | | (16) | | | (4) | | | (2) | | | (2) | | | (73) | | | (654) | Income tax (expense) benefit | | | — | | | 53 | | | 10 | | | 2 | | | — | | | — | | | — | | | 9 | | | 74 | Net (loss) income | | | (350) | | | (117) | | | (27) | | | (14) | | | (4) | | | (2) | | | (2) | | | (64) | | | (580) | Less: net (loss) income attributable to non-controlling interests | | | (126) | | | (31) | | | — | | | (1) | | | — | | | — | | | — | | | — | | | (158) | Net (loss) income attributable to Icahn Enterprises | | $ | (224) | | $ | (86) | | $ | (27) | | $ | (13) | | $ | (4) | | $ | (2) | | $ | (2) | | $ | (64) | | $ | (422) | Supplemental information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Capital expenditures | | $ | — | | $ | 51 | | $ | 24 | | $ | 7 | | $ | 4 | | $ | 2 | | $ | — | | $ | — | | $ | 88 | Depreciation and amortization | | $ | — | | $ | 84 | | $ | 17 | | $ | 5 | | $ | 4 | | $ | 1 | | $ | 7 | | $ | — | | $ | 118 |
Disaggregation of Revenue In addition to the condensed statements of operations by reporting segment above, we provide additional disaggregated revenue information for our Energy and Automotive segments below. Energy | | | | | | | | | Three Months Ended March 31, | | | 2026 | | 2025 | | | | | | | | Petroleum products | | | 1,800 | | $ | 1,475 | Nitrogen fertilizer products | | | 180 | | | 143 | Other | | | — | | | 28 | | | $ | 1,980 | | $ | 1,646 |
Automotive | | | | | | | | | Three Months Ended March 31, | | | 2026 | | 2025 | | | | | | | | Automotive Services | | $ | 324 | | $ | 333 | Aftermarket Parts | | | — | | | 2 | Total revenue from customers | | | 324 | | | 335 | Lease revenue outside the scope of ASC 606 | | | 5 | | | 14 | Total Automotive net sales and other revenues from operations | | $ | 329 | | $ | 349 |
Condensed Balance Sheets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | | Investment | | Energy | | Automotive | | Food
Packaging | | Real
Estate | | Home
Fashion | | Pharma | | Holding
Company | | Consolidated | | | | (in millions) | ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | 16 | | $ | 512 | | $ | 51 | | $ | 29 | | $ | 35 | | $ | 5 | | $ | 27 | | $ | 624 | | $ | 1,299 | Cash held at consolidated affiliated partnerships and restricted cash | | | 1,818 | | | — | | | 8 | | | — | | | — | | | 2 | | | — | | | 167 | | | 1,995 | Investments | | | 1,530 | | | 13 | | | — | | | — | | | 95 | | | — | | | — | | | — | | | 1,638 | Accounts receivable, net | | | — | | | 329 | | | 24 | | | 63 | | | 11 | | | 27 | | | 27 | | | — | | | 481 | Related party note receivable | | | — | | | — | | | — | | | — | | | 132 | | | — | | | — | | | — | | | 132 | Inventories, net | | | — | | | 553 | | | 163 | | | 99 | | | — | | | 90 | | | 22 | | | — | | | 927 | Property, plant and equipment, net | | | — | | | 2,309 | | | 363 | | | 143 | | | 761 | | | 55 | | | — | | | 3 | | | 3,634 | Goodwill and intangible assets, net | | | — | | | 134 | | | 314 | | | 21 | | | — | | | 21 | | | 140 | | | — | | | 630 | Other assets | | | 948 | | | 418 | | | 375 | | | 78 | | | 110 | | | 15 | | | 6 | | | 247 | | | 2,197 | Total assets | | $ | 4,312 | | $ | 4,268 | | $ | 1,298 | | $ | 433 | | $ | 1,144 | | $ | 215 | | $ | 222 | | $ | 1,041 | | $ | 12,933 | LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | Accounts payable, accrued expenses and other liabilities | | $ | 675 | | $ | 1,374 | | $ | 721 | | $ | 107 | | $ | 29 | | $ | 39 | | $ | 61 | | $ | 440 | | $ | 3,446 | Securities sold, not yet purchased, at fair value | | | 748 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 748 | Debt | | | — | | | 1,784 | | | 26 | | | 131 | | | 1 | | | 25 | | | — | | | 4,425 | | | 6,392 | Total liabilities | | | 1,423 | | | 3,158 | | | 747 | | | 238 | | | 30 | | | 64 | | | 61 | | | 4,865 | | | 10,586 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Equity attributable to Icahn Enterprises | | | 2,221 | | | 589 | | | 551 | | | 184 | | | 1,114 | | | 151 | | | 161 | | | (3,824) | | | 1,147 | Equity attributable to non-controlling interests | | | 668 | | | 521 | | | — | | | 11 | | | — | | | — | | | — | | | — | | | 1,200 | Total equity | | | 2,889 | | | 1,110 | | | 551 | | | 195 | | | 1,114 | | | 151 | | | 161 | | | (3,824) | | | 2,347 | Total liabilities and equity | | $ | 4,312 | | $ | 4,268 | | $ | 1,298 | | $ | 433 | | $ | 1,144 | | $ | 215 | | $ | 222 | | $ | 1,041 | | $ | 12,933 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Investment | | Energy | | Automotive | | Food
Packaging | | Real
Estate | | Home
Fashion | | Pharma | | Holding
Company | | Consolidated | | | | (in millions) | ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | 16 | | $ | 511 | | $ | 14 | | $ | 9 | | $ | 31 | | $ | 4 | | $ | 26 | | $ | 839 | | $ | 1,450 | Cash held at consolidated affiliated partnerships and restricted cash | | | 1,788 | | | — | | | 8 | | | — | | | — | | | 3 | | | — | | | 170 | | | 1,969 | Investments | | | 2,146 | | | 17 | | | — | | | — | | | 88 | | | — | | | — | | | — | | | 2,251 | Accounts receivable, net | | | — | | | 235 | | | 25 | | | 60 | | | 10 | | | 27 | | | 36 | | | — | | | 393 | Related party notes receivable, net | | | — | | | — | | | — | | | — | | | 129 | | | — | | | — | | | — | | | 129 | Inventories, net | | | — | | | 472 | | | 165 | | | 97 | | | — | | | 87 | | | 24 | | | — | | | 845 | Property, plant and equipment, net | | | — | | | 2,333 | | | 351 | | | 141 | | | 787 | | | 55 | | | — | | | 3 | | | 3,670 | Goodwill and intangible assets, net | | | — | | | 139 | | | 316 | | | 21 | | | — | | | 21 | | | 142 | | | — | | | 639 | Other assets | | | 1,661 | | | 422 | | | 369 | | | 79 | | | 79 | | | 15 | | | 8 | | | 236 | | | 2,869 | Total assets | | $ | 5,611 | | $ | 4,129 | | $ | 1,248 | | $ | 407 | | $ | 1,124 | | $ | 212 | | $ | 236 | | $ | 1,248 | | $ | 14,215 | LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | Accounts payable, accrued expenses and other liabilities | | $ | 606 | | $ | 1,079 | | $ | 772 | | $ | 117 | | $ | 32 | | $ | 34 | | $ | 67 | | $ | 84 | | $ | 2,791 | Securities sold, not yet purchased, at fair value | | | 1,382 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,382 | Debt | | | — | | | 1,765 | | | 21 | | | 142 | | | 1 | | | 23 | | | — | | | 4,664 | | | 6,616 | Total liabilities | | | 1,988 | | | 2,844 | | | 793 | | | 259 | | | 33 | | | 57 | | | 67 | | | 4,748 | | | 10,789 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Equity attributable to Icahn Enterprises | | | 2,711 | | | 722 | | | 455 | | | 139 | | | 1,091 | | | 155 | | | 169 | | | (3,500) | | | 1,942 | Equity attributable to non-controlling interests | | | 912 | | | 563 | | | — | | | 9 | | | — | | | — | | | — | | | — | | | 1,484 | Total equity | | | 3,623 | | | 1,285 | | | 455 | | | 148 | | | 1,091 | | | 155 | | | 169 | | | (3,500) | | | 3,426 | Total liabilities and equity | | $ | 5,611 | | $ | 4,129 | | $ | 1,248 | | $ | 407 | | $ | 1,124 | | $ | 212 | | $ | 236 | | $ | 1,248 | | $ | 14,215 |
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