Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of condensed statements of operations by segment


	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

Schedule of condensed balance sheets by segment


	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

Energy

Segment Reporting

Schedule of disaggregation of revenue


	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

Segment Reporting

Schedule of disaggregation of revenue


	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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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