v3.26.1
Segment Reporting (Tables)
6 Months Ended
Jun. 30, 2026
Segment Reporting  
Schedule of condensed statements of operations by segment

Three Months Ended June 30, 2026

  ​ ​ ​

Investment

  ​ ​ ​

Energy

  ​ ​ ​

Automotive

  ​ ​ ​

Food Packaging

  ​ ​ ​

Real Estate

  ​ ​ ​

Home Fashion

  ​ ​ ​

Pharma

  ​ ​ ​

Holding Company

  ​ ​ ​

Consolidated

(in millions)

Revenues:

Net sales

$

$

2,738

$

199

$

90

$

$

39

$

15

$

$

3,081

Other revenues from operations

 

 

 

154

 

 

19

 

 

2

 

 

175

Net loss from investment activities

 

(334)

 

 

 

 

 

 

 

 

(334)

Interest and dividend income

 

31

 

6

 

 

 

5

 

 

 

7

 

49

(Loss) gain on disposition of assets, net

 

 

(2)

 

1

 

 

 

 

 

 

(1)

Other income (loss), net

 

 

3

 

 

 

3

 

(1)

 

 

 

5

 

(303)

 

2,745

 

354

 

90

 

27

 

38

 

17

 

7

 

2,975

Expenses:

Cost of goods sold

 

 

2,632

 

135

 

78

 

 

29

 

9

 

 

2,883

Other expenses from operations

 

 

 

124

 

 

23

 

 

 

 

147

Dividend expense

 

5

 

 

 

 

 

 

 

 

5

Selling, general and administrative

 

2

 

41

 

109

 

13

 

5

 

11

 

14

 

8

 

203

Restructuring, net

1

1

2

Interest expense

 

2

 

32

 

 

3

 

 

 

 

84

 

121

 

9

 

2,705

 

368

 

95

 

28

 

40

 

24

 

92

 

3,361

(Loss) income before income tax benefit

 

(312)

 

40

 

(14)

 

(5)

 

(1)

 

(2)

 

(7)

 

(85)

 

(386)

Income tax (expense) benefit

 

 

(6)

 

4

 

(1)

 

 

 

 

1

 

(2)

Net (loss) income

 

(312)

 

34

 

(10)

 

(6)

 

(1)

 

(2)

 

(7)

 

(84)

 

(388)

Less: net (loss) income attributable to non-controlling interests

 

(74)

 

41

 

 

 

 

 

 

 

(33)

Net loss attributable to Icahn Enterprises

$

(238)

$

(7)

$

(10)

$

(6)

$

(1)

$

(2)

$

(7)

$

(84)

$

(355)

Supplemental information:

Capital expenditures

$

$

43

$

21

$

7

$

9

$

$

$

$

80

Depreciation and amortization

$

$

95

$

12

$

5

$

8

$

2

$

2

$

$

124

Three Months Ended June 30, 2025

  ​ ​ ​

Investment

  ​ ​ ​

Energy

  ​ ​ ​

Automotive

  ​ ​ ​

Food Packaging

  ​ ​ ​

Real Estate

  ​ ​ ​

Home Fashion

  ​ ​ ​

Pharma

  ​ ​ ​

Holding Company

  ​ ​ ​

Consolidated

(in millions)

Revenues:

Net sales

$

$

1,761

$

209

$

97

$

1

$

42

$

33

$

$

2,143

Other revenues from operations

 

 

 

154

 

 

17

 

 

1

 

 

172

Net loss from investment activities

 

(74)

 

 

 

 

 

 

 

 

(74)

Interest and dividend income

 

46

 

6

 

1

 

 

 

 

1

 

15

 

69

Gain (loss) on disposition of assets, net

 

 

1

 

(2)

 

 

48

 

 

 

 

47

Other income, net

 

8

 

1

 

 

 

1

 

 

(1)

 

3

 

12

 

(20)

 

1,769

 

362

 

97

 

67

 

42

 

34

 

18

 

2,369

Expenses:

Cost of goods sold

 

 

1,839

 

144

 

85

 

1

 

33

 

16

 

 

2,118

Other expenses from operations

 

 

 

137

 

 

17

 

 

 

 

154

Dividend expense

 

7

 

 

 

 

 

 

 

 

7

Selling, general and administrative

 

3

 

42

 

113

 

13

 

6

 

10

 

14

 

6

 

207

Impairment

2

2

Restructuring, net

(2)

(2)

Interest expense

4

 

36

 

1

 

3

 

 

1

 

 

84

 

129

 

14

 

1,917

 

395

 

101

 

24

 

44

 

30

 

90

 

2,615

(Loss) income before income tax (expense) benefit

 

(34)

 

(148)

 

(33)

 

(4)

 

43

 

(2)

 

4

 

(72)

 

(246)

Income tax benefit (expense)

 

 

46

 

8

 

1

 

 

 

 

(10)

 

45

Net (loss) income

 

(34)

 

(102)

 

(25)

 

(3)

 

43

 

(2)

 

4

 

(82)

 

(201)

Less: net (loss) income attributable to non-controlling interests

 

(18)

 

(18)

 

 

 

 

 

 

 

(36)

Net (loss) income attributable to Icahn Enterprises

$

(16)

$

(84)

$

(25)

$

(3)

$

43

$

(2)

$

4

$

(82)

$

(165)

Supplemental information:

Capital expenditures

$

$

41

$

22

$

9

$

21

$

3

$

$

$

96

Depreciation and amortization

$

$

94

$

17

$

5

$

7

$

2

$

7

$

$

132

Six Months Ended June 30, 2026

  ​ ​ ​

Investment

  ​ ​ ​

Energy

  ​ ​ ​

Automotive

  ​ ​ ​

Food Packaging

  ​ ​ ​

Real Estate

  ​ ​ ​

Home Fashion

  ​ ​ ​

Pharma

  ​ ​ ​

Holding Company

  ​ ​ ​

Consolidated

(in millions)

Revenues:

Net sales

$

$

4,718

$

386

$

177

$

3

$

78

$

30

$

$

5,392

Other revenues from operations

 

 

 

296

 

 

37

 

 

3

 

 

336

Net loss from investment activities

 

(634)

 

 

 

 

 

 

 

(2)

 

(636)

Interest and dividend income

 

62

 

11

 

 

 

9

 

 

 

14

 

96

Loss on disposition of assets, net

 

 

(3)

 

 

 

 

 

 

 

(3)

Other (loss) income, net

 

 

(14)

 

 

1

 

10

 

(1)

 

 

 

(4)

 

(572)

 

4,712

 

682

 

178

 

59

 

77

 

33

 

12

 

5,181

Expenses:

Cost of goods sold

 

 

4,727

 

258

 

156

 

3

 

61

 

18

 

 

5,223

Other expenses from operations

 

 

 

246

 

 

42

 

 

 

 

288

Dividend expense

 

10

 

 

 

 

 

 

 

 

10

Selling, general and administrative

 

6

 

88

 

218

 

26

 

10

 

21

 

28

 

15

 

412

Restructuring, net

1

1

2

Interest expense

 

3

 

63

 

1

 

6

 

 

1

 

 

170

 

244

 

19

 

4,878

 

723

 

189

 

55

 

83

 

47

 

185

 

6,179

(Loss) income before income tax benefit

 

(591)

 

(166)

 

(41)

 

(11)

 

4

 

(6)

 

(14)

 

(173)

 

(998)

Income tax benefit (expense)

 

 

27

 

11

 

(2)

 

 

 

 

11

 

47

Net (loss) income

 

(591)

 

(139)

 

(30)

 

(13)

 

4

 

(6)

 

(14)

 

(162)

 

(951)

Less: net (loss) income attributable to non-controlling interests

 

(143)

 

7

 

 

(1)

 

 

 

 

 

(137)

Net (loss) income attributable to Icahn Enterprises

$

(448)

$

(146)

$

(30)

$

(12)

$

4

$

(6)

$

(14)

$

(162)

$

(814)

Supplemental information:

Capital expenditures

$

$

90

$

68

$

16

$

19

$

1

$

$

$

194

Depreciation and amortization

$

$

191

$

24

$

9

$

16

$

3

$

4

$

$

247

Six Months Ended June 30, 2025

  ​ ​ ​

Investment

  ​ ​ ​

Energy

  ​ ​ ​

Automotive

  ​ ​ ​

Food Packaging

  ​ ​ ​

Real Estate

  ​ ​ ​

Home Fashion

  ​ ​ ​

Pharma

  ​ ​ ​

Holding Company

 

Consolidated

(in millions)

 

Revenues:

  ​ ​ ​

  ​

  ​

  ​

  ​

  ​

  ​

  ​

  ​

 

  ​

Net sales

$

$

3,407

$

407

$

191

$

1

$

83

$

56

$

$

4,145

Other revenues from operations

 

 

 

305

 

 

34

 

 

1

 

 

340

Net loss from investment activities

 

(468)

 

 

 

 

 

 

 

 

(468)

Interest and dividend income

 

101

 

16

 

2

 

 

 

 

1

 

32

 

152

(Loss) gain on disposition of assets, net

 

 

(4)

 

 

48

 

 

 

 

44

Other income (loss), net

 

15

 

3

 

 

2

 

1

 

(1)

 

 

3

 

23

 

(352)

 

3,426

 

710

 

193

 

84

 

82

 

58

 

35

 

4,236

Expenses:

 

Cost of goods sold

 

 

3,587

 

288

 

165

 

1

 

64

 

29

 

 

4,134

Other expenses from operations

 

 

 

272

 

 

33

 

 

 

 

305

Dividend expense

 

15

 

 

 

 

 

 

 

 

15

Selling, general and administrative

 

7

 

86

 

218

 

25

 

11

 

21

 

27

 

13

 

408

Impairment

 

 

 

 

12

 

 

 

 

 

12

Restructuring, net

5

5

Interest expense

 

10

 

71

 

2

 

6

 

 

1

 

 

167

 

257

 

32

 

3,744

 

780

 

213

 

45

 

86

 

56

 

180

 

5,136

(Loss) income before income tax (expense) benefit

 

(384)

 

(318)

 

(70)

 

(20)

 

39

 

(4)

 

2

 

(145)

 

(900)

Income tax benefit (expense)

 

 

99

 

18

 

3

 

 

 

 

(1)

 

119

Net (loss) income

 

(384)

 

(219)

 

(52)

 

(17)

 

39

 

(4)

 

2

 

(146)

 

(781)

Less: net (loss) income attributable to non-controlling interests

 

(144)

 

(49)

 

 

(1)

 

 

 

 

 

(194)

Net (loss) income attributable to Icahn Enterprises

$

(240)

$

(170)

$

(52)

$

(16)

$

39

$

(4)

$

2

$

(146)

$

(587)

Supplemental information:

 

Capital expenditures

$

$

92

$

46

$

16

$

25

$

5

$

$

$

184

Depreciation and amortization

$

$

178

$

34

$

10

$

11

$

3

$

14

$

$

250

Schedule of condensed balance sheets by segment

June 30, 2026

Investment

Energy

Automotive

Food
Packaging

Real
Estate

Home
Fashion

Pharma

Holding
Company

Consolidated

(in millions)

ASSETS

Cash and cash equivalents

$

13

$

737

$

24

$

8

$

34

$

2

$

22

$

381

$

1,221

Cash held at consolidated affiliated partnerships and restricted cash

 

1,790

 

 

10

 

 

2

 

2

 

 

167

 

1,971

Investments

 

1,388

 

12

 

 

 

98

 

 

 

 

1,498

Accounts receivable, net

 

 

327

 

29

 

67

 

13

 

27

 

25

 

 

488

Related party note receivable

136

136

Inventories, net

 

 

603

 

161

 

105

 

 

86

 

23

 

 

978

Property, plant and equipment, net

 

 

2,282

 

366

 

148

 

765

 

52

 

 

3

 

3,616

Goodwill and intangible assets, net

 

 

130

 

312

 

20

 

 

20

 

137

 

 

619

Other assets

 

1,132

 

378

 

388

 

80

 

109

 

22

 

9

 

245

 

2,363

Total assets

$

4,323

$

4,469

$

1,290

$

428

$

1,157

$

211

$

216

$

796

$

12,890

LIABILITIES AND EQUITY

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

 

Accounts payable, accrued expenses and other liabilities

$

752

$

1,578

$

711

$

110

$

28

$

38

$

63

$

75

$

3,355

Securities sold, not yet purchased, at fair value

 

1,000

 

 

 

 

 

 

 

 

1,000

Debt

 

 

1,783

 

25

 

129

 

1

 

25

 

 

4,426

 

6,389

Total liabilities

 

1,752

 

3,361

 

736

 

239

 

29

 

63

 

63

 

4,501

 

10,744

Equity attributable to Icahn Enterprises

 

1,978

 

575

 

554

 

178

 

1,128

 

148

 

153

 

(3,705)

 

1,009

Equity attributable to non-controlling interests

 

593

 

533

 

 

11

 

 

 

 

 

1,137

Total equity

 

2,571

 

1,108

 

554

 

189

 

1,128

 

148

 

153

 

(3,705)

 

2,146

Total liabilities and equity

$

4,323

$

4,469

$

1,290

$

428

$

1,157

$

211

$

216

$

796

$

12,890

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 June 30, 

Six Months Ended June 30, 

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

(in millions)

Petroleum products

$

2,536

$

1,558

4,336

$

3,033

Nitrogen fertilizer products

 

202

 

167

 

382

 

310

Other

 

 

36

 

 

64

$

2,738

$

1,761

$

4,718

$

3,407

Automotive  
Segment Reporting  
Schedule of disaggregation of revenue

Three Months Ended June 30, 

Six Months Ended June 30, 

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

(in millions)

Automotive Services

$

341

$

355

$

665

$

688

Other

2

Total revenue from customers

$

341

$

355

665

690

Lease revenue outside the scope of ASC 606

12

8

17

22

Total Automotive net sales and other revenues from operations

$

353

$

363

$

682

$

712