IEP

- Pfizer paid $9.8B in dividends in 2025 while earning only $7.7B in net income, marking the third straight year its payout exceeded its profit. - Icahn Enterprises yields near 30% but lost money every year from 2021 to 2025 and has already slashed its quarterly payout from $2.00 to $0.50. - Dow halved its dividend yet still failed to cover it from operating cash in 2025, posting a $2.6B net loss the same year. - Building a portfolio and living off one are two completely different skills, and almost nobody teaches the second. This problem is what The Definitive Guide to Retirement Income helps, and it is free today. Read more here. (Sponsor) Pfizer (NYSE:PFE) paid $9.771 billion in dividends in 2025 and earned net income of $7.746 billion. That was the third straight year the payout ran ahead of profit. When this repeats year after year, it is company policy. A high yield lasts only as long as the cash behind it does. Open the cash flow statement and compare three lines: cash from operations, dividends paid, and net borrowing in the financing section. If dividends beat operating cash minus capital spending for several years while debt climbs, the company is borrowing to pay owners. For a REIT, use AFFO (adjusted funds from operations). For a partnership, use distributable cash and net asset value. Icahn Enterprises (NASDAQ:IEP) pays $0.50 per unit quarterly. At $6.67, that yields near 30%. Units have fallen 65.56% over five years. Net income was negative every year from 2021 through 2025, ranging from $604 million in 2021 to $293 million in 2025. In 2025, operating cash flow was -$313 million while distributions totaled $288 million. In Q2 2026, net asset value dropped $765 million to about $2.60 billion. Total liabilities stand at $10.74 billion against equity of $1.01 billion. The quarterly payout has been cut from $2.00 to $1.00 to $0.50. ------ Many successful investors eventually reach the same moment. The saving is done, the portfolio is built, and the question quietly changes from how much can I grow this to how much can I take out? Get that second question wrong and decades of good investing can come apart in a handful of years. That is exactly what The Definitive Guide to Retirement Income helps answer. It covers what your retirement could actually cost, which income sources are worth using, and the withdrawal math that decides whether the money lasts. It is free today from Fisher Investments. Read More Here › ------ For the payout to hold, the pending $700 million Pep Boys sale needs to close and the hedge book needs to stop losing money. Hedges cost $243 million in the second quarter. BCE (NYSE:BCE) declared a quarterly dividend of $0.315, yielding about 6.38% at $19.74. The stock is down 44.7% over five years. BCE failed the check three years running. Operating cash minus capital spending came to C$3.229 billion, C$3.182 billion and C$2.56 billion from 2022 through 2024. Dividends in those years were C$3.448 billion, C$3.668 billion and C$3.8 billion. Net income in 2024 was only C$344 million. Interest expense climbed to C$1.775 billion in 2025 from C$1.516 billion in 2023. In 2025 the payment dropped from 0.718 to 0.319. After that reset, 2025 operating cash of C$6.993 billion covered capital spending of C$3.7 billion and dividends of C$2.177 billion. Risk comes from new spending: BCE plans $1.7 billion in extra capital for an AI data centre, funded with debt and cash, on top of $42.38 billion in liabilities against $17.37 billion of equity. Dow (NYSE:DOW) pays $0.35 quarterly, about 4.92% at $28.43. The company halved the payout from $0.70. In 2024, operating cash minus capital spending came to -$151 million before Dow paid $1.966 billion in dividends. In 2025, operating cash of $1.032 billion did not cover $1.49 billion in dividends, and the company lost $2.623 billion. Net interest expense grew to $713 million from $611 million. Q2 2026 brought relief. Free cash flow was $692 million and adjusted EPS of $1.44 beat the $1.28 estimate, driven by a 30% rise in polyethylene prices. To keep the payout safe, those prices must hold and Dow must deliver more than $1.30 billion in savings from its Transform to Outperform cost program. Pfizer yields 6.25%. Its quarterly dividend rose from $0.39 in 2021 to $0.43, a steady record that attracts income investors. In 2023, operating cash of $8.7 billion was not enough to cover $9.247 billion in dividends. In 2025, operating cash minus capital spending was $9.076 billion, still short of the payout. In Q2 2026, operating cash of $835 million covered only part of the $2.451 billion paid out, and the quarter ended with a $238 million net loss. Net debt stands at 3.26 times EBITDA and return on invested capital is -1.29%. Pfizer reaffirmed adjusted EPS guidance of $2.80 to $3.00 and the Vyndamax settlement extends U.S. exclusivity into 2031. Generic and biosimilar competition is expected to cut about $1.5 billion from revenue. Western Union (NYSE:WU) pays $0.235 quarterly, about 15.38% at $6.11. Shares have slid 54.53% over five years. Operating cash fell below the dividend in Q2 2024 (-$33.8 million against $81.8 million) and again a year later (-$0.3 million against $76.8 million). In both quarters of 2026, operating cash minus capital spending ($62.2 million and $63.5 million) was not enough to cover dividends of $79.4 million and $73.4 million. Liabilities total $7.05 billion against equity of $914.7 million. Adjusted EPS of $0.31 missed the $0.42 estimate. Management guided to full-year adjusted EPS of $1.25 to $1.35, assuming the Intermex deal closes on schedule. CEO Devin McGranahan said the company must "accelerate cost reductions more forcefully." Omega Healthcare Investors (NYSE:OHI) raised its quarterly dividend to $0.68, about 6% at $45.36. Shares are up 126.98% over five years. Operating cash was not enough to cover dividends in 2022 ($625.7 million against $632.9 million) and 2023 ($626.5 million against $643.9 million). For a REIT, AFFO is the right yardstick. The dividend uses about 84% of AFFO guidance midpoint of $3.22 to $3.26. That margin is thin. Genesis Healthcare, still in Chapter 11, owes Omega $148.5 million and some portfolios cover rent only 0.87x. Operating cash of $878.6 million in 2025 covered dividends of $780.4 million. A dividend cut usually drags shares down, so income investors lose both the payout and principal. Before trusting any yield, run the three-line check across several years of statements. If borrowing keeps the payout going, the business is falling short of earning it. (We cataloged seven warning signs that a big yield is about to be cut in a free report here, and most of the names above triggered more than one of them.) (Sponsor) Most people spend their entire working lives focusing on one thing: growing a pile of money. Then they retire and discover the skill they actually need is close to the opposite. Turning that pile into steady income, year after year, through good markets and bad, without ever running out. It may be the least discussed and most consequential transition in personal finance, and plenty of otherwise careful investors walk into it with no real plan. That is exactly what The Definitive Guide to Retirement Income helps answer. It is a free guide from Fisher Investments covering what your retirement will really cost, where the cash flow should come from, and how much you can safely withdraw each year. Learn more here. Learn More Here › Contact [email protected] for any questions or corrections.

Carl Icahn bought nearly 69 million IEP units across two quarters at prices ranging from roughly $7.30 to $7.67, lifting his stake to 132 million units (18.65%). CVI, IEP's anchor holding, surged 116% year to date and crushed Q2 estimates, making IEP a leveraged bet on the CVR refining thesis. IEP's unit count rises mechanically each quarter through distribution reinvestment, so Icahn's accumulation isn't purely open-market conviction buying. Just released. Our analysts combed the entire stock market and named the ten best stocks to buy right now, and Icahn Enterprises didn't make the cut. Enter your email to see the names that beat IEP. The report is free. Enter your email and see if any of your stocks made the cut. Carl Icahn kept doing what he has been doing all year: Buying his own holding company. A Form 4 dated June 25 disclosed the acquisition of another 36,456,030 depositary units of Icahn Enterprises (NASDAQ:IEP) at $7.2956 per unit. That followed an April 17 acquisition of 32,536,774 units at $7.67. Two consecutive quarters of large-block additions pushed his beneficial ownership from 124,334,891 units (18.56% of the class) on April 17 to 132,123,972 units (18.65%) reported on June 29. Icahn Enterprises is a master limited partnership, and the controlling unitholder is the same person running the investment strategy. That changes how a retirement-focused reader should interpret "insider buying." IEP pays a $0.50 per depositary unit quarterly distribution, declared Aug. 3, with a record date of Aug. 17 and payment on Sept. 23. Unitholders can elect cash or additional units, and the default election is additional units. Icahn's unit count mechanically rises each quarter through that reinvestment. A quarterly filing does not break out how any specific block was obtained, so the accumulation reflects a mix of mechanisms rather than a clean open-market conviction trade. Free Report, Just Released Why Didn't IEP Make The Top 10 List? 24/7 Wall St has helped investors make money for over two decades, and our top analysts just finished ranking the definitive Top 10 Stocks To Buy Now. Not the ten biggest companies. Not the ten everyone is arguing about. The ten best stocks to buy right now. And IEP didn't make the cut! The report is free, and you can see why we think each stock is a top investment today. Enter Your Email and See the Ten → The tension worth flagging: the share count rose sharply across the June quarter while the units traded in a narrow band. IEP is down nearly 7% year to date (YTD) to $6.96 as of midday Sept. 18, and over the five year years, the stock has fallen more than 86%. Growing unit count into a depressed price means the disclosed dollar value of the position barely moves even as the ownership stake expands. That is the concentration story in one sentence. The anchor investment inside IEP is CVR Energy (NYSE:CVI), where Icahn holds 71,201,875 shares as of Feb. 24. CVR just posted adjusted Q2 EPS of 34 cents versus the 11-cent consensus on revenue of $2.738 billion, up 40.8% year over year, and the stock is up nearly 113% YTD to $53.56. Icahn's stated view is that "CVR will eventually be on the list of undervalued assets that prove to be extremely profitable for us." Accumulating IEP units is the levered way to express that call. On the other side of the ledger, the JetBlue chapter closed. A Schedule 13D/A filed Aug. 20, reported 0% ownership of JetBlue Airways (NASDAQ:JBLU), down from 10,167,730 shares (2.73%) on June 9. No current American Electric Power (NASDAQ:AEP) position appears in the disclosed holdings data. Both exits simply cleared room in the portfolio rather than signaling a company-specific verdict. Following this trade means underwriting two things: the CVR refining thesis and the willingness to hold a highly concentrated MLP whose Q2 indicative NAV fell $765 million to roughly $2.60 billion after a $435 million mark-down on the CVI position. Extreme single-name concentration is a risk characteristic, and IEP wears it plainly. What to watch in the next filing is whether the unit count keeps climbing and whether the CVI stake stays intact. If both hold, the concentration is still increasing, and Icahn is still doubling down on himself. If you have cash sitting in your account right now, give this two minutes. After more than two decades of helping investors beat the market, our top analysts at 24/7 Wall St. put together a definitive report on the Top 10 Stocks To Buy Today. And IEP wasn't one of them. They combed the entire market. It's not 10 ideas, not 10 stocks everyone is talking about, it's what their research points to as the 10 best stocks to buy right now, and it's free. Read more here and >;elm:context_link;itc:0;sec:content-canvas" data-yga="{"yLinkElement":"context_link","yModuleName":"content-canvas","yLinkText":"see which stocks made the list -->"}" class="link ">see which stocks made the list -->> Contact [email protected] for any questions or corrections.

Interested in Icahn Enterprises L.P.? Here are five stocks we like better. Second-quarter results worsened: Icahn Enterprises reported a $355 million net loss, or $0.52 per depositary unit, compared with a $165 million loss a year earlier. Adjusted EBITDA swung to a $134 million loss from $40 million of positive EBITDA. Pep Boys sale expected to improve liquidity: IEP agreed to sell Pep Boys for $700 million, with closing expected in the third quarter. Proceeds will partly address upcoming debt maturities, while IEP retains related real estate, franchise businesses and certain liabilities. Investment-fund losses weighed on NAV, while energy improved: The funds posted a negative 7.7% return excluding refining hedges, contributing to a $765 million quarterly NAV decline. Energy adjusted EBITDA rose to $102 million from $40 million, helped by strong refining utilization and fertilizer demand. 3 High Dividend Stocks To Beat Treasury Yields Icahn Enterprises (NASDAQ:IEP) reported a second-quarter 2026 net loss attributable to the company of $355 million, or $0.52 per depositary unit, compared with a $165 million loss, or $0.30 per unit, a year earlier. Adjusted EBITDA attributable to IEP was a loss of $134 million, compared with adjusted EBITDA of $40 million in the prior-year quarter. President and CEO Ted Papapostolou said indicative net asset value declined by $765 million from the first quarter, primarily reflecting a $243 million decrease in the investment funds and a $435 million decline at CVI. The second-quarter NAV included an estimated gain of about $100 million from the anticipated sale of Pep Boys. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Is This The Collapse of Icahn Enterprises ? Updating market-value subsidiaries and investments through July, Papapostolou said NAV increased by $268 million, as a $575 million increase at CVI more than offset an approximately $312 million decline in the funds. In July, IEP entered a definitive agreement to sell Pep Boys for $700 million, subject to customary closing conditions and purchase-price adjustments. The company expects the transaction to close during the third quarter. → 3 Drone Stocks That Should Soar After the Summer Slump IEP will retain real estate previously transferred from Pep Boys, along with the AAMCO and Precision Tune Auto Care franchise businesses and certain retained liabilities, including Supercenter leases. Pep Boys is expected to lease most of the retained locations from IEP following the closing. “This transaction represents the culmination of years of hard work and disciplined execution,” Papapostolou said, describing the sale as a validation of the company’s multiyear transformation plan for the automotive business. → The Bitcoin Comeback May Already Be Underway—2 ETFs for Exposure The company said it expects to use a portion of sale proceeds to address upcoming debt maturities. CFO Robert Flint said the real estate segment is expected to include more than 400 owned and leased locations after the transaction closes, with Pep Boys serving as the primary tenant. For assumed Supercenter locations, Pep Boys will sublease its operating space while IEP may lease excess space to third-party tenants. The board declared an unchanged quarterly distribution of $0.50 per depositary unit. IEP’s investment funds generated a negative return of 7.7% during the quarter excluding refining hedges, and a negative return of 10.9% including those hedges. Long positions contributed positive performance attribution of 3.9%, while short positions had negative attribution of 15.5%. The funds had net short notional exposure of 30% at quarter-end, compared with 29% at the end of the first quarter. Excluding refining hedges, the funds had net long notional exposure of 23%, compared with net short exposure of 2% at the prior quarter-end. IEP’s investment in the funds totaled about $2 billion at quarter-end, including approximately $741 million in cash. The energy segment’s adjusted EBITDA attributable to IEP rose to $102 million from $40 million a year earlier. Flint said refining operations posted crude utilization above 98%, though margins were pressured by higher Renewable Fuel Standard obligation costs. The fertilizer business benefited from strong spring planting-season demand. Papapostolou said CVI underwent a leadership transition following its CEO’s departure for personal reasons, but added that the company’s experienced management bench enabled a seamless transition. He said geopolitical developments continued to create energy-market volatility but also could create attractive opportunities during the remainder of 2026. CVI declared a $0.10 per-share dividend. Automotive service revenue declined by $14 million from the prior-year quarter, primarily due to store closures during 2025, partly offset by improved pricing. Same-store sales were flat. Real estate adjusted EBITDA increased by $9 million, driven by income from assets transferred from automotive. That included $9 million of intercompany rent from Pep Boys and $2 million from third-party tenants. Food packaging adjusted EBITDA declined by $2 million amid lower volume and restructuring-related disruption, while home fashions EBITDA fell $1 million due to softer hospitality demand and supply-chain disruption in the Strait of Hormuz. Pharma adjusted EBITDA decreased by $14 million, reflecting lower sales amid generic competition in its anti-obesity drug therapy and higher research and development spending. Flint said preparations for the TRANSCEND trial for the company’s PAH drug remained on schedule. At quarter-end, the holding company had $2.4 billion of cash and investments in the funds, while subsidiaries had $1.4 billion of cash and revolver availability. After the quarter ended, the company’s investment in the funds fell to approximately $1.7 billion as of the end of July, resulting in holding-company liquidity of roughly $2 billion, Flint said. Icahn Enterprises L.P. (NASDAQ: IEP) is a diversified holding company based in New York City. Controlled by veteran investor Carl C. Icahn, the partnership makes strategic investments and owns wholly or partially controlled subsidiaries across a broad range of industries. With a flexible capital structure, Icahn Enterprises seeks to generate long-term value through active ownership, asset optimization and operational improvements. The company reports its activities through five principal business segments. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Icahn Enterprises Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

SUNNY ISLES BEACH, Fla., Aug. 5, 2026 /PRNewswire/ -- Q2 2026 Adjusted EBITDA loss attributable to IEP was $134 million, compared to Adjusted EBITDA attributable to IEP of $40 million in Q2 2025 Q2 2026 net loss attributable to IEP was $355 million, compared to a net loss of $165 million in Q2 2025 Indicative Net Asset Value was approximately $2.6 billion as of June 30, 2026, a decrease of $765 million compared to March 31, 2026. This decrease was primarily due to a decrease of $435 million in the value of our long position in CVI and a decrease of $243 million related to the Holding Company's interest in the Investment Funds primarily driven by net losses from broad market hedges. IEP declares second quarter distribution of $0.50 per depositary unit Statement from Mr. Icahn IEP Chairman Carl C. Icahn stated: "Over the years, we have maintained a significant hedge position against our refining investments. While I believe this strategy has generally served well in mitigating risk, our results this quarter were impacted by exceptional geopolitical events that disproportionately affected our long refining exposure versus crack spreads and other short refinery positions. Importantly, the strong rebound in our refining investment during July underscores the temporary nature of these dislocations and highlights the timing differences that can occur between our underlying positions and related hedges. In addition, we are continuing to right-size our hedge portfolio to better align with our underlying exposures. We believe these adjustments will help reduce periodic volatility, improve the consistency of our performance, and support more balanced risk-adjusted returns going forward. Throughout the history of IEP, there have been periods when many of our controlled positions (where we have owned more than 50%) have been undervalued and I believe such a period exists today. Some examples of undervalued controlled positions ultimately becoming profitable for us due to our activism and patience as long-term holders include Pep Boys, the Nashville East Bank Scrapyard, PSC Metals, Ferrous Resources, American Railcar Industries, Tropicana Entertainment, Federal-Mogul, the Fontainebleau Las Vegas, American Railcar Leasing and the Stratosphere Hotel and Casino, each of which was sold for a value in excess of the value at which they were carried on our books. A good current example of one of these is CVR Energy, of which we own 71%. I believe the current market environment is breeding extremely attractive opportunities for refineries such as CVR given the huge capital commitments and exceedingly long time necessary to build new refineries, as well as the threats to existing worldwide refining infrastructure resulting from the current geopolitical situation. I believe that CVR will eventually be on the list of undervalued assets that prove to be extremely profitable for us just as the ones mentioned above and, together with the CVR management team, we are actively focused on opportunities to increase long-term value. My optimism is also buoyed by our liquidity position and I look forward to updating our unitholders next quarter." Financial Summary For the three months ended June 30, 2026, revenues were $3.0 billion and net loss attributable to IEP was $355 million, or a loss of $0.52 per depositary unit. For the three months ended June 30, 2025, revenues were $2.4 billion and net loss attributable to IEP was $165 million, or a loss of $0.30 per depositary unit. Adjusted EBITDA loss attributable to IEP was $134 million for the three months ended June 30, 2026, compared to Adjusted EBITDA attributable to IEP of $40 million for the three months ended June 30, 2025.[1] For the six months ended June 30, 2026, revenues were $5.2 billion and net loss attributable to IEP was $814 million, or a loss of $1.22 per depositary unit. For the six months ended June 30, 2025, revenues were $4.2 billion and net loss attributable to IEP was $587 million, or a loss of $1.08 per depositary unit. Adjusted EBITDA loss attributable to IEP was $350 million for the six months ended June 30, 2026, compared to Adjusted EBITDA loss attributable to IEP of $188 million for the six months ended June 30, 2025.1 As of June 30, 2026, indicative net asset value decreased $765 million compared to March 31, 2026. This decrease was primarily due to a decrease of $435 million in the value of our long position in CVI and a decrease of $243 million related to the Holding Company's interest in the Investment Funds primarily driven by net losses from broad market hedges. On August 3, 2026, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $0.50 per depositary unit, which will be paid on or about September 23, 2026 to depositary unitholders of record at the close of business on August 17, 2026. Depositary unitholders will have until September 11, 2026 to make a timely election to receive either cash or additional depositary units. If a unitholder does not make a timely election, it will automatically be deemed to have elected to receive the distribution in additional depositary units. Depositary unitholders who elect to receive (or who are deemed to have elected to receive) additional depositary units will receive units valued at the volume weighted average trading price of the units during the five consecutive trading days ending September 18, 2026. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any unitholders electing to receive (or who are deemed to have elected to receive) depositary units. Icahn Enterprises L.P., a master limited partnership, is a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. Caution Concerning Forward-Looking Statements This release may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises and its subsidiaries. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors, including risks related to economic downturns, substantial competition and rising operating costs; risks related to our investment activities, including the nature of the investments made by the private funds in which we invest and the impact of the use of leverage through options, short sales, swaps, forwards and other derivative instruments, including the risk of counterparty termination and early settlement of such positions; risks related to our ability to comply with the covenants in our senior notes and the risk of foreclosure on the assets securing our notes; risks related to our ability to refinance our debt; our ability to continue to meet our liquidity needs; declines in the fair value of our investments, losses in the private funds and loss of key employees; risks related to our ability to continue to conduct our activities in a manner so as to not be deemed an investment company under the Investment Company Act of 1940, as amended, or to be taxed as a corporation; risks related to short sellers and associated litigation and regulatory inquiries; risks related to our general partner and controlling unitholder; pledges of our units by our controlling unitholder; risks related to our energy business, including the volatility and availability of crude oil, other feed stocks and refined products, declines in global demand for crude oil, refined products and liquid transportation fuels, unfavorable refining margin (crack spread), interrupted access to pipelines, significant fluctuations in nitrogen fertilizer demand in the agricultural industry and seasonality of results; volatile commodity pricing and higher industry utilization and oversupply risks related to potential strategic transactions involving our Energy segment, and the impact of tariffs; risks related to our automotive activities and exposure to adverse conditions in the automotive industry; risks related to our food packaging activities, including competition from better capitalized competitors, inability of our suppliers to timely deliver raw materials, and the failure to effectively respond to industry changes in casings technology; supply chain issues; inflation, including increased costs of raw materials and shipping; interest rate increases; labor shortages and workforce availability; risks related to our real estate activities, including the extent of any tenant bankruptcies and insolvencies; risks related to our home fashion operations, including changes in the availability and price of raw materials, manufacturing disruptions, and changes in transportation costs and delivery times; the impacts from the Russia/Ukraine conflict and conflict in the Middle East, including the U.S.-Israel and Iran war, and any related economic volatility, disruptions to global commodity markets, export controls and other economic sanctions; political and regulatory uncertainty, including changing economic policy and the imposition of tariffs; and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission including our Annual Report on Form 10-K and our quarterly reports on Form 10-Q under the caption "Risk Factors." Additionally, there may be other factors not presently known to us or which we currently consider to be immaterial that may cause our actual results to differ materially from the forward-looking statements. Past performance in our Investment segment is not indicative of future performance. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise. Use of Non-GAAP Financial Measures The Company uses certain non-GAAP financial measures in evaluating its performance. These include non-GAAP EBITDA and Adjusted EBITDA. EBITDA represents earnings from continuing operations before net interest expense (excluding our Investment Segment), income tax (benefit) expense and depreciation and amortization. We define Adjusted EBITDA as EBITDA excluding certain effects of impairment, restructuring costs, transformation costs, certain pension plan expenses, gains/losses on disposition of assets, gains/losses on extinguishment of debt, the performance of closed stores and including closing costs, Energy segment unrealized gains/losses on hedging contracts, unrealized gains/losses on Renewable Fuel Standard ("RFS") positions, Energy segment inventory revaluation, and certain other non-operational or non-recurring charges. The Energy segment's basis for determining inventory value impacts are under a GAAP First-In, First-Out ("FIFO") basis. Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period. We present EBITDA and Adjusted EBITDA on a consolidated basis and on a basis attributable to Icahn Enterprises net of the effects of non-controlling interests. We conduct substantially all of our operations through subsidiaries. The operating results of our subsidiaries may not be sufficient to make distributions to us. In addition, our subsidiaries are not obligated to make funds available to us for payment of our indebtedness, payment of distributions on our depositary units or otherwise, and distributions and intercompany transfers from our subsidiaries to us may be restricted by applicable law or covenants contained in debt agreements and other agreements to which these subsidiaries currently may be subject or into which they may enter into in the future. The terms of any borrowings of our subsidiaries or other entities in which we own equity may restrict dividends, distributions or loans to us. We believe that providing EBITDA and Adjusted EBITDA to investors has economic substance as these measures provide important supplemental information of our performance to investors and permits investors and management to evaluate the core operating performance of our business without regard to interest (except with respect to our Investment segment), taxes and depreciation and amortization and certain effects of impairment, restructuring costs, certain pension plan expenses, gains/losses on disposition of assets, gains/losses on extinguishment of debt and certain other non-operational charges. Additionally, we believe this information is frequently used by securities analysts, investors and other interested parties in the evaluation of companies that have issued debt. Management uses, and believes that investors benefit from referring to, these non-GAAP financial measures in assessing our operating results, as well as in planning, forecasting and analyzing future periods. Adjusting earnings for these charges allows investors to evaluate our performance from period to period, as well as our peers, without the effects of certain items that may vary depending on accounting methods and the book value of assets. Additionally, EBITDA and Adjusted EBITDA present meaningful measures of performance exclusive of our capital structure and the method by which assets were acquired and financed. Effective March 31, 2026, we modified our calculation of Adjusted EBITDA to exclude the impacts of certain of our Energy segment results, including unrealized gains/losses on hedging contracts, unrealized gains/losses on RFS positions, and inventory revaluation. We believe that this revised presentation improves the supplemental information provided to our investors because management believes these are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful and the significance of these measures have been disproportionately impacted by increased volatility in recent periods. EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis of our results as reported under generally accepted accounting principles in the United States, or U.S. GAAP. For example, EBITDA and Adjusted EBITDA: do not reflect our cash expenditures, or future requirements for capital expenditures, or contractual commitments; do not reflect changes in, or cash requirements for, our working capital needs; and do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments on our debt. Although depreciation and amortization are non-cash charges, the assets being depreciated or amortized often will have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements. Other companies in the industries in which we operate may calculate EBITDA and Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures. In addition, EBITDA and Adjusted EBITDA do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations. EBITDA and Adjusted EBITDA are not measurements of our financial performance under U.S. GAAP and should not be considered as alternatives to net income or any other performance measures derived in accordance with U.S. GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. Given these limitations, we rely primarily on our U.S. GAAP results and use EBITDA and Adjusted EBITDA only as a supplemental measure of our financial performance. Use of Indicative Net Asset Value Data The Company uses indicative net asset value as an additional method for considering the value of the Company's assets, and we believe that this information can be helpful to investors. Please note, however, that the indicative net asset value does not represent the market price at which the depositary units trade. Accordingly, data regarding indicative net asset value is of limited use and should not be considered in isolation. The Company's depositary units are not redeemable, which means that investors have no right or ability to obtain from the Company the indicative net asset value of units that they own. Units may be bought and sold on The Nasdaq Global Select Market at prevailing market prices. Those prices may be higher or lower than the indicative net asset value of the depositary units as calculated by management. See below for more information on how we calculate the Company's indicative net asset value. Indicative net asset value does not purport to reflect a valuation of IEP. The calculated indicative net asset value does not include any value for our Investment Segment other than the fair market value of our investment in the Investment Funds. A valuation is a subjective exercise and indicative net asset value does not necessarily consider all elements or consider in the adequate proportion the elements that could affect the valuation of IEP. Investors may reasonably differ on what such elements are and their impact on IEP. No representation or assurance, express or implied, is made as to the accuracy and correctness of indicative net asset value as of these dates or with respect to any future indicative or prospective results which may vary. Investor Contact:Robert Flint, Chief Financial [email protected] (800) 255-2737 View original content:https://www.prnewswire.com/news-releases/icahn-enterprises-lp-nasdaq-iep-today-announced-its-second-quarter-2026-financial-results-302843590.html

This article first appeared on GuruFocus. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Icahn Enterprises LP (NASDAQ:IEP) expects to close the sale of Pep Boys for $700 million in Q3 2026, which will significantly enhance liquidity and provide financial flexibility to address upcoming debt maturities. The Energy segment showed strong operational performance with crude utilization over 98% in Q2, and adjusted EBITDA attributable to IEP increased to $102 million from $40 million in the prior year quarter. CVI declared a $0.10 per share dividend, reflecting confidence in its asset base and positioning to benefit from global tightness in refined products and nitrogen fertilizer. The real estate segment saw a $9 million increase in adjusted EBITDA, driven by income from assets transferred from the automotive segment, including intercompany rent from Pep Boys. Several key fund positions performed well in Q2, with JetBlue up 30%, Caesars up 14%, and IFF up 9%, contributing positively to the investment portfolio. The holding company maintains substantial liquidity of $2.4 billion in cash and fund investments, with additional subsidiary liquidity of $1.4 billion, providing ample capacity for future opportunities. Icahn Enterprises LP (NASDAQ:IEP) reported a net loss attributable to IEP of $355 million in Q2 2026, a significant increase from the $165 million loss in the prior year quarter. The investment funds delivered a negative return of 10.9% for the quarter, including refining hedges, with short positions contributing a negative performance attribution of 15.5%. Q2 NAV decreased by $765 million, primarily driven by losses in the funds ($243 million) and CVI ($435 million), reflecting challenging market conditions. The Pharma segment saw adjusted EBITDA decrease by $14 million year-over-year due to generic competition in the anti-obesity drug therapy and increased R&D expenses for pivotal drug trials. Home Fashions adjusted EBITDA declined by $1 million due to softening demand in the hospitality business and continued supply chain disruptions in the Strait of Hormuz. Food packaging adjusted EBITDA decreased by $2 million, impacted by lower volume and ongoing disruptive headwinds from the restructuring plan. Warning! GuruFocus has detected 4 Warning Signs with IEP. Is IEP fairly valued? Test your thesis with our free DCF calculator. Q: What drove the decrease in Q2 2026 NAV, and what is the outlook for the energy segment?A: CEO Ted Papapostolou reported that Q2 NAV decreased by $765 million, primarily driven by losses in the funds ($243 million) and CVI ($435 million). This was partially offset by an estimated $100 million gain from the expected sale of Pep Boys. Looking ahead, he noted that geopolitical developments are creating volatility in energy markets, which, while causing near-term uncertainty, also presents attractive opportunities for CVI in the balance of 2026. Q: What are the key details and strategic implications of the Pep Boys sale?A: CEO Ted Papapostolou confirmed a definitive agreement to sell Pep Boys for $700 million, expected to close in Q3 2026. IEP will retain the owned real estate, franchise businesses (AMCO and Precision Tune), and certain liabilities. Pep Boys will lease back most locations, creating an ongoing landlord-tenant relationship. The proceeds are expected to provide significant financial flexibility, with a portion earmarked to address upcoming 2027 debt maturities. Q: What were the primary drivers of the investment funds' negative performance in Q2?A: CFO Robert Flint detailed that the investment funds had a negative return of 7.7% excluding refining hedges, and -10.9% including them. Long positions contributed a positive 3.9%, but short positions had a negative attribution of 15.5%. The funds ended the quarter with a net short notional exposure of 30%, and excluding refining hedges, a net long exposure of 23%. Q: How did the Energy segment perform, and what is the outlook for CVI?A: CFO Robert Flint reported that the Energy segment's adjusted EBITDA attributable to IEP was $102 million in Q2 '26, up from $40 million in Q2 '25. Refining operations were solid with crude utilization over 98%, though margins were impacted by higher RFS obligation costs. The fertilizer segment had strong results due to spring demand. CVI declared a $0.10 per share dividend, and management believes its assets are well-positioned to benefit from global tightness in refined products and nitrogen fertilizer. Q: What is the company's current liquidity position and how will the Pep Boys sale impact it?A: CFO Robert Flint stated that as of quarter end, the holding company had $2.4 billion in cash and fund investments, with subsidiaries holding $1.4 billion in cash and revolver availability. Subsequent to quarter end, holding company liquidity was roughly $2 billion. The expected Q3 closing of the Pep Boys sale is anticipated to further enhance liquidity and provide flexibility to address the 2027 notes maturities. Q: What were the key performance highlights from the top portfolio positions in the funds?A: CEO Ted Papapostolou highlighted several positions: Century reported base revenue and gross profit growth of 36% and 21% in Q2 and announced an acquisition. IFF announced an agreement to sell its food ingredients business, with its stock up 9%. Caesars reported strong regional and digital performance, with stock up 14%. EchoStar completed its license purchase agreement with AT&T, though its stock was down 13%. JetBlue grew revenue per available seat mile by 11%, with its stock up 30%. Q: What is the expected impact of the Pep Boys sale on the Real Estate segment?A: CFO Robert Flint explained that following the closing, the real estate segment is expected to include more than 400 owned and leased locations, with Pep Boys serving as the primary tenant. For assumed Supercenter locations, Pep Boys will enter into subleases for the portion it operates, while IEP retains the ability to lease excess space to third-party tenants. Q2 real estate adjusted EBITDA increased by $9 million, driven by income from assets transferred from the automotive segment. Q: What were the main factors affecting the performance of the other operating segments?A: CFO Robert Flint noted that Food Packaging's adjusted EBITDA decreased by $2 million due to lower volume and restructuring headwinds. Home Fashions decreased by $1 million due to softening demand in hospitality and supply chain disruptions in the Strait of Hormuz. Pharma's adjusted EBITDA decreased by $14 million due to generic competition in its anti-obesity drug and increased R&D expenses for pivotal drug trials, including the TransCen trial for its PAH drug, which remains on schedule. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. Icahn Enterprises (IEP) is back in focus after its latest Q1 earnings report, where revenue and earnings fell short of market expectations and the stock reacted negatively to the update. See our latest analysis for Icahn Enterprises. The Q1 earnings miss has come on top of already weak momentum, with the stock posting a 7 day share price return of down 5.24% and a 30 day share price return of down 5.71%. The 1 year total shareholder return of 6.72% contrasts with a 3 year total shareholder return that has fallen 42.95% and a 5 year total shareholder return that has fallen 66.75%. This hints that sentiment has weakened over time despite short term rallies. If this earnings reaction has you rethinking where you find potential opportunities, it can help to broaden your search and look at 20 top founder-led companies With IEP trading at US$7.59 compared to a US$12.00 analyst target and a value score of 4, the key question now is whether recent weakness has left the stock undervalued, or if the market already reflects its future prospects. Icahn Enterprises last closed at $7.59, while the most followed narrative centers on a fair value of $12, creating a wide gap investors are watching closely. Read the complete narrative. Want to see what kind of margin profile and earnings power this narrative is building toward, and how that ties into a future valuation multiple? The numbers behind it are far more aggressive than the recent history might suggest. Result: Fair Value of $12 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, this depends on key assumptions, including robust refining margins and successful turnarounds in areas such as food packaging and pharma, which could disappoint and pressure earnings. Find out about the key risks to this Icahn Enterprises narrative. Mixed messages in the data can be confusing, so move quickly, review both the concerns and the upside, and weigh the 2 key rewards and 3 important warning signs. If IEP no longer feels like the only place to focus, widen your lens now and let data driven stock lists surface fresh opportunities for you. Target income potential by reviewing companies screened for stronger yields and stability through the 10 dividend fortresses. Hunt for value by scanning stocks that combine quality fundamentals with attractive pricing using the 51 high quality undervalued stocks. Prioritize resilience by checking companies with sturdier finances via the solid balance sheet and fundamentals stocks screener (46 results). This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include IEP. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q1. Today, we are looking at general industrial machinery stocks, starting with Icahn Enterprises (NASDAQ:IEP). Automation that increases efficiency and connected equipment that collects analyzable data have been trending, creating new demand for general industrial machinery companies. Those who innovate and create digitized solutions can spur sales and speed up replacement cycles, but all general industrial machinery companies are still at the whim of economic cycles. Consumer spending and interest rates, for example, can greatly impact the industrial production that drives demand for these companies’ offerings. The 13 general industrial machinery stocks we track reported a strong Q1. As a group, revenues beat analysts’ consensus estimates by 3% while next quarter’s revenue guidance was 0.6% above. In light of this news, share prices of the companies have held steady as they are up 4.5% on average since the latest earnings results. Founded in 1987, Icahn Enterprises (NASDAQ: IEP) is a diversified holding company primarily engaged in investment and asset management across various sectors. Icahn Enterprises reported revenues of $2.21 billion, up 18.1% year on year. This print fell short of analysts’ expectations by 5.4%. Overall, it was a disappointing quarter for the company with a significant miss of analysts’ revenue and adjusted operating income estimates. Icahn Enterprises delivered the weakest performance against analyst estimates of the whole group. Unsurprisingly, the stock is down 3.5% since reporting and currently trades at $8.04. Read our full report on Icahn Enterprises here, it’s free. Founded in 1895, Albany (NYSE:AIN) is a global textiles and materials processing company, specializing in machine clothing for paper mills and engineered composite structures for aerospace and other industries. Albany reported revenues of $311.3 million, up 7.8% year on year, outperforming analysts’ expectations by 10.8%. The business had a stunning quarter with a solid beat of analysts’ EBITDA estimates. The market seems happy with the results as the stock is up 9.2% since reporting. It currently trades at $63.37. Is now the time to buy Albany? Access our full analysis of the earnings results here, it’s free. Founded by Byron Smith, an investor who held over 100 patents, Illinois Tool Works (NYSE:ITW) manufactures engineered components and specialized equipment for numerous industries. Illinois Tool Works reported revenues of $4.02 billion, up 4.6% year on year, in line with analysts’ expectations. It was a slower quarter as it posted a slight miss of analysts’ organic revenue and EBITDA estimates. As expected, the stock is down 5.8% since the results and currently trades at $250.35. Read our full analysis of Illinois Tool Works’s results here. Tracing back to its invention of the mechanical milk bottle filler in 1884, JBT Marel (NYSE:JBTM) designs, manufactures, and sells equipment used for food processing and aviation. JBT Marel reported revenues of $936 million, up 9.6% year on year. This number beat analysts’ expectations by 1.3%. Overall, it was a strong quarter as it also recorded a solid beat of analysts’ adjusted operating income estimates. The stock is up 7.5% since reporting and currently trades at $125.15. Read our full, actionable report on JBT Marel here, it’s free. Originally founded in 1906 as a thermostat company, Honeywell (NASDAQ:HON) is a multinational conglomerate known for its aerospace systems, building technologies, performance materials, and safety and productivity solutions. Honeywell reported revenues of $9.14 billion, up 2.4% year on year. This result came in 1.5% below analysts' expectations. More broadly, it was a mixed quarter as it also recorded an impressive beat of analysts’ adjusted operating income estimates but a miss of analysts’ organic revenue estimates. The stock is flat since reporting and currently trades at $218.02. Read our full, actionable report on Honeywell here, it’s free. Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure? These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability. Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate. 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Icahn Enterprises’ first quarter saw sales grow but missed Wall Street’s revenue and earnings expectations, leading to a negative market reaction. Management cited significant losses on refining hedges within the Investment segment and unrealized derivative losses in Energy as key reasons behind the underperformance. Outgoing CEO Andrew Teno described the past few years as a period of “high-grading the Investment Fund portfolio,” but acknowledged ongoing challenges, particularly in segments impacted by market volatility and operational restructuring. Is now the time to buy IEP? Find out in our full research report (it’s free). Revenue: $2.21 billion vs analyst estimates of $2.33 billion (18.1% year-on-year growth, 5.4% miss) EPS (GAAP): -$0.71 vs analyst estimates of $0.10 (significant miss) Adjusted EBITDA: -$216 million (-9.8% margin, 24.7% year-on-year growth) Adjusted EBITDA Margin: -9.8% Market Capitalization: $5.17 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. There were no analyst questions on the Q1 2026 earnings call, as the operator confirmed an empty queue after opening for questions. The lack of analyst participation may reflect the market’s uncertainty or a wait-and-see approach regarding Icahn’s operational and strategic transitions. With no questions asked, management did not elaborate further on segment-specific results or future guidance beyond prepared remarks. The absence of Q&A left some potential topics, such as the impact of refining hedge losses and liquidity deployment strategy, unexplored in the call. Future calls may see renewed analyst engagement as management executes on portfolio optimization, leadership transitions, and works through segment-specific challenges. Looking ahead, our team will be closely monitoring (1) the pace and effectiveness of operational improvements in Automotive and Food Packaging, (2) sector-specific catalysts such as energy infrastructure investment and regulatory developments impacting the Energy segment, and (3) evidence that management’s portfolio optimization strategy can translate into improved earnings and capital returns. Progress in Pharma R&D and successful redeployment of liquidity will also be important drivers. Icahn Enterprises currently trades at $8.21, down from $8.33 just before the earnings. Is the company at an inflection point that warrants a buy or sell? See for yourself in our full research report (it’s free for active Edge members). ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it's flagging for this month - FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today.