Icahn Enterprises (IEP) Q3 2026 Earnings Call Transcript

Icahn Enterprises (IEP) posted a Q3 2026 net loss of $225 million, driven by $522 million in refining hedge losses, even as indicative NAV rose $865 million.

The bigger story is at subsidiary CVR Energy (CVI), which announced a $4.2 billion acquisition of two refineries and a marketing platform from Marathon Petroleum (MPC). Management says the deal is expected to lift EBITDA by more than $1 billion and EPS by 105% on a pro forma basis. IEP described the transaction as transformative.

IEP also divested Pep Boys for $645 million and reports $2.3 billion in holding company liquidity.

Interpretation: the hedge losses explain the headline loss, while the NAV gain suggests the underlying portfolio value moved in the opposite direction from reported earnings. The CVI deal shifts the story from quarterly results to a major refining expansion, and MPC is on the other side as the seller of those assets. The Pep Boys sale and the liquidity cushion give IEP room to support its parent-level obligations and any deal-related needs, though the source does not detail how the acquisition will be financed.