$IEP

ICAHN ENTERPRISES L.P.

CIK:0000813762|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Net sales	$ 3,081	$ 2,143	$ 5,392	$ 4,145
Other revenues from operations	175	172	336	340
Net loss from investment activities	(334)	(74)	(636)	(468)
Interest and dividend income	49	69	96	152
(Loss) gain on disposition of assets, net	(1)	47	(3)	44
Other income (loss), net	5	12	(4)	23
Total Revenues	2,975	2,369	5,181	4,236
Expenses:
Cost of goods sold	2,883	2,118	5,223	4,134
Other expenses from operations	147	154	288	305
Selling, general and administrative	203	207	412	408
Dividend expense	5	7	10	15
Impairment		2		12
Restructuring, net	2	(2)	2	5
Interest expense	121	129	244	257
Total Expenses	3,361	2,615	6,179	5,136
Loss before income tax expense	(386)	(246)	(998)	(900)
Income tax (expense) benefit	(2)	45	47	119
Net loss	(388)	(201)	(951)	(781)
Less: net loss attributable to non-controlling interests	(33)	(36)	(137)	(194)
Net loss attributable to Icahn Enterprises	(355)	(165)	(814)	(587)
Net loss attributable to Icahn Enterprises allocated to:
Limited partners	(348)	(162)	(798)	(576)
General partner	(7)	(3)	(16)	(11)
Net loss attributable to Icahn Enterprises	$ (355)	$ (165)	$ (814)	$ (587)
Basic loss per LP unit:
Basic loss per LP unit (in dollars per share)	$ (0.52)	$ (0.3)	$ (1.22)	$ (1.08)
Basic weighted average LP units outstanding (in shares)	669	545	653	534
Diluted loss per LP unit
Diluted loss per LP unit (in dollars per share)	$ (0.52)	$ (0.3)	$ (1.22)	$ (1.08)
Diluted weighted average LP units outstanding (in shares)	669	545	653	534
Distributions declared per LP unit (in dollars per share)	$ 0.5	$ 0.5	$ 1	$ 1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (951)	$ (781)
Adjustments to reconcile net loss to net cash provided by operating activities:
Net loss from securities transactions	70	172
Purchases of securities	(33)	(1,069)
Proceeds from sales of securities	979	1,310
Payments to cover securities sold, not yet purchased	(1,233)	(727)
Proceeds from securities sold, not yet purchased	553	268
Changes in receivables and payables relating to securities transactions	542	363
Changes in derivative assets and liabilities	281	320
(Gain) loss on disposition of assets, net	3	(44)
Depreciation and amortization	247	250
Impairment		10
Deferred taxes	(53)	(117)
Other, net	35	(14)
Changes in other operating assets and liabilities	73	152
Net cash provided by (used in) operating activities	513	93
Cash flows from investing activities:
Capital expenditures	(194)	(184)
Turnaround expenditures	(1)	(191)
Proceeds from disposition of businesses and assets	4	52
Proceeds from sale of equity method investment		9
Return of equity method investment	5	5
Other, net		5
Net cash used in investing activities	(186)	(304)
Cash flows from financing activities:
Investment segment distributions to non-controlling interests	(175)	(216)
Partnership contributions		34
Partnership distributions	(106)	(154)
Purchase of additional interests in consolidated subsidiaries	(16)	(72)
Dividends and distributions to non-controlling interests in subsidiaries	(31)	(31)
Proceeds from reverse recapitalization	40
Repayments of Holding Company senior notes	(240)	(32)
Proceeds from subsidiary borrowings	1,004	12
Repayments of subsidiary borrowings	(983)	(87)
Other, net	(47)	(4)
Net cash used in financing activities	(554)	(550)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents		(2)
Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents	(227)	(763)
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period	3,419	5,239
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	$ 3,192	$ 4,476

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 1,221	$ 1,450
Cash held at consolidated affiliated partnerships and restricted cash	1,971	1,969
Investments	1,498	2,251
Due from brokers	1,131	1,656
Accounts receivable, net	488	393
Related party notes receivable, net	136	129
Inventories, net	978	845
Property, plant and equipment, net	3,616	3,670
Deferred tax asset	187	165
Derivative assets, net		7
Goodwill	289	290
Intangible assets, net	330	349
Assets held for sale	22
Other assets	1,023	1,041
Total Assets	12,890	14,215
LIABILITIES AND EQUITY
Accounts payable	721	690
Accrued expenses and other liabilities	1,524	1,192
Deferred tax liabilities	282	314
Derivative liabilities, net	828	595
Securities sold, not yet purchased, at fair value	1,000	1,382
Debt	6,389	6,616
Total liabilities	10,744	10,789
Commitments and Contingencies (Note 17)
Equity:
Limited partners: Depositary units: 710,915,093 units issued and outstanding at June 30, 2026 and 637,209,452 units issued and outstanding at December 31, 2025	1,813	2,728
General partner	(804)	(786)
Equity attributable to Icahn Enterprises	1,009	1,942
Equity attributable to non-controlling interests	1,137	1,484
Total equity	2,146	3,426
Total Liabilities and Equity	$ 12,890	$ 14,215