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Icahn Enterprises L.P. (IEP) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Icahn Enterprises L.P. (IEP) Q3 2026 earnings results →
Q3 2026 Revenue up 16% year over year to $3.2B · 7¢ of every $1 of revenue lost · operating margin -3.6%
Icahn Enterprises L.P. made $3.2B in Q3 2026 (+16% Y/Y). Operating margin -3.6%, net loss $227M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $3.2B in Q3 2026, up 16% year over year and up 7% from the previous quarter.
Operating costs exceeded revenue by $0.11B, an operating margin of -3.6%. Total costs grew 50% against revenue growth of 16%. The fastest-growing cost line was Other operating costs (+58%). The quarter ended with a net loss of $0.23B, narrower than the previous quarter's $0.39B loss.
Operating cash flow was $0.22B (up 1340% year over year). Non-cash charges added back $0.11B of depreciation and amortization. Working capital and other items added $0.33B. Capital expenditures of $0.10B left free cash flow of $0.12B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $3.2B | +16% | -3.6% | −$227M | $216M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $3.0B | +26% | -13.0% | −$388M | $116M |
| Q1 2026 | 10-Q | May 6, 2026 | $2.2B | +18% | -27.7% | −$563M | $397M |
| Q4 2025 | 10-K | Feb 26, 2026 | $2.7B | +5% | 0.6% | $44.0M | −$421M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $2.7B | -2% | 19.7% | $287M | $15.0M |
| Q2 2025 | 10-Q | Aug 4, 2025 | $2.4B | +8% | -10.4% | −$201M | $275M |
| Q1 2025 | 10-Q | May 7, 2025 | $1.9B | -24% | -35.0% | −$580M | −$182M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
Buys from
- UAN · Stated in 10-K (named, share not stated) · source
- CVI · Stated in 10-K (named, share not stated) · source
About Icahn Enterprises L.P.
Icahn Enterprises L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987 and headquartered in Sunny Isles Beach, Florida. We are 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. References to “we,” “our” or “us” herein include Icahn Enterprises and its subsidiaries, unless the context otherwise requires. Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”). Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP”), which is indirectly owned and controlled by Mr. Carl C.
In its own words, from its 10-K, filed Feb 26, 2026.
Icahn Enterprises L.P. against its Petroleum Refining peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +16% against the peers' median +43%. Operating margin: -3.6% against the peers' median 18.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| IEP Icahn Enterprises L.P. | Q3 2026 | $3.2B | +16% | -3.6% |
| XOM ExxonMobil Holdings | Q3 2026 | $113.2B | +33% | 18.8% |
| CVX Chevron | Q3 2026 | $67.8B | +36% | 20.1% |
| MPC Marathon Petroleum | Q3 2026 | $56.0B | +61% | 18.7% |
| PSX Phillips 66 | Q3 2026 | $50.5B | +46% | 14.1% |
| VLO Valero Energy | Q3 2026 | $46.1B | +43% | 19.7% |
| COP ConocoPhillips | Q3 2026 | $19.4B | +29% | 30.8% |
| SUNC SunocoCorp LLC | Q3 2026 | $18.0B | +199% | 4.1% |
| PBF PBF Energy | Q3 2026 | $12.1B | +59% | 17.3% |
Source: Icahn Enterprises L.P. 10-Q on SEC EDGAR · CIK 813762 · Petroleum Refining
Guidance and outlook
13F: who owns IEP and who is buying
More on IEP
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results