Filing Flows › Comparisons › IEP vs CLMT
Icahn Enterprises L.P. vs Calumet: IEP and CLMT compared
Icahn Enterprises L.P. is the larger company: $3.2B of revenue in its latest quarter (Q3 2026) against $1.7B for Calumet (Q3 2026). Calumet is growing faster (+56% against +16% a year earlier). Calumet is more profitable, with an operating margin of 27.0% against -3.6%.
Where the money goes: IEP and CLMT
Icahn Enterprises L.P. (IEP) · Q3 2026
Icahn Enterprises L.P., Q3 2026: revenue $3.2B (+16% year over year), operating margin -3.6%, net loss $227M, operating cash flow $216M. The chart follows the revenue to costs, profit and cash.
Calumet (CLMT) · Q3 2026
Calumet, Q3 2026: revenue $1.7B (+56% year over year), operating margin 27.0%, net earnings $256M, operating cash flow $218M. The chart follows the revenue to costs, profit and cash.
| Icahn Enterprises L.P. (IEP) | Calumet (CLMT) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $3.2B | $1.7B |
| Revenue growth, Y/Y | +16% | +56% |
| Gross margin | — | 32.3% |
| Operating margin | -3.6% | 27.0% |
| Net earnings | −$227M | $256M |
| Net margin | -7.2% | 15.2% |
| Operating cash flow | $216M | $218M |
| Free cash flow | $116M | $207M |
| Market value | $3.6B | $3.5B |
| Analysts’ mean target | — | $55.80 |
Questions
Which is bigger, Icahn Enterprises L.P. or Calumet?
Icahn Enterprises L.P. is the larger company: $3.2B of revenue in its latest quarter (Q3 2026) against $1.7B for Calumet (Q3 2026).
Is Icahn Enterprises L.P. or Calumet growing faster?
Calumet is growing faster (+56% against +16% a year earlier).
Which is more profitable, Icahn Enterprises L.P. or Calumet?
Calumet is more profitable, with an operating margin of 27.0% against -3.6%.
More: Icahn Enterprises L.P. earnings · how Icahn Enterprises L.P. makes money · Calumet earnings · how Calumet makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.