Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting

Schedule of condensed statements of operations by segment


		Three Months Ended June 30, 2026
		Investment			Energy			Automotive			Food Packaging			Real Estate			Home Fashion			Pharma			Holding Company			Consolidated

		(in millions)
Revenues:
Net sales		$	—		$	2,738		$	199		$	90		$	—		$	39		$	15		$	—		$	3,081
Other revenues from operations			—			—			154			—			19			—			2			—			175
Net loss from investment activities			(334)			—			—			—			—			—			—			—			(334)
Interest and dividend income			31			6			—			—			5			—			—			7			49
(Loss) gain on disposition of assets, net			—			(2)			1			—			—			—			—			—			(1)
Other income (loss), net			—			3			—			—			3			(1)			—			—			5
			(303)			2,745			354			90			27			38			17			7			2,975
Expenses:
Cost of goods sold			—			2,632			135			78			—			29			9			—			2,883
Other expenses from operations			—			—			124			—			23			—			—			—			147
Dividend expense			5			—			—			—			—			—			—			—			5
Selling, general and administrative			2			41			109			13			5			11			14			8			203
Restructuring, net			—			—			—			1			—			—			1			—			2
Interest expense			2			32			—			3			—			—			—			84			121
			9			2,705			368			95			28			40			24			92			3,361
(Loss) income before income tax benefit			(312)			40			(14)			(5)			(1)			(2)			(7)			(85)			(386)
Income tax (expense) benefit			—			(6)			4			(1)			—			—			—			1			(2)
Net (loss) income			(312)			34			(10)			(6)			(1)			(2)			(7)			(84)			(388)
Less: net (loss) income attributable to non-controlling interests			(74)			41			—			—			—			—			—			—			(33)
Net loss attributable to Icahn Enterprises		$	(238)		$	(7)		$	(10)		$	(6)		$	(1)		$	(2)		$	(7)		$	(84)		$	(355)
Supplemental information:
Capital expenditures		$	—		$	43		$	21		$	7		$	9		$	—		$	—		$	—		$	80
Depreciation and amortization		$	—		$	95		$	12		$	5		$	8		$	2		$	2		$	—		$	124


		Three Months Ended June 30, 2025
		Investment			Energy			Automotive			Food Packaging			Real Estate			Home Fashion			Pharma			Holding Company			Consolidated

		(in millions)
Revenues:
Net sales		$	—		$	1,761		$	209		$	97		$	1		$	42		$	33		$	—		$	2,143
Other revenues from operations			—			—			154			—			17			—			1			—			172
Net loss from investment activities			(74)			—			—			—			—			—			—			—			(74)
Interest and dividend income			46			6			1			—			—			—			1			15			69
Gain (loss) on disposition of assets, net			—			1			(2)			—			48			—			—			—			47
Other income, net			8			1			—			—			1			—			(1)			3			12
			(20)			1,769			362			97			67			42			34			18			2,369
Expenses:
Cost of goods sold			—			1,839			144			85			1			33			16			—			2,118
Other expenses from operations			—			—			137			—			17			—			—			—			154
Dividend expense			7			—			—			—			—			—			—			—			7
Selling, general and administrative			3			42			113			13			6			10			14			6			207
Impairment			—			—			—			2			—			—			—			—			2
Restructuring, net			—			—			—			(2)			—			—			—			—			(2)
Interest expense			4			36			1			3			—			1			—			84			129
			14			1,917			395			101			24			44			30			90			2,615
(Loss) income before income tax (expense) benefit			(34)			(148)			(33)			(4)			43			(2)			4			(72)			(246)
Income tax benefit (expense)			—			46			8			1			—			—			—			(10)			45
Net (loss) income			(34)			(102)			(25)			(3)			43			(2)			4			(82)			(201)
Less: net (loss) income attributable to non-controlling interests			(18)			(18)			—			—			—			—			—			—			(36)
Net (loss) income attributable to Icahn Enterprises		$	(16)		$	(84)		$	(25)		$	(3)		$	43		$	(2)		$	4		$	(82)		$	(165)
Supplemental information:
Capital expenditures		$	—		$	41		$	22		$	9		$	21		$	3		$	—		$	—		$	96
Depreciation and amortization		$	—		$	94		$	17		$	5		$	7		$	2		$	7		$	—		$	132


		Six Months Ended June 30, 2026
		Investment			Energy			Automotive			Food Packaging			Real Estate			Home Fashion			Pharma			Holding Company			Consolidated

		(in millions)
Revenues:
Net sales		$	—		$	4,718		$	386		$	177		$	3		$	78		$	30		$	—		$	5,392
Other revenues from operations			—			—			296			—			37			—			3			—			336
Net loss from investment activities			(634)			—			—			—			—			—			—			(2)			(636)
Interest and dividend income			62			11			—			—			9			—			—			14			96
Loss on disposition of assets, net			—			(3)			—			—			—			—			—			—			(3)
Other (loss) income, net			—			(14)			—			1			10			(1)			—			—			(4)
			(572)			4,712			682			178			59			77			33			12			5,181
Expenses:
Cost of goods sold			—			4,727			258			156			3			61			18			—			5,223
Other expenses from operations			—			—			246			—			42			—			—			—			288
Dividend expense			10			—			—			—			—			—			—			—			10
Selling, general and administrative			6			88			218			26			10			21			28			15			412
Restructuring, net			—			—			—			1			—			—			1			—			2
Interest expense			3			63			1			6			—			1			—			170			244
			19			4,878			723			189			55			83			47			185			6,179
(Loss) income before income tax benefit			(591)			(166)			(41)			(11)			4			(6)			(14)			(173)			(998)
Income tax benefit (expense)			—			27			11			(2)			—			—			—			11			47
Net (loss) income			(591)			(139)			(30)			(13)			4			(6)			(14)			(162)			(951)
Less: net (loss) income attributable to non-controlling interests			(143)			7			—			(1)			—			—			—			—			(137)
Net (loss) income attributable to Icahn Enterprises		$	(448)		$	(146)		$	(30)		$	(12)		$	4		$	(6)		$	(14)		$	(162)		$	(814)
Supplemental information:
Capital expenditures		$	—		$	90		$	68		$	16		$	19		$	1		$	—		$	—		$	194
Depreciation and amortization		$	—		$	191		$	24		$	9		$	16		$	3		$	4		$	—		$	247


		Six Months Ended June 30, 2025
		Investment			Energy			Automotive			Food Packaging			Real Estate			Home Fashion			Pharma			Holding Company			Consolidated

		(in millions)
Revenues:
Net sales		$	—		$	3,407		$	407		$	191		$	1		$	83		$	56		$	—		$	4,145
Other revenues from operations			—			—			305			—			34			—			1			—			340
Net loss from investment activities			(468)			—			—			—			—			—			—			—			(468)
Interest and dividend income			101			16			2			—			—			—			1			32			152
(Loss) gain on disposition of assets, net			—			—			(4)			—			48			—			—			—			44
Other income (loss), net			15			3			—			2			1			(1)			—			3			23
			(352)			3,426			710			193			84			82			58			35			4,236
Expenses:
Cost of goods sold			—			3,587			288			165			1			64			29			—			4,134
Other expenses from operations			—			—			272			—			33			—			—			—			305
Dividend expense			15			—			—			—			—			—			—			—			15
Selling, general and administrative			7			86			218			25			11			21			27			13			408
Impairment			—			—			—			12			—			—			—			—			12
Restructuring, net			—			—			—			5			—			—			—			—			5
Interest expense			10			71			2			6			—			1			—			167			257
			32			3,744			780			213			45			86			56			180			5,136
(Loss) income before income tax (expense) benefit			(384)			(318)			(70)			(20)			39			(4)			2			(145)			(900)
Income tax benefit (expense)			—			99			18			3			—			—			—			(1)			119
Net (loss) income			(384)			(219)			(52)			(17)			39			(4)			2			(146)			(781)
Less: net (loss) income attributable to non-controlling interests			(144)			(49)			—			(1)			—			—			—			—			(194)
Net (loss) income attributable to Icahn Enterprises		$	(240)		$	(170)		$	(52)		$	(16)		$	39		$	(4)		$	2		$	(146)		$	(587)
Supplemental information:
Capital expenditures		$	—		$	92		$	46		$	16		$	25		$	5		$	—		$	—		$	184
Depreciation and amortization		$	—		$	178		$	34		$	10		$	11		$	3		$	14		$	—		$	250

Schedule of condensed balance sheets by segment


		June 30, 2026
		Investment			Energy			Automotive			Food Packaging			Real Estate			Home Fashion			Pharma			Holding Company			Consolidated

		(in millions)
ASSETS
Cash and cash equivalents		$	13		$	737		$	24		$	8		$	34		$	2		$	22		$	381		$	1,221
Cash held at consolidated affiliated partnerships and restricted cash			1,790			—			10			—			2			2			—			167			1,971
Investments			1,388			12			—			—			98			—			—			—			1,498
Accounts receivable, net			—			327			29			67			13			27			25			—			488
Related party note receivable			—			—			—			—			136			—			—			—			136
Inventories, net			—			603			161			105			—			86			23			—			978
Property, plant and equipment, net			—			2,282			366			148			765			52			—			3			3,616
Goodwill and intangible assets, net			—			130			312			20			—			20			137			—			619
Other assets			1,132			378			388			80			109			22			9			245			2,363
Total assets		$	4,323		$	4,469		$	1,290		$	428		$	1,157		$	211		$	216		$	796		$	12,890
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities		$	752		$	1,578		$	711		$	110		$	28		$	38		$	63		$	75		$	3,355
Securities sold, not yet purchased, at fair value			1,000			—			—			—			—			—			—			—			1,000
Debt			—			1,783			25			129			1			25			—			4,426			6,389
Total liabilities			1,752			3,361			736			239			29			63			63			4,501			10,744

Equity attributable to Icahn Enterprises			1,978			575			554			178			1,128			148			153			(3,705)			1,009
Equity attributable to non-controlling interests			593			533			—			11			—			—			—			—			1,137
Total equity			2,571			1,108			554			189			1,128			148			153			(3,705)			2,146
Total liabilities and equity		$	4,323		$	4,469		$	1,290		$	428		$	1,157		$	211		$	216		$	796		$	12,890


		December 31, 2025
		Investment			Energy			Automotive			Food Packaging			Real Estate			Home Fashion			Pharma			Holding Company			Consolidated

		(in millions)
ASSETS
Cash and cash equivalents		$	16		$	511		$	14		$	9		$	31		$	4		$	26		$	839		$	1,450
Cash held at consolidated affiliated partnerships and restricted cash			1,788			—			8			—			—			3			—			170			1,969
Investments			2,146			17			—			—			88			—			—			—			2,251
Accounts receivable, net			—			235			25			60			10			27			36			—			393
Related party notes receivable, net			—			—			—			—			129			—			—			—			129
Inventories, net			—			472			165			97			—			87			24			—			845
Property, plant and equipment, net			—			2,333			351			141			787			55			—			3			3,670
Goodwill and intangible assets, net			—			139			316			21			—			21			142			—			639
Other assets			1,661			422			369			79			79			15			8			236			2,869
Total assets		$	5,611		$	4,129		$	1,248		$	407		$	1,124		$	212		$	236		$	1,248		$	14,215
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities		$	606		$	1,079		$	772		$	117		$	32		$	34		$	67		$	84		$	2,791
Securities sold, not yet purchased, at fair value			1,382			—			—			—			—			—			—			—			1,382
Debt			—			1,765			21			142			1			23			—			4,664			6,616
Total liabilities			1,988			2,844			793			259			33			57			67			4,748			10,789

Equity attributable to Icahn Enterprises			2,711			722			455			139			1,091			155			169			(3,500)			1,942
Equity attributable to non-controlling interests			912			563			—			9			—			—			—			—			1,484
Total equity			3,623			1,285			455			148			1,091			155			169			(3,500)			3,426
Total liabilities and equity		$	5,611		$	4,129		$	1,248		$	407		$	1,124		$	212		$	236		$	1,248		$	14,215

Segment Reporting

Schedule of disaggregation of revenue


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025

		(in millions)
Petroleum products		$	2,536		$	1,558			4,336		$	3,033
Nitrogen fertilizer products			202			167			382			310
Other			—			36			—			64
		$	2,738		$	1,761		$	4,718		$	3,407

Segment Reporting

Schedule of disaggregation of revenue


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025

		(in millions)
Automotive Services		$	341		$	355		$	665		$	688
Other			—			—			—			2
Total revenue from customers		$	341		$	355			665			690
Lease revenue outside the scope of ASC 606			12			8			17			22
Total Automotive net sales and other revenues from operations		$	353		$	363		$	682		$	712

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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-Topic 606
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-Name Accounting Standards Codification
-Section 55
-Paragraph 91
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-Topic 606
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-Topic 606
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-Topic 606
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-Topic 606
-SubTopic 10
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-Topic 606
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