| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | -8.2% | -8.2% |
Icahn Enterprises reported Q1 2026 net loss of $459 million, improving from $422 million loss in Q1 2025, while Adjusted EBITDA loss narrowed to $216 million from $228 million. The Investment segment generated negative 8.2% returns, though this improved to positive 4.4% excluding refining hedges that serve as economic protection against CVR Energy holdings. Key operating highlights included CVR Energy's petroleum refining margin recovery to positive $0.12 per barrel from negative $0.42 in prior year, and CVR Partners' strong fertilizer performance with UAN prices up 34% and ammonia up 24% year-over-year. The company's largest investment holdings include American Electric Power at $618 million, Centuri at $419 million, and several other utility and infrastructure positions. Indicative net asset value increased $201 million to $3.4 billion during the quarter. The firm maintains $4.1 billion in total liquidity across holding company cash, investment funds, and subsidiary credit facilities to capitalize on attractive opportunities. The Investment Funds held 29% net short exposure, though only 2% excluding energy hedges.
Icahn Enterprises operates a diversified portfolio of operating businesses and investments, with significant exposure to energy refining, fertilizer manufacturing, utilities, and automotive services, while maintaining substantial liquidity for opportunistic investments.
The company maintains substantial liquidity of $4.1 billion across holding company and subsidiaries to take advantage of attractive opportunities. Indicative net asset value increased $201 million to $3.4 billion during Q1 2026.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 6 2026 | 2026 Q1 | AEP, CTRI, CVI, CZR, IFF, SATS, UAN | Automotive, energy, Fertilizers, Investment, real estate, Refining, Utilities | - | Icahn Enterprises posted improved Q1 2026 results with narrower losses across key metrics. Energy operations showed recovery with positive refining margins and strong fertilizer pricing. Investment portfolio returned negative 8.2% but positive 4.4% excluding energy hedges. Substantial $4.1 billion liquidity position maintained for opportunistic investments while indicative net asset value grew $201 million to $3.4 billion. |
| Feb 25 2026 | 2025 Q4 | CVI, UAN, VKSC | Automotive, Conglomerate, energy, Investment, real estate, Refining | - | Icahn Enterprises returned to profitability in Q4 2025 with Investment Funds delivering 10.7% returns. Energy segment faced margin pressure while Real Estate benefited from strategic asset transfers. The conglomerate maintains substantial liquidity of $4.4 billion but saw indicative net asset value decline to $3.2 billion amid operational headwinds across several segments. |
| Nov 5 2025 | 2025 Q3 | CVI, UAN, VKSC | asset value, Automotive, Conglomerate, energy, real estate, Refining | - | Icahn Enterprises delivered strong Q3 2025 results driven by a dramatic turnaround in the Energy segment, where CVR Energy's refining margins improved from $2.53 to $35.65 per barrel due to EPA regulatory relief and higher throughput. Combined with improved fertilizer pricing and $223 million in real estate gains, the company generated $287 million in net income and increased indicative net asset value to $3.8 billion. |
| Aug 4 2025 | 2025 Q2 | CVI, UAN, VKSC | Automotive, energy, Fertilizers, Investment, real estate, Refining | - | Icahn Enterprises reduced losses in Q2 2025 despite energy margin compression and automotive headwinds. Fertilizer pricing improved significantly while real estate delivered asset sale gains. The company maintains substantial liquidity and saw net asset value increase to $3.3 billion, positioning it for opportunistic capital deployment across its diversified industrial portfolio. |
| Mar 31 2025 | 2025 Q1 | CVI, UAN, VKSC | Automotive, energy, Fertilizers, Investment, real estate, Refining | - | Icahn Enterprises posted a $422 million Q1 loss driven by refining margin collapse during the Coffeyville turnaround and Investment segment's negative 8.4% return. Automotive services revenue declined on consumer trade-down while fertilizer pricing was mixed. Despite operational challenges, the company maintains strong liquidity of $5.0 billion and declared a $0.50 quarterly distribution. |
| Feb 26 2024 | 2024 Q4 | CVI, UAN | Automotive, energy, Fertilizers, Investment, real estate, Refiners | - | Icahn Enterprises posted improved Q4 losses despite energy margin compression and automotive weakness. Investment returns remained negative at -1.6% quarterly and -3.5% annually. The company maintains $5.6 billion liquidity for opportunistic deployment while managing through challenging operating conditions across its diversified business segments. |
| Nov 8 2024 | 2024 Q3 | CVI, UAN, VKSC | Automotive, energy, Fertilizer, Investment, real estate, Refining | - | Icahn Enterprises delivered positive Q3 results driven by 7.6% Investment Fund returns, offsetting severe pressure in CVR Energy's refining operations where margins collapsed 92% year-over-year. The diversified conglomerate faces operational challenges across automotive services and maintains defensive positioning with substantial liquidity while navigating sector headwinds in energy and consumer-facing businesses. |
| Aug 7 2024 | 2024 Q2 | CVI, UAN, VKSC | Automotive, earnings, energy, Fertilizers, Refiners | - | Icahn Enterprises posted a $331 million Q2 loss as investment returns turned negative 8.1% and core operating businesses faced margin compression. Energy refining margins fell 40% year-over-year while fertilizer pricing declined significantly. Despite operational headwinds, the company maintains $5.5 billion in liquidity and continues its $1.00 quarterly distribution to unitholders. |
| May 8 2024 | 2024 Q1 | CVI, UAN, VKSC | Automotive, Diversified, energy, Fertilizers, Refiners | - | Icahn Enterprises improved Q1 2024 losses to $38 million from $270 million prior year despite energy margin compression and fertilizer price declines. The diversified conglomerate maintained operational resilience through margin initiatives in automotive services while investment funds posted modest negative returns. Strong liquidity position supports continued distributions to unitholders. |
| Feb 28 2023 | 2023 Q4 | CVI, UAN, VKSC | Automotive, energy, Fertilizer, Investment, real estate, Refining | - | Icahn Enterprises improved quarterly losses to $139 million from $255 million prior year despite challenging conditions. Energy operations faced fertilizer pricing pressure while refining margins held steady. Automotive segment restructuring continued post-Auto Plus exit. Investment portfolio returned negative 4.1% with significant short positioning. Company maintains substantial liquidity of $6.5 billion across operations. |
| Mar 11 2023 | 2023 Q3 | CVI, UAN | Automotive, dividends, energy, Fertilizer, Investment, real estate, Refining | - | Icahn Enterprises delivered improved Q3 results driven by exceptional energy segment performance, with CVR Energy's refining margins nearly doubling year-over-year and nitrogen fertilizer EBITDA tripling despite commodity price headwinds. The automotive segment showed operational progress while the investment portfolio faced headwinds with negative returns and net short positioning. |
| Apr 8 2023 | 2023 Q2 | CVI, UAN, VKSC | Automotive, energy, Fertilizers, Investment, real estate, Refiners | - | Icahn Enterprises faced operational headwinds in Q2 2023 with refining margins compressed and fertilizer prices declining significantly. The $116 million Auto Plus credit loss weighed on results, though the company maintains substantial liquidity of $6.6 billion for opportunistic investments while continuing quarterly distributions to unitholders. |
| Oct 5 2023 | 2023 Q1 | CVI, UAN, VKSC | Automotive, energy, Fertilizers, Investment, real estate, Refiners | - | Icahn Enterprises posted mixed Q1 results with energy segment strength offsetting automotive disruption and negative investment returns. Strong refining margins drove energy outperformance while AutoPlus bankruptcy impacted automotive revenues. Investment funds returned negative 4.1% with significant short positioning. Company maintains substantial liquidity and continues quarterly distributions despite overall earnings decline. |
| Feb 24 2022 | 2022 Q4 | CVI, UAN, VKSC | - | - | |
| Apr 11 2022 | 2022 Q3 | CVI, UAN, VKSC | - | - | |
| May 8 2022 | 2022 Q2 | CVI, UAN, VKSC | - | - | |
| Jun 5 2022 | 2022 Q1 | CVI, UAN, VKSC | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
RefinersCVR Energy operates petroleum refining and nitrogen fertilizer businesses. Q1 2026 refining margin improved to $0.12 per throughput barrel versus negative $0.42 in Q1 2025. Processed approximately 214,000 barrels per day of total throughput. |
Petroleum Refining Margins Throughput Energy |
FertilizersCVR Partners showed strong Q1 2026 results driven by robust demand. Average realized gate prices for UAN increased 34% to $343 per ton and ammonia increased 24% to $687 per ton compared to Q1 2025. |
Nitrogen UAN Ammonia Pricing Demand | |
UtilitiesAmerican Electric Power represents the largest holding at $618 million market value with 1% ownership. The utility is a significant position in the investment portfolio alongside other infrastructure-related investments. |
Electric Power Infrastructure Regulated | |
| 2025 Q4 |
GrowthThe Fund seeks long-term growth of capital by investing in growth-oriented common stocks using a quantitative formula that identifies the 50 stocks with highest one-year price appreciation meeting specific criteria. The Growth Strategy considers stock price appreciation because it is often associated with positive fundamentals such as strong growth or improving profitability. |
Growth Appreciation Momentum |
ValueThe Growth Strategy uses price-to-sales ratio below 1.5 as its value criterion because sales figures are more difficult for a company to manipulate than earnings and frequently provide a clearer picture of a company's potential value. This combines growth momentum with value screening. |
Value Price-to-sales Screening | |
FinancialsThe Fund is currently substantially invested in the Financials sector, and its performance is therefore tied closely to developments in this industry. Companies in the Financials sector may be adversely affected by changes in the regulatory environment and interest rate fluctuations. |
Financials Banking Interest Rates | |
| 2025 Q3 |
EnergyCVR Energy delivered strong Q3 2025 results with consolidated Adjusted EBITDA increasing by $660 million to $625 million compared to a loss of $35 million in Q3 2024. The petroleum refining business benefited from EPA small refinery hardship relief and higher throughput, achieving refining margins of $35.65 per barrel versus $2.53 in Q3 2024. The renewables business processed approximately 208,000 gallons per day of vegetable oil throughput. |
Refining Renewables Petroleum Margins Throughput |
FertilizersCVR Partners' nitrogen fertilizer business showed improvement in Q3 2025 with average realized gate prices for UAN increasing 52% to $348 per ton and ammonia prices rising 33% to $531 per ton compared to Q3 2024. The fertilizer segment contributed to the overall strong performance of the Energy segment. |
UAN Ammonia Pricing Nitrogen Agricultural | |
Real EstateThe Real Estate segment completed the sale of certain properties for a pre-tax gain of $223 million in Q3 2025. Management performed valuations with third-party consultants to estimate fair-market value for remaining assets, moving away from GAAP equity measures to better reflect asset values. The segment's indicative net asset value was $692 million as of September 30, 2025. |
Property Sales Asset Valuation Fair Value Investment Properties | |
| 2025 Q2 |
RefinersCVR Energy operates petroleum refining and renewables businesses through CVR Refining. Q2 2025 refining margin was $2.21 per throughput barrel compared to $10.94 in Q2 2024, negatively impacted by mark-to-market RINS pricing and reduced throughput following planned turnaround. |
Refining Margins Throughput RINS Turnaround |
FertilizersCVR Partners manufactures ammonia and urea ammonium nitrate solution fertilizer products. Q2 2025 average realized gate prices for UAN increased 18% to $317 per ton and ammonia increased 14% to $593 per ton compared to Q2 2024. |
Ammonia UAN Gate Prices Nitrogen Fertilizer | |
BiofuelsThe Renewables business refines feedstocks including soybean oil, corn oil, and other renewable feedstocks into renewable diesel. Total vegetable oil throughput was approximately 155,000 gallons per day with renewable margin of $0.38 per gallon in Q2 2025. |
Renewable Diesel Vegetable Oil Feedstocks Soybean Oil Corn Oil | |
Auto AftermarketThe Automotive segment provides automotive repair and maintenance services along with aftermarket parts sales. Automotive Services revenue was $355 million in Q2 2025, down $8 million primarily due to closed stores, with higher labor costs impacting margins. |
Automotive Services Aftermarket Parts Labor Costs Store Closures Maintenance | |
| 2025 Q1 |
RefinersCVR Energy operates petroleum refining and renewable diesel businesses. Q1 2025 refining margin was negative $0.42 per barrel compared to positive $16.29 in Q1 2024, impacted by Coffeyville refinery turnaround. Renewable diesel margins improved to $1.13 per gallon from $0.65 in prior year. |
Refining Renewable Diesel Margins Turnaround Throughput |
FertilizersCVR Partners manufactures ammonia and UAN fertilizer products. Q1 2025 UAN prices declined 4% to $256 per ton while ammonia prices increased 5% to $554 per ton compared to Q1 2024. Nitrogen fertilizer business remains part of CVR Energy's diversified operations. |
Ammonia UAN Pricing Nitrogen Agriculture | |
Auto AftermarketAutomotive segment provides repair and maintenance services plus aftermarket parts sales. Q1 2025 automotive services revenue declined $23 million to $333 million due to reduced pricing and consumer shift toward lower-priced offerings. Aftermarket parts business was exited in Q1 2025. |
Services Parts Pricing Consumer Behavior Exit | |
| 2024 Q4 |
EnergyCVR Energy operates petroleum refining and renewables businesses with Q4 2024 refining margins of $8.37 per barrel versus $15.01 in Q4 2023. The renewables segment processed 187,000 gallons per day of vegetable oil with positive margins of $0.79 per gallon compared to losses in the prior year. |
Refiners Biofuels Renewable Diesel Refining Margins |
FertilizersCVR Partners manufactures ammonia and UAN fertilizer products. Q4 2024 average realized gate prices for UAN declined 5% to $229 per ton while ammonia prices increased 3% to $475 per ton compared to Q4 2023. |
Nitrogen Ammonia Fertilizer Producers | |
Auto AftermarketAutomotive Services revenue decreased $35 million to $346 million due to reduced consumer spending on automotive repairs and maintenance. The Aftermarket Parts business is being wound down and expected to be completed by end of Q1 2025. |
Auto Parts Auto Services Consumer Spending | |
| 2024 Q3 |
RefinersCVR Energy's refining operations faced significant margin compression with Q3 2024 refining margin of $2.53 per barrel compared to $31.05 in Q3 2023. The company processed approximately 189,000 barrels per day of total throughput during the quarter. |
Refining Margins Throughput Petroleum Mid-continent |
FertilizersCVR Partners nitrogen fertilizer business showed resilience with EBITDA of $36 million compared to $32 million in Q3 2023. Average realized gate prices for UAN increased 3% to $229 per ton and ammonia increased 9% to $399 per ton. |
Nitrogen UAN Ammonia Fertilizer Pricing | |
Auto AftermarketAutomotive Services revenue declined $51 million to $355 million due to operational challenges and reduced consumer spending. The Aftermarket Parts business is being wound down and expected to be complete by end of 2024. |
Automotive Services Aftermarket Consumer Operational | |
| 2024 Q2 |
RefinersCVR Energy operates petroleum refining operations with Q2 2024 throughput of approximately 186,000 barrels per day. Refining margins compressed to $10.94 per barrel from $18.21 in the prior year quarter, reflecting challenging industry conditions. |
Petroleum Throughput Margins Midcontinent |
FertilizersCVR Partners manufactures ammonia and UAN fertilizer products. Q2 2024 average realized gate prices decreased significantly with UAN down 15% to $268 per ton and ammonia down 26% to $520 per ton compared to prior year. |
Ammonia UAN Gate Prices Nitrogen | |
Auto AftermarketIcahn Automotive provides automotive repair and maintenance services along with aftermarket parts sales. The segment faced reduced consumer spending on automotive repairs and maintenance, leading to decreased net sales despite cost cutting initiatives. |
Repair Maintenance Parts Consumer | |
| 2024 Q1 |
RefinersCVR Energy operates petroleum refining operations with Q1 2024 refining margin of $16.29 per throughput barrel, down from $23.24 in Q1 2023. The company processed approximately 196,000 barrels per day of total throughput in the quarter. |
Refining Margins Throughput Petroleum Energy |
FertilizersCVR Partners manufactures ammonia and urea ammonium nitrate solution fertilizer products. Q1 2024 average realized gate prices for UAN decreased by 42% to $267 per ton and ammonia decreased by 41% to $528 per ton compared to the prior year quarter. |
Ammonia UAN Nitrogen Fertilizer Agriculture | |
Auto AftermarketIcahn Automotive provides automotive repair and maintenance services along with aftermarket parts sales. The segment maintained Adjusted EBITDA through margin initiatives despite reduced car count, with net sales decreasing by $73 million primarily due to deconsolidation of Auto Plus. |
Automotive Aftermarket Parts Services Maintenance | |
| 2023 Q4 |
RefinersCVR Energy operates petroleum refining and nitrogen fertilizer manufacturing through CVR Refining and CVR Partners. Q4 2023 refining margin was $15.01 per throughput barrel with approximately 223,000 barrels per day processed. The company issued $600 million in 8.50% senior notes to refinance existing debt. |
Petroleum Refining Throughput Margins Debt |
FertilizersCVR Partners manufactures ammonia and urea ammonium nitrate solution fertilizer products. Q4 2023 EBITDA was $38 million compared to $122 million in Q4 2022. Average realized gate prices for UAN decreased 47% to $241 per ton and ammonia decreased 52% to $461 per ton. |
Ammonia UAN Pricing Gate Prices Nitrogen | |
Auto AftermarketThe automotive segment underwent significant change due to Auto Plus deconsolidation in January 2023. The segment now focuses primarily on automotive service operations rather than aftermarket parts. Q4 2023 revenue decreased $15 million due to closure of unprofitable locations and reduced car count. |
Services Parts Locations Car Count Deconsolidation | |
| 2023 Q3 |
RefinersCVR Energy's petroleum refining operations showed strong performance with refining margins of $31.05 per barrel in Q3 2023 versus $16.56 in Q3 2022. The company processed approximately 212,000 barrels per day and declared both regular and special dividends. |
Refining Margins Throughput Petroleum Dividends |
FertilizersCVR Partners' nitrogen fertilizer business generated $32 million EBITDA compared to $10 million in Q3 2022, despite significant price declines with UAN prices down 48% and ammonia down 56% year-over-year. |
Nitrogen UAN Ammonia Pricing EBITDA | |
Auto AftermarketThe automotive segment showed improvement with Adjusted EBITDA increasing $31 million year-over-year, though revenues declined due to AutoPlus bankruptcy deconsolidation and closure of unprofitable locations. |
Aftermarket Services Restructuring Bankruptcy Locations | |
| 2023 Q2 |
RefinersCVR Energy operates petroleum refining operations with approximately 201,000 barrels per day throughput in Q2 2023. Refining margins decreased to $18.21 per throughput barrel compared to $26.10 in Q2 2022. Net sales decreased by $907 million year-over-year due to lower margins and market conditions. |
Petroleum Throughput Margins Midcontinent |
FertilizersCVR Partners manufactures ammonia and urea ammonium nitrate solution fertilizer products. Q2 2023 EBITDA was $87 million compared to $147 million in Q2 2022. Average realized gate prices for UAN decreased 43% to $316 per ton and ammonia decreased 40% to $707 per ton year-over-year. |
Ammonia UAN Gate Prices Nitrogen | |
Auto AftermarketIcahn Automotive provides automotive repair and maintenance services and sells aftermarket parts. Q2 2023 revenues decreased by $195 million primarily due to the deconsolidation of AutoPlus on January 31, 2023. The segment experienced a $116 million credit loss related to the Auto Plus note receivable. |
Parts Services Deconsolidation Credit Loss | |
| 2023 Q1 |
RefinersCVR Energy operates petroleum refining and nitrogen fertilizer manufacturing businesses. The refining segment processed approximately 196,000 barrels per day with refining margins of $23.24 per throughput barrel in Q1 2023, compared to $16.75 in Q1 2022. Net sales decreased by $87 million year-over-year but Adjusted EBITDA increased significantly. |
Refining Petroleum Throughput Margins Energy |
FertilizersCVR Partners manufactures ammonia and urea ammonium nitrate solution fertilizer products. Q1 2023 average realized gate prices for UAN decreased by 8 percent to $457 per ton and ammonia decreased by 16 percent to $888 per ton compared to the prior year quarter. EBITDA remained relatively stable at $124 million. |
Ammonia UAN Nitrogen Fertilizer Agriculture | |
Auto AftermarketIcahn Automotive provides automotive repair and maintenance services and sells automotive aftermarket parts. Q1 2023 revenues decreased by $129 million primarily due to the deconsolidation of AutoPlus on January 31, 2023, which filed for bankruptcy. The automotive services business saw revenue increase by $16 million. |
Automotive Aftermarket Parts Services Maintenance |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| CVI | CVR Energy, Inc. is a diversified holding company primarily engaged in the petroleum refining, renewables, and nitrogen fertilizer manufacturing businesses through its interests in CVR Refining, LP and CVR Partners, LP. CVR Energy Q1 2026 Highlights - Adjusted EBITDA attributable to IEP increased by $1 million to negative $5 million for Q1 2026 compared to negative $6 million in Q1 2025. Declared a $0.10 per share quarterly cash dividend. Processed approximately 214,000 barrels per day of total throughput in the quarter. Refining margin for Q1 2026 was $0.12 per throughput barrel, compared to a loss of $0.42 during Q1 2025. |
| UAN | CVR Partners, LP is a manufacturer of ammonia and urea ammonium nitrate solution fertilizer products. Strong first quarter results driven by robust demand. Q1 2026 average realized gate prices for UAN increased by 34% percent to $343 per ton and ammonia increased by 24% percent to $687 per ton when compared to Q1 2025. |
| AEP | AMERICAN ELECTRIC POWER has a market value of $618 million representing 1% ownership as of March 31, 2026. |
| CTRI | Centuri has a market value of $419 million representing 14% ownership as of March 31, 2026. |
| IFF | iFF has a market value of $310 million representing 2% ownership as of March 31, 2026. |
| CZR | CAESARS ENTERTAINMENT has a market value of $279 million representing 5% ownership as of March 31, 2026. |
| SATS | ECHOSTAR has a market value of $164 million representing 1% ownership as of March 31, 2026. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
