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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Icahn Enterprises posted a Q2 2026 net loss of $355 million with Investment Funds down 10.9% for the quarter and 18.2% year-to-date. Energy segment Adjusted EBITDA surged $110 million on strong refining margins and fertilizer pricing."
Icahn Enterprises reported a challenging Q2 2026 with net loss attributable to IEP of $355 million and Adjusted EBITDA loss of $134 million, compared to Adjusted EBITDA of $40 million in Q2 2025. The Investment segment posted negative 10.9% returns for the quarter and negative 18.2% year-to-date, maintaining net short notional exposure of 30% as of June 30, 2026. The Energy segment provided a bright spot with Adjusted EBITDA increasing $110 million year-over-year to $209 million, driven by improved refining margins of $9.94 per barrel and strong nitrogen fertilizer pricing with UAN up 24% and ammonia up 33%. In July 2026, the company entered into an agreement to sell Pep Boys for $700 million. The Automotive segment faced headwinds with declining revenues, while the Pharma segment experienced pressure from generic competition on its anti-obesity drug. Indicative net asset value decreased $765 million to approximately $2.6 billion as of June 30, 2026. IEP declared a second quarter distribution of $0.50 per depositary unit.
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