ICAHN ENTERPRISES L.P. (IEP)

Icahn Enterprises L.P. is a Delaware master limited partnership, headquartered in Sunny Isles Beach, Florida, that operates as a diversified holding company with subsidiaries in seven reporting segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. It conducts substantially all of its operations through Icahn Enterprises Holdings L.P., of which it owns 99%, and Carl C. Icahn and his affiliates owned approximately 86% of its depositary units at December 31, 2025. The company follows a value-oriented, activist strategy in the Graham & Dodd tradition: it seeks undervalued companies and often becomes actively involved, from influencing management and boards through proxy fights and tender offers to acquiring control and operating the business.

Several operating subsidiaries began as investment positions, such as CVR Energy, which became the Energy segment in 2012. Apart from the Investment segment, the operating segments are mostly independently operated businesses in which it holds a controlling interest. The Investment segment consists of private investment funds in which the company is general partner and invests proprietary capital.

The only investors are the company and certain Icahn family members and affiliates. The funds pursue long and short equities, bonds, bank debt, derivatives, risk arbitrage and special situations, and invest in undervalued public equity and debt securities. They had about $2.7 billion of company investments at year-end 2025, and significant positions included American Electric Power, Southwest Gas Holdings, EchoStar, Centuri Holdings and International Flavors and Fragrances.

Investment segment revenue comes from investment gains and losses. The Energy segment is conducted through about 70%-owned CVR Energy, based in Sugar Land, Texas, plus a 3% direct interest in CVR Partners. CVR Energy is an independent petroleum refiner and marketer of gasoline, diesel, jet fuel and other distillates.

Its Coffeyville, Kansas and Wynnewood, Oklahoma refineries have combined capacity of about 206,500 barrels per day, and it also runs a renewable diesel business that refines feedstocks such as soybean and corn oil. Through CVR Partners, it produces and markets nitrogen fertilizers, namely urea ammonium nitrate and ammonia. Energy accounted for roughly 83% of consolidated net sales in each of 2023 through 2025, and Energy and Automotive together made up the significant majority of net sales.

Other revenue streams include automotive services and real estate leasing. Most consolidated revenue comes from customers in the United States, and the Food Packaging segment accounts for most of the revenue from customers outside the U.S.