Icahn Enterprises Q2 Indicative NAV Falls $765M to $2.6B

Why It Matters

The release attributes the $765 million decline in indicative net asset value primarily to two figures. Those are a $435 million decrease in the value of its long position in CVI and a $243 million decrease in the Holding Company’s interest in the Investment Funds. A third line in the same table moved by the same amount as the second. Holding Company cash and cash equivalents, added below Indicative Gross Asset Value in that reconciliation, fell to $381 million at June 30 from $624 million at March 31.

The unit count moved the other way. Depositary units issued and outstanding reached 710,915,093 at June 30 against 637,209,452 at December 31, 2025, an increase of 73,705,641. Dividing the release’s figures gives indicative net asset value per unit of $4.97 at December 31 and $3.66 at June 30. That is a 26.4% fall over the six months, against a 17.8% fall in the total. Indicative net asset value “does not purport to reflect a valuation of IEP,” the release cautions.

Inside the $765 million decline

The table carries eleven line items at March 31 and again at June 30, 2026, and the eleven movements sum exactly to the $765 million the release reports. CVR Energy, the refiner, fell to $1,961 million from $2,396 million. The Market Context covered Exxon Mobil’s second-quarter profit on July 31, 2026. The Holding Company’s interest in the Investment Funds fell to $1,978 million from $2,221 million, and Holding Company cash and cash equivalents fell by the same $243 million. Three lines rose. Other Net Assets went to $99 million from $9 million, Icahn Automotive Group to $765 million from $704 million, and the Real Estate Segment to $1,417 million from $1,394 million.

Footnote 5 explains the automotive line. Icahn Automotive entered a stock purchase agreement in July 2026 to sell Pep Boys for $700 million, subject to customary closing conditions. The June 30 valuation “includes an estimated increase of $97 million in connection with this sale agreement,” the footnote states. That agreement is dated after the valuation date the table uses. Strip the estimate out and the line reads $668 million against $704 million at March 31.

A lead figure on a changed basis

Adjusted EBITDA attributable to Icahn Enterprises was negative $134 million for the three months ended June 30, 2026 against positive $40 million a year earlier. The 2025 figure was “prepared using a calculation with different exclusions than what has been used when preparing Adjusted EBITDA for prior periods,” footnote 1 says. The release states the company modified the calculation effective March 31, 2026.

What Icahn told unitholders

Carl C. Icahn, chairman of Icahn Enterprises, addressed the hedges. “Over the years, we have maintained a significant hedge position against our refining investments,” he said. The strategy “has generally served well in mitigating risk,” he said. Results for the quarter “were impacted by exceptional geopolitical events that disproportionately affected our long refining exposure versus crack spreads,” he said. He said the refining investment rebounded during July. The company is “continuing to right-size our hedge portfolio to better align with our underlying exposures,” he said.

Icahn named CVR Energy, “of which we own 71%,” as a current example of the controlled positions he discusses. Icahn Enterprises and the CVR management team are “actively focused on opportunities to increase long-term value,” he said. Icahn Enterprises is a master limited partnership whose continuing operating businesses are investment, energy, automotive, food packaging, real estate, home fashion and pharma.

The distribution and the unit count

The board of the general partner declared $0.50 a depositary unit on August 3, 2026, the same rate as a year earlier. It is payable on or about September 23 to holders of record at the close of business on August 17. Unitholders have until September 11 to elect cash or additional units. A unitholder who does not elect “will automatically be deemed to have elected to receive the distribution in additional depositary units,” the release states.

Those who take units receive them at the volume weighted average price over the five consecutive trading days ending September 18. At the June 30 unit count, $0.50 a unit comes to $355.5 million. Weighted average units behind the loss per unit were 669 million for the three months ended June 30, 2026 against 545 million a year earlier. The Market Context wrote on August 3, 2026 about GameStop’s debt exchange for an undetermined share count.

What to watch

1. Icahn Enterprises’ Form 10-Q for the quarter ended June 30, 2026. This release reports net loss from investment activities as one line of $334 million for the three months and gives no components.

2. Icahn Enterprises’ Form 10-Q for the quarter ended September 30, 2026. Its balance sheet states depositary units issued and outstanding, the line that moved 73,705,641 over the six months to June 30, 2026.

3. The indicative net asset value table in Icahn Enterprises’ third-quarter 2026 results release. Icahn says the refining investment rebounded during July, and the newest column in this table is dated June 30, 2026. A September 30, 2026 column would be the first dated after that month.