ICAHN ENTERPRISES L.P. (IEP)

Icahn Enterprises L.P. is a diversified holding company organized as a Delaware master limited partnership in 1987 (it began as American Real Estate Partners L.P.) and headquartered in Sunny Isles Beach, Florida. It owns subsidiaries in seven reporting segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. Substantially all of its assets and operations are held through Icahn Enterprises Holdings L.P., in which it owns a 99% limited partner interest. Its general partner is indirectly owned and controlled by Carl C. Icahn, who with his affiliates owned about 86% of the depositary units as of December 31, 2025. The company follows a value-oriented, activist approach in the Graham & Dodd tradition. It seeks undervalued companies and often becomes actively involved, ranging from influencing management and running proxy fights or tender offers to taking control of the target and operating it.

The Investment segment consists of private investment funds in which the company holds general partner interests and invests proprietary capital. The company provides advisory and administrative services only to these funds, and the only investors are the company and certain Icahn family members and affiliates. The funds hold long and short equities and bonds, bank debt, options, swaps, risk arbitrage and other special situations, and had about $2.7 billion of company investments at December 31, 2025. Significant positions include American Electric Power, Southwest Gas Holdings, EchoStar, Centuri Holdings and International Flavors and Fragrances. The Energy segment is conducted through CVR Energy, Inc., of which the company owns about 70%, plus a 3% interest in CVR Partners, LP. CVR Energy is an independent petroleum refiner and marketer of gasoline, diesel, jet fuel and distillates. It also operates a renewable diesel business that refines feedstocks such as soybean oil and corn oil, and, through CVR Partners, makes nitrogen fertilizers (urea ammonium nitrate and ammonia). The text provides no further detail on the other segments.

The Investment segment earns revenue from gains and losses on investments. The other segments earn revenue mainly from product sales, chiefly in Energy and Automotive, which together made up the significant majority of consolidated net sales in each of the last three years. Other revenue comes from automotive services and real estate leasing. Energy accounted for about 83% of consolidated net sales in 2025, 2024 and 2023, mostly from petroleum products. Most consolidated revenue comes from customers in the United States, and the Food Packaging segment accounts for the majority of revenue from customers outside the U.S.

CVR Energy is headquartered in Sugar Land, Texas. Its refineries in Coffeyville, Kansas and Wynnewood, Oklahoma have combined capacity of about 206,500 barrels per day and can process a variety of crude oil blends. The Wynnewood hydrocracker was converted to a renewable diesel unit in April 2022. CVR Energy supplies crude through third-party pipelines and its own gathering system of owned, leased or joint-venture logistics assets. Icahn Enterprises operates so as not to be deemed an investment company under the Investment Company Act, and it structures its investments to be taxed as a partnership.