Icahn Enterprises posts a Q3 loss of $0.31 a unit that includes $522M of refining hedge losses

Revenue of $3.17B beat the $2.35B expected, and the company declared a $0.50 distribution, its 86th consecutive quarterly payment since 2005.

Icahn Enterprises lost $0.31 a unit in the third quarter, although revenue of $3.17B was well above the $2.35B expected. A year earlier it earned $0.49 a unit.

The company said net loss attributable to Icahn Enterprises was $225m, against net income of $287m in the third quarter of 2025. The loss included $522m of refining hedge losses in its investment funds. Net loss from investment activities was $779m, against $48m a year earlier.

The extra revenue did not carry through to profit. Cost of goods sold rose to $2,733m from $1,685m, and adjusted EBITDA attributable to Icahn Enterprises was a loss of $214m, against a $75m profit a year earlier. The nine-month loss is $1.51 a unit, against $0.54 in the same period of 2025.

Asset value moved the other way. Indicative net asset value was about $3.5bn at September 30, up $865m from June 30. The company put the rise mainly down to a gain of roughly $1.7bn in its CVI stake, now valued at $4.2bn, partly offset by the hedge losses.

That leaves the distribution, which is a cash commitment made while reported earnings are negative. Icahn Enterprises declared $0.50 per depositary unit, the 86th consecutive quarterly payment since 2005. It is payable on or about December 23 to unitholders of record on November 16.