Icahn Enterprises LP (NASDAQ: IEP) is a diversified holding company that acquires and operates businesses across multiple industries while also conducting investment activities through private funds. The partnership generates income from its operating subsidiaries and from returns on its investment portfolio, including positions that may use options, short sales, swaps, forwards, and other derivative instruments. IEP is structured as a master limited partnership and trades on the NASDAQ Global Select Market. The 10-K filed February 26, 2026 identifies risks tied to economic downturns, competition, rising operating costs, leverage embedded in its investment funds, compliance with senior note covenants, and the ongoing requirement to avoid classification as an investment company under the Investment Company Act of 1940. The filing does not disclose segment revenue breakdowns, specific operating subsidiary names, or total revenue figures in the excerpts available.

Revenue model

Income from operating subsidiaries across multiple industries combined with investment returns from private funds that employ equity, derivatives, and short positions.

Products and services

Ownership stakes in operating businesses across multiple industries; investment management through private funds using equities, options, short sales, swaps, and forwards.

Value-chain role

Holding company and activist investment vehicle that acquires controlling or significant stakes in operating businesses and manages an investment portfolio.

Source: SEC 10-K, filed 2026-02-26

Industry: Petroleum Refining Peers: 3M Co Gaucho Group Holdings, Inc. Honeywell International Inc RENAVOTIO, INC. General Electric Co STEEL PARTNERS HOLDINGS L.P.