Icahn Enterprises L.P.
Carl Icahn's diversified holding company, a publicly traded master limited partnership with energy, automotive, packaging, real estate, and textile subsidiaries.
Company Type
public
Founded
1987
Headquarters
Sunny Isles Beach, Florida, USA
Stock
NASDAQ: IEP
Revenue
Approximately $10 billion (FY2025)
Employees
Approximately 15,000
Primary Market
United States
Icahn Enterprises L.P. Timeline
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About Icahn Enterprises L.P.
Is Icahn Enterprises a company or a fund?
Both. It is a publicly traded master limited partnership that owns operating subsidiaries and also runs Carl Icahn's activist investment funds.
Does Icahn Enterprises still own Pep Boys?
No. It completed the sale of Pep Boys in the third quarter of 2026 for a $215 million pre-tax gain.
Is Icahn Enterprises publicly traded?
Yes. It trades on NASDAQ under ticker IEP as depositary units.
What does Icahn Enterprises own in 2026?
CVR Energy, CVR Partners, Icahn Automotive service centers, Viskase, WestPoint Home, Vivus, real estate holdings, and its activist Investment segment.
History of Icahn Enterprises L.P.
The entity traces to American Real Estate Partners, formed in 1987, through which Carl Icahn assembled undervalued assets after his corporate raiding era of the 1980s.
The partnership accumulated a sprawling industrial portfolio: CVR Energy refining in 2005 and 2012, Federal-Mogul powertrain parts, Tropicana casinos, PSC Metals scrap, Viskase casings, and WestPoint Home textiles.
Monetizations have been equally aggressive: Federal-Mogul sold to Tenneco for $5.1 billion in 2018, Tropicana to Eldorado for $1.5 billion the same year, Ferrous Resources in 2019, PSC Metals in 2021, and Pep Boys in Q3 2026.
A 2023 short-seller report triggered a steep unit-price decline and a distribution cut from $2.00 to $1.00 per unit annually, later set at $0.50 per quarter; Icahn personally pledged his units against margin loans during the episode before refinancing.
Controversy, Regulation & Public Scrutiny
The 2023 Hindenburg Research report accused IEP of inflating asset values and funding distributions from new unit sales rather than earnings; the unit price halved and the distribution was cut. Regulatory scrutiny of Icahn's margin loan pledging followed and was resolved through restructuring.
Brands Owned by Icahn Enterprises L.P.
Icahn Enterprises L.P. owns 5 brands in our database. Explore the ownership tree below — click categories to expand and see individual brands.
Icahn Enterprises L.P.
public · Founded 1987 · Sunny Isles Beach, Florida, USA
5
brands
Stock Information
Icahn Enterprises L.P. Ownership: Pros & Cons
Advantages
- +Carl Icahn's deal record and asset monetization history
- +Diversified industrial cash flows with a dominant energy segment
- +Quarterly cash distributions of $0.50 per unit
- +Continued monetization runway, demonstrated by the Pep Boys sale
Considerations
- -Investment segment swings drive headline losses
- -Small public float and extreme insider ownership
- -Refining cycle dependence through CVR Energy
- -Legacy reputational overhang from the 2023 short report
Frequently Asked Questions About Icahn Enterprises L.P.
Is Icahn Enterprises a company or a fund?
Both. It is a publicly traded master limited partnership that owns operating subsidiaries and also runs Carl Icahn's activist investment funds.
Does Icahn Enterprises still own Pep Boys?
No. It completed the sale of Pep Boys in the third quarter of 2026 for a $215 million pre-tax gain.
Is Icahn Enterprises publicly traded?
Yes. It trades on NASDAQ under ticker IEP as depositary units.
What does Icahn Enterprises own in 2026?
CVR Energy, CVR Partners, Icahn Automotive service centers, Viskase, WestPoint Home, Vivus, real estate holdings, and its activist Investment segment.
Sources & Further Reading
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