Icahn Enterprises L.P. (IEP) is a master limited partnership and diversified holding company controlled by activist investor Carl C. Icahn. Headquartered in Sunny Isles Beach, Florida, the company operates through seven primary business segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma. The Investment segment manages proprietary capital through private investment funds, employing an activist strategy to acquire undervalued assets, push for operational or governance changes, and execute profitable exits.
Despite its diversified structure, Icahn Enterprises derives the overwhelming majority of its consolidated revenue from its Energy segment, which accounted for approximately 83% of net sales in 2024. This segment operates primarily through CVR Energy, a subsidiary engaged in petroleum refining and nitrogen fertilizer manufacturing, with key refineries located in Kansas and Oklahoma. The Automotive segment provides aftermarket parts and repair services, notably through its Pep Boys subsidiary. Other holdings include Viskase Companies in the Food Packaging segment, which produces cellulosic and plastic casings for the meat industry, as well as various real estate assets and home fashion businesses. While IEP is widely known as an activist investment vehicle, its consolidated financial profile is heavily dominated by the refining and marketing of petroleum products.
