Icahn Enterprises (IEP) opened Q1 2026 with revenue of US$2,206 million and a basic EPS loss of US$0.71, while trailing 12 month figures show revenue of US$9.7 billion and a basic EPS loss of US$0.56. Over recent quarters the company has seen quarterly revenue move from US$1,868 million in Q1 2025 to US$2,206 million in Q1 2026, with basic EPS shifting from a loss of US$0.79 to a loss of US$0.71 as investors assess how margins may stabilize from these loss-making levels.

See our full analysis for Icahn Enterprises.

With the latest revenue and EPS now reported, the next step is to compare these margins with widely held narratives about Icahn Enterprises and evaluate whether the current story still holds up.

TTM losses of US$329 million keep profitability in focus

• On a trailing 12 month basis, Icahn Enterprises reported total revenue of US$9.7b and a net loss of US$329 million, with basic EPS at a loss of US$0.56 compared with a loss of US$1.66 one year earlier.
• Bears focus on the five year trend of losses increasing about 6.7% per year. However, the recent TTM loss of US$329 million alongside the Q1 2026 loss of US$450 million gives a mixed picture for that cautious view.
  • Critics highlight that Q1 2026 net income excluding extra items was a loss of US$450 million versus a small profit of US$2 million in Q4 2025, which fits the concern that profitability is not yet stable.
  • At the same time, the shift in TTM basic EPS from a loss of US$1.66 in early 2025 to a loss of US$0.56 in Q1 2026 shows the longer run loss per unit has narrowed. This slightly challenges a purely bearish stance that conditions are only getting worse.

Valuation signals vs US$329 million loss

• The stock trades on a P/S of 0.5x compared with 0.8x for the Global Industrials average and about 2.0x for peers. The current share price of US$7.98 sits about 3.2% below the DCF fair value of US$8.24 despite the TTM net loss of US$329 million.
• Consensus narrative notes Icahn Enterprises as a potential value idea, and the numbers show both support and friction for that view.
  • On the supportive side, revenue of US$9.7b over the last 12 months and a P/S below both industry and peer levels indicate the market is paying relatively little per dollar of sales.
  • On the challenging side, the same period produced a net loss of US$329 million and revenue growth of only 2.7% per year compared with 11.4% per year cited for the broader US market, which reminds you that the low multiples sit alongside modest growth and continued losses.

Dividend coverage and future growth tension

• The reported dividend yield of 25.06% is not covered by earnings or free cash flow over the last 12 months, even though analysts forecast very strong earnings growth and expect Icahn Enterprises to become profitable within three years.
• Bulls argue that improving margins and earnings could eventually support both the valuation and the payout, and the current figures highlight where that optimism is being tested.
  • Forecasts call for earnings to grow at about 119.46% per year from a base where TTM net income excluding extra items is a loss of US$329 million, so any shift to profit would be coming off a clearly loss making starting point.
  • At the same time, analysts expect revenue to stay fairly flat around current levels while margins move from about a 4.2% loss to 23.3% profit by 2028. This is a large margin swing relative to the recent Q1 2026 loss of US$450 million and helps explain why income focused investors may question how long a 25.06% yield can be maintained.

Investors who want to see how those growth and margin assumptions tie together can go deeper into the bullish case for Icahn Enterprises by checking out the 🐂 Icahn Enterprises Bull Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Icahn Enterprises on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

The mix of risks and rewards in this story is clear, so it makes sense to weigh the numbers yourself and move quickly to your own view by checking the 3 key rewards and 2 important warning signs.

Explore Alternatives

Icahn Enterprises is still working through sizeable losses, an uncovered 25.06% dividend yield, and forecasts that rely on a large, unproven margin turnaround.

If you want income ideas where payouts look more robust, it makes sense to compare this situation with companies featured in our 12 dividend fortresses.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.