Icahn Enterprises (IEP) Operating Expenses (2010 - 2026)
Icahn Enterprises' Operating Expenses was $3.36 billion in Q2 2026, up 28.5% from $2.62 billion a year earlier and up 19.3% from the prior quarter.
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Analysis
Icahn Enterprises (IEP) Operating Expenses (2010 - 2026) Analysis & Trends
On a trailing twelve-month basis, Icahn Enterprises' Operating Expenses was $11.05 billion through Jun 30, 2026, up 4.7% year-over-year; for FY2025, it came in at $10 billion, down 5.5% from FY2024.
- Operating Expenses has now declined for three consecutive years, though with a five-year compound annual growth rate of 2.8% (FY2020 to FY2025).
- In earlier years, Operating Expenses was $10.59 billion in FY2024 (-10.7%), $11.86 billion in FY2023 (-16.4%), $14.19 billion in FY2022 (+19.1%) and $11.92 billion in FY2021 (+36.9%).
- The Q2 2026 figure marks the highest quarterly Operating Expenses since Q4 2022.
- Compared with a year earlier, Operating Expenses was higher in three of the last eight quarters, with growth averaging 0.6%.
- The best year-over-year quarter for Operating Expenses over five years was Q2 2026 (growth of 28.5%); the worst was Q2 2023 (a decline of 21.4%).
- Per Business Quant data, IEP's Operating Expenses in the three quarters before Q2 2026 was $2.82 billion (Q1 2026), $2.68 billion (Q4 2025) and $2.19 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Marathon Petroleum | 137.97 Bn | 121.73 Bn | 9.27 Bn | 45.02 Bn |
| 2 | Valero Energy | 134.23 Bn | 111.17 Bn | 5.47 Bn | 266.00 Mn |
| 3 | HF Sinclair | 23.03 Bn | 17.20 Bn | 1.57 Bn | 9.22 Bn |
| 4 | PBF Energy | 10.79 Bn | 8.35 Bn | 1.15 Bn | 10.41 Bn |
| 5 | Sunoco | 10.43 Bn | 4.80 Bn | 1.46 Bn | 13.68 Bn |
| 6 | Ultrapar Holdings | 8.35 Bn | 1.76 Bn | 912.61 Mn | -124.47 Mn |
| 7 | Cvr Energy | 6.36 Bn | 3.93 Bn | 117.00 Mn | 52.00 Mn |
| 8 | Delek US Holdings | 4.96 Bn | 2.45 Bn | 365.10 Mn | 3.78 Bn |
| 9 | Icahn Enterprises | 4.49 Bn | -1.27 Bn | - | 3.36 Bn |
| 10 | Par Pacific Holdings | 4.36 Bn | 3.68 Bn | 852.68 Mn | 2.33 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 3.36 Bn |
| Mar 31, 2026 | 2.82 Bn |
| Dec 31, 2025 | 2.68 Bn |
| Sep 30, 2025 | 2.19 Bn |
| Jun 30, 2025 | 2.62 Bn |
| Mar 31, 2025 | 2.52 Bn |
| Dec 31, 2024 | 2.69 Bn |
| Sep 30, 2024 | 2.72 Bn |
| Jun 30, 2024 | 2.68 Bn |
| Mar 31, 2024 | 2.49 Bn |
| Dec 31, 2023 | 2.89 Bn |
| Sep 30, 2023 | 2.94 Bn |
| Jun 30, 2023 | 2.98 Bn |
| Mar 31, 2023 | 3.05 Bn |
| Dec 31, 2022 | 3.66 Bn |
| Sep 30, 2022 | 3.63 Bn |
| Jun 30, 2022 | 3.79 Bn |
| Mar 31, 2022 | 3.11 Bn |
| Dec 31, 2021 | 3.28 Bn |
| Sep 30, 2021 | 2.88 Bn |
API Access
Icahn Enterprises Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=IEP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "IEP", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=IEP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();