Icahn Enterprises (IEP) Operating Expenses (2010 - 2026)
Icahn Enterprises' (IEP) quarterly Operating Expenses came in at $2.8 billion in Q1 2026, up 11.78% YoY from $2.5 billion in Q1 2025, and up 5.15% on a QoQ basis from $2.7 billion in Q4 2025.
Icahn Enterprises (IEP) Operating Expenses (2010 - 2026) Analysis & Trends
Icahn Enterprises (IEP) has 10 years of Operating Expenses data on file, last reported at $2.8 billion in Q1 2026.
- Quarterly Operating Expenses rose 11.78% year-over-year to $2.8 billion in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $10.3 billion (down 3.0% YoY) and the FY2025 annual result came in at $10.0 billion, down 5.52% from the prior year.
- Operating Expenses rose to $2.8 billion in Q1 2026, from $2.7 billion in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $3.8 billion in Q2 2022 to a low of $2.2 billion in Q3 2025.
- A 5-year average of $2.9 billion and a median of $2.8 billion in 2026 frame the typical range for Operating Expenses.
- Annual changes were most pronounced in 2022 — Operating Expenses climbed 26.65% — and 2023, when it decreased 21.44%.
- Tracing IEP's Operating Expenses over 5 years: stood at $3.7 billion in 2022, then declined by 21.02% to $2.9 billion in 2023, then retreated by 6.98% to $2.7 billion in 2024, then retreated by 0.41% to $2.7 billion in 2025, then increased by 5.15% to $2.8 billion in 2026.
- The last three Operating Expenses figures came in at $2.8 billion (Q1 2026), $2.7 billion (Q4 2025), and $2.2 billion (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Marathon Petroleum | 97.05 Bn | 89.28 Bn | 9.27 Bn | 45.02 Bn |
| 2 | Valero Energy | 95.18 Bn | 87.30 Bn | 5.47 Bn | 233.00 Mn |
| 3 | Phillips 66 | 89.90 Bn | 85.80 Bn | 8.38 Bn | 47.07 Bn |
| 4 | HF Sinclair | 15.35 Bn | 13.09 Bn | 1.57 Bn | 9.22 Bn |
| 5 | Sunoco | 10.13 Bn | 9.36 Bn | 1.46 Bn | 13.68 Bn |
| 6 | PBF Energy | 8.19 Bn | 7.29 Bn | 1.15 Bn | 10.41 Bn |
| 7 | Cosan | 6.43 Bn | 1.32 Bn | 552.94 Mn | 803.77 Mn |
| 8 | Ultrapar Holdings | 6.39 Bn | 4.67 Bn | 603.08 Mn | -124.64 Mn |
| 9 | Icahn Enterprises | 5.07 Bn | 3.10 Bn | 198.00 Mn | 3.36 Bn |
| 10 | Delek US Holdings | 3.92 Bn | 3.29 Bn | 365.10 Mn | 3.78 Bn |
Historic Data
Download 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 |