Icahn Enterprises (IEP) Operating Expenses (2010 - 2026)
Icahn Enterprises' (IEP) quarterly Operating Expenses came in at $3.4 billion in Q2 2026, up 28.53% on a YoY basis from $2.6 billion in Q2 2025, and up 19.27% quarter-over-quarter from $2.8 billion in Q1 2026.
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Analysis
Icahn Enterprises (IEP) Operating Expenses (2010 - 2026) Analysis & Trends
Icahn Enterprises (IEP) has reported Operating Expenses for 10 consecutive years, with $3.4 billion the latest figure, recorded in Q2 2026.
- For the quarter ending Q2 2026, Operating Expenses rose 28.53% year-over-year to $3.4 billion; the trailing twelve-month figure through Jun 2026 stood at $11.0 billion (up 4.69% YoY), and the FY2025 full-year result was $10.0 billion, down 5.52% from the prior year.
- Operating Expenses improved to $3.4 billion in Q2 2026 per IEP's latest filing, from $2.8 billion in the prior quarter.
- Across five years, Operating Expenses topped out at $3.8 billion in Q2 2022 and bottomed at $2.2 billion in Q3 2025.
- Historically, Operating Expenses has averaged $2.9 billion across 5 years, with a median of $2.9 billion in 2023.
- The sharpest annual moves came in 2023 and 2026: Operating Expenses slipped 21.44% in 2023, then increased 28.53% in 2026.
- Over 5 years, Operating Expenses stood at $3.7 billion in 2022, then retreated by 21.02% to $2.9 billion in 2023, then slipped by 6.98% to $2.7 billion in 2024, then slipped by 0.41% to $2.7 billion in 2025, then gained by 25.41% to $3.4 billion in 2026.
- According to Business Quant data, Operating Expenses over the past three periods registered $3.4 billion, $2.8 billion, and $2.7 billion for Q2 2026, Q1 2026, and Q4 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Marathon Petroleum | 109.49 Bn | 108.36 Bn | 9.27 Bn | 45.02 Bn |
| 2 | Valero Energy | 108.59 Bn | 103.98 Bn | 5.47 Bn | 266.00 Mn |
| 3 | HF Sinclair | 18.97 Bn | 16.77 Bn | 1.57 Bn | 9.22 Bn |
| 4 | Sunoco | 10.01 Bn | 9.24 Bn | 1.46 Bn | 13.68 Bn |
| 5 | PBF Energy | 8.52 Bn | 7.77 Bn | 1.15 Bn | 10.41 Bn |
| 6 | Ultrapar Holdings | 8.23 Bn | 6.52 Bn | 912.61 Mn | -284.31 Mn |
| 7 | Cvr Energy | 5.25 Bn | 4.73 Bn | 117.00 Mn | 52.00 Mn |
| 8 | Icahn Enterprises | 5.06 Bn | 3.09 Bn | 198.00 Mn | 3.36 Bn |
| 9 | Delek US Holdings | 4.49 Bn | 4.10 Bn | 365.10 Mn | 3.78 Bn |
| 10 | Par Pacific Holdings | 3.96 Bn | 3.81 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();