What Stocks Does Carl Icahn Own? Icahn Enterprises 13F & 2026 Holdings

Carl Icahn isn't your typical buy-and-hold investor. He's a corporate raider turned activist, known for taking substantial stakes in companies he believes are underperforming or mismanaged, then pushing aggressively for change. His investment philosophy centers on identifying undervalued businesses, often those out of favor or in distress, and then using his significant ownership to demand strategic shifts, management overhauls, or even asset sales. This concentrated, confrontational approach has defined his career spanning decades and has often led to significant returns for his investors. Icahn's influence on corporate governance is undeniable; many of the proxy fights and shareholder letter campaigns common today trace their roots back to his pioneering efforts. He believes that entrenched management teams often act in their own interests rather than those of shareholders, and he's not afraid to publicly challenge them to unlock value.

For everyday investors keen on following the likes of Carl Icahn, two key SEC filings are your best friends: Form 13F and Form 13D. A 13F filing is a quarterly report submitted by institutional investment managers with over $100 million in assets, disclosing their equity holdings. It gives us a snapshot of what they owned at the end of the previous quarter. For instance, Icahn's most recent 13F filing was on May 15, 2026, for the quarter ending March 31, 2026. While 13F filings provide transparency, remember there's a delay of up to 45 days, so you're always looking at slightly historical data.

On the other hand, a 13D filing is filed when an investor acquires more than 5% of a company's voting shares with the intent to influence or control the company. These are often filed much more quickly, within 10 days of crossing the 5% threshold, and signal an activist campaign is underway. By monitoring both 13F and 13D filings, retail investors can gain insights into Icahn's current portfolio composition and his active campaigns, understanding where he sees potential for change and value creation.

As of the Q1 2026 13F filing, dated May 15, 2026, Carl Icahn's disclosed portfolio, managed through Icahn Capital, held 12 positions with an aggregate market value of approximately $8.6 billion. True to his style, the portfolio remains highly concentrated, with the top five holdings accounting for a significant 91.2% of the total value.

His largest holding, representing 48.5% of the portfolio, is Icahn Enterprises LP (IEP), his own diversified holding company. This makes sense, as he effectively owns a large part of his own investment vehicle. The second-largest position is CVR Energy Inc. (CVI), an independent refiner and nitrogen fertilizer manufacturer, making up 28.0% of the portfolio. Following CVI is CVR Partners LP (UAN) at 6.2%, which is a limited partnership focused on nitrogen fertilizer products.

Other notable top holdings include Centuri Holdings Inc. (CTRI) at 4.9% and International Flavors & Fragrances Inc. (IFF) at 3.6%. These top positions clearly illustrate Icahn's preference for taking substantial, influential stakes in a select few companies rather than spreading his investments thinly across many.

The Q1 2026 filing, covering the period ending March 31, 2026, revealed some interesting shifts in Icahn's portfolio. There was one newly initiated position, two fully exited positions, two increased positions, and one reduced position across his 12 holdings. This activity reflects his ongoing strategy of portfolio restructuring within his already narrow set of investments.

One significant move was the full disposition of Southwest Gas Holdings Inc. (SWX). This exit came after a multi-year activist campaign, indicating that Icahn likely achieved his objectives or decided to reallocate capital elsewhere. Conversely, Icahn substantially increased his stake in Centuri Holdings Inc. (CTRI), now holding approximately 14.4% ownership in the business. He also increased his position in CVR Energy (CVI) by 1.1% as of February 20, 2026. These changes highlight Icahn's dynamic approach, where he's constantly evaluating and adjusting his positions to maximize shareholder value, often through direct engagement with company management.

Icahn Enterprises L.P. (IEP) is Carl Icahn's publicly traded diversified holding company, and it's much more than just an investment fund. It operates across several primary business segments, including Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma. This conglomerate structure allows IEP to generate diversified revenue streams.

Recent news from July 21, 2026, shows Icahn Enterprises agreed to sell its automotive service chain, Pep Boys, to Mavis Tire Express Services for approximately $700 million in cash. This strategic move aims to streamline operations, though Icahn Enterprises will retain ownership of certain real estate properties and other automotive service brands like AAMCO Transmissions and Precision Tune Auto Care.

Financially, for the first quarter of 2026, IEP reported revenues of $2.2 billion and a net loss attributable to IEP of $459 million, or approximately $0.71 per depositary unit. The company also declared a quarterly distribution of $0.50 per depositary unit, payable around June 25, 2026. It's worth noting that the dividend was cut twice since August 2023, now standing at $0.50 per unit. As of May 2026, Ted Papapostolou assumed the role of CEO, leading Icahn Enterprises forward.