2026-05-21 · Long Street Consulting

Carl Icahn's Active SEC Filings in 2026: What He's Buying, Selling, and Targeting

Q: Is Carl Icahn still buying stocks in 2026?

Yes. Icahn entered a Rule 10b5-1 scheduled purchase plan for up to 13.4 million additional CVR Energy shares, beginning in March 2025. A 10b5-1 plan executes automatically on a pre-set schedule regardless of market conditions — Icahn is mechanically adding to his 67% CVR Energy stake. His other positions are being held or reduced.

Q: How do I track Carl Icahn's current SEC filings?

SEC EDGAR maintains all Schedule 13D and 13G filings publicly at sec.gov. 13dwatch parses these filings into a structured database the day they are posted, enriches them with Form 4 insider transactions, institutional 13F holdings, and FINRA short interest data, and makes the combined dataset available via the 13dwatch API.

Carl Icahn has filed 174 Schedule 13D and 13G amendments across 32 companies in the 13dwatch database. As of May 2026, five positions are active. Two of them are being reduced. One is under a programmatic buy plan. The picture is messier than the "Icahn takes stake" headlines suggest — and the SEC filings tell the real story.

This post pulls directly from those filings. Every figure is sourced from the live activist_filings table tracking 13D/G submissions in real time.

What Is a Schedule 13D Filing?

A Schedule 13D is an SEC disclosure required when any investor acquires beneficial ownership of more than 5% of a company's outstanding shares — and has an "activist" intent, meaning they intend to influence the company's direction. Amendments (13D/A) are filed whenever the ownership percentage, purpose, or agreement terms change materially.

Carl Icahn — operating through Icahn Associates Corp., High River Limited Partnership, and related entities — files 13Ds when he crosses 5% with stated governance objectives. He files 13G amendments when his stake drops or his stated purpose shifts to passive.

The distinction matters. A 13D signals Icahn wants a seat at the table. A drop from 13D to 13G (or below 5%) signals retreat.

Carl Icahn's Active Positions: May 2026

The following five positions have a confirmed filing in 2024 or later. Stake percentages and share counts are drawn from the most recent 13D/A filing per issuer.

1. Icahn Enterprises LP (IEP) — 87.11% / 549.4 Million Shares

This is Icahn's self-control position. IEP is his publicly traded holding company — a master limited partnership that owns his operating businesses. Filing a 13D on your own LP is not an activist campaign; it is a mandatory disclosure tied to the controlling-stake threshold.

Why it matters: IEP trades publicly (NASDAQ: IEP). Icahn's 87.11% position, last amended December 29, 2025, means IEP's float is thin — roughly 12.9% of shares are in public hands. Short interest stood at 13.6 million shares with a days-to-cover (DTC) of 14.90 as of April 30, 2026. A DTC of nearly 15 is elevated; short sellers are betting against the LP's structure, not the underlying businesses. That pressure has been ongoing since Hindenburg Research published a short thesis in 2023.

2. CVR Energy Inc (CVI) — 67.2% / 67.6 Million Shares + Active Buy Program

CVR Energy is Icahn's highest-conviction external position. He filed a 13D amendment on February 21, 2025, disclosing a 67.2% stake at 67.57 million shares. The filing noted a Rule 10b5-1 scheduled purchase plan for up to 13.4 million additional shares beginning in March 2025.

What a 10b5-1 plan means: This is a pre-programmed, broker-executed purchase plan that cannot be modified or canceled once triggered. Icahn submitted the plan before any material non-public information could be obtained, and purchases execute automatically on a schedule regardless of market conditions. Entering a 10b5-1 buy plan at 67% ownership is an unusually strong commitment — Icahn is not just holding, he is mechanically buying more.

CVR Energy is a petroleum refining and nitrogen fertilizer business. Short interest on CVI reached 6.03 million shares (+4.35% versus the prior period) as of April 30, 2026. That short position is being built against a backdrop of a scheduled programmatic buy — the two forces are in direct opposition.

No elite institutional holders from the 11-manager consensus universe (Berkshire, Pershing Square, Baupost, Third Point, Duquesne, Tiger Global, Greenlight, Lone Pine, Point72, Soros, Elliott) hold CVI in their Q4 2025 13F filings. This position is Icahn-only territory.

3. Monro, Inc. (MNRO) — 16.92% / 5.08 Million Shares

Icahn holds a 16.92% stake in Monro, the automotive service chain with roughly 1,300 locations across the eastern US. His latest 13D/A was filed November 7, 2025.

The Monro position has received less public attention than JetBlue or Southwest Gas, but 16.92% is a significant minority stake — enough to influence director nominations and operational strategy without triggering merger consideration. Monro's business model (oil changes, tires, brakes) is exactly the kind of steady-cash-flow, under-optimized operation that fits an Icahn activist thesis.

Short interest data for MNRO is not available in the current 13dwatch short_interest dataset. No elite institutional holders from the 11-manager consensus universe hold MNRO in Q4 2025.

4. Dana Inc (DAN) — 9.85% / 14.3 Million Shares

Dana makes drivetrain, sealing, and thermal-management products for vehicles — including components for electric vehicle platforms. Icahn's 13D/A filed January 23, 2025, disclosed 9.85% ownership at 14.29 million shares. The amendment also formalized a director agreement installing Brett Icahn (Carl Icahn's son) and other Icahn-nominated individuals on the Dana board of directors.

Board representation as a lever: Installing Brett Icahn at Dana is the standard Icahn playbook for a 9–10% position. Once you have board seats, you have information rights, fiduciary standing, and a platform to push strategic options — divestitures, buybacks, restructuring, or a sale. Watch for amended 13Ds in 2026 if board dynamics shift.

Point72 Asset Management held 120,000 Dana shares ($2.85 million) at Q4 2025, down from 892,000 shares in Q1 2025 — a ~87% reduction. Point72's declining position while Icahn maintained his stake suggests the large multi-strategy fund was not following Icahn's thesis. Short interest on DAN declined 13.18% between the two most recent FINRA settlement dates, with a DTC of 3.22, suggesting shorts are covering as Icahn's board entrenchment reduces near-term risk.

5. JetBlue Airways Corp (JBLU) — Position Being Reduced

Icahn built a disclosed 9.52% JetBlue position in February 2025. The most recent 13D/A, filed May 14, 2026, shows 11,865,031 shares remaining — down from approximately 33.6 million at the peak. That is a reduction of roughly 21.7 million shares, or approximately 65% of the position, over roughly 15 months.

The percent ownership in the May 2026 filing was not disclosed by percentage (the filing used a reporting threshold exemption for disclosure of the exact figure), but at JetBlue's current share count the remaining stake is approximately 3.5%.

Why the exit? JetBlue's strategic situation deteriorated in 2024 after the DOJ successfully blocked its acquisition of Spirit Airlines. The carrier has been unprofitable, running debt-heavy, and has cycled through management. The May 2026 filing confirms Icahn is managing an orderly exit, not a catalytic campaign. Point72 also reduced its JetBlue position from 2.48 million shares (Q3 2025) to 1.25 million shares (Q4 2025) — another institutional holder trimming alongside Icahn's reduction.

Southwest Gas Holdings (SWX) — Exit Confirmed

Southwest Gas held 4.99% as of Icahn's January 29, 2026, filing — down from 10.49% in March 2025. The pattern is unambiguous: Icahn and Southwest Gas entered a cooperation agreement (renewed October 2025) that gave Icahn board access in exchange for a standstill. Board member Teno, associated with Icahn, resigned December 31, 2025. Within weeks, Icahn filed to reduce his stake below 5% — the threshold at which 13D reporting is no longer required.

When an activist drops below 5%, tracking the position becomes difficult. There is no mandatory filing obligation below that threshold unless the investor held shares that require updated disclosure. If Icahn continues selling SWX below 5%, the next public signal would be a 13G/A (passive holder) or silence. 13dwatch's activist_filings table captures the Jan 2026 filing at 4.99%; subsequent moves below that level will not appear in 13D/G data.

What the Short Interest Data Adds

Short sellers are betting against two of Icahn's three significant positions:

IEP (14.90 DTC): The elevated short position reflects ongoing concerns about IEP's distribution structure and the Hindenburg thesis. Icahn has reduced IEP's quarterly distribution over the past year.
CVI (5.86 DTC, +4.35% vs prior): Short sellers are adding to their CVI bet despite Icahn's programmatic purchase plan. This creates a structural confrontation — Icahn buys automatically at scale; short sellers are betting on oil market weakness or refinery margin compression.
DAN (3.22 DTC, −13.18% vs prior): Short covering at Dana suggests the activist-board-seat narrative is reducing near-term risk for this position.

The Institutional Consensus Angle

13dwatch tracks 11 elite institutional filers: Berkshire Hathaway, Pershing Square, Baupost, Third Point, Duquesne Family Office, Tiger Global, Greenlight Capital, Lone Pine Capital, Point72, Soros Fund Management, and Elliott Investment Management.

Of those 11 managers, only Point72 holds any of Icahn's five active targets in Q4 2025 13F data. Point72 holds 1.25 million JBLU shares and 120,000 DAN shares — and has been reducing both. None of the other 10 elite managers hold CVI, MNRO, IEP (beyond Icahn himself), or SWX.

This absence is data. Icahn's current portfolio is not attracting institutional consensus alongside his activism. That is not necessarily a negative signal for the positions — Icahn has frequently generated returns in situations where no other major manager followed — but it is the honest picture.

How 13dwatch Tracks Icahn's Filings

Every Schedule 13D and 13G amendment filed by Carl Icahn or his associated entities is ingested into the activist_filings table the same day it posts to SEC EDGAR. The filing URL, form type, accession number, issuer ticker, beneficial ownership percentage, and share count are parsed and stored. The data powering this post — 174 rows across 32 issuers — is the same data available via the 13dwatch API.

Cross-referencing Icahn's activist positions against insider transactions, institutional 13F holdings, and FINRA short interest is what the 13dwatch platform does across all activists in the database. Icahn is the most-filed activist in the dataset.

Frequently Asked Questions

What stocks does Carl Icahn own in 2026? As of May 2026, Icahn's disclosed SEC filings show active positions in Icahn Enterprises LP (IEP, 87.1%), CVR Energy (CVI, 67.2%), Monro Inc (MNRO, 16.9%), Dana Inc (DAN, 9.9%), and JetBlue Airways (JBLU, reduced to ~3.5%). Southwest Gas (SWX) fell below the 5% disclosure threshold in January 2026 and is effectively exited.

Is Carl Icahn still buying stocks in 2026? Yes. Icahn entered a 10b5-1 scheduled purchase plan for up to 13.4 million additional CVR Energy shares, beginning in March 2025. A 10b5-1 plan executes automatically — Icahn is mechanically adding to his 67% CVI stake. His other positions are being held or reduced.

What happened to Carl Icahn's JetBlue stake? Icahn built a ~9.5% JetBlue position in February 2025. By May 2026, he held approximately 11.9 million shares, down ~65% from the peak. The reduction followed JetBlue's ongoing financial challenges post the failed Spirit Airlines merger.

Why does Carl Icahn file Schedule 13D with the SEC? A Schedule 13D is required when any investor holds more than 5% of a company's shares with an intent to influence corporate governance — board seats, mergers, capital returns, or operational changes. Amendments (13D/A) update the filing whenever the stake or purpose changes materially.

How do I track Carl Icahn's current SEC filings? SEC EDGAR maintains all 13D filings publicly at https://www.sec.gov/cgi-bin/browse-edgar. 13dwatch parses these filings into a structured database and enriches them with insider transaction, institutional holdings, and short interest data, available via the 13dwatch API feed.

Data sourced from 13dwatch activist_filings, institutional_holdings, and short_interest tables. Activist filing data as of May 21, 2026. Short interest as of April 30, 2026. Institutional holdings reflect Q4 2025 13F period (December 31, 2025). This post does not constitute investment advice.