BIGLARI HOLDINGS INC. NEWS RELEASE
San Antonio, TX, Nov. 6, 2026 /PRNewswire/ -- Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the third quarter and first nine months of 2026.
Biglari Holdings Inc.'s earnings for the third quarter and first nine months of 2026 and 2025 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been posted at www.biglariholdings.com.
(dollars in thousands) | |||||||
Third Quarter | First Nine Months | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Pre-tax operating earnings | $ 9,874 | $ 6,854 | $ 12,007 | $ 20,521 | |||
Investment gains (losses) | (8,472) | (14,406) | 22,132 | (4,154) | |||
Income taxes | (388) | 2,261 | (7,730) | (4,002) | |||
Net earnings (loss) | $ 1,014 | $ (5,291) | $ 26,409 | $ 12,365 | |||
Analysis of Results:
Investments affect our reported quarterly earnings based on their carrying value. We do not regard the quarterly or annual fluctuations in our investments to be meaningful. Therefore, our operating businesses are best analyzed before the impact of investment gains. As a consequence, in the preceding table we separate earnings of our operating businesses from our investment gains.
In the third quarter of 2026, Steak n Shake's same-store sales for domestic company-operated and franchise-partner-operated restaurants increased by 18.2%.
About Biglari Holdings Inc.
Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas.
Comment on Regulation G
This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.
Risks Associated with Forward-Looking Statements
This news release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company's filings with the SEC.
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AlphAI analysis
Written by AlphAI from the release above, not by the issuer or PR Newswire. Informational, not investment advice.
The 30-second read
Why it matters
The disclosed loss may trigger short‑term selling pressure, but the strong restaurant sales could support a longer‑term view.
Market read
First‑time earnings disclosure for the quarter; material for investors tracking small‑cap diversified holdings.
What to watch
Steak n Shake same‑store sales rose 18.2%, indicating operational strength that could offset investment volatility.
Background
Biglari Holdings is a diversified holding company with interests in insurance, media, restaurants, and energy. The Q3 release separates operating earnings from investment gains.
Ticker impact
Biglari Holdings released its Q3 2026 earnings, showing pre‑tax operating earnings of $9.9M and a net loss of $1.0M after investment losses.
likely pressure as the market prices in the loss and investment volatility
The press release is the first disclosure of the quarter's results, and the negative net earnings and large investment losses are material for a small‑cap stock.
Market effects
The results highlight volatility in Biglari's investment portfolio, which may affect other diversified holding companies with similar exposure.
Limited to U.S. small‑cap investors; no broader regional effect.
Minimal global impact beyond niche investors.
Counterpoint
If the investment losses are viewed as temporary, the stock could rebound on the upside of its operating earnings growth.
Key entities
- companyBiglari Holdings Inc.
Diversified holding company reporting Q3 2026 results.