Biglari Holdings (BH) reported third-quarter 2026 net earnings of $1.014 million, reversing a loss in the same quarter of 2025. The prior-year quarterly loss was $5.291 million. Pre-tax operating earnings, a non-GAAP measure excluding investment gains and losses, rose to $9.874 million from $6.854 million. Investment losses narrowed to $8.472 million from $14.406 million.
For the first nine months of 2026, net earnings increased to $26.409 million from $12.365 million, while pre-tax operating earnings fell to $12.007 million from $20.521 million. Investment gains were $22.132 million, versus losses of $4.154 million. Third-quarter income tax expense was $388,000 versus a $2.261 million benefit; nine-month tax expense increased to $7.730 million from $4.002 million. Steak n Shake's domestic company-operated and franchise-partner-operated restaurants posted 18.2% same-store sales growth in the third quarter.
Biglari Holdings (NYSE: BH.A; BH) will hold its annual shareholders meeting on April 29, 2027, at the Majestic Theatre in San Antonio. The meeting is scheduled for 1:00 p.m. Central Time on Thursday.
Biglari Holdings (NYSE: BH.A; BH) reported second-quarter 2026 pre-tax operating earnings of $6.3 million, up from $3.7 million in 2025, and net earnings of $39.9 million, down from $50.9 million. Investment gains were $45.3 million versus $61.4 million a year earlier.
For the first six months of 2026, pre-tax operating earnings were $2.1 million compared with $13.7 million in 2025, while net earnings rose to $25.4 million from $17.7 million. According to Biglari Holdings, Steak n Shake’s domestic company-operated and franchise-partner-operated same-store sales increased 13.8% in the second quarter of 2026.
Biglari Holdings (NYSE: BH.A; BH) reported Q1 2026 results. The company recorded pre-tax operating loss of $4,141k, investment losses of $14,741k, and net loss of $14,531k for the quarter. Book value per Class A Equivalent share was $2,006.69 at March 31, 2026.
The company separates operating earnings from investment gains and notes that investment-value volatility drives quarterly reported results; operating businesses are presented before investment impacts. Shareholders are directed to the company 10-Q for full detail.
Biglari Holdings (NYSE: BH / BH.A) posted its 2025 annual report and letter to shareholders, with full filings available online. Reported results separate operating earnings from investment gains to aid analysis.
Key 2025 figures: year net loss $37.5M, investment loss $66.5M, and book value per Class A equivalent share $2,059.32. Operating pre-tax earnings declined versus 2024.
Biglari Holdings (NYSE: BH.A; BH) announced its 2026 Annual Shareholders Meeting will be held at the Majestic Theatre in San Antonio on Wednesday, April 8, 2026 at 1:00 p.m. Central Time.
The notice provides meeting date, time, and venue for shareholders and investors planning to attend or follow the meeting.
Biglari Holdings (NYSE: BH) reported third-quarter and first nine months 2025 results. Key third-quarter figures: pre-tax operating earnings $6,854k, investment losses $(14,406)k, income taxes $2,261k, and net loss $(5,291)k versus net earnings $32,125k in Q3 2024.
First nine months 2025: pre-tax operating earnings $20,521k, investment losses $(4,154)k, and net earnings $12,365k (vs $6,514k in 2024). Steak n Shake same-store sales rose 15.0% in Q3. Book value per Class A equivalent share was $2,244.26 at September 30, 2025. The company posted its 10-Q online for full details.
Biglari Holdings (NYSE: BH.A; BH) has announced its dual listing on the NYSE Texas, a new fully electronic equities exchange based in Dallas, Texas. The dual listing will become effective on August 15, 2025. The San Antonio-based holding company joins the NYSE Texas Founding Members community, marking an expansion of its market presence.
Biglari Holdings (NYSE: BH.A; BH) has released its Q2 and H1 2025 financial results. The company reported Q2 2025 net earnings of $50.9 million, compared to a loss of $48.2 million in Q2 2024. The results were driven by investment gains of $61.4 million in Q2 2025, contrasting with losses of $82.6 million in the same period last year.
The company's restaurant chain, Steak n Shake, demonstrated strong performance with a 10.7% increase in same-store sales for both company-owned and franchise-partner locations during Q2 2025. Pre-tax operating earnings were $3.7 million in Q2 2025, down from $19.7 million in Q2 2024.
Biglari Holdings Inc. (NYSE: BH.A; BH) has reported its financial results for the first quarter of 2025. The company's pre-tax operating earnings increased to $9,994,000, up from $5,697,000 in Q1 2024, showing significant operational improvement. However, the company experienced substantial investment losses of $51,177,000 in Q1 2025, compared to gains of $23,698,000 in the same period last year.
After accounting for income taxes, Biglari Holdings reported a net loss of $33,275,000 for Q1 2025, contrasting with net earnings of $22,579,000 in Q1 2024. The company emphasizes that quarterly investment fluctuations should not be considered meaningful for analysis, and operating businesses should be evaluated independently of investment performance.