BIGLARI HOLDINGS INC. NEWS RELEASE

Rhea-AI Summary

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.

Positive

• Q2 2026 pre-tax operating earnings $6.3M vs. $3.7M in 2025
• First-half 2026 net earnings $25.4M vs. $17.7M in 2025
• Q2 2026 investment gains $45.3M, though below prior year
• Steak n Shake same-store sales up 13.8% in Q2 2026

Negative

• First-half 2026 pre-tax operating earnings $2.1M vs. $13.7M in 2025
• Q2 2026 net earnings $39.9M vs. $50.9M in 2025
• Q2 2026 investment gains $45.3M vs. $61.4M in 2025

News Explained

The release says reported quarterly earnings reflect investments’ carrying values, so it presents pre-tax operating earnings separately from investment gains to show operating-business results; it also says it does not regard investment fluctuations as meaningful.

Market Context

Recent Form 4 activity showed Net Buying across five transactions, adding ownership context to this ...

Analysis

Recent Form 4 activity showed Net Buying across five transactions, adding ownership context to this earnings report. The platform also records an effective S-3 shelf; investment-gain volatility and capital-raising capacity remain relevant risks to monitor.

Key Figures

Q2 pre-tax operating earnings: $6,274 thousand vs. $3,673 thousand Q2 investment gains: $45,345 thousand vs. $61,429 thousand Q2 net earnings: $39,926 thousand vs. $50,931 thousand +4 more

7 metrics

Q2 pre-tax operating earnings $6,274 thousand vs. $3,673 thousand Second quarter 2026 vs. second quarter 2025

Q2 investment gains $45,345 thousand vs. $61,429 thousand Second quarter 2026 vs. second quarter 2025

Q2 net earnings $39,926 thousand vs. $50,931 thousand Second quarter 2026 vs. second quarter 2025

Six-month pre-tax operating earnings $2,133 thousand vs. $13,667 thousand First six months 2026 vs. first six months 2025

Six-month investment gains $30,604 thousand vs. $10,252 thousand First six months 2026 vs. first six months 2025

Six-month net earnings $25,395 thousand vs. $17,656 thousand First six months 2026 vs. first six months 2025

Same-store sales 13.8% Second quarter 2026 domestic company-operated and franchise-partner-operated Steak n Shake restaurants

Historical Context

1 past event · Latest: May 08 (Negative)

Pattern 1 events

Date	Event	Sentiment	24h Move	Catalyst
May 08	Q1 earnings report	Negative	-19.2%	Q1 results reported operating and investment losses, followed by a negative 24-hour reaction.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

The available prior earnings event aligned with a negative stock reaction, with a -19.21% 24-hour move after Q1 2026 results.

Key Terms

non-gaap financial measures, regulation g, same-store sales, forward-looking statements

4 terms

non-gaap financial measures financial

"This press release contains certain non-GAAP financial measures."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

regulation g regulatory

"Comment on Regulation G"

Regulation G is a U.S. securities rule that requires companies to show and explain how any highlighted financial numbers that differ from standard accounting figures were calculated, and to provide a clear bridge to the official results. For investors this acts like a recipe card: when a company presents a simplified or adjusted profit number, Regulation G forces them to show the original ingredients and steps so readers can judge whether the adjusted figure gives a clearer or misleading picture of financial health.

same-store sales financial

"Steak n Shake's same-store sales for domestic company-operated"

Same-store sales measure the revenue generated by stores that have been open for a certain period, typically a year, comparing their sales over different time frames. It helps assess whether a business is growing due to increased customer activity at existing locations rather than new stores. For investors, this figure indicates the health and performance of a company's core operations, independent of expansion efforts.

forward-looking statements regulatory

"This news release may include "forward-looking statements""

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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San Antonio, TX, Aug. 7, 2026 /PRNewswire/ -- Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the second quarter and first six months of 2026.

Biglari Holdings Inc.'s earnings for the second quarter and first six 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)
			Second Quarter				First Six Months
			2026		2025		2026		2025
Pre-tax operating earnings			$        6,274		$        3,673		$        2,133		$      13,667
Investment gains (losses)			45,345		61,429		30,604		10,252
Income taxes			(11,693)		(14,171)		(7,342)		(6,263)
Net earnings (loss)			$      39,926		$      50,931		$      25,395		$      17,656

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 second quarter of 2026, Steak n Shake's same-store sales for domestic company-operated and franchise-partner-operated restaurants increased by 13.8%.

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.

View original content:https://www.prnewswire.com/news-releases/biglari-holdings-inc-news-release-302846346.html

SOURCE Biglari Holdings Inc.

FAQ

How did Biglari Holdings (NYSE: BH) perform financially in Q2 2026?

Biglari Holdings reported Q2 2026 net earnings of $39.9 million, down from $50.9 million in 2025. According to Biglari Holdings, pre-tax operating earnings rose to $6.3 million, while investment gains totaled $45.3 million for the quarter.

What were Biglari Holdings’ first-half 2026 earnings compared with 2025?

For the first six months of 2026, Biglari Holdings reported net earnings of $25.4 million, up from $17.7 million in 2025. According to Biglari Holdings, pre-tax operating earnings were $2.1 million, compared with $13.7 million for the same period in 2025.

How did investment gains impact Biglari Holdings (BH) results in Q2 2026?

Investment gains contributed $45.3 million to Q2 2026 results, versus $61.4 million in 2025. According to Biglari Holdings, reported earnings are affected by investment carrying values, so it presents pre-tax operating earnings separately from investment gains and losses.

What was Steak n Shake’s same-store sales growth in Q2 2026 for Biglari Holdings?

Steak n Shake’s domestic company-operated and franchise-partner-operated restaurants posted 13.8% same-store sales growth in Q2 2026. According to Biglari Holdings, this figure reflects performance within its restaurant operations segment during the quarter.

Why does Biglari Holdings emphasize pre-tax operating earnings over net earnings?

Biglari Holdings highlights pre-tax operating earnings because investment gains and losses can cause significant quarterly fluctuations in net earnings. According to Biglari Holdings, separating operating results helps investors better analyze the performance of its underlying operating businesses.

What non-GAAP financial measure did Biglari Holdings (BH) use in its Q2 2026 release?

Biglari Holdings used pre-tax operating earnings as a non-GAAP measure, defined outside of investment gains and losses. According to Biglari Holdings, this metric complements GAAP net earnings to provide additional insight into its operating businesses’ performance.