BIGLARI HOLDINGS INC. NEWS RELEASE

Nine-month net earnings rose as investment results turned positive, while pre-tax operating earnings declined.

Rhea-AI Summary

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.

6 points · 0 major

PositiveiHow this balance works

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 3 points

How the balance works

Positive

• Moderate pointThird-quarter net earnings of $1.014 million reversed a $5.291 million loss in 2025.
• Moderate pointNine-month net earnings rose to $26.409 million from $12.365 million in 2025.
• Moderate pointThird-quarter pre-tax operating earnings rose to $9.874 million from $6.854 million in 2025.
• Moderate pointSteak n Shake's domestic company-operated and franchise-partner-operated restaurants recorded 18.2% third-quarter same-store sales growth.
• Minor pointThird-quarter investment losses narrowed to $8.472 million from $14.406 million in 2025.
• Minor pointNine-month investment gains of $22.132 million replaced $4.154 million in losses in 2025.

Negative

• Moderate pointNine-month pre-tax operating earnings fell to $12.007 million from $20.521 million in 2025.
• Minor pointThird-quarter tax expense of $388,000 replaced a $2.261 million benefit in 2025.
• Minor pointNine-month tax expense increased to $7.730 million from $4.002 million in 2025.

Key Figures

Pre-tax operating earnings: $9,874 thousand Pre-tax operating earnings: $12,007 thousand Investment gains (losses): $(8,472) thousand +4 more

Pre-tax operating earnings

$9,874 thousand

Third quarter 2026; compared with $6,854 thousand in 2025

Pre-tax operating earnings

$12,007 thousand

First nine months of 2026; compared with $20,521 thousand in 2025

Investment gains (losses)

$(8,472) thousand

Third quarter 2026; compared with $(14,406) thousand in 2025

Investment gains (losses)

$22,132 thousand

First nine months of 2026; compared with $(4,154) thousand in 2025

Net earnings (loss)

$1,014 thousand

Third quarter 2026; compared with a $(5,291) thousand loss in 2025

Net earnings

$26,409 thousand

First nine months of 2026; compared with $12,365 thousand in 2025

Same-store sales increase

18.2%

Steak n Shake domestic company-operated and franchise-partner-operated restaurants, third quarter 2026

Historical Context

1 past event · Latest: Aug 07

1 event

1. Aug 07

   Quarterly earnings

   24h Move

   -0.2%

   Pre-tax operating earnings rose year over year; same-store sales increased, while net earnings declined.

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

Key Terms

10-q, regulation g, non-gaap financial measures, forward-looking statements

4 terms

10-q regulatory

"shareholders should carefully study our 10-Q"

A 10-Q is a company’s required quarterly filing with U.S. regulators that provides updated financial statements, management discussion of results, and disclosures about risks, legal matters and operational changes. Think of it as a quarterly report card and progress update that lets investors track recent performance, spot trends or warning signs between annual reports, and make informed buy/sell decisions based on the latest verified financial and business information.

View in glossary

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.

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.

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, 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.

View original content:https://www.prnewswire.com/news-releases/biglari-holdings-inc-news-release-302932416.html

SOURCE Biglari Holdings Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Biglari Holdings' third-quarter 2026 earnings?

Biglari Holdings reported $1.014 million in net earnings for the third quarter of 2026, compared with a $5.291 million loss in the third quarter of 2025. Pre-tax operating earnings increased to $9.874 million from $6.854 million, while investment losses narrowed to $8.472 million from $14.406 million.

How much did Steak n Shake's same-store sales grow in the third quarter of 2026?

Steak n Shake's same-store sales increased by 18.2% in the third quarter of 2026 for domestic company-operated and franchise-partner-operated restaurants.

Why does Biglari Holdings separate investment results from operating earnings?

Biglari Holdings considers its operating businesses best analyzed before investment gains and losses because it does not regard quarterly or annual investment fluctuations as meaningful. Investments affect reported quarterly earnings based on their carrying value.