Every 10-Q that Biglari Holdings Inc. (BH) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow BH and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BH filings page.
Biglari Holdings Inc. reported Q2 2026 net earnings of $39,926 on total revenues of $108,524 (dollars in thousands), compared with $50,931 on $100,619 a year earlier. Results were heavily influenced by investment partnership gains of $35,637 and investment gains of $9,708, which management treats as non‑operating.
Operating businesses contributed $9,695 to net earnings. Restaurants generated revenue of $74,727, supported by a Steak n Shake domestic same‑store sales increase of 11.9% and higher franchise partner fees, though food costs rose as a percentage of sales after quality enhancements. Insurance delivered a pre‑tax underwriting gain of $2,560, while oil and gas earned $7,078 before tax, including a $4,803 gain on property sales.
Cash and cash equivalents fell to $68,394 from $268,782 as capital was redeployed into $274,321 of securities and enlarged partnership interests whose fair value reached $986,368. Debt includes a Steak n Shake term loan of $219,937 at 8.8% and a Biglari Holdings credit line balance of $22,500. Management stated that disclosure controls and procedures remained not effective as of June 30, 2026 because of a previously identified material weakness, with remediation efforts ongoing.
Biglari Holdings Inc. reported a first‑quarter 2026 net loss of $14,531, improving from a loss of $33,275 a year earlier. Total revenues edged up to $97,481 from $95,035, but results were pressured by losses in investment partnerships and higher interest expense.
Operating businesses together earned $7,287 before tax, with restaurants, insurance, oil and gas, and brand licensing all profitable, though oil and gas fell sharply without prior‑year asset sale gains. Pre‑tax losses of $13,454 from investment partnerships and $5,651 of interest on debt drove the overall loss. Cash and investments remained sizable, and the company raised $14,920 through an at‑the‑market stock program while continuing to carry a $221,625 Steak n Shake term loan at 8.8%. Management disclosed that disclosure controls and procedures were still not effective due to a previously identified material weakness in internal control over financial reporting, with remediation efforts ongoing.
Biglari Holdings Inc. filed its Q3 2025 report, showing a quarterly net loss of $5,291 and stronger year‑to‑date profitability. Third‑quarter revenue was $99,738, while revenue for the first nine months reached $295,392 with net earnings of $12,365.
Restaurants led growth: Steak n Shake and Western Sizzlin generated $71,741 in Q3 revenue, driven by a 15.6% same‑store sales increase at domestic company‑operated Steak n Shake units. Insurance earned $19,179 in Q3 revenue with improved underwriting, while oil and gas revenue was $7,372 amid lower commodity pricing, partially offset by gains on asset sales earlier in the year.
Liquidity and capital structure shifted meaningfully. Cash and cash equivalents rose to $272,485 from $30,709 at year‑end, supported by $89,188 in operating cash flow and financing inflows. On September 30, Steak n Shake obtained a $225,000 five‑year loan at 8.8% interest, amortized at 3.0% per year, secured by its real estate, with proceeds distributed to Biglari Holdings. Total debt rose, with note payable and lines of credit at $214,914 long‑term and $20,916 current. Investment partnership losses of $15,897 weighed on Q3 results.
Biglari Holdings Inc. reported a strong quarterly turnaround. Net earnings for the second quarter of 2025 were $50,931 thousand compared with a net loss of $(48,190) thousand in the second quarter of 2024, and year-to-date net earnings were $17,656 thousand versus a year-to-date loss of $(25,611) thousand in 2024. Total revenues rose to $100,619 thousand in the quarter from $91,141 thousand a year earlier, led by restaurant operations which increased to $72,011 thousand.
The primary driver of the swing to profitability was large investment partnership gains of $58,504 thousand in Q2 2025 (versus losses in the prior-year quarter). Operating improvements included a 10.7% same-store sales gain at Steak n Shake and higher franchise partner fees. Balance sheet highlights: total assets of $863,579 thousand, shareholders' equity of $589,286 thousand, total cash and investments of $857,153 thousand (carrying value on the balance sheet $340,200 thousand), and a deferred tax liability related to investment partnerships of $30,030 thousand. Management notes that disclosure controls were not effective due to previously identified material weaknesses that remain under remediation.