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Biglari Holdings (NYSE: BH) reports Q1 2026 loss and book value data

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(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Biglari Holdings Inc. reported a first-quarter 2026 net loss of $(14,531) (dollars in thousands), improving from a loss of $(33,275) in 2025. Pre-tax operating earnings were $(4,141) (dollars in thousands), compared with $9,994 a year earlier, reflecting weaker results from operating businesses.

Investment results showed a loss of $(14,741) (dollars in thousands) versus $(51,177) in the prior-year quarter, which the company notes can cause large quarterly fluctuations. At March 31, 2026, book value per Class A Equivalent share was $2,006.69. Management emphasizes pre-tax operating earnings as a key non-GAAP measure, excluding investment gains and losses.

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Insights

Biglari’s Q1 2026 shows smaller net loss but weaker operating profit.

Biglari Holdings posted a first-quarter 2026 net loss of $(14,531) (dollars in thousands), a notable improvement from $(33,275) in 2025. However, pre-tax operating earnings moved from a profit of $9,994 to a loss of $(4,141), indicating pressure in core businesses.

Investment losses narrowed to $(14,741) from $(51,177), but management stresses that such swings are not meaningful for assessing underlying performance. Book value per Class A Equivalent share reached $2,006.69 as of March 31, 2026, giving a snapshot of balance-sheet strength, while future company filings may provide additional segment detail.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net earnings (loss) Q1 2026 $(14,531) (dollars in thousands) First quarter 2026 consolidated net loss
Net earnings (loss) Q1 2025 $(33,275) (dollars in thousands) First quarter 2025 consolidated net loss
Pre-tax operating earnings 2026 $(4,141) (dollars in thousands) First quarter 2026 pre-tax operating earnings
Pre-tax operating earnings 2025 $9,994 (dollars in thousands) First quarter 2025 pre-tax operating earnings
Investment gains (losses) 2026 $(14,741) (dollars in thousands) First quarter 2026 investment result
Investment gains (losses) 2025 $(51,177) (dollars in thousands) First quarter 2025 investment result
Income taxes Q1 2026 $4,351 (dollars in thousands) First quarter 2026 income tax line
Book value per Class A Equivalent share $2,006.69 As of March 31, 2026
pre-tax operating earnings financial
"Biglari Holdings Inc.’s earnings for the first quarter of 2026 and 2025 are summarized below."
book value per Class A Equivalent share financial
"At March 31, 2026, our book value per Class A Equivalent share was $2,006.69."
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.
investment gains (losses) financial
"Therefore, our operating businesses are best analyzed before the impact of investment gains."
Investment gains (losses) are the increase or decrease in the value of money placed into assets such as stocks, bonds or real estate, calculated by comparing what you paid (plus any income like interest or dividends) to what you receive when you sell or if the asset’s market price changes. They matter to investors because they determine actual profit or shortfall, influence portfolio decisions, cash flow and tax obligations, and signal whether holdings are performing like a growing plant or a wilting one.
forward-looking statements regulatory
"This news release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995"
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.
Private Securities Litigation Reform Act of 1995 regulatory
"within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws."
Net earnings (loss) $(14,531) (dollars in thousands) vs $(33,275) (dollars in thousands) in first quarter 2025
Pre-tax operating earnings $(4,141) (dollars in thousands) vs $9,994 (dollars in thousands) in first quarter 2025
Investment gains (losses) $(14,741) (dollars in thousands) vs $(51,177) (dollars in thousands) in first quarter 2025
Book value per Class A Equivalent share $2,006.69 as of March 31, 2026
Understanding 8-K Material Events →
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 8, 2026
BIGLARI HOLDINGS INC.
(Exact Name of Registrant as Specified in Charter)
Indiana 001-38477 82-3784946
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)
19100 Ridgewood Parkway,
Suite 1200
San Antonio,Texas78259
(Address of Principal Executive Offices)(Zip Code)

Registrant’s telephone number, including area code: (210) 344-3400
(Former Name or Former Address, if Changed Since Last Report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Class A common stock, no par valueBH.ANew York Stock Exchange
Class B common stock, no par valueBHNew York Stock Exchange
Class A Common Stock, no par valueBH.ANYSE Texas, Inc.
Class B Common Stock, no par valueBHNYSE Texas, Inc.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.     Results of Operations and Financial Condition.
On May 8, 2026, Biglari Holdings Inc. (the “Company”) issued a press release announcing its financial results for its first quarter, which ended March 31, 2026. The Company’s press release is attached hereto as Exhibit 99.1 and the information set forth therein is incorporated herein by reference and constitutes a part of this report.
The information in this Current Report, including the exhibit attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section. The information in this Current Report, including the exhibit, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing, unless the Company expressly sets forth in such future filing that such information is to be considered “filed” or incorporated by reference therein.
Item 9.01.     Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1 
Press Release issued by the Company on May 8, 2026
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
May 8, 2026BIGLARI HOLDINGS INC.
  
 By:  /s/ Bruce Lewis
  Name:Bruce Lewis
  Title:Controller


BIGLARI HOLDINGS INC.
NEWS RELEASE
San Antonio, TX, May 8, 2026 – Biglari Holdings Inc. announces its results for the first quarter of 2026.
Biglari Holdings Inc.’s earnings for the first quarter 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)
First Quarter
20262025
Pre-tax operating earnings$(4,141)$9,994 
Investment gains (losses)(14,741)(51,177)
Income taxes 4,351 7,908 
Net earnings (loss)$(14,531)$(33,275)

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.

At March 31, 2026, our book value per Class A Equivalent share was $2,006.69. (Class B shares have 1/5th the economic rights of Class A shares.)
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.
***

Source: View Original Filing on SEC EDGAR

FAQ

How did Biglari Holdings (BH) perform in the first quarter of 2026?

Biglari Holdings reported a Q1 2026 net loss of $(14,531) (dollars in thousands), improving from a $(33,275) loss in 2025. Operating results weakened, but narrower investment losses reduced the overall deficit compared with the prior-year quarter.

What were Biglari Holdings’ pre-tax operating earnings for Q1 2026?

Pre-tax operating earnings for Q1 2026 were $(4,141) (dollars in thousands), versus a $9,994 profit in 2025. The company highlights this non-GAAP measure because it excludes investment gains and losses, focusing on underlying operating business performance.

How did investment gains and losses affect Biglari Holdings’ Q1 2026 results?

Investment losses were $(14,741) (dollars in thousands) in Q1 2026, compared with $(51,177) in 2025. Management notes quarterly investment fluctuations can be large and believes operating results are better analyzed before the effect of investment gains or losses.

What was Biglari Holdings’ book value per share at March 31, 2026?

At March 31, 2026, book value per Class A Equivalent share was $2,006.69. Class B shares have one-fifth the economic rights of Class A shares, so this metric helps investors gauge per-share value across the company’s capital structure.

What businesses does Biglari Holdings (BH) operate?

Biglari Holdings is a holding company with subsidiaries in property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas. This diversified structure means quarterly results reflect contributions from several distinct operating segments.

Does Biglari Holdings use non-GAAP financial measures in its Q1 2026 report?

Yes. The company highlights pre-tax operating earnings as a non-GAAP measure, defined to exclude investment gains and losses. Management believes this helps analyze the performance of its operating businesses separately from volatile investment results.

Filing Exhibits & Attachments

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