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Biglari Holdings (NYSE: BH) Q2 2026 earnings and sales update

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

Rhea-AI Filing Summary

Biglari Holdings Inc. reported financial results for the second quarter and first six months ended June 30, 2026. For the quarter, pre-tax operating earnings were $6,274 thousand, investment gains were $45,345 thousand, and net earnings were $39,926 thousand, all in dollars thousands.

For the first six months of 2026, net earnings totaled $25,395 thousand. Management highlights pre-tax operating earnings, which exclude investment gains and losses, as a way to evaluate the performance of operating businesses, noting that changes in investment values can cause sizable swings in reported earnings.

Within the restaurant operations, Steak n Shake’s same-store sales for domestic company-operated and franchise-partner-operated restaurants increased 13.8% in the second quarter of 2026. The company also reiterates its use of the non-GAAP measure pre-tax operating earnings and includes customary cautionary language regarding forward-looking statements.

Positive

  • Steak n Shake same-store sales for domestic company-operated and franchise-partner-operated restaurants increased 13.8% in the second quarter of 2026, highlighting notable growth in that restaurant segment.

Negative

  • None.

Filing Explained

This August 7 Form 8-K furnishes Biglari Holdings’ second-quarter and first-six-month results under Item 2.02; the release is not deemed filed under Section 18 and will not be incorporated into other SEC filings unless the company expressly states otherwise.

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.
Pre-tax operating earnings Q2 2026 $6,274 thousand Second quarter 2026 pre-tax operating earnings, dollars in thousands
Investment gains Q2 2026 $45,345 thousand Second quarter 2026 investment gains, dollars in thousands
Net earnings Q2 2026 $39,926 thousand Second quarter 2026 net earnings, dollars in thousands
Net earnings six months 2026 $25,395 thousand First six months of 2026 net earnings, dollars in thousands
Investment gains six months 2026 $30,604 thousand First six months of 2026 investment gains, dollars in thousands
Steak n Shake same-store sales growth Q2 2026 13.8% Increase in same-store sales for domestic company-operated and franchise-partner-operated restaurants in Q2 2026
pre-tax operating earnings financial
"Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company."
same-store sales financial
"Steak n Shake’s same-store sales for domestic company-operated and franchise-partner-operated restaurants increased by 13.8%."
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.
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” 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.
Net earnings Q2 2026 $39,926 thousand $39,926 thousand vs $50,931 thousand in Q2 2025
Net earnings six months 2026 $25,395 thousand $25,395 thousand vs $17,656 thousand in first six months 2025
Pre-tax operating earnings Q2 2026 $6,274 thousand $6,274 thousand vs $3,673 thousand in Q2 2025

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FAQ

What were Biglari Holdings (BH) net earnings for the second quarter of 2026?
Biglari Holdings reported net earnings of $39,926 thousand for the second quarter of 2026. These results include both operating performance and investment gains of $45,345 thousand, as summarized in the company’s earnings table.

How did Biglari Holdings (BH) net earnings for the first six months of 2026 compare with 2025?
For the first six months of 2026, Biglari Holdings reported net earnings of $25,395 thousand, versus $17,656 thousand for the first six months of 2025. Both figures are presented in dollars thousands in the company’s summary table.

What were Biglari Holdings (BH) pre-tax operating earnings in Q2 2026?
Pre-tax operating earnings in Q2 2026 were $6,274 thousand. This non-GAAP measure excludes investment gains and losses and is used by management to evaluate the performance of the company’s operating businesses separate from investment volatility.

How much did Biglari Holdings (BH) report in investment gains for Q2 2026?
Biglari Holdings reported investment gains of $45,345 thousand for the second quarter of 2026. Management notes that fluctuations in investment values can significantly affect reported earnings, so they also present pre-tax operating earnings excluding these gains.

What was Steak n Shake’s same-store sales growth for Q2 2026 at Biglari Holdings (BH)?
Steak n Shake’s same-store sales for domestic company-operated and franchise-partner-operated restaurants increased 13.8% in the second quarter of 2026. This figure reflects sales growth at existing locations rather than new unit openings.

Does Biglari Holdings (BH) use non-GAAP financial measures in this earnings release?
Yes. The company identifies pre-tax operating earnings as a non-GAAP financial measure, defined as earnings excluding investment gains and losses. This is presented alongside GAAP net earnings to provide additional perspective on operating performance.

Where can Biglari Holdings (BH) investors find full details of Q2 2026 results?
Investors can review the full details in Biglari Holdings’ Form 10-Q for the quarter ended June 30, 2026, which the company states has been posted on www.biglariholdings.com and should be studied to become fully apprised of the results.
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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): August 7, 2026
BIGLARI HOLDINGS INC.
(Exact Name of Registrant as Specified in Charter)
Indiana001-3847782-3784946
(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 August 7, 2026, Biglari Holdings Inc. (the “Company”) issued a press release announcing its financial results for its second quarter and first six months, which ended June 30, 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 August 7, 2026
104Cover 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.
August 7, 2026BIGLARI HOLDINGS INC.
By:  /s/ Bruce Lewis
Name:Bruce Lewis
Title:Controller


BIGLARI HOLDINGS INC.
NEWS RELEASE
San Antonio, TX, August 7, 2026 – Biglari Holdings Inc. 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 QuarterFirst Six Months
2026202520262025
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.
***

Source: View Original Filing on SEC EDGAR

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