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as of 09-09-2026 3:46pm EST
Biglari Holdings Inc is a holding company that owns subsidiaries in a range of businesses. The company's reportable segments include Restaurant Operations, Insurance Operations, and Oil and Gas Operations. Its restaurant operations include Steak n Shake and Western Sizzlin. Its insurance operations include First Guard, Southern Pioneer, and Biglari Reinsurance. Oil and gas operations include Southern Oil and Abraxas Petroleum. The company also reports segment information for Maxim. The majority of revenue is derived from the Restaurant Operations Segment.
| Founded: | 1934 | Country: | United States |
| Employees: | N/A | City: | SAN ANTONIO |
| Market Cap: | 1.2B | IPO Year: | 2017 |
| Target Price: | N/A | AVG Volume (30 days): | 160.8K |
| Analyst Decision: | N/A | Number of Analysts: | N/A |
| Dividend Yield: | N/A | Dividend Payout Frequency: | N/A |
| EPS: | -143.86 | EPS Growth: | -969.59 |
| 52 Week Low/High: | $234.91 - $483.60 | Next Earning Date: | 05-04-2026 |
| Revenue: | $433,683,000 | Revenue Growth: | N/A |
| Revenue Growth (this year): | N/A | Revenue Growth (next year): | N/A |
| P/E Ratio: | -2.49 | Index: | N/A |
| Free Cash Flow: | 76.6M | FCF Growth: | +301.79% |
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Earnings Transcripts
SEC 8-K filings with transcript text
2026 Q2 Q2 2026 Earnings
8-K BUY Aug 7, 2026 · 99% conf.
Q2 2026 Earnings
8-K BUYAug 7, 2026 · 99% conf.
1D
-0.81%
$383.43
Act: -0.24%
5D
+5.75%
$408.77
Act: -0.39%
20D
+7.29%
$414.72
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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.
2026 Q1 Q1 2026 Earnings
8-K May 8, 2026
Q1 2026 Earnings
8-KMay 8, 2026
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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.
2025 Q4 Q4 2025 Earnings
8-K Mar 2, 2026
Q4 2025 Earnings
8-KMar 2, 2026
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BIGLARI HOLDINGS INC.
NEWS RELEASE
San Antonio, TX, February 28, 2026 – Biglari Holdings Inc.’s 2025 Annual Report to the shareholders has been posted on the Internet, where it can be accessed at www.biglariholdings.com. The report includes Sardar Biglari’s annual letter to shareholders.
Biglari Holdings Inc.’s earnings for the fourth quarter and full year of 2025 and 2024 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-K, which has been posted at www.biglariholdings.com.
(dollars in thousands)
Fourth QuarterYear Ended December 31,
2025202420252024
Pre-tax operating earnings$(1,739)$3,896 $18,782 $32,569
Investment gains (losses)(62,319)(21,856)(66,473)(40,723)
Income taxes and income attributable to noncontrolling interest14,205 7,687 10,203 4,395
Net earnings (loss) attributable to Biglari Holdings shareholders$(49,853)$(10,273)$(37,488)$(3,759)
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 December 31, 2025, our book value per Class A Equivalent share was $2,059.32. (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.
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The information presented on this page, "BH Biglari Holdings Inc. Class B - Stocks Price | History | Analysis", including historical data, forecasts, news, insider information, and predictions, is provided for educational purposes only. It should not be considered as financial advice or a recommendation to buy or sell any securities. Decisions regarding investments should be made only after careful consideration and consultation with a qualified financial advisor. We do not endorse or guarantee the accuracy or reliability of the information provided, and we disclaim any liability for financial losses incurred as a result of decisions made based on the information presented.