Biglari Holdings Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026 with the Securities and Exchange Commission on November 6, 2026, reporting third-quarter net earnings of $1,014 thousand and first-nine-months net earnings of $26,409 thousand.

Key Highlights

  • Third-quarter net earnings: $1,014 thousand, compared to a net loss of $5,291 thousand in the third quarter of 2025, according to the filing.
  • First-nine-months net earnings: $26,409 thousand, up from $12,365 thousand in the same period of 2025.
  • Total revenues for the first nine months: $318,075 thousand, versus $295,392 thousand in the prior-year period.
  • Total assets at September 30, 2026: $1,073,106 thousand, up from $1,025,383 thousand at December 31, 2025.
  • Shareholders' equity: $594,819 thousand at September 30, 2026, compared to $523,429 thousand at December 31, 2025.
  • Shares outstanding as of November 5, 2026: 218,412 Class A shares and 2,208,995 Class B shares.
  • Cash and cash equivalents: $213,377 thousand at September 30, 2026, down from $268,782 thousand at December 31, 2025.

Biglari Holdings Q3 2026 Financial Results Across All Segments

According to the filing, Biglari Holdings (NYSE:BH) reported total revenues of $112,070 thousand for the third quarter of 2026, up from $99,738 thousand in the third quarter of 2025. Restaurant operations contributed $76,820 thousand in Q3 2026, compared to $71,741 thousand a year earlier. Insurance premiums and other revenue were $19,544 thousand, oil and gas revenue was $12,320 thousand, and licensing and media revenue was $3,386 thousand for the quarter.

The filing disclosed that total costs and expenses for Q3 2026 were $102,196 thousand. Investment partnership results were a loss of $9,119 thousand in the third quarter of 2026, compared to a loss of $15,897 thousand in Q3 2025. For the first nine months, investment partnership gains were $13,064 thousand versus a loss of $6,985 thousand in the same prior-year period. Net earnings per average equivalent Class A share were $3.91 for Q3 2026 and $103.14 for the first nine months of 2026, the company disclosed.

The filing reported that net cash provided by operating activities was $38,488 thousand for the first nine months of 2026, compared to $89,188 thousand in the same period of 2025. Net cash used in investing activities was $123,695 thousand, reflecting purchases of investments totaling $346,346 thousand, partially offset by sales of investments and redemptions of fixed maturity securities of $269,720 thousand. Proceeds from issuance of common stock of $66,537 thousand contributed to net cash provided by financing activities of $29,325 thousand. The note payable balance stood at $209,344 thousand at September 30, 2026, down from $213,920 thousand at December 31, 2025.

What Was Disclosed

Biglari Holdings filed its quarterly report for the period ended September 30, 2026, disclosing consolidated earnings, balance sheet, and cash flow data across its restaurant, insurance, oil and gas, and licensing segments, along with share counts and per-share earnings figures.