Biglari Holdings Reports Higher Third-Quarter Operating Earnings
Pre-tax operating earnings were $9.87 million as Steak n Shake same-store sales rose 18.2%.
Biglari Holdings Inc. (BH-A) reported pre-tax operating earnings of $9.87 million in the third quarter of 2026, up from $6.85 million a year earlier.
The San Antonio holding company, which owns subsidiaries in property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas, said it does not regard quarterly fluctuations in investments as meaningful and presents operating businesses before investment gains.
Net earnings were a $1.01 million profit, compared with a $5.29 million loss in the third quarter of 2025. Investment results were an $8.47 million loss in the latest quarter. The release listed income taxes of $(388) thousand.
Operating earnings had been $6.27 million in the second quarter of 2026, after a $4.14 million pre-tax operating loss in the first quarter. Second-quarter net earnings were $39.93 million, and first-quarter net earnings were a $14.53 million loss.
Steak n Shake’s same-store sales for domestic company-operated and franchise-partner-operated restaurants increased 18.2% in the third quarter of 2026. That rate accelerated from a 13.8% increase in the second quarter.
For the first nine months of 2026, pre-tax operating earnings were $12.01 million, versus $20.52 million in the first nine months of 2025. Investment results were a $22.13 million gain for the nine months, compared with a $4.15 million loss a year earlier. Net earnings for the nine months were $26.41 million, versus $12.37 million in the year-ago period. The release listed income taxes of $(7,730) thousand for the nine months.
The company said shareholders should study its 10-Q, posted at www.biglariholdings.com, to become fully apprised of results. The release contains non-GAAP measures; Biglari Holdings defines pre-tax operating earnings outside of investment gains and losses. It also cautioned that forward-looking statements are subject to risks and that it does not update or revise those statements publicly.
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