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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Biglari Holdings
Biglari Holdings (BHA) investor relations material
Biglari Holdings Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary6 Nov, 2026
Executive summary
Q3 revenue rose to $112,070 from $99,738, and net earnings were $1,014 versus a $5,291 loss; 9M revenue was $318,075 and net earnings were $26,409.
9M earnings benefited from stronger operating-business results and $22,132K in investment gains, partly offset by $16,474 in borrowing-interest expense and $13,221 in corporate and other net losses.
Financial highlights
Q3 pre-tax operating earnings were $9,874K vs. $6,854K; 9M pre-tax operating earnings were $12,007K vs. $20,521K. Investment gains were $22,132K for 9M vs. a $4,154K loss.
9M earnings before income taxes were $34,139 vs. $16,367; income tax expense was $7,730 vs. $4,002.
Cash and cash equivalents were $213,377 at September 30, 2026 vs. $268,782 at December 31, 2025; investments were $155,537 vs. $69,050.
9M operating cash flow was $38,488 vs. $89,188; investing cash use was $123,695 vs. $36,200, and financing cash flow was $29,325 vs. $188,722.
Outlook and guidance
Oil and gas results remain exposed to volatile commodity prices; lower prices could reduce production, proved reserves and cash flows and may trigger material asset impairments.
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Latest events from Biglari Holdings
- Q2 2026 net earnings fell, but first half results and same-store sales improved.BHA
Q2 2026 - Offering up to $500M in equity to fund strategic reserves and acquisitions, with CEO retaining control.BHARegistration filing
- Annual meeting to vote on directors, auditor, executive pay, and say-on-pay frequency.BHAProxy filing
- Director elections, auditor ratification, and strong founder control define this proxy filing.BHAProxy filing
- Net loss narrowed to $14.5M as investment gains and higher revenues offset weaker operations.BHAQ1 2026
- 2025 net loss of $37.5M driven by investment losses and oil/gas decline, despite higher restaurant sales.BHAQ4 2025
- 2024 net loss of $3.8M amid investment losses, lower segment earnings, and internal control weaknesses.BHAQ4 2024
- Q3 2024 results varied, with net earnings and losses reported, and investment gains improved.BHAQ3 2024
- Significant investment losses drove a $48.2M net loss despite strong operating earnings.BHAQ2 2024
Next Biglari Holdings earnings date
Q4 20262 Mar, 2027
Biglari Holdings
Next Biglari Holdings earnings date
Q4 20262 Mar, 2027
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