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Biglari Holdings
Biglari Holdings (BHA) investor relations material
Biglari Holdings Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary7 Aug, 2026
Executive summary
Net earnings for Q2 2026 were $39.9M, down from $50.9M in Q2 2025; first six months net earnings were $25.4M, up from $17.7M year-over-year.
Reported net earnings of $39,926,000 for Q2 2026 and $50,931,000 for the first six months of 2026.
Pre-tax operating earnings were $6.27M in Q2 2026 and $13.67M for the first six months.
Investment partnership gains and investment gains provided significant volatility, with a loss of $11.7M in Q2 2026.
Financial highlights
Total revenues for Q2 2026 increased to $108.5M from $100.6M in Q2 2025; first six months revenues rose to $206.0M from $195.7M year-over-year.
Restaurant operations revenue for Q2 2026 was $74.7M, up from $72.0M in Q2 2025; franchise partner fees increased year-over-year.
Oil and gas revenue rose to $11.3M in Q2 2026 from $7.5M in Q2 2025, driven by higher prices and property sales.
Investment partnership gains were $35.6M in Q2 2026, down from $58.5M in Q2 2025; investment gains were $9.7M, up from $2.9M.
Cash and cash equivalents at June 30, 2026 were $68.4M, down from $268.8M at year-end 2025.
Outlook and guidance
Management expects continued volatility in oil and gas prices, impacting future results.
No material changes to risk factors or critical accounting policies were reported.
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Latest events from Biglari Holdings
- Offering up to $500M in equity to fund strategic reserves and acquisitions, with CEO retaining control.BHA
Registration 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
- Revenue and same-store sales rose, but investment losses led to a Q3 net loss.BHAQ3 2025
Next Biglari Holdings earnings date
Q3 20266 Nov, 2026
Biglari Holdings
Next Biglari Holdings earnings date
Q3 20266 Nov, 2026
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