Biglari Holdings (BHA) Q1 2026 earnings summary

Executive summary

• Reported a net loss of $14.5 million for Q1 2026, an improvement from a $33.3 million loss in Q1 2025.

• Book value per Class A Equivalent share as of March 31, 2026, was $2,006.69.

• Total revenues increased to $97.5 million from $95.0 million year-over-year, driven by higher restaurant and licensing/media revenues.

• Operating businesses remained profitable, but investment partnership losses and higher interest expense weighed on results.

• Emphasis on separating operating business results from investment gains for clearer analysis.

Financial highlights

• Restaurant revenues rose to $66.1 million, with franchise partner fees up 19.8% year-over-year.

• Insurance premiums and other revenues were $18.9 million, slightly down from $19.3 million.

• Oil and gas revenues declined to $9.1 million from $9.9 million, with segment earnings dropping sharply due to absence of prior-year asset sale gains.

• Licensing and media revenues more than doubled to $3.3 million.

• Investment gains for Q1 2026 were $9,994 thousand, compared to $(51,177) thousand in Q1 2025.

• Pre-tax operating earnings for Q1 2026 were $(4,141) thousand, compared to $4,351 thousand in Q1 2025.

• Investment partnership losses were $13.5 million, a significant improvement from $49.6 million in Q1 2025.

• Interest expense increased to $5.7 million, primarily due to new debt at Steak n Shake.

Outlook and guidance

• Management expects continued volatility in oil and gas results due to commodity price fluctuations.

• No formal forward guidance provided; management notes ongoing risks and uncertainties, including market volatility and internal control remediation.

• Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from projections.