Biglari Holdings (BHA) Q3 2026 earnings summary

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.