Biglari Holdings Inc.
For the period ended Mar 31, 2026. Filed May 8, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 8, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Earnings — First Quarter 2026 and 2025
CONSOLIDATED STATEMENTS OF EARNINGS
(dollars in thousands except per share amounts)
| First Quarter | ||
|---|---|---|
| 2026 | 2025 | |
| (Unaudited) | ||
| Revenues | ||
| Restaurant operations | $66,146 | $64,349 |
| Insurance premiums and other | 18,938 | 19,349 |
| Oil and gas | 9,136 | 9,930 |
| Licensing and media | 3,261 | 1,407 |
| Total revenues | 97,481 | 95,035 |
| Costs and expenses | ||
| Restaurant cost of sales | 37,465 | 37,758 |
| Insurance losses and underwriting expenses | 14,822 | 17,052 |
| Oil and gas production costs | 3,924 | 4,046 |
| Licensing and media costs | 2,874 | 1,651 |
| Selling, general and administrative | 24,872 | 21,367 |
| Gain on sale of oil and gas properties | — | (9,323) |
| Depreciation, depletion, and amortization | 10,657 | 10,257 |
| Interest expense on leases | 1,357 | 1,333 |
| Interest expense on debt | 5,651 | 900 |
| Total costs and expenses | 101,622 | 85,041 |
| Other income | ||
| Investment gains (losses) | (1,287) | (1,585) |
| Investment partnership gains (losses) | (13,454) | (49,592) |
| Total other income (expense) | (14,741) | (51,177) |
| Earnings (loss) before income taxes | (18,882) | (41,183) |
| Income tax expense (benefit) | (4,351) | (7,908) |
| Net earnings (loss) | $(14,531) | $(33,275) |
| Net earnings (loss) per average equivalent Class A share* | $(55.81) | $(126.40) |
*Net earnings (loss) per average equivalent Class B share outstanding are one-fifth of the average equivalent Class A share or $(11.16) for the first quarter of 2026 and $(25.28) for the first quarter of 2025.
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