Revenue: As of FY2026 Q1, the actual value is USD 97.48 M.EPS: As of FY2026 Q1, the actual value is USD -55.81.EBIT: As of FY2026 Q1, the actual value is USD 7.161 M.<h3>Overall Company Performance</h3><ul><li>Net Earnings (Loss): Biglari Holdings Inc. reported a net loss of - $14,531 thousand for the first quarter of 2026, an improvement from a net loss of - $33,275 thousand in the first quarter of 2025.</li><li>Total Revenues: Total revenues increased to $97,481 thousand in the first quarter of 2026 from $95,035 thousand in the first quarter of 2025.</li><li>Total Costs and Expenses: Total costs and expenses rose to $101,622 thousand in the first quarter of 2026 from $85,041 thousand in the first quarter of 2025.</li><li>Earnings (Loss) before Income Taxes: The loss before income taxes improved to - $18,882 thousand in the first quarter of 2026 from - $41,183 thousand in the first quarter of 2025.</li><li>Income Tax Expense (Benefit): The income tax benefit decreased to - $4,351 thousand in the first quarter of 2026 from - $7,908 thousand in the first quarter of 2025, primarily due to lower tax benefits on pre-tax losses from investment partnerships.</li></ul><h3>Restaurant Segment</h3><ul><li>Total Revenue: Total revenue was $66,146 thousand in the first quarter of 2026, up from $64,349 thousand in the first quarter of 2025.<ul><li>Net Sales: Decreased to $40,347 thousand in Q1 2026 from $41,615 thousand in Q1 2025, due to fewer company-operated units.</li><li>Franchise Partner Fees: Increased to $20,541 thousand in Q1 2026 from $17,139 thousand in Q1 2025.</li><li>Franchise Royalties and Fees: Decreased to $3,126 thousand in Q1 2026 from $3,489 thousand in Q1 2025.</li></ul></li><li>Operational Metrics (vs. Q1 2025):<ul><li>Steak n Shake Domestic Same-Store Sales: Increased by 10.0%.</li><li>Franchise Partner Same-Store Sales: Increased by approximately 13%.</li><li>Cost of Food (as % of net sales): Rose to 31.4% ($12,665 thousand) in Q1 2026 from 30.0% ($12,464 thousand) in Q1 2025, mainly due to a change in frying oil to 100% beef tallow.</li><li>Labor Costs (as % of net sales): Decreased to 31.9% ($12,858 thousand) in Q1 2026 from 32.3% ($13,439 thousand) in Q1 2025, primarily due to a decrease in management labor costs.</li><li>General and Administrative Expenses (as % of total revenue): Remained consistent at 17.9% ($11,836 thousand) in Q1 2026 compared to 18.5% ($11,928 thousand) in Q1 2025.</li><li>Earnings before Income Taxes: Decreased to $2,876 thousand in Q1 2026 from $3,314 thousand in Q1 2025.</li><li>Number of Restaurants: Totaled 437 stores as of March 31, 2026, compared to 435 as of December 31, 2025.</li></ul></li></ul><h3>Insurance Segment</h3><ul><li>Total Revenue: Total revenue was $18,938 thousand in the first quarter of 2026, down from $19,349 thousand in the first quarter of 2025.</li><li>Operational Metrics (vs. Q1 2025):<ul><li>Premiums Written: $18,508 thousand in Q1 2026 vs. $19,022 thousand in Q1 2025.</li><li>Premiums Earned: $17,801 thousand in Q1 2026 vs. $17,765 thousand in Q1 2025.</li><li>Pre-tax Underwriting Gain: Increased significantly to $2,979 thousand in Q1 2026 from $713 thousand in Q1 2025.<ul><li>First Guard: Underwriting gain of $1,571 thousand in Q1 2026, up 29.3% from $1,215 thousand in Q1 2025.</li><li>Southern Pioneer: Underwriting gain of $1,312 thousand in Q1 2026, an increase of $1,814 thousand from a loss of - $502 thousand in Q1 2025.</li></ul></li><li>Net Investment Income: Decreased to $514 thousand in Q1 2026 from $661 thousand in Q1 2025.</li></ul></li></ul><h3>Oil and Gas Segment</h3><ul><li>Total Revenue: Total revenue was $9,136 thousand in the first quarter of 2026, down from $9,930 thousand in the first quarter of 2025.</li><li>Operational Metrics (vs. Q1 2025):<ul><li>Production Costs: $3,924 thousand in Q1 2026 vs. $4,046 thousand in Q1 2025.</li><li>Earnings before Income Taxes: Decreased to $1,013 thousand in Q1 2026 from $10,648 thousand in Q1 2025.</li><li>Gain on Sale of Properties: No gain recorded in Q1 2026, compared to a gain of $9,323 thousand in Q1 2025 from selling undeveloped reserves.</li><li>Abraxas Petroleum Revenue: Increased by 4.0% to $6,126 thousand in Q1 2026 from $5,890 thousand in Q1 2025, mainly due to increased oil production.</li><li>Southern Oil Revenue: Decreased by 25.5% to $3,010 thousand in Q1 2026 from $4,040 thousand in Q1 2025, due to reduced production.</li></ul></li></ul><h3>Brand Licensing (Maxim) Segment</h3><ul><li>Licensing and Media Revenues: Increased to $3,261 thousand in the first quarter of 2026 from $1,407 thousand in the first quarter of 2025, primarily due to digital contests.</li><li>Earnings (Loss) before Income Taxes: Improved to $157 thousand in Q1 2026 from a loss of - $357 thousand in Q1 2025.</li></ul><h3>Investment Partnerships</h3><ul><li>Gains (Losses) from Investment Partnerships (net of tax): Contribution to net earnings was - $10,251 thousand in Q1 2026, an improvement from - $39,426 thousand in Q1 2025.<ul><li>The investment partnerships distributed $13,020 thousand during Q1 2026.</li></ul></li></ul><h3>Cash Flow</h3><ul><li>Net Cash Provided by Operating Activities: Increased to $20,332 thousand in Q1 2026 from $15,795 thousand in Q1 2025, primarily due to distributions from investment partnerships.</li><li>Net Cash Used in Investing Activities: Increased significantly to - $95,143 thousand in Q1 2026 from - $19,894 thousand in Q1 2025, primarily due to higher purchases of limited partnership interests and other investments.</li><li>Net Cash Provided by Financing Activities: Increased to $6,057 thousand in Q1 2026 from $2,002 thousand in Q1 2025, driven by proceeds from common stock issuance offsetting net payments on lines of credit and notes payable.</li></ul><h3>Liquidity and Debt</h3><ul><li>Biglari Holdings’ Line of Credit: The balance was $22,500 thousand as of March 31, 2026, down from $27,250 thousand as of December 31, 2025.</li><li>Steak n Shake Note Payable: The outstanding balance was $221,625 thousand as of March 31, 2026, with an 8.8% fixed interest rate.</li><li>At-the-Market Offering: Biglari Holdings Inc. entered an agreement on January 16, 2026, to sell up to $500,000 thousand in common stock, with $9,080 thousand of Class A common stock and $5,993 thousand of Class B common stock sold through May 8, 2026.</li></ul><h3>Outlook</h3>Biglari Holdings Inc. intends to use net proceeds from its At-the-Market Offering to support business and investment activities, strengthen capital, and fund acquisitions or other corporate purposes. The prices of oil and gas commodities are expected to remain volatile, which will affect the company’s financial results. A fall in commodity prices below current levels could lead to material impairments, adversely impacting production, proved reserves, and cash flows in future periods.

Biglari - B | 10-Q: FY2026 Q1 Revenue: USD 97.48 M