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Biglari Holdings Inc. BH Franchise royalties and fees — Restaurant operations

Other product segments

Franchise partner fees
$17.14M

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Other financials

Income statement

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Revenue$108.5M+7.9%
Gross profit$67.4M+11.3%
Net income$39.9M-21.6%
EPS (diluted)$31.63-18.7%

Balance sheet

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Cash & equivalents$68.4M+109%
Total debt$289.3M+577%
Total equity$543.8M-7.7%
Total assets$1.1B+22.6%

Cash flow

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Operating cash flow$14.9M-64.5%
CapEx$6.7M+146%
Free cash flow$8.3M-79.0%

Valuation

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Market cap$1.22B+42.1%
Enterprise value$1.45B+66.0%
P/S+0.7×

Profitability

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Gross margin60%-0.2pp
Net margin-7.3%-17.8pp
FCF margin12.4%-4.2pp

Returns & leverage

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Return on equity-5.3%-12.1pp
Debt / equity0.5×+0.5×
Current ratio2.4×+1.1×

Where this comes from

Reported directly by Biglari Holdings Inc. in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: Biglari Holdings Inc.’s 10-Q, filed August 7, 2026.

Filed
Aug 7, 2026, 4:14 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001628280-26-054841
Line itemSecond Quarter / 2026Second Quarter / 2025First Six Months / 2026First Six Months / 2025
Insurance premiums and other19,03018,82337,96838,172
Oil and gas11,2607,49820,39617,428
Licensing and media3,5072,2876,7683,694
Total revenues108,524100,619206,005195,654
Costs and expenses
Restaurant cost of sales41,12740,03978,59277,797
Insurance losses and underwriting expenses15,13315,93229,95532,984
Oil and gas production costs4,1472,8808,0716,926

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Biglari Holdings Inc.'s franchise royalties and fees — restaurant operations?
Biglari Holdings Inc. (BH) reported franchise royalties and fees — restaurant operations of $3.35M in Q2 2026.
How has Biglari Holdings Inc.'s franchise royalties and fees — restaurant operations changed year-over-year?
Biglari Holdings Inc.'s franchise royalties and fees — restaurant operations increased by 7.1% year-over-year, from $3.13M to $3.35M.
What is the long-term trend for Biglari Holdings Inc.'s franchise royalties and fees — restaurant operations?
Over 4 years (2021 to 2025), Biglari Holdings Inc.'s franchise royalties and fees — restaurant operations has grown at a -11.1% compound annual growth rate (CAGR), from $21.74M to $13.59M.
What does franchise royalties and fees — restaurant operations mean?
This metric represents the recurring revenue generated from franchise agreements within the restaurant operations segment, typically calculated as a percentage of gross sales from franchised locations. It reflects the company's ability to monetize its brand equity and operational systems without the capital expenditure associated with company-owned units. This stream serves as a high-margin indicator of the scalability and health of the franchise network.

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