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Biglari Holdings Inc. BH Insurance Underwriting — Earnings (loss) before income taxes

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Other financials

Income statement

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Revenue$97.5M+2.6%
Gross profit$60.0M+4.8%
Net income-$14.5M+56.3%
EPS (diluted)-$11.16+55.9%

Balance sheet

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Cash & equivalents$200.1M+598%
Total debt$290.3M+627%
Total equity$519.2M-3.8%
Total assets$1.0B+22.8%

Cash flow

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Operating cash flow$20.3M+28.7%
CapEx$7.0M-4.6%
Free cash flow$13.4M+57.3%

Valuation

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Market cap$1.13B+34.6%
Enterprise value$1.22B+43.0%
P/S2.8×+0.6×

Profitability

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Gross margin59.5%-0.6pp
Net margin-4.7%-2.0pp
FCF margin20.5%

Returns & leverage

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Return on equity-3.5%-1.4pp
Debt / equity0.6×+0.5×
Current ratio2.5×+1.3×

Where this comes from

Reported directly by Biglari Holdings Inc. in its filing.

Tagged under the XBRL concept us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest.

The official record: Biglari Holdings Inc.’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Biglari Holdings Inc.'s insurance underwriting — earnings (loss) before income taxes?
Biglari Holdings Inc. (BH) reported insurance underwriting — earnings (loss) before income taxes of 288,300,000% in Q1 2026.
How has Biglari Holdings Inc.'s insurance underwriting — earnings (loss) before income taxes changed year-over-year?
Biglari Holdings Inc.'s insurance underwriting — earnings (loss) before income taxes increased by 137.3% year-over-year, from 121,500,000% to 288,300,000%.
What is the long-term trend for Biglari Holdings Inc.'s insurance underwriting — earnings (loss) before income taxes?
Over 3 years (2022 to 2025), Biglari Holdings Inc.'s insurance underwriting — earnings (loss) before income taxes has grown at a 9.2% compound annual growth rate (CAGR), from 657,800,000% to 856,900,000%.
What does insurance underwriting — earnings (loss) before income taxes mean?
This metric reflects the pre-tax profitability of the insurance underwriting segment after accounting for all related revenues and operating expenses. It is the primary indicator of the segment's ability to generate value independently of corporate tax structures.