What does maxim — earnings (loss) before income taxes mean?

Measures the profitability of the Maxim segment after all operating and non-operating expenses have been deducted, but before the impact of income tax provisions. This provides a clear view of the segment's operational performance independent of tax jurisdictions.

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

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$3.24M+111%

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$467K+44.1%

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TAPEMEA&APAC — Income (loss) before income taxes

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MUSAMarketing — Income (loss) before income taxes

$209.4M+126%

BDCIncome before provision for income taxes

$62.77M+1.1%

EMATIncome before provision for income taxes

-$440.31M-2,347%

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

See full

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 maxim — earnings (loss) before income taxes?: Biglari Holdings Inc. (BH) reported maxim — earnings (loss) before income taxes of $157K in Q1 2026.
How has Biglari Holdings Inc.'s maxim — earnings (loss) before income taxes changed year-over-year?: Biglari Holdings Inc.'s maxim — earnings (loss) before income taxes increased by 144.0% year-over-year, from -$357K to $157K.
What does maxim — earnings (loss) before income taxes mean?: Measures the profitability of the Maxim segment after all operating and non-operating expenses have been deducted, but before the impact of income tax provisions. This provides a clear view of the segment's operational performance independent of tax jurisdictions.