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Biglari Holdings Inc. BH Net sales — Restaurant operations

Other product segments

Franchise partner fees
$17.14M
Franchise royalties and fees
$3.49M

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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$1.21B+42.1%
Enterprise value$1.43B+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 net sales — restaurant operations?
Biglari Holdings Inc. (BH) reported net sales — restaurant operations of $45.65M in Q2 2026.
How has Biglari Holdings Inc.'s net sales — restaurant operations changed year-over-year?
Biglari Holdings Inc.'s net sales — restaurant operations decreased by 2.6% year-over-year, from $46.86M to $45.65M.
What is the long-term trend for Biglari Holdings Inc.'s net sales — restaurant operations?
Over 4 years (2021 to 2025), Biglari Holdings Inc.'s net sales — restaurant operations has grown at a -0.8% compound annual growth rate (CAGR), from $187.91M to $181.88M.
What does net sales — restaurant operations mean?
This metric represents the total revenue generated from the company's restaurant operations, primarily consisting of food and beverage sales across its owned and franchised dining brands. It serves as a key indicator of consumer demand and the operational scale of the company's primary business segment. Monitoring this figure helps investors assess the top-line performance and market penetration of the restaurant portfolio.

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