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Biglari Holdings Inc. BH Oil And Gas Segment — Restaurant operations

Other segment segments

Restaurant
$72.77M+16.3%
Insurance Segment
$18.94M-2.1%
Brand Licensing
$3.51M+53.3%

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$145.59M+53.2%
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PROil sales — Oil and gas sales
$1.23B+10.6%
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$40.22M-17.2%
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KRPOil And Gas — Revenue
$103.05M+38.0%

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 oil and gas segment — restaurant operations?
Biglari Holdings Inc. (BH) reported oil and gas segment — restaurant operations of $11.26M in Q2 2026.
How has Biglari Holdings Inc.'s oil and gas segment — restaurant operations changed year-over-year?
Biglari Holdings Inc.'s oil and gas segment — restaurant operations increased by 50.2% year-over-year, from $7.5M to $11.26M.
What is the long-term trend for Biglari Holdings Inc.'s oil and gas segment — restaurant operations?
Over 3 years (2022 to 2025), Biglari Holdings Inc.'s oil and gas segment — restaurant operations has grown at a -19.3% compound annual growth rate (CAGR), from $57.55M to $30.21M.
What does oil and gas segment — restaurant operations mean?
This metric represents the revenue or operational activity attributed to restaurant-related business units within the oil and gas segment. It captures the financial contribution of non-core hospitality or service operations managed under the energy division. Monitoring this helps investors understand the diversification of revenue streams within the segment.

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