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Segments

By segment

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Restaurant Segment$16.43M

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:SellingGeneralAndAdministrativeExpense.

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 losses and underwriting expenses15,13315,93229,95532,984
Oil and gas production costs4,1472,8808,0716,926
Licensing and media costs3,3352,4216,2094,072
Selling, general and administrative26,23022,85351,10244,220
Gain on sale of oil and gas properties(4,803)(794)(4,803)(10,117)
Impairments1,2511,251
Depreciation, depletion, and amortization10,14910,27220,80620,529
Interest expense on leases1,4001,2402,7572,573

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Biglari Holdings Inc.'s SG&A?
Biglari Holdings Inc. (BH) reported SG&A of $26.23M in Q2 2026.
How has Biglari Holdings Inc.'s SG&A changed year-over-year?
Biglari Holdings Inc.'s SG&A increased by 14.8% year-over-year, from $22.85M to $26.23M.
What is the long-term trend for Biglari Holdings Inc.'s SG&A?
Over 4 years (2021 to 2025), Biglari Holdings Inc.'s SG&A has grown at a 3.4% compound annual growth rate (CAGR), from $76.02M to $86.84M.
What does SG&A mean?
Combined selling expenses (sales force, marketing, distribution) and general & administrative costs (management, legal, accounting, facilities) — the broadest opex category.

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