Biglari Holdings (BHA) Q2 2026 earnings summary

Executive summary

• Net earnings for Q2 2026 were $39.9M, down from $50.9M in Q2 2025; first six months net earnings were $25.4M, up from $17.7M year-over-year.

• Reported net earnings of $39,926,000 for Q2 2026 and $50,931,000 for the first six months of 2026.

• Pre-tax operating earnings were $6.27M in Q2 2026 and $13.67M for the first six months.

• Investment partnership gains and investment gains provided significant volatility, with a loss of $11.7M in Q2 2026.

Financial highlights

• Total revenues for Q2 2026 increased to $108.5M from $100.6M in Q2 2025; first six months revenues rose to $206.0M from $195.7M year-over-year.

• Restaurant operations revenue for Q2 2026 was $74.7M, up from $72.0M in Q2 2025; franchise partner fees increased year-over-year.

• Oil and gas revenue rose to $11.3M in Q2 2026 from $7.5M in Q2 2025, driven by higher prices and property sales.

• Investment partnership gains were $35.6M in Q2 2026, down from $58.5M in Q2 2025; investment gains were $9.7M, up from $2.9M.

• Cash and cash equivalents at June 30, 2026 were $68.4M, down from $268.8M at year-end 2025.

Outlook and guidance

• Management expects continued volatility in oil and gas prices, impacting future results.

• No material changes to risk factors or critical accounting policies were reported.