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Biglari Holdings (BH-A) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Biglari Holdings (BH-A) Q3 2026 earnings results →
Q3 2026 Revenue up 12% year over year to $112M · 1¢ of every $1 of revenue kept as net profit · operating margin 8.8%
Biglari Holdings made $112M in Q3 2026 (+12% Y/Y): Restaurant $76.8M, Insurance premiums and other $19.5M, Oil and gas $12.3M. Operating margin 8.8%, net earnings $1.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
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What changed this quarter
Revenue was $112.1M in Q3 2026, up 12% year over year and up 3% from the previous quarter. Restaurant was the largest line at 69% of revenue. Restaurant added $5.1M year over year (up 7%), 41% of the total change.
Operating profit was $9.9M, a 8.8% margin (up 1.9 points year over year). Of the extra revenue versus Q3 2025, 24% reached operating profit, above the 7% margin then. Total costs grew 10% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+23%). Net earnings were $1.0M. The effective tax rate was 27.7%.
Operating cash flow was $3.2M (down 90% year over year), 316% of net earnings. Non-cash charges added back $10.1M of depreciation and amortization. Working capital and other items used $7.9M. Capital expenditures of $6.4M exceeded it, leaving free cash flow of −$3.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $112M | +12% | 8.8% | $1.0M | $3.2M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $109M | +8% | 5.8% | $39.9M | $14.9M |
| Q1 2026 | 10-Q | May 8, 2026 | $97.5M | +3% | -4.2% | −$14.5M | $20.3M |
| Q4 2025 | 10-K | Mar 2, 2026 | $99.9M | +10% | -1.7% | −$49.9M | $17.8M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $99.7M | +10% | 6.9% | −$5.3M | $31.2M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $101M | +10% | 3.7% | $50.9M | $42.1M |
| Q1 2025 | 10-Q | May 9, 2025 | $95.0M | +6% | 10.5% | −$33.3M | $15.8M |
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About Biglari Holdings
Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. Biglari Holdings’ management system combines decentralized operations with centralized financial decision-making. Operating decisions for the various business units are made by their respective managers. All major investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.
In its own words, from its 10-K, filed Mar 2, 2026.
Biglari Holdings against its Retail-Eating Places peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +12% against the peers' median +8%. Operating margin: 8.8% against the peers' median 13.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| BH-A Biglari Holdings | Q3 2026 | $112M | +12% | 8.8% |
| MCD McDonald's | Q3 2026 | $7.2B | +1% | 50.2% |
| ARMK Aramark | Q3 FY26 | $5.1B | +9% | 4.3% |
| YUMC Yum China Holdings | Q3 2026 | $3.5B | +8% | 13.0% |
| CMG Chipotle Mexican Grill | Q3 2026 | $3.3B | +10% | 13.7% |
| DRI Darden Restaurants | Q1 FY27 | $3.2B | +5% | 10.0% |
| QSR Restaurant Brands International | Q3 2026 | $2.5B | +3% | 27.6% |
| YUM Yum Brands | Q3 2026 | $2.1B | +4% | 112.8% |
| TXRH Texas Roadhouse | Q3 2026 | $1.6B | +10% | 6.5% |
Source: Biglari Holdings 10-Q on SEC EDGAR · CIK 1726173 · Retail-Eating Places
13F: who owns BH-A and who is buying
More on BH-A
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Biglari Holdings operating margin by quarter
- Biglari Holdings net income by quarter
- Biglari Holdings free cash flow by quarter
- Biglari Holdings capital expenditures by quarter
- Biglari Holdings Restaurant revenue by quarter
- Biglari Holdings Insurance premiums and other revenue by quarter
- Biglari Holdings Oil and gas revenue by quarter