Filing Flows › Biglari Holdings (BH-A) › Q1 2026
Biglari Holdings (BH-A) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Biglari Holdings (BH-A) reported revenue of $97.5M for the first quarter 2026 (Q1 2026), +3% from a year earlier and -2% from the quarter before. Operating margin was -4.2%, net loss $14.5M (14.9% of revenue).
Biglari Holdings, Q1 2026: revenue $97.5M (+3% year over year), operating margin -4.2%, net loss $14.5M, operating cash flow $20.3M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $97.5M | -2% | +3% |
| Operating profit | −$4.1M | — | -141% |
| Net earnings | −$14.5M | — | — |
| Operating cash flow | $20.3M | +14% | +29% |
| Free cash flow | $13.4M | +110% | +57% |
What changed
Revenue was $97.5M in Q1 2026, up 3% year over year and down 2% from the previous quarter. Restaurant operations was the largest line at 68% of revenue. Licensing and media added $1.9M year over year (up 132%), 76% of the total change. Oil and gas declined 8%.
Operating costs exceeded revenue by $4.1M, an operating margin of -4.2%. Total costs grew 19% against revenue growth of 3%. The fastest-growing cost line was Other operating costs (+52%). The quarter ended with a net loss of $14.5M, narrower than the previous quarter's $49.9M loss. Net interest and other expense of $14.7M was the main reason.
Operating cash flow was $20.3M (up 29% year over year). Non-cash charges added back $10.7M of depreciation and amortization. Working capital and other items added $24.2M. Capital expenditures of $7.0M left free cash flow of $13.4M.
Questions
What was Biglari Holdings' revenue in the first quarter 2026?
Biglari Holdings (BH-A) reported revenue of $97.5M for the first quarter 2026 (Q1 2026), +3% from a year earlier and -2% from the quarter before.
Was Biglari Holdings profitable in the first quarter 2026?
Operating loss was $4.1M (-4.2% of revenue) and net loss $14.5M.
Source: Biglari Holdings 10-Q on SEC EDGAR.