Filing Flows › Biglari Holdings (BH-A) › Q2 2026 › vs Q1 2026
Biglari Holdings (BH-A) Q2 2026 vs Q1 2026 (quarter over quarter)
Biglari Holdings's revenue rose $11.0M (+11%) from $97.5M in Q1 2026 to $109M in Q2 2026. The biggest changes: Restaurant +$8.6M (+13%); Oil and gas +$2.1M (+23%); Licensing and media +$246K (+8%). Operating margin 5.8% against -4.2% (+10.0 pts).
Biglari Holdings, Q2 2026: revenue $109M (+8% year over year), operating margin 5.8%, net earnings $39.9M, operating cash flow $14.9M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 5.8% | -4.2% | +10.0 pts |
| Net margin | 36.8% | -14.9% | +51.7 pts |
| Free cash flow margin | 7.6% | 13.7% | -6.1 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Restaurant | $74.7M | $66.1M | $8.6M | +13% |
| Insurance premiums and other | $19.0M | $18.9M | $92K | +0.5% |
| Oil and gas | $11.3M | $9.1M | $2.1M | +23% |
| Licensing and media | $3.5M | $3.3M | $246K | +8% |
| Revenue | $109M | $97.5M | $11.0M | +11% |
| Other income, net | $45.3M | −$14.7M | $60.1M | — |
| Operating profit | $6.3M | −$4.1M | $10.4M | — |
| Costs & expenses | $102M | $102M | $628K | +0.6% |
| Pre-tax earnings | $51.6M | −$18.9M | $70.5M | — |
| Cost of revenue | $41.1M | $37.5M | $3.7M | +10% |
| SG&A | $26.2M | $24.9M | $1.4M | +5% |
| Other operating costs | $34.9M | $39.3M | −$4.4M | -11% |
| Net earnings | $39.9M | −$14.5M | $54.5M | — |
| Income tax | $11.7M | −$4.4M | $16.0M | — |
| Depreciation & amortization | $10.1M | $10.7M | −$508K | -5% |
| Working capital & other | $35.1M | −$24.2M | $59.3M | — |
| Operating cash flow | $14.9M | $20.3M | −$5.4M | -26% |
| Free cash flow (OCF − capex) | $8.3M | $13.4M | −$5.1M | -38% |
| Capital expenditures | $6.7M | $7.0M | −$302K | -4% |
Questions
How much did Biglari Holdings's revenue grow quarter over quarter in Q2 2026?
Biglari Holdings's revenue rose $11.0M (+11%) from $97.5M in Q1 2026 to $109M in Q2 2026.
What drove Biglari Holdings's revenue change in Q2 2026?
Restaurant +$8.6M (+13%); Oil and gas +$2.1M (+23%); Licensing and media +$246K (+8%).