Filing Flows › Biglari Holdings (BH-A) › Q2 2026 › vs Q2 2025
Biglari Holdings (BH-A) Q2 2026 vs Q2 2025 (year over year)
Biglari Holdings's revenue rose $7.9M (+8%) from $101M in Q2 2025 to $109M in Q2 2026. The biggest changes: Oil and gas +$3.8M (+50%); Restaurant +$2.7M (+4%); Licensing and media +$1.2M (+53%). Operating margin 5.8% against 3.7% (+2.1 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 5.8% | 3.7% | +2.1 pts |
| Net margin | 36.8% | 50.6% | -13.8 pts |
| Free cash flow margin | 7.6% | 39.2% | -31.6 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Restaurant | $74.7M | $72.0M | $2.7M | +4% |
| Insurance premiums and other | $19.0M | $18.8M | $207K | +1% |
| Oil and gas | $11.3M | $7.5M | $3.8M | +50% |
| Licensing and media | $3.5M | $2.3M | $1.2M | +53% |
| Revenue | $109M | $101M | $7.9M | +8% |
| Other income, net | $45.3M | $61.4M | −$16.1M | -26% |
| Operating profit | $6.3M | $3.7M | $2.6M | +71% |
| Costs & expenses | $102M | $96.9M | $5.3M | +5% |
| Pre-tax earnings | $51.6M | $65.1M | −$13.5M | -21% |
| Cost of revenue | $41.1M | $40.0M | $1.1M | +3% |
| SG&A | $26.2M | $22.9M | $3.4M | +15% |
| Other operating costs | $34.9M | $34.1M | $839K | +2% |
| Net earnings | $39.9M | $50.9M | −$11.0M | -22% |
| Income tax | $11.7M | $14.2M | −$2.5M | -17% |
| Depreciation & amortization | $10.1M | $10.3M | −$123K | -1% |
| Working capital & other | $35.1M | $19.1M | $16.1M | +84% |
| Operating cash flow | $14.9M | $42.1M | −$27.2M | -65% |
| Free cash flow (OCF − capex) | $8.3M | $39.4M | −$31.2M | -79% |
| Capital expenditures | $6.7M | $2.7M | $4.0M | +146% |
Questions
How much did Biglari Holdings's revenue grow year over year in Q2 2026?
Biglari Holdings's revenue rose $7.9M (+8%) from $101M in Q2 2025 to $109M in Q2 2026.
What drove Biglari Holdings's revenue change in Q2 2026?
Oil and gas +$3.8M (+50%); Restaurant +$2.7M (+4%); Licensing and media +$1.2M (+53%).