Filing Flows › Biglari Holdings (BH-A) › Q2 2026
Biglari Holdings (BH-A) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 7, 2026
Biglari Holdings (BH-A) reported revenue of $109M for the second quarter 2026 (Q2 2026), +8% from a year earlier and +11% from the quarter before. Operating margin was 5.8%, net earnings $39.9M (36.8% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $109M | +11% | +8% |
| Operating profit | $6.3M | — | +71% |
| Net earnings | $39.9M | — | -22% |
| Operating cash flow | $14.9M | -26% | -65% |
| Free cash flow | $8.3M | -38% | -79% |
What changed
Revenue was $108.5M in Q2 2026, up 8% year over year and up 11% from the previous quarter. Restaurant was the largest line at 69% of revenue. Oil and gas added $3.8M year over year (up 50%), 48% of the total change.
Operating profit was $6.3M, a 5.8% margin (up 2.1 points year over year). Of the extra revenue versus Q2 2025, 33% reached operating profit, above the 4% margin then. Total costs grew 5% against revenue growth of 8%. The fastest-growing cost line was SG&A (+15%). Net earnings were $39.9M, down 22% year over year. The effective tax rate was 22.7%. Non-operating items added $45.3M, 88% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $14.9M (down 65% year over year), 37% of net earnings. Non-cash charges added back $10.1M of depreciation and amortization. Working capital and other items used $35.1M. Capital expenditures of $6.7M left free cash flow of $8.3M.
Questions
What was Biglari Holdings' revenue in the second quarter 2026?
Biglari Holdings (BH-A) reported revenue of $109M for the second quarter 2026 (Q2 2026), +8% from a year earlier and +11% from the quarter before.
Was Biglari Holdings profitable in the second quarter 2026?
Operating profit was $6.3M (5.8% of revenue) and net earnings $39.9M.
Source: Biglari Holdings 10-Q on SEC EDGAR.