Filing Flows › Biglari Holdings (BH-A) › Q3 2026 › vs Q2 2026
Biglari Holdings (BH-A) Q3 2026 vs Q2 2026 (quarter over quarter)
Biglari Holdings's revenue rose $3.5M (+3%) from $109M in Q2 2026 to $112M in Q3 2026. The biggest changes: Restaurant +$2.1M (+3%); Oil and gas +$1.1M (+9%); Insurance premiums and other +$514K (+3%). Operating margin 8.8% against 5.8% (+3.0 pts).
Biglari Holdings, Q3 2026: revenue $112M (+12% year over year), operating margin 8.8%, net earnings $1.0M, operating cash flow $3.2M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 8.8% | 5.8% | +3.0 pts |
| Net margin | 0.9% | 36.8% | -35.9 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Restaurant | $76.8M | $74.7M | $2.1M | +3% |
| Insurance premiums and other | $19.5M | $19.0M | $514K | +3% |
| Oil and gas | $12.3M | $11.3M | $1.1M | +9% |
| Licensing and media | $3.4M | $3.5M | −$121K | -3% |
| Revenue | $112M | $109M | $3.5M | +3% |
| Operating profit | $9.9M | $6.3M | $3.6M | +57% |
| Costs & expenses | $102M | $102M | −$54K | -0.1% |
| Pre-tax earnings | $1.4M | $51.6M | −$50.2M | -97% |
| Other expense, net | $8.5M | −$45.3M | $53.8M | — |
| Cost of revenue | $41.6M | $41.1M | $463K | +1% |
| SG&A | $22.9M | $26.2M | −$3.3M | -13% |
| Other operating costs | $37.7M | $34.9M | $2.8M | +8% |
| Net earnings | $1.0M | $39.9M | −$38.9M | -97% |
| Income tax | $388K | $11.7M | −$11.3M | -97% |
| Operating cash sources | $11.1M | $50.1M | −$38.9M | -78% |
| Depreciation & amortization | $10.1M | $10.1M | −$23K | -0.2% |
| Working capital & other | $7.9M | $35.1M | −$27.2M | -77% |
| Operating cash flow | $3.2M | $14.9M | −$11.7M | -79% |
| Capital expenditures | $6.4M | $6.7M | −$256K | -4% |
| Negative free cash flow (OCF − capex) | $3.2M | −$8.3M | $11.5M | — |
Questions
How much did Biglari Holdings's revenue grow quarter over quarter in Q3 2026?
Biglari Holdings's revenue rose $3.5M (+3%) from $109M in Q2 2026 to $112M in Q3 2026.
What drove Biglari Holdings's revenue change in Q3 2026?
Restaurant +$2.1M (+3%); Oil and gas +$1.1M (+9%); Insurance premiums and other +$514K (+3%).