Filing Flows › Biglari Holdings (BH-A) › Q3 2026 › vs Q3 2025
Biglari Holdings (BH-A) Q3 2026 vs Q3 2025 (year over year)
Biglari Holdings's revenue rose $12.3M (+12%) from $99.7M in Q3 2025 to $112M in Q3 2026. The biggest changes: Restaurant +$5.1M (+7%); Oil and gas +$4.9M (+67%); Licensing and media +$1.9M (+134%). Operating margin 8.8% against 6.9% (+1.9 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 8.8% | 6.9% | +1.9 pts |
| Net margin | 0.9% | -5.3% | +6.2 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Restaurant | $76.8M | $71.7M | $5.1M | +7% |
| Insurance premiums and other | $19.5M | $19.2M | $365K | +2% |
| Oil and gas | $12.3M | $7.4M | $4.9M | +67% |
| Licensing and media | $3.4M | $1.4M | $1.9M | +134% |
| Revenue | $112M | $99.7M | $12.3M | +12% |
| Operating profit | $9.9M | $6.9M | $3.0M | +44% |
| Costs & expenses | $102M | $92.9M | $9.3M | +10% |
| Pre-tax earnings | $1.4M | −$7.6M | $9.0M | — |
| Other expense, net | $8.5M | $14.4M | −$5.9M | -41% |
| Cost of revenue | $41.6M | $41.8M | −$248K | -0.6% |
| SG&A | $22.9M | $20.4M | $2.5M | +12% |
| Other operating costs | $37.7M | $30.6M | $7.0M | +23% |
| Net earnings | $1.0M | −$5.3M | $6.3M | — |
| Income tax | $388K | −$2.3M | $2.6M | — |
| Operating cash sources | $11.1M | $4.3M | $6.9M | +162% |
| Depreciation & amortization | $10.1M | $9.5M | $581K | +6% |
| Working capital & other | $7.9M | −$27.0M | $34.9M | — |
| Operating cash flow | $3.2M | $31.2M | −$28.0M | -90% |
| Capital expenditures | $6.4M | $8.9M | −$2.5M | -28% |
| Negative free cash flow (OCF − capex) | $3.2M | −$22.3M | $25.5M | — |
Questions
How much did Biglari Holdings's revenue grow year over year in Q3 2026?
Biglari Holdings's revenue rose $12.3M (+12%) from $99.7M in Q3 2025 to $112M in Q3 2026.
What drove Biglari Holdings's revenue change in Q3 2026?
Restaurant +$5.1M (+7%); Oil and gas +$4.9M (+67%); Licensing and media +$1.9M (+134%).