Filing Flows › Biglari Holdings (BH-A) › Q3 2026
Biglari Holdings (BH-A) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 6, 2026
Biglari Holdings (BH-A) reported revenue of $112M for the third quarter 2026 (Q3 2026), +12% from a year earlier and +3% from the quarter before. Operating margin was 8.8%, net earnings $1.0M (0.9% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $112M | +3% | +12% |
| Operating profit | $9.9M | +57% | +44% |
| Net earnings | $1.0M | -97% | — |
| Operating cash flow | $3.2M | -79% | -90% |
What changed
Revenue was $112.1M in Q3 2026, up 12% year over year and up 3% from the previous quarter. Restaurant was the largest line at 69% of revenue. Restaurant added $5.1M year over year (up 7%), 41% of the total change.
Operating profit was $9.9M, a 8.8% margin (up 1.9 points year over year). Of the extra revenue versus Q3 2025, 24% reached operating profit, above the 7% margin then. Total costs grew 10% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+23%). Net earnings were $1.0M. The effective tax rate was 27.7%.
Operating cash flow was $3.2M (down 90% year over year), 316% of net earnings. Non-cash charges added back $10.1M of depreciation and amortization. Working capital and other items used $7.9M. Capital expenditures of $6.4M exceeded it, leaving free cash flow of −$3.2M.
Questions
What was Biglari Holdings' revenue in the third quarter 2026?
Biglari Holdings (BH-A) reported revenue of $112M for the third quarter 2026 (Q3 2026), +12% from a year earlier and +3% from the quarter before.
Was Biglari Holdings profitable in the third quarter 2026?
Operating profit was $9.9M (8.8% of revenue) and net earnings $1.0M.
Source: Biglari Holdings 10-Q on SEC EDGAR.