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How Biglari Holdings (BH-A) makes money

Biglari Holdings (BH-A) made $112M of revenue in the third quarter 2026 (Q3 2026), +12% from a year earlier. Restaurant brought in $76.8M (69%); Insurance premiums and other brought in $19.5M (17%); Oil and gas brought in $12.3M (11%). Of every dollar of revenue, 9¢ was left as operating profit, 1¢ was left as net earnings.

Drawing the Sankey…

Biglari Holdings revenue by segment, Q3 2026Biglari Holdings revenue by segment, Q3 2026Restaurant$76.8MInsurance premiums and other$19.5MOil and gas$12.3MLicensing and media$3.4M
Biglari Holdings: revenue by line, Q1 2025 to Q3 2026Biglari Holdings: revenue by line, Q1 2025 to Q3 2026RestaurantRestaurant operationsInsurance premiums an…Oil and gasLicensing and mediaRestaurant: $76.8M latest$76.8MRestaurant operations: $0 latestInsurance premiums and other: $19.5M latest$19.5MOil and gas: $12.3M latest$12.3MLicensing and media: $3.4M latestQ1 2025Q2 2025Q3 2025Q1 2026Q2 2026Q3 2026
Insurance premiums and other went from 20% of revenue in Q1 2025 to 17% in Q3 2026, the largest shift in the mix.
Biglari Holdings revenue by quarterBiglari Holdings revenue by quarter$95.0MQ1 2025$101MQ2 2025$99.7MQ3 2025$99.9MQ4 2025$97.5MQ1 2026$109MQ2 2026$112MQ3 2026
Biglari Holdings: where each dollar of revenue goesBiglari Holdings: where each dollar of revenue goesOperating profit9¢Income tax0¢Net earnings1¢Operating cash flow3¢

Revenue by segment, Q3 2026

SegmentRevenueShareQ/QY/Y
Restaurant$76.8M68.5%+3%+7%
Insurance premiums and other$19.5M17.4%+3%+2%
Oil and gas$12.3M11.0%+9%+67%
Licensing and media$3.4M3.0%-3%+134%

Where each dollar of revenue goes

LineQ3 2026% of revenue
Revenue$112M100.0%
Operating profit$9.9M8.8%
Income tax$388K0.3%
Net earnings$1.0M0.9%
Operating cash flow$3.2M2.9%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 2026$112M+12%
Q2 2026$109M+8%
Q1 2026$97.5M+3%
Q4 2025$99.9M+10%
Q3 2025$99.7M+10%
Q2 2025$101M+10%
Q1 2025$95.0M+6%

From Biglari Holdings' 10-Q filed Nov 6, 2026 (on EDGAR).

Questions

How does Biglari Holdings make money?

Biglari Holdings (BH-A) made $112M of revenue in the third quarter 2026 (Q3 2026), +12% from a year earlier. Restaurant brought in $76.8M (69%); Insurance premiums and other brought in $19.5M (17%); Oil and gas brought in $12.3M (11%). Of every dollar of revenue, 9¢ was left as operating profit, 1¢ was left as net earnings.

What is Biglari Holdings' biggest business?

Restaurant: $76.8M in the third quarter 2026, 69% of revenue, +7% from a year earlier.

What is Biglari Holdings' profit margin?

Net earnings were $1.0M, 0.9% of revenue, in the third quarter 2026; the operating margin was 8.8%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.