10-Q · May 8, 2026
Biglari Holdings Inc. reported a challenging first quarter of 2026, with total revenue decreasing to $66.1M from $64.3M in the prior year, driven by a decrease in company-operated restaurant units despite an increase in…
Earnings analysis · 10-Q
BH earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
The supplied 10-Q excerpt does not include current-quarter income statement, balance sheet, cash flow, or segment results, so operating trends cannot be assessed from the filing text provided. The principal negative…
Read full summary
The supplied 10-Q excerpt does not include current-quarter income statement, balance sheet, cash flow, or segment results, so operating trends cannot be assessed from the filing text provided. The principal negative signal is that disclosure controls remained ineffective as of June 30, 2026 because a previously identified material weakness was not yet remediated. An affiliated purchaser bought 54,952 Class B shares, but the filing provided no quantitative forward guidance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Affiliate Repurchased 54,952 Shares
The Lion Fund, L.P. purchased 54,952 Class B shares from May 12 through June 5, 2026, including 52,674 shares at an average price of $255.18 in May and 2,278 shares at $289.23 in June.
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Control Remediation Continues
Management stated that remediation of the previously identified material weakness is ongoing and that policies, procedures, and internal controls continue to be implemented and documented.
What to watch
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Material Weakness Remains Unremediated
As of June 30, 2026, the CEO and CFO concluded that disclosure controls and procedures were not effective because of a previously identified material weakness in internal control over financial reporting.
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Remediation Is Not Complete
Management stated that the material weakness cannot be considered remediated until controls have operated for a sufficient period and testing confirms they are effective; all remediation efforts remain incomplete as of June 30, 2026.
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Risk Factors Unchanged
The company reported no material changes from the risk factors disclosed in its December 31, 2025 Form 10-K, indicating that the existing risk profile remains in place rather than being reduced.
Management's outlook
No quantitative revenue or EPS outlook was provided in the supplied 10-Q text.
Earlier filings 4
10-K · March 2, 2026
Biglari Holdings presents a diversified holding-company model centered on restaurant franchising/operations, insurance, oil & gas, licensing and a large investment portfolio. As of December 31, 2025 the company reports…
10-K · March 3, 2025
Biglari Holdings is a diversified holding company that centralizes capital allocation under Chairman Sardar Biglari (beneficially owning approximately 74.3% of the voting interest as of December 31, 2024). Its strategy…
10-Q · November 8, 2024
Biglari Holdings delivered Q3 results showing a slight revenue decline but a notable recovery in earnings performance compared to previous quarters. Revenue was reported at $90.4 million, slightly down from $90.9…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.