Biglari Holdings Q1 net loss narrows to $14.5 million; operating earnings turn to loss
Biglari Holdings reported a first-quarter 2026 net loss of $14.5 million, smaller than the $33.3 million loss in the same quarter of 2025, as investment losses narrowed to $14.7 million from $51.2 million. Pre-tax operating earnings swung to a $4.1 million loss from $10.0 million of earnings a year earlier, and the release does not include guidance. Book value was $2,006.69 per Class A Equivalent share at March 31, 2026.
Key points
- Net loss of $14.5 million in Q1 2026, versus a $33.3 million net loss in Q1 2025.
- Pre-tax operating earnings were a $4.1 million loss, compared with $10.0 million of earnings in Q1 2025.
- Investment losses were $14.7 million, compared with $51.2 million in Q1 2025.
- Book value was $2,006.69 per Class A Equivalent share at March 31, 2026.
The filing
Written by AI on Nov 9, 2026, 8:53 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 08, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.