Biglari Holdings Q2 net earnings $39.9 million, down from $50.9 million a year earlier
Biglari Holdings reported second-quarter 2026 net earnings of $39.9 million, down from $50.9 million in the second quarter of 2025, as investment gains fell to $45.3 million from $61.4 million. Pre-tax operating earnings rose to $6.3 million from $3.7 million, while first-half pre-tax operating earnings fell to $2.1 million from $13.7 million, so shareholders see mixed results across the periods.
Key points
- Q2 2026 pre-tax operating earnings were $6.3 million, versus $3.7 million in Q2 2025.
- Q2 2026 investment gains were $45.3 million, versus $61.4 million in Q2 2025.
- First six months 2026 net earnings were $25.4 million, versus $17.7 million in the same period of 2025.
- Steak n Shake same-store sales rose 13.8% in Q2 2026 for company-operated and franchise-partner-operated restaurants.
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 August 07, 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.