The financials
Biglari Holdings Inc. by the numbers
Biglari Holdings Inc. (BH) reported revenue of $109M in Q2 2026 (quarter ended June 30, 2026), up 7.9% from the same quarter a year earlier. That came with a gross margin of 62% and net income of $40M (37% of revenue). For the full year FY2025, revenue was $395M (+9.2% year on year) and net income −$37M. Its largest product in 2026-Q2 was Restaurant Operations at $75M, 69% of the disclosed total, just ahead of Insurance Operations at 18%.
| Income statement | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | $109M | $101M | +7.9% |
| Gross profit | $67M | $61M | +11% |
| Operating income | $6.3M | $3.7M | +71% |
| Net income | $40M | $51M | −22% |
| Product | Revenue | Share |
|---|---|---|
| Restaurant Operations | $75M | 69% |
| Insurance Operations | $19M | 18% |
| Insurance Underwriting | $9.2M | 8.5% |
| Licensing And Media | $3.5M | 3.3% |
| Investment Income1 | $717K | 0.7% |
| Other | $620K | 0.6% |
Business Segments
Revenue split by product segment, from SEC XBRL filings.
Latest period: Q2 2026Total $107.8M (+9.4%)
Licensing And Media grew +53% year on yearOther -24% year on year
Segment Latestquarter on quarteryear on year
- Restaurant Operations$74.7M$74.7MQoQ +13%year on year +3.8%+13%+3.8%
- Insurance Operations$19.0M$19.0MQoQ +0.49%year on year +1.1%+0.49%+1.1%
- Insurance Underwriting$9.2M$9.2MQoQ +1.6%year on year +1.1%+1.6%+1.1%
- Licensing And Media$3.5M$3.5MQoQ +7.5%year on year +53%+7.5%+53%
- Investment Income1$717.0K$717.0KQoQ +10%year on year -15%+10%-15%
- Other$620.0K$620.0KQoQ +28%year on year -24%+28%-24%
- Media And Licensing--QoQ -year on year ---