Biglari Holdings posts Q1 pre-tax operating loss of $4.1M vs profit of $10M year ago

Biglari Holdings Inc.

Pre-tax operating loss of $4.1M in Q1 2026 compared to profit of $10.0M in Q1 2025.
Net loss of $14.5M ($33.3M loss prior year) includes investment losses of $14.7M.
Book value per Class A equivalent share: $2,006.69 as of March 31, 2026.
Company says operating businesses are best analyzed before investment gains.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Biglari Holdings Inc. reported first quarter of 2026 results: net income $ (14,531).

Period: first quarter of 2026
Net income: $ (14,531)
Result: reported results

Exact text from the filing

in thousands) First Quarter 2026 2025 Pre-tax operating earnings $ (4,141) $ 9,994 Investment gains (losses) (14,741) (51,177) Income taxes 4,351 7,908 Net earnings (loss) $ (14,531) $ (33,275) Analysis of Results : Investments affect our reported quarterly earnings based on their carrying value. We do not regard the quarterly or annual fluctuations in our

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Source: SEC EDGAR

accession 0001628280-26-032884

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