BH-A · Biglari Holdings Inc.

Summary

Biglari Holdings reported a net loss of $14.5 million for Q1 2026, driven by investment losses, compared to a net loss of $33.3 million in Q1 2025.

Key takeaways

• Net loss narrowed to $14.5 million from $33.3 million year-over-year.
• Pre-tax operating earnings turned negative at -$4.1 million vs. $10.0 million last year.
• Investment losses of $14.7 million improved from $51.2 million in Q1 2025.
• Book value per Class A share stood at $2,006.69 as of March 31, 2026.
• Management advises focusing on operating results before investment gains.