0001628280-26-054841
SEC filingBiglari Holdings 二季度净利下滑但经营业务盈利大增，投资合伙收益波动主导业绩。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $108.5M | $100.6M | +7.9% |
| Gross Profit | $67.4M | $60.6M | +11.2% |
| Gross Margin | 62.1% | 60.2% | +190 bps |
| Operating Income | $18.2M | $9.1M | +100.8% |
| Operating Margin | 16.8% | 9.0% | +780 bps |
| Net Income | $39.9M | $50.9M | -21.6% |
| Diluted EPS | $158.17 | $194.57 | -18.7% |
| Operating Cash Flow | $35.3M | $57.9M | -39.1% |
| Free Cash Flow | $21.6M | $47.9M | -54.9% |
增长桥：总收入增长 7.9%，主要受 Oil and Gas（+50.2%）和 Brand Licensing（+53.3%）驱动，Restaurant 增长 3.8%，Insurance 增长 1.1%。餐饮收入增长主要来自加盟伙伴费用增加（+14.8%），但公司直营店收入下降 2.6%，反映门店向加盟模式转型。
margin 归因：Gross Margin 提升 190 bps 至 62.1%，主要因 Insurance 和 Oil and Gas 利润率改善。Operating Margin 大幅提升 780 bps，得益于所有经营分部盈利能力增强，尤其是 Oil and Gas 利润率从 14.9% 升至 62.9%（含资产出售收益）。
盈利质量：Net Income 下降 21.6%，主要因 Investment partnership gains 从 $58.5M 降至 $35.6M。剔除投资相关收益，经营业务净利增长 63% 至 $9.7M。Operating Cash Flow 下降 39.1%，主因 Return on partnership investments 减少 $22M。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Restaurant | $74.7M | +3.8% | $8.3M | 11.1% | 同店销售强劲，加盟伙伴费用增长 |
| Insurance | $19.0M | +1.1% | $3.0M | 15.6% | 承保扭亏，Southern Pioneer 改善 |
| Oil and Gas | $11.3M | +50.2% | $7.1M | 62.9% | 价格上升及资产出售收益 |
| Brand Licensing | $3.5M | +53.3% | -$0.1M | -2.4% | 数字竞赛业务驱动收入增长 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $68.4M | -$200.4M |
| Total Debt | $238.5M | +$216.0M |
| Net Debt | $170.1M | +$416.4M |
| Operating Cash Flow | $35.3M | -$22.7M |
| Capex | $13.6M | +$3.6M |
| Free Cash Flow | $21.6M | -$26.3M |
| FCF 转化率 | 85.1% | — |
Net Debt 大幅增加，主要因 Steak n Shake 新增 $225M 五年期贷款，利率 8.8%，用于资本配置。
资本配置：
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