Biglari Holdings Inc-B 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 BIGLARI HOLDINGS INC. (Exact name of registrant as specified in its charter) Indiana 82-3784946 (I.R.S. Employer Identification No.) 19100 Ridgewood Parkway Suite 1200San Antonio, Texas (Zip Code) (210) 344-3400Registrant’s telephone number, including area code Not Applicable(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Class A Common Stock, no par valueClass B Common Stock, no par valueClass A Common Stock, no par valueClass B Common Stock, no par value Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company.See the definitions of “large accelerated filer,” “accelerated filer,” “smaller Number of shares of common stock outstanding as of May6, 2026:Class A common stock –Class B common stock – BIGLARI HOLDINGS INC.INDEX Item 1.Financial Statements1Consolidated Balance Sheets — March 31, 2026 and December 31, 20251Consolidated Statements of Earnings — First Quarter 2026 and 20252Consolidated Statements of Comprehensive Income — First Quarter 2026 and 20253Consolidated Statements of Changes in Shareholders’ Equity — First Quarter 2026 and 20253Consolidated Statements of Cash Flows — First Quarter 2026 and 20254Notes to Consolidated Financial Statements5Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations20Item 3.Quantitative and Qualitative Disclosures about Market Risk30Item 4.Controls and Procedures30 PART 1 – FINANCIAL INFORMATIONITEM 1. FINANCIAL STATEMENTSBIGLARI HOLDINGS INC. BIGLARI HOLDINGS INC. BIGLARI HOLDINGS INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTSMarch31, 2026 (dollars in thousands, except share and per share data) Note 1. Summary of Significant Accounting Policies Description of Business The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. have been prepared in accordance withaccounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial information andwith the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notesrequired by GAAP for complete financial statements. In our opinion, all adjustments considered necessary to present fairly the results Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including propertyand casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas. The Company’s largest operatingsubsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Biglari Holdings’ management system combines decentralized operations with centralized financial decision-making. Operatingdecisions for the various business units are made by their respective managers. All major investment and capital allocation decisionsare made for the Company and its subsidiaries by Mr. Biglari. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, including Steak nShake Inc., Western Sizzlin Corporation, First Guard Insurance Company, Maxim Inc., Southern Pioneer Property & CasualtyInsurance Company, Biglari Reinsurance Ltd., Southern Oil Company, and Abraxas Petroleum Corporation. Intercompany accounts Note 2. Common Stock Earnings per share of common stock is based on the weighted-average number of shares outstanding during the year. The shares ofCompany stock attributable to our limited partner interest in The Lion Fund, L.P., and The Lion Fund II, L.P. (collectively, the The following table presents shares authorized, issued, and outstanding on March31, 2026 and December31, 2025. Common stock authorized Common stock issued and outstanding Table of Contents Note 2. Common Stock(continued) The Company has applied the “two-class method” of computing earnings per share as prescribed in Accounting Standards Codification(“ASC”) 260, “Earnings Per Share”. (Class B share