San Antonio – November 07, 2026 -- Steak n Shake's same-store sales rose 18.2% in the third quarter of 2026 at domestic company-operated and franchise-partner-operated restaurants, Biglari Holdings Inc. (NYSE: BH.A; BH) reported with results for the quarter and first nine months of the year.
Biglari Holdings isolates operating earnings from investment gains
The holding company said investments affect reported quarterly earnings through their carrying value. Management does not regard quarterly or annual fluctuations in those investments as meaningful and said its operating businesses are best analyzed before the impact of investment gains. The earnings summary therefore separates operating earnings from investment gains.
The company also uses a non-GAAP measure, pre-tax operating earnings, defined as earnings outside of investment gains and losses.
Diversified holding company reports across insurance, restaurants, media and energy
Biglari Holdings owns subsidiaries in property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas. The restaurant segment is the only business for which the release gives an operating metric, the 18.2% same-store sales gain at Steak n Shake.
The release text does not state earnings figures for the quarter or the nine-month period. It directs shareholders to the company's Form 10-Q, posted on its website, for the full results.