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 For the transition period from ___ to ___ Commission file number 001-38477 BIGLARI HOLDINGS INC. (Exact name of registrant as specified in its charter) Indiana 82-3784946 (I.R.S. Employer Identification No.) (State or other jurisdiction of incorporation) 19100 Ridgewood Parkway Suite 1200San Antonio, Texas (Address of principal executive offices) (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: 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),and (2) has been subject to such filing requirements for the past 90 days. YesNo 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 periodthat the registrant was required to submit such files). YesNo 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,” “smallerreporting company,” and an “emerging growth company” inRule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No 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 Item 1.Legal Proceedings31Item 1A.Risk Factors31Item 2.Unregistered Sales of Equity Securities and Use of Proceeds31Item 3.Defaults Upon Senior Securities31Item 4.Mine Safety Disclosures31Item 5.Other Information31Item 6.Exhibits32Signatures33 PART 1 – FINANCIAL INFORMATIONITEM 1. FINANCIAL STATEMENTSBIGLARI HOLDINGS INC. CONSOLIDATED BALANCE SHEETS(dollars in thousands) BIGLARI HOLDINGS INC. See accompanying Notes to Consolidated Financial Statements. BIGLARI HOLDINGS INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(dollars in thousands) CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY(Unaudited)(dollars in thousands) 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 BusinessThe accompanying unaudited consolidated financial statements of Biglari Holdings Inc. have been prepared in accordance with accounting 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 resultsof the interim periods have been included and consist only of normal recurring adjustments. The results for the interim periods shownare not necessarily indicative of results for the year. The financial statements contained herein should be read in conjunction with theconsolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December31, 2025. 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, rest