Biglari Holdings Inc. reported financial results for the second quarter and first six months ended June 30, 2026. Pre-tax operating earnings were $6.3 million in Q2 2026, compared to $3.7 million in the prior year period. Net earnings totaled $39.9 million for the quarter, down from $50.9 million in Q2 2025, driven by lower investment gains of $45.3 million versus $61.4 million. For the first six months, pre-tax operating earnings were $2.1 million compared to $13.7 million a year earlier, while net earnings rose to $25.4 million from $17.7 million due to higher investment gains of $30.6 million versus $10.3 million. Steak n Shake same-store sales increased 13.8% in Q2 2026. Biglari Holdings Inc. is a holding company owning subsidiaries engaged in property and casualty insurance, licensing and media, restaurants, and oil and gas.