v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 68,394 $ 268,782
Investments 274,321 69,050
Receivables 24,994 23,283
Inventories 3,884 3,769
Other current assets 12,329 13,642
Total current assets 383,922 378,526
Property and equipment 366,455 366,607
Operating lease assets 43,255 40,052
Goodwill and other intangible assets 76,014 76,242
Investment partnerships 178,700 154,275
Other assets 10,238 9,681
Total assets 1,058,584 1,025,383
Current liabilities:    
Accounts payable and accrued expenses 77,802 72,946
Losses and loss adjustment expenses 20,318 18,220
Unearned premiums 18,351 17,813
Current portion of lease obligations 12,136 13,946
Current portion of note payable and lines of credit 28,270 33,070
Total current liabilities 156,877 155,995
Lease obligations 107,811 97,701
Deferred taxes 23,202 18,029
Note payable 210,231 213,920
Asset retirement obligations 15,903 15,542
Other liabilities 772 767
Total liabilities 514,796 501,954
Shareholders’ equity    
Common stock 1,147 1,138
Additional paid-in capital 400,505 385,594
Retained earnings 615,606 590,211
Accumulated other comprehensive loss (1,638) (1,350)
Treasury stock, at cost (471,832) (452,164)
Biglari Holdings Inc. shareholders’ equity 543,788 523,429
Total liabilities and shareholders’ equity $ 1,058,584 $ 1,025,383