Business Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

A disaggregation of our consolidated data for the second quarters and first six months of 2026 and 2025 is presented in the tables which follow.


Restaurant
	Second Quarter
	2026
	Steak n Shake		Western Sizzlin		Total Restaurants
Revenue	$	72,098	$	2,629	$	74,727
Cost and expenses:
Cost of food	14,248		955		15,203
Labor costs	13,119		630		13,749
Occupancy and other	12,596		979		13,575
Selling, general and administrative	16,750		229		16,979
Depreciation, amortization and impairment	6,932		26		6,958
Total costs and expenses	63,645		2,819		66,464
Earnings before income taxes	$	8,453	$	(190)	$	8,263


	Second Quarter
	2025
	Steak n Shake		Western Sizzlin		Total Restaurants
Revenue	$	69,258	$	2,753	$	72,011
Cost and expenses:
Cost of food	13,241		926		14,167
Labor costs	13,366		654		14,020
Occupancy and other	11,985		1,107		13,092
Selling, general and administrative	16,390		44		16,434
Depreciation, amortization and impairment	7,844		19		7,863
Total costs and expenses	62,826		2,750		65,576
Earnings before income taxes	$	6,432	$	3	$	6,435


	First Six Months
	2026
	Steak n Shake		Western Sizzlin		Total Restaurants
Revenue	$	135,864	$	5,009	$	140,873
Cost and expenses:
Cost of food	26,094		1,774		27,868
Labor costs	25,408		1,199		26,607
Occupancy and other	25,171		1,703		26,874
Selling, general and administrative	34,085		312		34,397
Depreciation, amortization and impairment	13,956		32		13,988
Total costs and expenses	124,714		5,020		129,734
Earnings before income taxes	$	11,150	$	(11)	$	11,139


	First Six Months
	2025
	Steak n Shake		Western Sizzlin		Total Restaurants
Revenue	$	131,174	$	5,186	$	136,360
Cost and expenses:
Cost of food	24,853		1,778		26,631
Labor costs	26,215		1,245		27,460
Occupancy and other	24,466		1,813		26,279
Selling, general and administrative	31,805		83		31,888
Depreciation, amortization and impairment	14,315		38		14,353
Total costs and expenses	121,654		4,957		126,611
Earnings before income taxes	$	9,520	$	229	$	9,749


Insurance
	Second Quarter
	2026
	First Guard		Southern Pioneer		Total Underwriting		Investment Income		Other		Total Insurance
Revenue	$	9,195	$	8,498	$	17,693	$	717	$	620	$	19,030
Cost and expenses:
Insurance losses	5,992		4,558		10,550		—		—		10,550
Underwriting expenses	1,586		2,997		4,583		—		—		4,583
Other segment items	—		—		—		—		921		921
Total costs and expenses	7,578		7,555		15,133		—		921		16,054
Earnings before income taxes	$	1,617	$	943	$	2,560	$	717	$	(301)	$	2,976


	Second Quarter
	2025
	First Guard		Southern Pioneer		Total Underwriting		Investment Income		Other		Total Insurance
Revenue	$	9,098	$	8,068	$	17,166	$	839	$	818	$	18,823
Cost and expenses:
Insurance losses	4,624		7,048		11,672		—		—		11,672
Underwriting expenses	2,383		1,877		4,260		—		—		4,260
Other segment items	—		—		—		—		1,098		1,098
Total costs and expenses	7,007		8,925		15,932		—		1,098		17,030
Earnings before income taxes	$	2,091	$	(857)	$	1,234	$	839	$	(280)	$	1,793


	First Six Months
	2026
	First Guard		Southern Pioneer		Total Underwriting		Investment Income		Other		Total Insurance
Revenue	$	18,241	$	17,253	$	35,494	$	1,368	$	1,106	$	37,968
Cost and expenses:
Insurance losses	11,899		8,607		20,506		—		—		20,506
Underwriting expenses	3,154		6,391		9,545		—		(96)		9,449
Other segment items	—		—		—		—		1,796		1,796
Total costs and expenses	15,053		14,998		30,051		—		1,700		31,751
Earnings before income taxes	$	3,188	$	2,255	$	5,443	$	1,368	$	(594)	$	6,217


	First Six Months
	2025
	First Guard		Southern Pioneer		Total Underwriting		Investment Income		Other		Total Insurance
Revenue	$	18,307	$	16,624	$	34,931	$	1,676	$	1,565	$	38,172
Cost and expenses:
Insurance losses	10,906		12,771		23,677		—		—		23,677
Underwriting expenses	4,095		5,212		9,307		—		—		9,307
Other segment items	—		—		—		—		1,858		1,858
Total costs and expenses	15,001		17,983		32,984		—		1,858		34,842
Earnings before income taxes	$	3,306	$	(1,359)	$	1,947	$	1,676	$	(293)	$	3,330

Other segment items include general and administrative costs, depreciation, and other income.


Oil and Gas	Second Quarter
	2026
	Abraxas Petroleum		Southern Oil		Total Oil and Gas
Revenue	$	7,296	$	3,964	$	11,260
Cost and expenses:
Production costs	2,321		1,826		4,147
Depreciation, depletion and accretion	821		1,570		2,391
General and administrative	1,788		659		2,447
Total costs and expenses	4,930		4,055		8,985

Gains on sales of properties	4,803		—		4,803

Earnings before income taxes	$	7,169	$	(91)	$	7,078


	Second Quarter
	2025
	Abraxas Petroleum		Southern Oil		Total Oil and Gas
Revenue	$	4,161	$	3,337	$	7,498
Cost and expenses:
Production costs	2,095		785		2,880
Depreciation, depletion and accretion	1,777		1,334		3,111
General and administrative	716		468		1,184
Total costs and expenses	4,588		2,587		7,175

Gains on sales of properties	794		—		794

Earnings before income taxes	$	367	$	750	$	1,117


	First Six Months
	2026
	Abraxas Petroleum		Southern Oil		Total Oil and Gas
Revenue	$	13,422	$	6,974	$	20,396
Cost and expenses:
Production costs	5,055		3,016		8,071
Depreciation, depletion and accretion	2,120		3,145		5,265
General and administrative	2,376		1,396		3,772
Total costs and expenses	9,551		7,557		17,108

Gains on sales of properties	4,803		—		4,803

Earnings before income taxes	$	8,674	$	(583)	$	8,091


	First Six Months
	2025
	Abraxas Petroleum		Southern Oil		Total Oil and Gas
Revenue	$	10,051	$	7,377	$	17,428
Cost and expenses:
Production costs	4,541		2,385		6,926
Depreciation, depletion and accretion	3,710		2,657		6,367
General and administrative	1,365		1,122		2,487
Total costs and expenses	9,616		6,164		15,780

Gains on sales of properties	10,117		—		10,117

Earnings before income taxes	$	10,552	$	1,213	$	11,765


Brand Licensing	Maxim
	Second Quarter				First Six Months
	2026		2025		2026		2025
Revenue	$	3,507	$	2,287	$	6,768	$	3,694
Cost and expenses:
Licensing and media cost	3,335		2,421		6,209		4,072
General and administrative	28		33		67		76
Depreciation and amortization	228		100		419		170
Total costs and expenses	3,591		2,554		6,695		4,318
Earnings before income taxes	$	(84)	$	(267)	$	73	$	(624)

Reconciliation of revenues and earnings (loss) before income taxes of our business segments to the consolidated amounts for each of the three months and six months ended June 30 follows.


	Second Quarter
	Revenues				Earnings (losses) before income taxes
	2026		2025		2026		2025
Total operating businesses	$	108,524	$	100,619	$	18,233	$	9,078
Investment partnership gains (losses)	—		—		35,637		58,504
Investment gains (losses)	—		—		9,708		2,925
Interest expenses not allocated to segments	—		—		(5,532)		(852)
Corporate and other	—		—		(6,427)		(4,553)
	$	108,524	$	100,619	$	51,619	$	65,102


	First Six Months
	Revenues				Earnings (losses) before income taxes
	2026		2025		2026		2025
Total operating businesses	$	206,005	$	195,654	$	25,520	$	24,220
Investment partnership gains (losses)	—		—		22,183		8,912
Investment gains (losses)	—		—		8,421		1,340
Interest expenses not allocated to segments	—		—		(11,183)		(1,752)
Corporate and other	—		—		(12,204)		(8,801)
	$	206,005	$	195,654	$	32,737	$	23,919

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details