Biglari (BH-A)
Market Price (10/9/2026): $1809.95 | Market Cap: $1.1 BilSector: Consumer Discretionary | Industry: Restaurants
Biglari (BH-A)
Market Price (10/9/2026): $1809.95Market Cap: $1.1 BilSector: Consumer DiscretionaryIndustry: Restaurants
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% Low stock price volatilityVol 12M is 49% | Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 105% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.9% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Low stock price volatilityVol 12M is 49% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 105% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.9% |
Qualitative Assessment
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Updated on 10/1/2026
Biglari (BH-A) stock has lost about 15% since 6/30/2026 because of the following key factors:
1. Decline in Net Earnings Driven by Lower Investment Gains in Fiscal Q2 2026.
Biglari Holdings Inc. (BH-A) reported lower net earnings of $39.9 million for fiscal Q2 2026, announced on August 7, 2026, compared to $50.9 million in the prior year. This decrease was primarily due to a reduction in investment gains, which fell to $45.3 million from $61.4 million year-over-year. While pre-tax operating earnings improved to $6.3 million from $3.7 million in the same period a year ago, the overall decline in net income, despite a revenue increase to $108.52 million, likely impacted investor sentiment.
2. Persistent Concerns Over Top-Line Growth and Company Valuation.
Despite a positive 11.9% increase in Steak n Shake's domestic same-store sales in fiscal Q2 2026, analysts noted a lack of compelling overall top-line growth drivers for Biglari Holdings. Concerns about the sustainability of Steak n Shake's sales revival and overall weak top-line growth contributed to investor apprehension. Furthermore, the company's valuation was flagged as potentially high, with a Price-to-Sales (P/S) ratio of 3.1x in August 2026, exceeding the US Hospitality industry average of 1.8x.
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Biglari (BH-A) stock has lost about 15% since 6/30/2026 because of the following key factors:
1. Decline in Net Earnings Driven by Lower Investment Gains in Fiscal Q2 2026.
Biglari Holdings Inc. (BH-A) reported lower net earnings of $39.9 million for fiscal Q2 2026, announced on August 7, 2026, compared to $50.9 million in the prior year. This decrease was primarily due to a reduction in investment gains, which fell to $45.3 million from $61.4 million year-over-year. While pre-tax operating earnings improved to $6.3 million from $3.7 million in the same period a year ago, the overall decline in net income, despite a revenue increase to $108.52 million, likely impacted investor sentiment.
2. Persistent Concerns Over Top-Line Growth and Company Valuation.
Despite a positive 11.9% increase in Steak n Shake's domestic same-store sales in fiscal Q2 2026, analysts noted a lack of compelling overall top-line growth drivers for Biglari Holdings. Concerns about the sustainability of Steak n Shake's sales revival and overall weak top-line growth contributed to investor apprehension. Furthermore, the company's valuation was flagged as potentially high, with a Price-to-Sales (P/S) ratio of 3.1x in August 2026, exceeding the US Hospitality industry average of 1.8x.
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Updated on 10/1/2026
Biglari (BH-A) stock has lost about 15% since 6/30/2026 because of the following key factors:
1. Decline in Net Earnings Driven by Lower Investment Gains in Fiscal Q2 2026.
Biglari Holdings Inc. (BH-A) reported lower net earnings of $39.9 million for fiscal Q2 2026, announced on August 7, 2026, compared to $50.9 million in the prior year. This decrease was primarily due to a reduction in investment gains, which fell to $45.3 million from $61.4 million year-over-year. While pre-tax operating earnings improved to $6.3 million from $3.7 million in the same period a year ago, the overall decline in net income, despite a revenue increase to $108.52 million, likely impacted investor sentiment.
2. Persistent Concerns Over Top-Line Growth and Company Valuation.
Despite a positive 11.9% increase in Steak n Shake's domestic same-store sales in fiscal Q2 2026, analysts noted a lack of compelling overall top-line growth drivers for Biglari Holdings. Concerns about the sustainability of Steak n Shake's sales revival and overall weak top-line growth contributed to investor apprehension. Furthermore, the company's valuation was flagged as potentially high, with a Price-to-Sales (P/S) ratio of 3.1x in August 2026, exceeding the US Hospitality industry average of 1.8x.
3. Broad Sector Headwinds in Consumer Discretionary and Restaurant Industry.
The stock's decline occurred amidst a challenging environment for the broader consumer discretionary and restaurant sectors during fiscal Q3 2026. The U.S. Retail and Restaurant Q3 earnings index was projected to experience a significant slowdown, with an expected 6.8% growth, a sharp deceleration from the 71.7% increase seen in fiscal Q2. The restaurant industry contended with uneven customer traffic, persistent cost pressures, and increasingly value-conscious consumers. The Zacks Retail-Restaurants industry, which includes Biglari's restaurant segment, underperformed, declining 13.8% over the past year (as of October 1, 2026).
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Biglari (BH-A) stock has lost about 15% since 6/30/2026 because of the following key factors:
1. Decline in Net Earnings Driven by Lower Investment Gains in Fiscal Q2 2026.
Biglari Holdings Inc. (BH-A) reported lower net earnings of $39.9 million for fiscal Q2 2026, announced on August 7, 2026, compared to $50.9 million in the prior year. This decrease was primarily due to a reduction in investment gains, which fell to $45.3 million from $61.4 million year-over-year. While pre-tax operating earnings improved to $6.3 million from $3.7 million in the same period a year ago, the overall decline in net income, despite a revenue increase to $108.52 million, likely impacted investor sentiment.
2. Persistent Concerns Over Top-Line Growth and Company Valuation.
Despite a positive 11.9% increase in Steak n Shake's domestic same-store sales in fiscal Q2 2026, analysts noted a lack of compelling overall top-line growth drivers for Biglari Holdings. Concerns about the sustainability of Steak n Shake's sales revival and overall weak top-line growth contributed to investor apprehension. Furthermore, the company's valuation was flagged as potentially high, with a Price-to-Sales (P/S) ratio of 3.1x in August 2026, exceeding the US Hospitality industry average of 1.8x.
3. Broad Sector Headwinds in Consumer Discretionary and Restaurant Industry.
The stock's decline occurred amidst a challenging environment for the broader consumer discretionary and restaurant sectors during fiscal Q3 2026. The U.S. Retail and Restaurant Q3 earnings index was projected to experience a significant slowdown, with an expected 6.8% growth, a sharp deceleration from the 71.7% increase seen in fiscal Q2. The restaurant industry contended with uneven customer traffic, persistent cost pressures, and increasingly value-conscious consumers. The Zacks Retail-Restaurants industry, which includes Biglari's restaurant segment, underperformed, declining 13.8% over the past year (as of October 1, 2026).
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Stock Movement Drivers
Fundamental Drivers
The -13.4% change in BH-A stock from 6/30/2026 to 10/7/2026 was primarily driven by a -58.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302026 | 10072026 | Change |
|---|---|---|---|
| Stock Price ($) | 2104.68 | 1823.62 | -13.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 398 | 406 | 2.0% |
| P/S Multiple | 1.4 | 2.8 | 104.8% |
| Shares Outstanding (Mil) | 0 | 1 | -58.5% |
| Cumulative Contribution | -13.4% |
Market Drivers
6/30/2026 to 10/7/2026| Return | Correlation | |
|---|---|---|
| BH-A | -13.4% | |
| Market (SPY) | 4.1% | 4.7% |
| Sector (XLY) | -5.0% | -2.6% |
Fundamental Drivers
The 4.6% change in BH-A stock from 3/31/2026 to 10/7/2026 was primarily driven by a 148.4% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10072026 | Change |
|---|---|---|---|
| Stock Price ($) | 1742.69 | 1823.62 | 4.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 395 | 406 | 2.6% |
| P/S Multiple | 1.1 | 2.8 | 148.4% |
| Shares Outstanding (Mil) | 0 | 1 | -58.9% |
| Cumulative Contribution | 4.6% |
Market Drivers
3/31/2026 to 10/7/2026| Return | Correlation | |
|---|---|---|
| BH-A | 4.6% | |
| Market (SPY) | 19.8% | 6.6% |
| Sector (XLY) | 2.4% | 9.6% |
Fundamental Drivers
The 18.0% change in BH-A stock from 9/30/2025 to 10/7/2026 was primarily driven by a 163.2% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10072026 | Change |
|---|---|---|---|
| Stock Price ($) | 1545.00 | 1823.62 | 18.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 377 | 406 | 7.5% |
| P/S Multiple | 1.1 | 2.8 | 163.2% |
| Shares Outstanding (Mil) | 0 | 1 | -58.3% |
| Cumulative Contribution | 18.0% |
Market Drivers
9/30/2025 to 10/7/2026| Return | Correlation | |
|---|---|---|
| BH-A | 18.0% | |
| Market (SPY) | 17.6% | 18.9% |
| Sector (XLY) | -6.5% | 21.1% |
Fundamental Drivers
The 117.7% change in BH-A stock from 9/30/2023 to 10/7/2026 was primarily driven by a 332.4% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10072026 | Change |
|---|---|---|---|
| Stock Price ($) | 837.49 | 1823.62 | 117.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 374 | 406 | 8.4% |
| P/S Multiple | 0.7 | 2.8 | 332.4% |
| Shares Outstanding (Mil) | 0 | 1 | -53.5% |
| Cumulative Contribution | 117.7% |
Market Drivers
9/30/2023 to 10/7/2026| Return | Correlation | |
|---|---|---|
| BH-A | 117.7% | |
| Market (SPY) | 88.1% | 20.2% |
| Sector (XLY) | 41.5% | 22.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BH-A Return | 19% | -1% | 15% | 61% | 36% | 6% | 215% |
| Peers Return | 51% | -16% | -6% | -6% | -7% | 3% | 7% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| BH-A Win Rate | 58% | 50% | 58% | 58% | 67% | 40% | |
| Peers Win Rate | 58% | 38% | 35% | 42% | 46% | 43% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BH-A Max Drawdown | -27% | -34% | -33% | -25% | -23% | -46% | |
| Peers Max Drawdown | -19% | -31% | -43% | -42% | -45% | -44% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BH, RICK, JMKE, REBN, MCD.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/7/2026 (YTD)
How Low Can It Go
| Event | BH-A | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -18.7% | -18.8% |
| % Gain to Breakeven | 23.0% | 23.1% |
| Time to Breakeven | 50 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -30.7% | -9.5% |
| % Gain to Breakeven | 44.2% | 10.5% |
| Time to Breakeven | 130 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -20.5% | -24.5% |
| % Gain to Breakeven | 25.8% | 32.4% |
| Time to Breakeven | 62 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.3% | -33.7% |
| % Gain to Breakeven | 145.9% | 50.9% |
| Time to Breakeven | 343 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -35.3% | -19.2% |
| % Gain to Breakeven | 54.7% | 23.8% |
| Time to Breakeven | 890 days | 105 days |
In The Past
Biglari's stock fell -18.7% during the 2025 US Tariff Shock. Such a loss loss requires a 23.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | BH-A | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -30.7% | -9.5% |
| % Gain to Breakeven | 44.2% | 10.5% |
| Time to Breakeven | 130 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -20.5% | -24.5% |
| % Gain to Breakeven | 25.8% | 32.4% |
| Time to Breakeven | 62 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.3% | -33.7% |
| % Gain to Breakeven | 145.9% | 50.9% |
| Time to Breakeven | 343 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -35.3% | -19.2% |
| % Gain to Breakeven | 54.7% | 23.8% |
| Time to Breakeven | 890 days | 105 days |
In The Past
Biglari's stock fell -18.7% during the 2025 US Tariff Shock. Such a loss loss requires a 23.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Biglari (BH-A)
Biglari Holdings Inc. (BH-A) is a diversified holding company primarily operating and franchising restaurants in the United States. Its core business revolves around two distinct brands: Steak n Shake, offering classic American diner experiences with burgers, fries, and milkshakes, and Western Sizzlin, known for its steakhouse concept. As of late 2021, Biglari managed hundreds of units across both company-owned and franchised models for these restaurant chains, serving a broad customer base seeking casual dining experiences.
Beyond its significant restaurant segment, Biglari Holdings maintains a presence in several other varied industries. The company operates an insurance division that underwrites commercial trucking insurance, providing physical damage and non-trucking liability coverage to truckers, as well as general property and casualty insurance. Additionally, Biglari is involved in the energy sector, managing oil and natural gas properties primarily in the Gulf of Mexico. Its media operations include publishing and selling magazines under the MAXIM brand, alongside licensing related products and services.
In essence, Biglari Holdings functions as a conglomerate, combining its established restaurant brands with strategic investments and operations in insurance, energy, and media. This multi-sector approach allows the company to serve a diverse array of customers and markets, ranging from individual diners and commercial businesses to energy consumers and magazine readers.
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Here are a few analogies for Biglari Holdings Inc. (BH-A):
A mini Berkshire Hathaway, but with a famous burger chain (Steak n Shake) as a key operating business.
Imagine if McDonald's also owned an insurance company and published a magazine like MAXIM.
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- Restaurant Operations & Franchising: Owns, operates, and franchises restaurants under the Steak n Shake and Western Sizzlin names.
- Insurance Services: Underwrites and sells various insurance products, including commercial trucking, physical damage, non-trucking liability, and property and casualty insurance.
- Oil and Natural Gas Exploration & Production: Operates oil and natural gas properties located in the Gulf of Mexico.
- Magazine Publishing & Media Licensing: Publishes and sells magazines and related products under the MAXIM brand, and licenses media products and services.
- Investment Activities: Engages in various investment activities.
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Biglari Holdings Inc. primarily sells to individuals. Its major customer categories include:
- Restaurant Diners: Individuals who purchase food and beverages from its company-operated Steak n Shake and Western Sizzlin restaurants.
- Magazine Readers/Subscribers: Individuals who purchase or subscribe to MAXIM magazine and related publishing products.
- Owner-Operator Truckers: Individuals who purchase physical damage and non-trucking liability insurance from its insurance subsidiaries.
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Sardar Biglari, Chairman and Chief Executive Officer
Born in Tehran, Iran, in 1977, Sardar Biglari immigrated to the U.S. in 1984. At age 18, he founded INTX.net, an internet service provider, which he later sold in 1999. In 2000, he established The Lion Fund, an investment partnership. Biglari became chairman and CEO of Western Sizzlin Corp. in 2006. He notably gained control of Steak 'n Shake in 2008, transforming the restaurant chain from daily losses to profitability. He also successfully sold Friendly's to a private equity firm in 2008, generating a profit. Biglari centralizes all major investment and capital allocation decisions for Biglari Holdings Inc.
Bruce Lewis, Controller
Bruce Lewis joined Biglari Holdings Inc. as its Controller in January 2012. He is identified as a key member of the senior management team and an executive officer of the corporation.
Philip L. Cooley, Vice Chairman of the Board
Philip L. Cooley has served as a director of Biglari Holdings Inc. since 2008 and as Vice Chairman since 2009. Before this, he was the Prassel Distinguished Professor of Business at Trinity University from 1985 until his retirement in 2012. He also served as an advisory director of Biglari Capital Corp. since 2000 and was Vice Chairman of Western Sizzlin Corp. from 2005 to 2010. Cooley was a mentor to Sardar Biglari during Biglari's time at Trinity University.
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Key Risks to Biglari Holdings Inc. (BH-A)
- Operational and Financial Performance of the Restaurant Segment: A primary risk for Biglari Holdings Inc. is the continued operational and financial performance of its restaurant segment, particularly the Steak n Shake brand. The company operates and franchises a substantial number of Steak n Shake units (199 company-operated, 159 franchise partner units, and 178 traditional franchise units as of December 31, 2021). Challenges in this segment, such as changing consumer preferences, intense competition, rising operating costs (food, labor), and the ability to attract and retain franchisees, can significantly impact the company's overall profitability and cash flow.
- Exposure to Volatile Commodity Prices: The company's engagement in operating oil and natural gas properties in the Gulf of Mexico exposes it to the inherent volatility of commodity prices. Fluctuations in oil and natural gas prices can directly and materially affect the revenue and profitability generated from this segment, introducing unpredictability into the company's financial results.
- Complexities of Managing a Diversified Business Portfolio: Biglari Holdings Inc. operates a highly diversified portfolio of businesses, including restaurants, commercial trucking insurance, oil and natural gas properties, and magazine publishing (MAXIM brand). This broad diversification across largely unrelated industries presents a risk due to the inherent complexities of managing diverse operational requirements, distinct market dynamics, varying regulatory landscapes, and intense competition across each segment. This can strain management resources, potentially dilute strategic focus, and lead to suboptimal performance in one or more of its business lines.
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- The accelerating development and adoption of autonomous trucking technology poses a significant emerging threat to Biglari Holdings' commercial trucking insurance business. As autonomous trucks become more prevalent, the nature of liability shifts from human error to software and hardware failures, potentially reducing demand for traditional commercial trucking insurance and requiring new underwriting models.
- The global energy transition, characterized by the increasing adoption of renewable energy sources and the electrification of transportation and other sectors, represents a clear emerging threat to Biglari Holdings' oil and natural gas properties. This shift could lead to decreased long-term demand for fossil fuels and put downward pressure on oil and gas prices and asset values.
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Biglari Holdings Inc. operates in several distinct markets, each with its own addressable size:
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Restaurant Operations and Franchising (Steak n Shake and Western Sizzlin): The addressable market for Biglari's restaurant operations falls under the broader food services market. The United States Food Services Market was valued at USD 1.02 Trillion in 2024 and is expected to reach USD 1.53 Trillion by 2030. This market size is for the U.S. region. The U.S. full-service restaurant market size was valued at USD 362.15 billion in 2025 and is estimated to grow to USD 405.28 billion in 2026.
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Commercial Trucking Insurance: For its commercial trucking insurance services, the addressable market is the Commercial Auto Insurance Market in the U.S. This market was valued at USD 52.8 billion in 2023. Within this, the trucks & trailers segment alone was valued at over USD 17 billion in 2023. This market size is for the U.S. region.
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Oil and Natural Gas Properties (Gulf of Mexico): Biglari's oil and natural gas operations are within the Gulf of Mexico. The Gulf Of Mexico Oil And Gas Market size was valued at USD 52.20 Billion in 2024 and is projected to reach USD 73.67 Billion by 2032. This market size is for the Gulf of Mexico region.
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Publishing (MAXIM brand): Biglari's magazine publishing activities operate within the broader magazine publishing industry. The revenue for the Magazine & Periodical Publishing in the US Industry is estimated to fall to $39.3 billion in 2026. Globally, the magazine publishing market was valued at USD 88.6 billion in 2025 and is projected to reach USD 106.3 billion by 2033, with the United States contributing nearly 30% of global revenue in 2025. These market sizes are for the U.S. and global regions, respectively.
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Here are 3-5 expected drivers of future revenue growth for Biglari Holdings Inc. (symbol: BH-A) over the next 2-3 years:
- Steak n Shake Same-Store Sales Growth and Marketing Initiatives: Biglari Holdings anticipates continued revenue growth from its Steak n Shake restaurant segment, driven by strong same-store sales performance and enhanced digital and marketing initiatives. In 2025, Steak n Shake achieved a 10.5% same-store sales gain and contributed to an approximate 11.7% increase in overall restaurant revenue. This trend continued from 2024, where company-operated Steak n Shake units saw a 6.4% rise in same-store sales.
- Expansion of the Steak n Shake Franchise Partner Model: The strengthening of the franchise partner model for Steak n Shake is expected to contribute to revenue growth through higher franchise fee income. In 2025, franchise partner same-store sales were up 10.1%, indicating a successful model that is enhancing the company's revenue composition.
- Growth and Improved Underwriting in Insurance Operations: The company's insurance segment, primarily through First Guard and Southern Pioneer, is projected to drive revenue growth due to improved underwriting gains and an overall strengthening of the business. In 2025, insurance premiums earned increased to $70.147 million with an underwriting profit of $7.210 million. Additionally, the insurance segment demonstrated improved underwriting margins, capitalization, and received AM Best rating upgrades.
- Strategic Network Rationalization and Targeted Reopenings in Restaurants: Biglari Holdings is focused on optimizing its restaurant network through targeted reopenings and the sales of underperforming sites. While this strategy has led to a reduction in the overall net restaurant count, the goal is to enhance the performance and profitability of the remaining units, which can lead to increased revenue per location and a more efficient revenue base.
- Opportunistic Acquisitions: As a diversified holding company, Biglari Holdings explicitly states that it pursues value-oriented acquisitions across multiple industries to build a stronger profit base for the future. This ongoing strategy of acquiring new businesses and managing a varied portfolio will introduce new revenue streams and expand the overall revenue generating capacity of the enterprise.
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Biglari Holdings Inc. (BH-A) has made the following capital allocation decisions over the last three to five years:
Share Repurchases
- Biglari Holdings engaged in share repurchases, with treasury stock increasing by $22,256 thousand in 2024.
Share Issuance
- An active S-3 Shelf Registration filed in January 2026 allows Biglari Holdings Inc. to potentially offer up to $500,000,000 of Class A and Class B common stock for future capital raises; however, no shares have been issued under this registration as of the filing date.
Outbound Investments
- Biglari Holdings acquired 90% of Abraxas Petroleum Corporation for $80 million on September 14, 2022, and the remaining 10% for $5.4 million on June 14, 2023.
- By the end of 2025, total investments, including cash, marketable securities, and investments in The Lion Fund, amounted to $1.1 billion at fair value.
- The company's largest common stock holding is Ferrari, with 543,800 shares purchased over the last three years up to the end of 2025, and a holding valued at $202.3 million by year-end 2025.
Capital Expenditures
- Capital expenditures were $36.2 million for the first nine months of 2025.
- Capital expenditures were $34.9 million for the first nine months of 2024.
- The company anticipates further capital investments, particularly in its oil and gas segment, to support growth and operational strategies.
Peer Outperformance in Restaurants
BH-A has outperformed 91% of its 35 Restaurants peers over 5Y. Among the peers that beat it is CAKE. Restaurants ranks 8th of 23 industries in Consumer Discretionary by median 5Y return.
Share of Restaurants constituents that BH-A has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
77%
of 44 industry peers · 10.7% return
3Y
90%
of 42 industry peers · 119.8% return
5Y
91%
of 35 industry peers · 115.2% return
Restaurants peers with revenue growth within 4pp of BH-A's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| BH-A | Biglari | 2.8% | -38.5x | 10.7% | 119.8% | 115.2% | — |
| CAKE | Cheesecake Factory | 4.4% | 27.9x | 101.7% | 292.3% | 164.6% | +49pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Restaurants is BH-A's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -12.0% | 76.5% | 76.8% | CVSA 237% · LINC 229% · PRDO 206% |
| Homebuilding | 18 | -8.1% | 32.5% | 49.0% | GRBK 201% · TOL 150% · PHM 149% |
| Hotels, Resorts & Cruise Lines | 21 | 7.2% | 30.8% | 11.5% | RCL 233% · MAR 137% · LIND 130% |
| Specialty Stores | 7 | 3.8% | 36.2% | 9.9% | ASO 35% · SIG 29% · DKS 27% |
| Home Improvement Retail | 5 | -24.0% | -3.4% | -3.0% | HVT 12% · HD -3% · LOW -3% |
| Automotive Retail | 18 | -16.1% | 0.1% | -5.5% | MUSA 210% · PAG 111% · ORLY 108% |
| Footwear | 9 | 68.0% | 52.1% | -11.7% | WEYS 203% · DECK 34% · SHOO 20% |
| Restaurants ← | 36 | -13.0% | -7.9% | -16.6% | EAT 276% · CAKE 165% · BH 120% |
| Home Furnishings | 4 | -4.9% | 26.2% | -17.0% | SGI 45% · LZB -1% · MHK -33% |
| Specialized Consumer Services | 10 | -17.5% | 16.4% | -17.7% | HRB 101% · FTDR 84% · SCI 33% |
| Distributors | 4 | -13.8% | -27.5% | -18.4% | ARMK 122% · GPC 15% · LKQ -52% |
| Apparel Retail | 26 | 8.7% | 22.7% | -38.0% | ANF 255% · URBN 169% · TJX 130% |
| Household Appliances | 18 | 10.4% | -3.0% | -39.4% | FLXS 218% · HBB 162% · KEQU 160% |
| Leisure Products | 13 | -19.9% | -21.4% | -41.0% | GOLF 79% · HAS 23% · MAT -14% |
| Automotive Parts & Equipment | 38 | -10.5% | -9.9% | -42.0% | MOD 1523% · GTX 265% · MLR 70% |
| Computer & Electronics Retail | 3 | 0.9% | 42.4% | -43.1% | BBY 0% · GME -43% · UPBD -61% |
| Leisure Facilities | 12 | 7.6% | -8.3% | -44.5% | JAKK 152% · LTH 135% · OSW 122% |
| Apparel, Accessories & Luxury Goods | 29 | -5.9% | 16.6% | -48.5% | RL 252% · TPR 245% · ELA 195% |
| Casinos & Gaming | 20 | -14.0% | -25.1% | -49.4% | MCRI 96% · RRR 19% · BYD 14% |
| Broadline Retail | 14 | 0.7% | 29.7% | -52.1% | AMZN 58% · EBAY 57% · OLLI 41% |
| Consumer Electronics | 11 | -27.5% | -23.8% | -72.9% | AXIL 3222% · GRMN 97% · SONO -44% |
| Other Specialty Retail | 17 | -35.8% | -40.0% | -77.1% | TLF 104% · BBW 88% · WINA 64% |
| Automobile Manufacturers | 8 | -77.5% | -52.4% | -78.1% | TSLA 44% · GM 44% · F 9% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 128.53 |
| Mkt Cap | 1.2 |
| Rev LTM | 406 |
| Op Inc LTM | 31 |
| FCF LTM | 50 |
| FCF 3Y Avg | 49 |
| CFO LTM | 84 |
| CFO 3Y Avg | 78 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.9% |
| Rev Chg 3Y Avg | 2.8% |
| Rev Chg Q | 5.9% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | 13.5% |
| Op Inc Chg 3Y Avg | -16.7% |
| Op Mgn LTM | 9.8% |
| Op Mgn 3Y Avg | 11.4% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 20.8% |
| CFO/Rev 3Y Avg | 20.3% |
| FCF/Rev LTM | 12.4% |
| FCF/Rev 3Y Avg | 12.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Steak n Shake | 271 | 241 | 240 | 232 | 263 |
| First Guard | 37 | 38 | 37 | 36 | 34 |
| Southern Pioneer | 33 | 28 | 24 | 24 | 22 |
| Abraxas Petroleum | 17 | 23 | 28 | 11 | 0 |
| Southern Oil | 13 | 14 | 17 | 46 | 33 |
| Western Sizzlin | 10 | 11 | 11 | 10 | 8 |
| Maxim | 8 | 1 | 2 | 5 | 3 |
| Investment income | 3 | 4 | 3 | 1 | 3 |
| Other | 3 | 3 | 3 | 3 | |
| Total | 395 | 362 | 365 | 368 | 366 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Steak n Shake | 417 | 323 | 325 | 341 | 378 |
| Corporate and other | 169 | 66 | 35 | 31 | 33 |
| Investment partnerships | 154 | 202 | 199 | 156 | 250 |
| Southern Pioneer | 78 | 68 | 76 | 75 | 72 |
| First Guard | 56 | 53 | 67 | 59 | 75 |
| Abraxas Petroleum | 55 | 59 | 66 | 81 | |
| Southern Oil | 43 | 49 | 44 | 49 | 53 |
| Western Sizzlin | 24 | 21 | 20 | 19 | 17 |
| Maxim | 18 | 17 | 16 | 16 | 17 |
| Biglari Reinsurance | 11 | 9 | |||
| Total | 1,025 | 866 | 849 | 828 | 895 |
Price Behavior
Price Behavior
| Market Price | $1,823.62 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 05/01/2018 | |
| Distance from 52W High | -26.0% | |
| 50 Days | 200 Days | |
| DMA Price | $1,869.80 | $1,814.09 |
| DMA Trend | up | down |
| Distance from DMA | -2.5% | 0.5% |
| 3M | 1YR | |
| Volatility | 37.0% | 49.0% |
| Downside Capture | 51.51 | 31.32 |
| Upside Capture | -15.27 | 37.25 |
| Correlation (SPY) | 3.3% | 19.2% |
BH-A Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.64 | 0.08 | 0.07 | 0.23 | 0.71 | 0.52 |
| Up Beta | -0.37 | -0.63 | 1.14 | 2.21 | 1.89 | 0.53 |
| Down Beta | 1.89 | 0.38 | -1.05 | -1.30 | 0.56 | 0.61 |
| Up Capture | 20% | -15% | -42% | -7% | 28% | 25% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 9 | 16 | 26 | 65 | 131 | 321 |
| Down Capture | 160% | 115% | 65% | -16% | 36% | 64% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 13 | 26 | 38 | 61 | 121 | 297 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BH-A | |
|---|---|---|---|---|
| BH-A | 13.2% | 48.9% | 0.41 | - |
| Sector ETF (XLY) | -6.6% | 19.5% | -0.48 | 22.0% |
| Equity (SPY) | 16.8% | 13.0% | 0.92 | 19.2% |
| Gold (GLD) | 3.2% | 29.5% | 0.11 | 0.8% |
| Commodities (DBC) | 44.6% | 20.9% | 1.66 | -13.4% |
| Real Estate (VNQ) | 1.6% | 13.7% | -0.13 | 14.8% |
| Bitcoin (BTCUSD) | -31.7% | 44.2% | -0.73 | 11.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BH-A | |
|---|---|---|---|---|
| BH-A | 19.5% | 44.1% | 0.70 | - |
| Sector ETF (XLY) | 4.9% | 24.1% | 0.16 | 18.3% |
| Equity (SPY) | 13.8% | 17.1% | 0.62 | 18.2% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 0.0% |
| Commodities (DBC) | 10.3% | 19.6% | 0.40 | 1.8% |
| Real Estate (VNQ) | 0.8% | 18.8% | -0.07 | 14.4% |
| Bitcoin (BTCUSD) | 15.5% | 52.2% | 0.46 | 11.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BH-A | |
|---|---|---|---|---|
| BH-A | 5.9% | 50.7% | 0.36 | - |
| Sector ETF (XLY) | 12.0% | 22.2% | 0.49 | 22.2% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 23.3% |
| Gold (GLD) | 11.5% | 16.4% | 0.57 | 2.4% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 10.8% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 21.6% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 5.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | -0.1% | -1.4% | -8.1% |
| 5/8/2026 | -16.8% | -12.8% | 2.3% |
| 3/2/2026 | -8.7% | -15.6% | -16.6% |
| 11/7/2025 | -8.2% | -13.2% | -5.7% |
| 8/8/2025 | 3.2% | 15.9% | 13.1% |
| 5/9/2025 | -1.5% | -0.4% | 9.2% |
| 3/3/2025 | -7.9% | -10.8% | -7.1% |
| 11/8/2024 | 0.0% | 19.5% | 25.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 9 | 11 |
| # Negative | 11 | 13 | 11 |
| Median Positive | 2.0% | 9.3% | 11.9% |
| Median Negative | -3.9% | -2.8% | -7.1% |
| Max Positive | 17.7% | 19.7% | 30.7% |
| Max Negative | -16.8% | -15.6% | -16.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | -0.1% | -1.4% | -8.1% |
| 5/8/2026 | -16.8% | -12.8% | 2.3% |
| 3/2/2026 | -8.7% | -15.6% | -16.6% |
| 11/7/2025 | -8.2% | -13.2% | -5.7% |
| 8/8/2025 | 3.2% | 15.9% | 13.1% |
| 5/9/2025 | -1.5% | -0.4% | 9.2% |
| 3/3/2025 | -7.9% | -10.8% | -7.1% |
| 11/8/2024 | 0.0% | 19.5% | 25.6% |
| 8/9/2024 | -4.7% | -4.8% | -13.6% |
| 5/10/2024 | -3.9% | -6.0% | -9.2% |
| 2/26/2024 | 17.7% | 19.7% | 30.7% |
| 11/3/2023 | 2.0% | -2.8% | -2.8% |
| 8/4/2023 | -1.3% | -2.2% | -6.9% |
| 5/5/2023 | -0.4% | -1.7% | 11.9% |
| 2/27/2023 | 2.0% | 3.1% | -6.8% |
| 11/4/2022 | 1.2% | 1.5% | 2.1% |
| 8/5/2022 | 0.2% | 2.2% | 0.0% |
| 5/6/2022 | 0.4% | -0.0% | -7.7% |
| 11/5/2021 | 1.3% | -0.8% | -5.3% |
| 8/6/2021 | -0.9% | 11.2% | 3.0% |
| 5/7/2021 | 7.6% | 5.9% | 28.1% |
| 11/6/2020 | 9.9% | 9.3% | 26.2% |
| SUMMARY STATS | |||
| # Positive | 11 | 9 | 11 |
| # Negative | 11 | 13 | 11 |
| Median Positive | 2.0% | 9.3% | 11.9% |
| Median Negative | -3.9% | -2.8% | -7.1% |
| Max Positive | 17.7% | 19.7% | 30.7% |
| Max Negative | -16.8% | -15.6% | -16.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/24/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
Insider Activity
Updated 8/11/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 6052026 | 297.14 | 535 | 158,970 | 416,109,507 | Form |
| 2 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 6052026 | 286.76 | 1,743 | 499,823 | 401,420,126 | Form |
| 3 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 5142026 | 258.06 | 14,351 | 3,703,419 | 360,794,718 | Form |
| 4 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 5142026 | 260.36 | 15,358 | 3,998,609 | 360,273,931 | Form |
| 5 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 5142026 | 249.84 | 22,965 | 5,737,576 | 341,879,807 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 6052026 | 297.14 | 535 | 158,970 | 416,109,507 | Form |
| 2 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 6052026 | 286.76 | 1,743 | 499,823 | 401,420,126 | Form |
| 3 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 5142026 | 258.06 | 14,351 | 3,703,419 | 360,794,718 | Form |
| 4 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 5142026 | 260.36 | 15,358 | 3,998,609 | 360,273,931 | Form |
| 5 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 5142026 | 249.84 | 22,965 | 5,737,576 | 341,879,807 | Form |
| 6 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 3132026 | 302.20 | 2,810 | 849,182 | 406,588,946 | Form |
| 7 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 3092026 | 301.06 | 3,320 | 999,519 | 404,209,177 | Form |
| 8 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 3062026 | 307.20 | 2,441 | 749,875 | 411,432,960 | Form |
| 9 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 3032026 | 331.15 | 1,146 | 379,498 | 442,700,858 | Form |
| 10 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12172025 | 323.71 | 3,084 | 998,322 | 432,383,655 | Form |
| 11 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12172025 | 1633.52 | 368 | 601,135 | 210,416,488 | Form |
| 12 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12162025 | 1599.87 | 156 | 249,580 | 205,493,222 | Form |
| 13 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12162025 | 328.00 | 152 | 49,856 | 437,102,312 | Form |
| 14 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12162025 | 1635.37 | 60 | 98,122 | 209,797,856 | Form |
| 15 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12162025 | 333.14 | 449 | 149,580 | 443,901,388 | Form |
| 16 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12102025 | 321.94 | 310 | 99,801 | 428,833,094 | Form |
| 17 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12102025 | 319.08 | 938 | 299,297 | 424,924,579 | Form |
| 18 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12102025 | 315.08 | 973 | 306,573 | 419,302,162 | Form |
| 19 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12052025 | 306.90 | 1,465 | 449,608 | 408,117,768 | Form |
| 20 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12052025 | 306.05 | 1,139 | 348,591 | 406,539,069 | Form |
| 21 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 12052025 | 303.32 | 2,802 | 849,903 | 402,567,214 | Form |
| 22 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 11242025 | 1406.27 | 213 | 299,536 | 180,322,768 | Form |
| 23 | Biglari,, Sardar | Chairman and CEO | The Lion Fund, L.P. | Buy | 11242025 | 274.74 | 1,819 | 499,752 | 363,865,931 | Form |
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Restaurants Resources |
| Nation's Restaurant News |
| Restaurant Business |
| QSR Magazine |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/7/2026