Biglari Holdings (BH-A) Operating Margin (2017 - 2026)

Biglari Holdings' Operating Margin history runs 10 years deep, the most recent figure standing at 42.68% for Q1 2026.

• In Q1 2026, Operating Margin fell 1347.0% year-over-year to 42.68%; the TTM figure through Mar 2026 stood at 10.39% (up 1950.0% YoY), while the FY2025 annual figure was 1.58%, up 3220.0% from the prior year.
• Operating Margin was 42.68% for Q1 2026 at Biglari Holdings, down from 4.12% in the prior quarter.
• In the past five years, Operating Margin ranged from a high of 96.32% in Q4 2022 to a low of 42.68% in Q1 2026.
• Historically, Operating Margin has averaged 8.82% across 5 years, with a median of 18.13% in 2023.
• The sharpest annual moves came in 2022 and 2023: Operating Margin jumped 25161 bps in 2022, then sank 9721 bps in 2023.
• A 5-year view of Operating Margin shows it stood at 96.32% in 2022, then tumbled by 101 bps to 0.88% in 2023, then tumbled by 3889 bps to 35.16% in 2024, then surged by 88 bps to 4.12% in 2025, then tumbled by 936 bps to 42.68% in 2026.
• The last three Operating Margin figures came in at 42.68% (Q1 2026), 4.12% (Q4 2025), and 3.62% (Q3 2025), per Business Quant data.