Biglari Capital: 18% decline in Jack in the Box Share Price after Q1 Earnings

Biglari Capital: 18% decline in Jack in the Box Share Price after Q1 Earnings

Continued Deterioration of JACK's Share Price and Operating Metrics Further Warrants Voting Against
the Election of David Goebel

SAN ANTONIO, Feb. 20, 2026 /PRNewswire/ -- Biglari Capital Corp. ("Biglari Capital"), the largest shareholder of Jack in the Box Inc. (NasdaqGS: JACK) with a 9.86% ownership stake, today issued the following statement:

Disastrous Quarterly Results Confirm the Need for Urgent Action 

For any shareholder still weighing whether Chairman Goebel's continued presence poses a real risk, JACK's first-quarter fiscal 2026 earnings provide the answer — in case the last 17 years were not convincing enough. The results are terrible by any measure:

• Same-store sales declined 6.7% systemwide, a sharp deterioration from the 0.4% gain in the same period last year;
  
  
• Adjusted EBITDA declined approx. 23% year over year; and the adjusted EBITDA margin fell to 19.5%, down 400 bps from the comparable period last year;
  
  
• EPS from continuing operations fell to $0.75 — a decline of 54% from the same period last year.

JACK's share price fell another 18% following the earnings announcement¹.

We Believe JACK's Board Is Incapable of Shifting Direction as Long as David Goebel Maintains Board Influence

We firmly believe these latest results are a direct consequence of the Board's continued reliance on Mr. Goebel, whose tenure has already led to massive shareholder value destruction, declining profitability, and an increased risk of financial insolvency.  

Since Mr. Goebel joined JACK's board in 2009²:

• Shareholders have lost over $800 million in market value;
• Meanwhile, Mr. Goebel has collected over $3.7 million in total compensation.

The value destruction is even higher since Mr. Goebel became chairman of the board in June 2020³:

• Shareholders have lost over $1.2 billion in market value;
• Meanwhile, Mr. Goebel has collected over $1.8 million in total compensation.

Given Mr. Goebel's disastrous performance, no true owner would approve of spending $5 million⁴ to defend his failed leadership and directorship. 

One more year of Mr. Goebel's leadership could cause irreparable harm. 

The latest earnings report is an ominous warning sign for JACK and compelling proof of why JACK needs to move away from Mr. Goebel's influence now. 

Today's share price is all the evidence that shareholders need to vote AGAINST Mr. Goebel, as waiting another year might just be too late. 

We urge ALL shareholders to vote AGAINST the re-election of 
David Goebel at the upcoming annual meeting.

If you have already voted your shares, you can still change your vote. Only your last dated vote counts.

Contact: info@saratogaproxy.com
                www.saratogaproxy.com/JACK

¹Source: FactSet. Based on change in share price from Feb. 18, 2026 to Feb. 19, 2026
²Source: Company SEC filings. FactSet, Change in market value from Dec. 16, 2008 to Feb. 18, 2026
³Source: Company SEC filings. FactSet, Change in market value from Jun. 15, 2020 to Feb. 18, 2026
⁴Source: Cost of proxy solicitation by JACK according to the Company's SEC filings

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SOURCE Biglari Capital Corp.