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For any finite horizon Sinai billiard map \begin{document}$ T $$\end{document} on the two-torus, we find \begin{document}$$ t_*>1 $$\end{document} such that for each \begin{document}$$ t\in (0,t_*) $$\end{document} there exists a unique equilibrium state \begin{document}$$ \mu_t $$\end{document} for \begin{document}$$ - t\log J^uT $$\end{document}, and \begin{document}$$ \mu_t $$\end{document} is \begin{document}$$ T $$\end{document}-adapted. (In particular, the SRB measure is the unique equilibrium state for \begin{document}$$ - \log J^uT $$\end{document}.) We show that \begin{document}$$ \mu_t $$\end{document} is exponentially mixing for Hölder observables, and the pressure function \begin{document}$$ P(t) = \sup_\mu \{h_\mu -\int t\log J^uT d \mu\} $$\end{document} is analytic on \begin{document}$$ (0,t_*) $$\end{document}. In addition, \begin{document}$$ P(t) $$\end{document} is strictly convex if and only if \begin{document}$$ \log J^uT $$\end{document} is not \begin{document}$$ \mu_t $$\end{document}-a.e. cohomologous to a constant, while, if there exist \begin{document}$$ t_a\ne t_b $$\end{document} with \begin{document}$$ \mu_{t_a} = \mu_{t_b} $$\end{document}, then \begin{document}$$ P(t) $$\end{document} is affine on \begin{document}$$ (0,t_*) $$\end{document}. An additional sparse recurrence condition gives \begin{document}$$ \lim_{t\downarrow 0} P(t) = P(0) $$\end{document}$.