#USA #San Antonio #NYSE #Biglari Holdings #Steak n Shake

Biglari Holdings Inc. Financial Overview for Q3 2025

Biglari Holdings Inc. (NYSE: BH.A; BH) has released its financial results for the third quarter and the first nine months of 2025, highlighting a complex situation in the company’s finances. Based in San Antonio, Texas, Biglari Holdings is diversified across various sectors, which include property and casualty insurance, restaurants, and oil and gas operations.

Earnings Report Overview

In the announcements made on November 7, 2025, the company reported pre-tax operating earnings of $6,854,000 for the third quarter of 2025 compared to $3,272,000 for the same period in 2024. For the first nine months, the earnings amounted to $20,521,000, which is lower than the $28,673,000 reported in 2024.

However, the company also experienced significant investment losses in the same quarter, posting a loss of $14,406,000, reversing the gains of $40,054,000 reported in the prior year. Similarly, over the nine-month period, the investment losses totaled $4,154,000 against a loss of $18,867,000 last year. This information highlights the volatility of investment returns that can markedly influence the financial outlook for the company.

Income Tax and Net Earnings

This quarter, Biglari Holdings experienced positive figures in tax impacts with $2,261,000 in income taxes compared to an unusual tax benefit of $(11,201,000) in Q3 2024. Net earnings for the third quarter ended at a loss of $5,291,000, contrasting sharply with the profits of $32,125,000 during the same period in 2024. Year-to-date net earnings stood at $12,365,000, up from $6,514,000 in the corresponding timeframe last year.

The Impact of Steak n Shake

One of the key highlights from this release was the notable performance of Steak n Shake, a subsidiary of Biglari Holdings. The company reported a remarkable increase in same-store sales by 15.0% for domestic company-operated and partner-operated restaurants in the third quarter. This signals a strong operational performance that may cushion some of the financial turbulence seen through investment losses.

At the end of September 2025, Biglari Holdings' book value per Class A Equivalent share was recorded at $2,244.26. It's important to note that Class B shares possess one-fifth of the economic rights of Class A shares, which investors should consider in their evaluations.

Company Background and Business Model

Biglari Holdings serves as a holding company with a variety of interests spanning multiple industries, including property and casualty insurance, restaurants like Steak n Shake, licensing, media, and the oil sector. The diverse nature of its operations allows it to spread risk but also makes it susceptible to broader market fluctuations.

Regulatory Commentary

In the announcement, Biglari Holdings emphasized that the financial measures provided don't conform to GAAP standards and include non-GAAP financial measures. The distinction between pre-tax operating earnings and investment gains/losses is crucial for understanding the company's operational effectiveness without the volatility brought by the changing values of its investments.

Forward-Looking Statements

The report concluded with cautioning investors about relying too heavily on forward-looking statements made in the press release. Given the number of unpredictabilities affecting financial markets and operational performance, actual results may vary significantly from what has been projected. Stakeholders are encouraged to view this report alongside the detailed 10-Q filings for a more comprehensive understanding.

As Biglari Holdings navigates through these financial landscapes, the upcoming quarters will be pivotal for its recovery and growth.