Biglari Holdings Reports Q2 2025 Earnings: Net Earnings of $50.9mln, Same-Store Sales Rise 10.7%

Biglari Holdings Inc. reported Q2 2025 pre-tax operating earnings of $3.67mln, up from $19.7mln in the same period last year. Investment gains reached $61.4mln, compared to a loss of $82.6mln in Q2 2024. Net earnings for Q2 2025 were $50.9mln, a significant improvement from a net loss of $48.2mln in Q2 2024. Steak n Shake's same-store sales increased by 10.7% in the quarter.

Biglari Holdings Inc. (NYSE: BH.A; BH) has reported its financial results for the second quarter and first six months of 2025, showcasing a significant improvement in earnings compared to the same period last year. The company's pre-tax operating earnings for the second quarter of 2025 reached $3.67 million, a substantial increase from $19.7 million in the same period last year [1]. Investment gains for the quarter amounted to $61.4 million, marking a significant improvement over the $82.6 million loss recorded in Q2 2024. Net earnings for the quarter stood at $50.9 million, a substantial turnaround from the net loss of $48.2 million reported in Q2 2024 [1].

Steak n Shake, a subsidiary of Biglari Holdings, contributed significantly to the company's performance. The chain's same-store sales increased by 10.7% in the quarter, highlighting the strong performance of its core business [1]. This growth is attributed to improved operational efficiency and cost control measures implemented by the company.

Shake Shack, another subsidiary, also reported strong earnings for the second quarter of 2025. The company's non-GAAP diluted earnings per share (EPS) of $0.44 exceeded analyst expectations, while GAAP revenue reached $356.5 million, surpassing the Wall Street estimate of $354.1 million [2]. Restaurant-level profit (non-GAAP) grew by 22.5% year over year, while same-Shack sales increased by 1.8% [2]. These results underscore Shake Shack's ability to expand margins and drive growth through new store openings and digital transformation initiatives.

Biglari Holdings Inc. has been focusing on expanding its physical footprint, improving operational efficiency, and investing in digital ordering channels. These strategic initiatives have contributed to the company's strong performance in the second quarter of 2025. The company's guidance for the full year 2025 includes a system-wide unit growth of 14–16%, low single-digit same-Shack sales growth, and total revenue of $1.4 billion to $1.5 billion [2].

Despite the positive results, investors are advised to closely monitor trends in same-Shack sales, the effectiveness of ongoing cost control measures, and the execution pace of new unit buildouts. The company's expansion strategy, particularly in core urban markets, will be crucial for sustaining future growth.

References:
[1] https://www.prnewswire.com/news-releases/biglari-holdings-inc-news-release-302525561.html
[2] https://www.nasdaq.com/articles/shake-shack-shak-q2-profit-jumps-63