Biglari Holdings 2025 Q2 Earnings Strong Performance as Net Income Surges 205.7%

Biglari Holdings reported its fiscal 2025 Q2 earnings on August 8, 2025, showcasing a significant turnaround. The company returned to profitability with net income of $50.93 million, a 205.7% increase from a net loss of -$48.19 million in the same period last year. This marked a dramatic swing in fortunes for the diversified holding company.

Revenue
Biglari Holdings reported total revenue of $100.62 million in Q2 2025, reflecting a 10.4% year-over-year increase from $91.14 million. Restaurant operations remained the largest contributor, generating $72.01 million, followed by insurance premiums and other segments at $18.82 million. The oil and gas division added $7.50 million to the top line, while licensing and media revenue amounted to $2.29 million.

Earnings/Net Income
Biglari Holdings returned to profitability with earnings per share (EPS) of $194.57 in Q2 2025, a stark contrast to the loss of $171.89 per share in Q2 2024, representing a 213.2% positive swing. The company posted a net income of $50.93 million, reversing a net loss of $48.19 million from the previous year. This represents one of the most significant net income swings in recent quarters. Despite these gains, investors should note that this dramatic swing may not be indicative of the company’s core operating performance.

Price Action
The stock of Biglari Holdings fell 2.46% in the latest trading session, declined 7.94% over the past trading week, and dropped 8.66% month-to-date. These declines occurred despite the strong earnings report.

Post-Earnings Price Action Review
A strategy of purchasing Biglari Holdings shares following a revenue increase quarter-over-quarter, as outlined in the report, has historically underperformed. Over the past three years, this strategy generated no return, with a CAGR of 0.00% and an excess return of -50.68%. It underperformed the benchmark significantly. The strategy also had a maximum drawdown of 0.00% and a Sharpe ratio of 0.00%, indicating a risk-free yet unprofitable scenario.

CEO Commentary
Biglari Holdings CEO highlighted strong performance in Steak n Shake, noting a 10.7% increase in same-store sales across company and franchise-operated locations. However, the CEO emphasized that investment gains are volatile and do not reflect long-term business performance. Instead, pre-tax operating earnings should be used to evaluate the company’s core operations. The CEO remained neutral to cautious, acknowledging fluctuations in operating earnings while reaffirming the company’s focus on diversified business segments and long-term positioning. No specific future goals were outlined for Steak n Shake or other operating units.

Guidance
The company did not provide specific numerical guidance for future periods. It issued general forward-looking statements cautioning that actual results may differ materially from expectations due to risks and uncertainties. The company stated it does not update or revise its forward-looking statements beyond the second quarter 2025 results. The CEO did not outline expectations for future earnings, operating performance, or investment-related outcomes in the filing.

Additional News
No material M&A activity, C-level changes, or dividend/buyback news was reported within the three weeks following the August 8, 2025 earnings release. The most-discussed non-earnings related news included developments on global geopolitical tensions, U.S. fiscal policy changes, and advancements in AI technology. These events did not directly impact Biglari Holdings but reflected broader market dynamics.