Biglari Holdings A 2025 Q3 Earnings Net Loss of $5.29M, 116.5% Deterioration from 2024

Biglari Holdings A (BH.A) reported Q3 2025 results marked by a significant net loss and a sharp decline in earnings per share, . , . Shareholders should note the stark contrast in performance, with operating businesses showing resilience in Steak n Shake’s same-store sales growth, while investment-related losses heavily impacted net income.

Revenue

Biglari Holdings A’s total revenue rose 10.3% year-over-year to $99.74 million in Q3 2025. , reflecting strong performance in the restaurant segment. The company emphasized that operating businesses outperformed investment results, which contributed to the overall earnings decline.

Earnings/Net Income

The company reported a net loss of $5.29 million in Q3 2025, . , . This sharp decline was attributed to significant investment losses, which the company disclaims as non-recurring and not indicative of long-term operational performance. The EPS swung to a loss of $20.38, marking a significant decline from the previous year’s profit.

Price Action

Following the earnings report, , 0.21% in the most recent full week, and 5.80% month-to-date as of Nov 7, 2025.

Post-Earnings Price Action Review

The stock’s post-earnings performance reflects mixed investor sentiment, with short-term gains offsetting the earnings disappointment. While the 5.80% monthly gain suggests some confidence in the company’s core operations, the sharp drop in EPS and net income has raised concerns about investment volatility. Analysts caution that the stock’s near-term trajectory may depend on how markets interpret the company’s focus on separating operating results from investment-related swings.

CEO Commentary

Chairman emphasized in the earnings call that the company’s operating businesses remain a “key driver of long-term value,” citing Steak n Shake’s 15.0% same-store sales growth as a positive trend. He reiterated that quarterly investment fluctuations should not be overemphasized, urging shareholders to focus on the restaurant and insurance segments’ operational improvements.

Guidance

The company did not provide explicit forward-looking guidance for Q4 2025. However, management indicated a continued focus on optimizing the restaurant chain’s performance and managing insurance operations efficiently to mitigate future volatility.

Additional News

Within three weeks of the earnings release, Biglari Holdings announced its dual listing on the NYSE Texas, effective August 15, 2025, as part of its market expansion strategy. Additionally, the company published its 2024 Annual Report, highlighting operational improvements in Steak n Shake and Southern Oil, while reiterating that investment gains should not be considered indicative of performance. , underscoring the company’s liquidity management efforts.