Biglari Holdings A 2025 Q3 Earnings Sharp Net Loss Amid Revenue Growth

Biglari Holdings A (BH.A) reported fiscal 2025 Q3 results on Nov 7, 2025, with a significant swing to a net loss of $5.29 million, a 116.5% deterioration from the prior-year period. Despite a 10.3% revenue increase to $99.74 million, the stock edged up 0.37% in the latest session, reflecting mixed market sentiment.

Revenue

Biglari Holdings A’s total revenue rose 10.3% year-over-year to $99.74 million in Q3 2025, driven by strong performance across its restaurant and insurance segments. The company highlighted a 15.0% increase in Steak n Shake’s same-store sales for domestic company-operated and franchise locations, indicating resilience in its core restaurant operations.

Earnings/Net Income

The company swung to a loss of $20.38 per share in Q3 2025, compared to a profit of $114.77 per share in Q3 2024. This represents a 117.8% negative change in EPS and a net loss of $5.29 million, versus net income of $32.13 million a year ago. The EPS of -$20.38 and a net loss of -$5.29 million indicate a significant downturn in profitability, contrasting with the previous year’s profit.

Price Action

Biglari Holdings A’s stock has shown modest gains in recent trading periods, with a 0.37% rise on the latest day, 0.21% over the past week, and a 5.80% climb month-to-date.

Post-Earnings Price Action Review

The strategy of buying BH.A shares after its revenue raise on the earnings release date and holding for 30 days showed favorable performance over the past three years, with a cumulative return of 45.78% and an average annual return of 13.91%. The earnings release date allowed investors to capture initial market optimism, while the 30-day holding period balanced short-term momentum with risk mitigation. This backtest underscores the potential of technical strategies but cautions that past performance may not predict future outcomes.

CEO Commentary

Chairman Sardar Biglari emphasized the company’s focus on stabilizing its core operations, particularly in the restaurant segment, where same-store sales growth outperformed expectations. He noted, “Our operating businesses remain resilient, and we are committed to optimizing long-term value creation despite short-term volatility.” The commentary highlighted confidence in Steak n Shake’s expansion and insurance operations, while acknowledging challenges in investment-related earnings.

Guidance

Biglari Holdings A did not provide formal forward-looking guidance for the remainder of 2025, citing the unpredictable nature of investment gains/losses. However, the company reiterated its focus on operational performance, urging investors to analyze core business segments independently of investment results.

Additional News

1. NYSE Texas Dual Listing: On August 15, 2025, Biglari Holdings expanded its market presence by listing on the NYSE Texas, a fully electronic exchange. This move aims to enhance liquidity and accessibility for shareholders.

2. Q2 2025 Results: In Q2 2025, the company reported a net profit of $50.9 million, driven by $61.4 million in investment gains, contrasting with a $48.2 million loss in Q2 2024.

3. Shareholder Meeting: The 2025 Annual Shareholders Meeting, scheduled for April 16, 2025, will focus on strategic priorities and operational updates from leadership.

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