Biglari Holdings Inc. reported its financial results for the third quarter and the first nine months of 2025, revealing a total revenue of $99.7 million for the third quarter, up from $90.4 million in the same period last year. For the first nine months, revenue increased to $295.4 million from $271.0 million in 2024. The company's net loss for the third quarter was $5.3 million, compared to a net income of $32.1 million in the prior year. For the first nine months, net earnings were $12.4 million, a significant increase from $6.5 million in 2024.
The financial performance reflects a notable shift in the company's operations, particularly in its restaurant segment, which saw revenues rise to $71.7 million in the third quarter, compared to $62.4 million in 2024. This increase was driven by a 15.6% rise in same-store sales at Steak n Shake's domestic company-operated units. However, the company also faced challenges, including a decline in investment partnership gains, which resulted in a loss of $12.5 million in the third quarter, compared to a gain of $26.4 million in the same period last year.
In terms of operational developments, Biglari Holdings reported a total of 441 restaurants as of September 30, 2025, a decrease from 468 a year earlier. The company continues to transition from company-operated units to franchise partner units, which impacts revenue recognition. The number of franchise partner units decreased slightly to 173 from 177, while traditional franchise units fell to 96 from 116. The company also noted an increase in franchise partner fees, which reached $19.2 million in the third quarter, up from $17.2 million in 2024.
The company’s balance sheet showed significant improvements, with total assets rising to $1.08 billion as of September 30, 2025, compared to $866.1 million at the end of 2024. Cash and cash equivalents increased dramatically to $272.5 million from $30.7 million, bolstered by $54 million in distributions from investment partnerships. Biglari Holdings also secured a $225 million note payable for Steak n Shake, which is expected to enhance liquidity and support ongoing operations.
Looking ahead, Biglari Holdings remains focused on its strategic initiatives, including enhancing its restaurant operations and managing its investment partnerships. The company anticipates continued volatility in its investment results and is evaluating the impact of recent tax legislation on its financial performance. Management emphasizes the importance of maintaining liquidity and operational efficiency as it navigates the evolving market landscape.
About Biglari Holdings Inc.
Biglari Holdings Inc. is a diversified holding company with subsidiaries in restaurant franchising and operations, property and casualty insurance and reinsurance, brand licensing, and oil and gas exploration and production. Its restaurant segment includes Steak n Shake and Western Sizzlin, operating company-owned and franchised units primarily in the U.S. The company employs a decentralized management model with centralized capital allocation, serving consumers, insurance policyholders, franchisees, and energy markets.
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