Biglari Holdings Reports $50.9 Million Net Income in Q2 2025, Up from Loss Last Year

Biglari Holdings Inc. reported significant financial improvements in its latest quarterly filing, showcasing a net income of $50.9 million for the second quarter of 2025, a stark contrast to a net loss of $48.2 million in the same period last year. Total revenues for the second quarter reached $100.6 million, up from $91.1 million in the prior year, driven primarily by increased sales in its restaurant operations, which generated $72 million compared to $64.5 million in the second quarter of 2024. The company also reported a net earnings per share of $194.57 for Class A shares, compared to a loss of $171.89 per share in the previous year.

In terms of operational metrics, Biglari Holdings saw a 14.8% increase in net sales from its company-operated restaurants, attributed to a 10.7% rise in same-store sales at Steak n Shake. The company operated 449 restaurants as of June 30, 2025, a slight decrease from 458 at the end of 2024, reflecting ongoing transitions from company-operated to franchise partner units. Franchise partner fees also increased, totaling $20.2 million in the second quarter, up from $18.1 million in the same quarter last year.

The company’s insurance segment reported a pre-tax underwriting gain of $1.2 million, compared to a gain of $546,000 in the second quarter of 2024. Insurance premiums written increased to $17.4 million from $16.8 million year-over-year. However, Southern Pioneer, one of its insurance units, reported a loss, which impacted overall performance in this segment. Investment partnership gains were substantial, amounting to $58.5 million in the second quarter, compared to a loss of $79.9 million in the same period last year, contributing significantly to the overall net earnings.

Biglari Holdings also reported a total asset value of $863.6 million as of June 30, 2025, slightly down from $866.1 million at the end of 2024. The company’s cash and cash equivalents increased to $32.8 million, up from $30.7 million, while total liabilities decreased to $274.3 million from $293.2 million. The company’s management indicated that the improved financial performance is a result of strategic decisions, including a focus on enhancing restaurant operations and optimizing its insurance underwriting processes.

Looking ahead, Biglari Holdings remains cautiously optimistic about its future performance, emphasizing the importance of maintaining operational efficiency and exploring growth opportunities within its diverse business segments. The company continues to navigate the challenges of transitioning its restaurant operations while leveraging its investment partnerships to bolster financial stability.