Biglari Holdings (BHA) Q4 2025 earnings summary

Executive summary

• Reported a net loss attributable to shareholders of $37.5 million for 2025, compared to a net loss of $3.8 million in 2024 and net earnings of $54.9 million in 2023, driven by significant investment partnership losses and lower oil and gas revenues.

• Total revenues increased to $395.3 million in 2025 from $362.1 million in 2024, primarily due to higher restaurant and insurance revenues.

• Restaurant operations remain the largest segment, with 435 locations as of year-end 2025, and saw a 14.2% increase in net sales, supported by a 10.5% rise in Steak n Shake same-store sales.

Financial highlights

• Restaurant segment contributed $16.4 million to net earnings, up from $15.5 million in 2024, with total revenue of $280.9 million.

• Insurance segment contributed $10.5 million to net earnings, up from $7.2 million in 2024, with premiums earned rising to $70.1 million.

• Oil and gas segment earnings declined to $10.9 million from $15.5 million in 2024, reflecting lower commodity prices and revenues.

• Brand licensing (Maxim) posted a net loss of $1.4 million, despite higher revenues from a new digital contest venture.

• Investment partnership losses were $67.0 million, compared to $41.1 million in 2024, causing significant volatility in consolidated results.

• Shareholders’ equity decreased to $523.4 million at year-end 2025 from $573.0 million in 2024.

Outlook and guidance

• Management expects continued volatility in investment results and oil and gas revenues due to market conditions.

• The company intends to use proceeds from recent equity offerings to support business and investment activities, strengthen capital, and pursue acquisitions.