Biglari Holdings reports $50.9 million profit in second quarter

Biglari Holdings Inc. (NYSE: BH.A; BH) reported net earnings of $50.9 million for the second quarter of 2025, compared to a net loss of $48.2 million in the same period last year, according to a company statement.

The San Antonio-based holding company's turnaround was driven primarily by investment gains of $61.4 million during the quarter, contrasting with investment losses of $82.6 million in the second quarter of 2024. Pre-tax operating earnings declined to $3.7 million from $19.7 million year-over-year.

For the first six months of 2025, Biglari Holdings posted net earnings of $17.7 million, reversing a net loss of $25.6 million in the comparable 2024 period. Investment gains totaled $10.3 million for the six-month period, compared to losses of $58.9 million in the prior year.

The company's restaurant operations showed improvement, with Steak n Shake reporting same-store sales increases of 10.7% for both company-operated and franchise-partner locations during the second quarter.

Pre-tax operating earnings for the first half of 2025 reached $13.7 million, down from $25.4 million in the first six months of 2024. The company paid income taxes of $14.2 million in the second quarter and $6.3 million for the six-month period.

Biglari Holdings operates subsidiaries in property and casualty insurance, licensing and media, restaurants, and oil and gas sectors. The company separates its operating business results from investment performance in its financial reporting, stating that quarterly fluctuations in investments are not meaningful indicators of operational performance.

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