Biglari Capital Calls on All Shareholders to Convey a Strong Message to the Cracker Barrel Board Regarding the Ineffectiveness of the Current Plan
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 13 2025
0mins
Should l Buy CBRL?
Source: Newsfilter
Declining Share Price: Cracker Barrel's share price has dropped 30% since the company reaffirmed its commitment to a failed transformation plan under CEO Julie Masino, who has already caused over $1 billion in market value loss.
High Short Interest: The stock has a high short interest of approximately 25%, indicating that short sellers expect further declines in the share price despite a 70% drop over the past five years.
Call for Change: Biglari Capital is urging shareholders to vote against the election of certain directors, including CEO Julie Masino, at the upcoming annual meeting to signal the need for a new leadership capable of reversing the company's losses.
Proxy Voting Importance: Shareholders are encouraged to participate in the voting process using the GOLD proxy card to hold the board accountable and demand a credible turnaround plan for Cracker Barrel.
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Analyst Views on CBRL
Wall Street analysts forecast CBRL stock price to rise
8 Analyst Rating
1 Buy
4 Hold
3 Sell
Hold
Current: 28.110
Low
20.00
Averages
28.86
High
45.00
Current: 28.110
Low
20.00
Averages
28.86
High
45.00
About CBRL
Cracker Barrel Old Country Store, Inc. is engaged in the operation and development of the Cracker Barrel Old Country Store concept (Cracker Barrel). It operates approximately 660 company-owned Cracker Barrel Old Country Store locations in 43 states and 68 Maple Street Biscuit Company stores in 10 states. The Company’s format of its stores consists of a trademarked rustic old country-store design offering a full-service restaurant menu that features home-style country food and a wide variety of decorative and functional items such as rocking chairs, holiday and seasonal gifts, toys, apparel, cookware and foods. Its breakfast items include juices, eggs, pancakes, meats, grits, and a variety of biscuit specialties, such as gravy and biscuits and country ham and biscuits. Its Lunch and dinner items include fried and grilled chicken, chicken and dumplings, meatloaf, country fried steak, pork chops, fish, country fried shrimp, steak, vegetable plates, sandwiches and salads.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Fast-Food Chains Struggling: DoorDash's stock has plummeted over 27%, Chipotle is down nearly 12%, and Wendy's has lost 15% year-to-date, reflecting shifts in consumer spending habits and the impact of GLP-1 drugs on dining out.
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- Labor Market Volatility: The unemployment rate rose slightly to 4.4% in February, correlating with weak restaurant demand, as fast-casual and quick-service restaurants reported stagnant or declining same-store sales, highlighting the sensitivity of younger consumers to labor market changes.
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- Revenue Decline: Cracker Barrel's total revenue for Q2 was $874.8 million, a 7.9% year-over-year decrease that slightly missed analyst expectations of $876.94 million, indicating pressure in a competitive market.
- Earnings Beat: The adjusted earnings per share came in at $0.25, surpassing the analyst estimate of -$0.22, although it significantly dropped from $1.38 in the same quarter last year, suggesting some success in cost management.
- EBITDA Guidance Cut: The company narrowed its full-year adjusted EBITDA outlook to $85 million–$100 million, down from a previous range of $70 million–$110 million, reflecting a cautious outlook on future performance.
- Analyst Price Target Adjustments: Following the earnings announcement, several analysts adjusted their price targets for Cracker Barrel, with UBS raising its target from $26 to $31, Truist Securities from $45 to $47, and Wells Fargo from $30 to $35, indicating varied market perspectives on the company's future performance.
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- Dividend Yield: The forward yield of 3.27% reflects the company's appeal in the current market environment, potentially boosting investor confidence and supporting stock price stability.
- Payment Schedule: The dividend will be payable on May 13, with a record date of April 10 and an ex-dividend date also on April 10, ensuring shareholders receive timely returns and further solidifying the relationship between the company and its investors.
- EBITDA Target: Cracker Barrel outlines an adjusted EBITDA target of $85 million to $100 million for 2026, as guest metrics improve and the loyalty program expands, demonstrating the company's confidence in future growth and strategic planning.
See More
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