Financial Performance: Biglari Holdings Inc. reported a net loss of $5.291 million for Q3 2025, compared to a net profit of $32.125 million in Q3 2024, with pre-tax operating earnings increasing to $6.854 million from $3.272 million year-over-year.
Investment Impact: The company emphasized that fluctuations in investment gains and losses should not be considered significant for analyzing its operating performance, which is better assessed through pre-tax operating earnings.
Steak n Shake Sales Growth: In Q3 2025, Steak n Shake experienced a 15% increase in same-store sales for both company-operated and franchise-partner-operated restaurants.
Company Overview: Biglari Holdings Inc. is a diversified holding company with interests in various sectors, including insurance, media, restaurants, and oil and gas, and it cautions investors about the risks associated with forward-looking statements.
Biglari Holdings Inc. is a holding company owning subsidiaries engaged in several diverse business activities, including property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas. The Company’s restaurant operations are conducted through two subsidiaries: Steak n Shake Inc. (Steak n Shake) and Western Sizzlin Corporation (Western Sizzlin). Its insurance and reinsurance business activities are conducted through subsidiaries, namely, First Guard Insurance Company and its affiliated agency, 1st Guard Corporation (First Guard); Southern Pioneer Property & Casualty Insurance Company and its affiliated agency, Southern Pioneer Insurance Agency, Inc. (Southern Pioneer); and Biglari Reinsurance Ltd. Its oil and gas operations are conducted through two entities, Southern Oil Company (Southern Oil) and Abraxas Petroleum Corporation (Abraxas Petroleum). Southern Oil operates oil and natural gas properties offshore in Louisiana state waters.
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.
