Biglari Swings to Profit in Fiscal Q2
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 08 2025
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Source: NASDAQ.COM
Financial Performance: Biglari Holdings reported a net profit of $50.9 million in Q2 2025, a significant turnaround from a $48.2 million loss the previous year, primarily due to $61.4 million in investment gains; however, pre-tax operating earnings fell 81.4% to $3.7 million.
Restaurant Operations: Steak n Shake experienced a 10.7% increase in same-store sales, but there was no detailed information on other business segments or future financial guidance provided by management.
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About BH.A
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.
