Biglari Holdings (BHA) Q3 2025 earnings summary

Executive summary

• Revenue for the third quarter of 2025 was $99.7 million, up 10.3% year-over-year; first nine months revenue was $295.4 million, up 9.0% year-over-year.

• Net loss for Q3 2025 was $5.3 million, compared to net earnings of $32.1 million in Q3 2024; net earnings for the first nine months were $12.4 million, up from $6.5 million in 2024.

• Operating businesses contributed $12.4 million in pre-tax earnings in Q3 2025, up from $10.1 million in Q3 2024.

• Investment partnership losses of $15.9 million in Q3 2025, compared to gains of $35.3 million in Q3 2024, drove the quarterly net loss.

• Pre-tax operating earnings for Q3 2025 were $6,854,000, compared to a loss of $14,406,000 in Q3 2024.

Financial highlights

• Restaurant segment revenue rose 15.0% year-over-year in Q3 2025, with same-store sales up 15.6% for company-operated units.

• Insurance segment premiums earned increased 6.3% year-over-year in Q3 2025; underwriting gain rose to $4.5 million from $2.3 million.

• Oil and gas revenue declined 23.0% year-over-year in Q3 2025, mainly due to lower commodity prices.

• Cash and cash equivalents at September 30, 2025 were $272.5 million, up from $30.7 million at year-end 2024.

• Book value per Class A Equivalent share as of September 30, 2025, was $2,244.26.

Outlook and guidance

• Management expects continued volatility in oil and gas results due to commodity price fluctuations.

• The company is evaluating the impact of the One Big Beautiful Bill Act, which restores favorable tax treatment for certain business provisions.