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Jun 30
Biglari Holdings Q2 2025 Earnings Report
Biglari Holdings reported strong Q2 2025 results, returning to profitability with significant investment partnership gains.
Key Takeaways
For Q2 2025, Biglari Holdings generated $100.6M in revenue and $50.9M in net income, with EPS of $194.57. Operating income from core businesses was positive, while investment partnerships contributed $58.5M in gains, driving the return to profitability.
Revenue reached $100.6M, up from $91.1M in Q2 2024.
Net income was $50.9M versus a $48.2M net loss in Q2 2024.
EPS was $194.57 on Class A equivalent shares.
Restaurants led revenue at $72.0M, followed by Insurance ($18.8M), Oil & Gas ($7.5M), and Licensing & Media ($2.3M).
Biglari Holdings
Biglari Holdings
Biglari Holdings Revenue by Segment
Revenue by Segment
Restaurants Revenue
CapyFin.comInsurance Revenue
CapyFin.comOil & Gas Revenue
CapyFin.comLicensing & Media Revenue
CapyFin.com Forward Guidance
The company did not issue quantitative guidance but highlighted volatility in oil & gas prices, continued execution in the restaurant franchise partnership model, and potential tax benefits from new legislation.
Positive Outlook
- Restaurant same-store sales and partner-fee growth continued.
- Improved labor cost percentages at company-operated restaurants.
- Strong liquidity with $32.8M in cash and access to credit facilities.
- Tax law changes could be favorable for depreciation and interest deductibility.
- Insurance underwriting remained profitable overall.
Challenges Ahead
- Earnings remain sensitive to investment partnership market volatility.
- Oil & gas revenue depends heavily on commodity prices.
- Licensing/media (Maxim) operated at a loss in the quarter.
- Restaurant impairments were recorded for underperforming stores.
- Material weaknesses in disclosure controls remain unresolved.