BIGLARI HOLDINGS INC. NEWS RELEASE
Biglari Holdings (NYSE: BH / BH.A) posted its 2025 annual report and letter to shareholders, with full filings available online.
Rhea-AI Summary
Biglari Holdings (NYSE: BH / BH.A) posted its 2025 annual report and letter to shareholders, with full filings available online. Reported results separate operating earnings from investment gains to aid analysis.
Key 2025 figures: year net loss $37.5M, investment loss $66.5M, and book value per Class A equivalent share $2,059.32. Operating pre-tax earnings declined versus 2024.
Positive
- Book value per Class A equivalent share of $2,059.32
- Operating results disclosed separately from investment gains, aiding investor analysis
Negative
- Net loss for 2025 of $37,488,000 versus loss of $3,759,000 in 2024
- Investment losses widened to $66,473,000 in 2025 from $40,723,000 in 2024
- Pre-tax operating earnings fell to $18,782,000 in 2025 from $32,569,000 in 2024 (year)
Key Figures
- Q4 2025 pre-tax operating earnings
- $(1,739)k
- Fourth quarter 2025 pre-tax operating earnings
- Q4 2024 pre-tax operating earnings
- $3,896k
- Fourth quarter 2024 pre-tax operating earnings
- Q4 2025 investment losses
- $(62,319)k
- Fourth quarter 2025 investment gains (losses)
- Q4 2025 net loss
- $(49,853)k
- Fourth quarter 2025 net earnings (loss)
- FY 2025 pre-tax operating earnings
- $18,782k
- Year ended December 31, 2025 pre-tax operating earnings
- FY 2025 investment losses
- $(66,473)k
- Year ended December 31, 2025 investment gains (losses)
- Book value per Class A equivalent
- $2,059.32
- Book value per Class A equivalent share at December 31, 2025
- Shelf registration capacity
- $500,000,000
- Maximum aggregate offering amount under S-3 shelf filed January 16, 2026
Historical Context
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Announced date, time, and venue for 2026 annual shareholders meeting.
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Reported Q3 2025 results with operating profits but overall net loss versus 2024.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Biglari Holdings Inc.'s earnings for the fourth quarter and full year of 2025 and 2024 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-K, which has been posted at www.biglariholdings.com.
(dollars in thousands) | |||||||
Fourth Quarter | Year Ended December 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Pre-tax operating earnings | $ (1,739) | $ 3,896 | $ 18,782 | $ 32,569 | |||
Investment gains (losses) | (62,319) | (21,856) | (66,473) | (40,723) | |||
Income taxes | 14,205 | 7,687 | 10,203 | 4,395 | |||
Net earnings (loss) | $ (49,853) | $ (10,273) | $ (37,488) | $ (3,759) | |||
Analysis of Results:
Investments affect our reported quarterly earnings based on their carrying value. We do not regard the quarterly or annual fluctuations in our investments to be meaningful. Therefore, our operating businesses are best analyzed before the impact of investment gains. As a consequence, in the preceding table we separate earnings of our operating businesses from our investment gains.
At December 31, 2025, our book value per Class A Equivalent share was
About Biglari Holdings Inc.
Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas.
Comment on Regulation G
This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.
Risks Associated with Forward-Looking Statements
This news release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company's filings with the SEC.
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SOURCE Biglari Holdings Inc.
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