Welcome to our dedicated page for Biglari Holdings SEC filings (Ticker: BH), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Biglari Holdings’ disclosures pack restaurant margins, insurance underwriting results, media royalties, and even oil-field economics into a single stack of documents. If you have ever hunted through a 300-page 10-K to separate Steak n Shake sales from First Guard’s combined ratio, you know the challenge. That’s why Stock Titan pairs each filing with AI-powered summaries that translate GAAP footnotes into plain language and flag every shift in capital allocation.
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Biglari Holdings Inc. furnished a press release announcing its financial results for the second quarter and the first six months ended June 30, 2025. The press release is attached as Exhibit 99.1 and an interactive cover page is included as Exhibit 104. The company explicitly states the material is being furnished and not filed, which means it is not subject to Section 18 liabilities and will not be incorporated by reference into other filings unless the company expressly says so.
The current report does not include the numerical revenue, earnings, or other financial figures within its text; investors and analysts must review Exhibit 99.1 for detailed results and metrics.
Biglari Holdings Inc. reported a strong quarterly turnaround. Net earnings for the second quarter of 2025 were $50,931 thousand compared with a net loss of $(48,190) thousand in the second quarter of 2024, and year-to-date net earnings were $17,656 thousand versus a year-to-date loss of $(25,611) thousand in 2024. Total revenues rose to $100,619 thousand in the quarter from $91,141 thousand a year earlier, led by restaurant operations which increased to $72,011 thousand.
The primary driver of the swing to profitability was large investment partnership gains of $58,504 thousand in Q2 2025 (versus losses in the prior-year quarter). Operating improvements included a 10.7% same-store sales gain at Steak n Shake and higher franchise partner fees. Balance sheet highlights: total assets of $863,579 thousand, shareholders' equity of $589,286 thousand, total cash and investments of $857,153 thousand (carrying value on the balance sheet $340,200 thousand), and a deferred tax liability related to investment partnerships of $30,030 thousand. Management notes that disclosure controls were not effective due to previously identified material weaknesses that remain under remediation.