Biglari Holdings SEC Filings

Biglari Holdings Inc. filed its Q3 2025 report, showing a quarterly net loss of $5,291 and stronger year‑to‑date profitability. Third‑quarter revenue was $99,738, while revenue for the first nine months reached $295,392 with net earnings of $12,365.

Restaurants led growth: Steak n Shake and Western Sizzlin generated $71,741 in Q3 revenue, driven by a 15.6% same‑store sales increase at domestic company‑operated Steak n Shake units. Insurance earned $19,179 in Q3 revenue with improved underwriting, while oil and gas revenue was $7,372 amid lower commodity pricing, partially offset by gains on asset sales earlier in the year.

Liquidity and capital structure shifted meaningfully. Cash and cash equivalents rose to $272,485 from $30,709 at year‑end, supported by $89,188 in operating cash flow and financing inflows. On September 30, Steak n Shake obtained a $225,000 five‑year loan at 8.8% interest, amortized at 3.0% per year, secured by its real estate, with proceeds distributed to Biglari Holdings. Total debt rose, with note payable and lines of credit at $214,914 long‑term and $20,916 current. Investment partnership losses of $15,897 weighed on Q3 results.

GAMCO and affiliated Gabelli entities filed an amended Schedule 13D reporting beneficial ownership of 13,435 shares of Biglari Holdings Class A, equal to 6.49% of the 206,864 shares outstanding as reported in the company’s Form 10-Q for the quarter ended June 30, 2025.

The filing attributes 11,875 shares (5.74%) to GAMCO Asset Management Inc. and 1,560 shares (0.75%) to Gabelli Funds LLC, each with sole voting and dispositive power over their respective holdings. The group filed the long-form 13D because they may regularly communicate with management. Recent activity includes small sales, such as 200 shares on October 20, 2025 at $1,766.7842.

Biglari Holdings disclosed that its subsidiary Steak n Shake Inc. obtained a five-year loan of $225,000,000 on September 30, 2025 with interest fixed at 8.80% and amortization at 3.0% per annum. The loan is an obligation of Steak n Shake and the proceeds were distributed to Biglari Holdings. The company also terminated a $75,000,000 line of credit on the same date. The filing says the loan agreement will be filed as an exhibit to the quarterly report for the period ended September 30, 2025, and the brief description here is qualified by that full agreement.

Steak n Shake Inc., a wholly owned subsidiary of Biglari Holdings Inc., told potential franchisees that its U.S. same-store sales for the third fiscal quarter increased by approximately 15%. This disclosure covers both company-operated and franchise partner-operated stores and highlights stronger comparable sales performance in the quarter versus the prior-year period. The statement is limited to same-store sales growth and does not provide additional financial details, drivers, or geographic breakdowns.

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.