Filing Flows › Biglari Holdings (BH-A) › Q1 2025
Biglari Holdings (BH-A) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
Biglari Holdings (BH-A) reported revenue of $95.0M for the first quarter 2025 (Q1 2025), +6% from a year earlier and +4% from the quarter before. Operating margin was 10.5%, net loss $33.3M (35.0% of revenue).
Biglari Holdings, Q1 2025: revenue $95.0M (+6% year over year), operating margin 10.5%, net loss $33.3M, operating cash flow $15.8M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $95.0M | +4% | +6% |
| Operating profit | $10.0M | — | — |
| Net earnings | −$33.3M | — | — |
| Operating cash flow | $15.8M | -12% | -17% |
| Free cash flow | $8.5M | -22% | -42% |
What changed
Revenue was $95.0M in Q1 2025, up 6% year over year and up 4% from the previous quarter. Restaurant operations was the largest line at 68% of revenue. Restaurant operations added $2.4M year over year (up 4%), 42% of the total change.
Operating profit was $10.0M, a 10.5% margin (up 4.1 points year over year). Of the extra revenue versus a year earlier, 77% reached operating profit, above the 6% margin then. Total costs grew 2% against revenue growth of 6%. The fastest-growing cost line was SG&A (+17%). The quarter ended with a net loss of $33.3M, wider than the previous quarter's $10.3M loss. Net interest and other expense of $51.2M was the main reason.
Operating cash flow was $15.8M (down 17% year over year). Non-cash charges added back $10.3M of depreciation and amortization. Working capital and other items added $38.8M. Capital expenditures of $7.3M left free cash flow of $8.5M.
Questions
What was Biglari Holdings' revenue in the first quarter 2025?
Biglari Holdings (BH-A) reported revenue of $95.0M for the first quarter 2025 (Q1 2025), +6% from a year earlier and +4% from the quarter before.
Was Biglari Holdings profitable in the first quarter 2025?
Operating profit was $10.0M (10.5% of revenue) and net loss $33.3M.
Source: Biglari Holdings 10-Q on SEC EDGAR.