Filing Flows › Biglari Holdings (BH-A) › Q2 2025
Biglari Holdings (BH-A) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Biglari Holdings (BH-A) reported revenue of $101M for the second quarter 2025 (Q2 2025), +10% from a year earlier and +6% from the quarter before. Operating margin was 3.7%, net earnings $50.9M (50.6% of revenue).
Biglari Holdings, Q2 2025: revenue $101M (+10% year over year), operating margin 3.7%, net earnings $50.9M, operating cash flow $42.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $101M | +6% | +10% |
| Operating profit | $3.7M | -63% | -81% |
| Net earnings | $50.9M | — | — |
| Operating cash flow | $42.1M | +167% | 24× |
| Free cash flow | $39.4M | +364% | — |
What changed
Revenue was $100.6M in Q2 2025, up 10% year over year and up 6% from the previous quarter. Restaurant was the largest line at 72% of revenue. Restaurant added $7.5M year over year (up 12%), 80% of the total change. Oil and gas declined 14%.
Operating profit was $3.7M, a 3.7% margin (down 18.0 points year over year). Operating profit fell $16.0M even though revenue rose $9.5M versus a year earlier, so costs grew faster than sales. Total costs grew 36% against revenue growth of 10%. The fastest-growing cost line was Other operating costs (+114%). Net earnings were $50.9M. The effective tax rate was 21.8%. Non-operating items added $61.4M, 94% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $42.1M (up 2261% year over year), 83% of net earnings. Non-cash charges added back $10.3M of depreciation and amortization. Working capital and other items used $19.1M. Capital expenditures of $2.7M left free cash flow of $39.4M.
Questions
What was Biglari Holdings' revenue in the second quarter 2025?
Biglari Holdings (BH-A) reported revenue of $101M for the second quarter 2025 (Q2 2025), +10% from a year earlier and +6% from the quarter before.
Was Biglari Holdings profitable in the second quarter 2025?
Operating profit was $3.7M (3.7% of revenue) and net earnings $50.9M.
Source: Biglari Holdings 10-Q on SEC EDGAR.