Filing Flows › Biglari Holdings (BH-A) › Q3 2025
Biglari Holdings (BH-A) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Biglari Holdings (BH-A) reported revenue of $99.7M for the third quarter 2025 (Q3 2025), +10% from a year earlier and -0.9% from the quarter before. Operating margin was 6.9%, net loss $5.3M (5.3% of revenue).
Biglari Holdings, Q3 2025: revenue $99.7M (+10% year over year), operating margin 6.9%, net loss $5.3M, operating cash flow $31.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $99.7M | -0.9% | +10% |
| Operating profit | $6.9M | +87% | — |
| Net earnings | −$5.3M | -110% | — |
| Operating cash flow | $31.2M | -26% | +191% |
| Free cash flow | $22.3M | -43% | +505% |
What changed
Revenue was $99.7M in Q3 2025, up 10% year over year and down 1% from the previous quarter. Restaurant was the largest line at 72% of revenue. Restaurant added $9.4M year over year (up 15%), 100% of the total change. Oil and gas declined 23%.
Operating profit was $6.9M, a 6.9% margin (up 3.3 points year over year). Of the extra revenue versus a year earlier, 38% reached operating profit, above the 4% margin then. Total costs grew 7% against revenue growth of 10%. The fastest-growing cost line was Cost of revenue (+16%). The quarter ended with a net loss of $5.3M, after a profit of $50.9M the previous quarter. Net interest and other expense of $14.4M was the main reason.
Operating cash flow was $31.2M (up 191% year over year). Non-cash charges added back $9.5M of depreciation and amortization. Working capital and other items added $27.0M. Capital expenditures of $8.9M left free cash flow of $22.3M.
Questions
What was Biglari Holdings' revenue in the third quarter 2025?
Biglari Holdings (BH-A) reported revenue of $99.7M for the third quarter 2025 (Q3 2025), +10% from a year earlier and -0.9% from the quarter before.
Was Biglari Holdings profitable in the third quarter 2025?
Operating profit was $6.9M (6.9% of revenue) and net loss $5.3M.
Source: Biglari Holdings 10-Q on SEC EDGAR.