Filing Flows › Biglari Holdings (BH-A) › Q4 2025
Biglari Holdings (BH-A) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
Biglari Holdings (BH-A) reported revenue of $99.9M for the fourth quarter 2025 (Q4 2025), +10% from a year earlier and +0.1% from the quarter before. Operating margin was -1.7%, net loss $49.9M (49.9% of revenue).
Biglari Holdings, Q4 2025: revenue $99.9M (+10% year over year), operating margin -1.7%, net loss $49.9M, operating cash flow $17.8M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $99.9M | +0.1% | +10% |
| Operating profit | −$1.7M | -125% | — |
| Net earnings | −$49.9M | — | — |
| Operating cash flow | $17.8M | -43% | -1% |
| Free cash flow | $6.4M | -71% | -42% |
What changed
Revenue was $99.9M in Q4 2025, up 10% year over year and roughly flat from the previous quarter.
Operating costs exceeded revenue by $1.7M, an operating margin of -1.7%. Total costs grew 16% against revenue growth of 10%. The fastest-growing cost line was Other operating costs (+18%). The quarter ended with a net loss of $49.9M, wider than the previous quarter's $5.3M loss. Net interest and other expense of $62.3M was the main reason.
Operating cash flow was $17.8M (down 1% year over year). Non-cash charges added back $10.7M of depreciation and amortization. Working capital and other items added $56.9M. Capital expenditures of $11.4M left free cash flow of $6.4M.
Questions
What was Biglari Holdings' revenue in the fourth quarter 2025?
Biglari Holdings (BH-A) reported revenue of $99.9M for the fourth quarter 2025 (Q4 2025), +10% from a year earlier and +0.1% from the quarter before.
Was Biglari Holdings profitable in the fourth quarter 2025?
Operating loss was $1.7M (-1.7% of revenue) and net loss $49.9M.
Source: Biglari Holdings 10-K on SEC EDGAR.