Biglari Holdings reports Q3 net loss of $5.3M; operating earnings improve, Steak n Shake sales up 15%

Biglari Holdings Inc.

Q3 net loss of $5.3M vs net earnings of $32.1M a year ago, driven by $14.4M investment loss.
Pre-tax operating earnings rose to $6.9M from $3.3M YoY.
First nine months net earnings of $12.4M vs $6.5M; operating earnings down to $20.5M from $28.7M.
Steak n Shake domestic same-store sales increased 15.0% in Q3.
Book value per Class A equivalent share was $2,244.26 at Sep 30, 2025.

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