Biglari Holdings posts Q4 pre-tax operating loss; full-year earnings down 42%

Biglari Holdings Inc.

Q4 2025 pre-tax operating loss of $1.7M vs profit $3.9M in Q4 2024; net loss attributable to shareholders $49.9M.
Full-year 2025 pre-tax operating earnings $18.8M, down from $32.6M in 2024; net loss $37.5M.
Book value per Class A equivalent share $2,059.32 at Dec 31, 2025.
Company downplays investment fluctuations, advises focusing on operating earnings before investment gains.

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