Biglari Holdings posts Q4 net loss of $49.9 million on $62.3 million investment losses
Biglari Holdings reported a fourth-quarter 2025 net loss attributable to shareholders of $49.9 million, compared with a $10.3 million loss a year earlier, and a full-year 2025 net loss of $37.5 million, compared with $3.8 million in 2024. The company said pre-tax operating earnings swung to a loss in the quarter, and investment losses drove most of the decline, which matters to shareholders because the reported results are weighed down by investment marks rather than operations alone.
Key points
- Fourth-quarter 2025 pre-tax operating loss of $1.7 million, versus pre-tax operating earnings of $3.9 million in Q4 2024
- Fourth-quarter investment losses of $62.3 million, versus $21.9 million a year earlier
- Full-year 2025 pre-tax operating earnings of $18.8 million, down from $32.6 million in 2024
- Book value per Class A equivalent share was $2,059.32 at December 31, 2025
The filing
Written by AI on Nov 9, 2026, 8:53 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on March 02, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.