Earnings Announcement - Biglari Holdings Inc. announced its earnings for the fourth quarter and year ended December 31, 2025, on February 28, 2026[4]. - The press release detailing the earnings is attached as an exhibit to the Form 8-K filing[4]. Annual Report - The 2025 Annual Report to shareholders has been made available online, including Sardar Biglari's annual letter[6].

Financial Performance - Net earnings attributable to Biglari Holdings Inc. shareholders for 2025 were $(37,488) thousand, a decrease from $(3,759) thousand in 2024, compared to $54,948 thousand in 2023[101]. - Total revenue for the restaurant segment in 2025 was $280,870 thousand, an increase of $29,423 thousand or 11.7% compared to $251,447 thousand in 2024[108]. - Net sales for company-operated units in 2025 were $181,884 thousand, representing an increase of $22,671 thousand or 14.2% compared to 2024, driven by a 10.5% increase in same-store sales[109]. - Franchise partner fees increased to $77,001 thousand in 2025 from $70,616 thousand in 2024, with a same-store sales increase of 10.1%[111]. - The underwriting gain for the insurance segment in 2025 was $7,210 thousand, compared to $4,438 thousand in 2024, with a net underwriting gain of $5,696 thousand[123]. Costs and Expenses - The cost of food at company-operated units was $56,205 thousand, or 30.9% of net sales in 2025, up from $47,891 thousand or 30.1% in 2024, primarily due to inflation[114]. - Labor costs at company-operated restaurants were $56,175 thousand, or 30.9% of net sales in 2025, compared to $50,431 thousand, or 31.7% in 2024[115]. - General and administrative expenses were $48,969 thousand, or 17.4% of total revenue in 2025, an increase from $47,130 thousand, or 18.7% in 2024[116]. - Marketing expenses increased to $17,951 thousand, or 6.4% of total revenue in 2025, from $12,584 thousand, or 5.0% in 2024, primarily due to new product promotions[117]. Insurance Segment Performance - Premiums written increased to $71,041 million in 2025, up from $68,394 million in 2024, representing a growth of 3.8%[124]. - First Guard's underwriting gain in 2025 was $6,015 million, a 49.0% increase compared to $4,038 million in 2024[127]. - Southern Pioneer reported a 19.0% increase in premiums earned to $33,473 million in 2025, up from $28,118 million in 2024[129]. Oil and Gas Revenue - Oil and gas revenue decreased to $30,211 million in 2025, down 18.3% from $36,945 million in 2024[133]. - Abraxas Petroleum's revenue declined by $5,592 million, or 24.8%, to $16,998 million in 2025 due to lower crude oil prices[135]. - Southern Oil's revenue decreased by $1,142 million, or 8.0%, to $13,213 million in 2025, attributed to lower sales prices of crude oil[138]. Licensing and Media Revenue - Maxim's licensing and media revenue surged to $7,717 million in 2025, a significant increase from $1,029 million in 2024[140]. Investment and Financing Activities - Investment partnership losses were $67,001 million in 2025, compared to losses of $41,058 million in 2024[143]. - The consolidated income tax benefit increased to $10,203 million in 2025 from $4,395 million in 2024, driven by taxes on income from investment partnerships[148]. - Interest expense on notes payable rose to $8,221 million in 2025, significantly higher than $771 million in 2024, due to new borrowings[147]. - Consolidated shareholders' equity decreased to $523,429 as of December 31, 2025, down $49,532 from the previous year, primarily due to a net loss of $37,488[150]. - Total cash and investments increased to $1,110,417 in 2025, up from $789,950 in 2024, with cash and cash equivalents rising significantly to $268,782[152]. - Net cash provided by operating activities rose to $106,959 in 2025, an increase of $57,299 compared to 2024, largely due to $56,000 in distributions from investment partnerships[154]. - Cash used in investing activities decreased by $21,918 in 2025, primarily due to a $33,411 increase in sales of investments and redemptions of fixed maturity securities[155]. - Financing activities provided $196,533 in 2025, a significant increase of $157,049 compared to 2024, driven by a $225,000 note payable from Steak n Shake[155]. - The line of credit balance was $27,250 as of December 31, 2025, down from $35,000 in 2024, with an interest rate of 6.7%[157]. - Steak n Shake obtained a loan of $225,000 on September 30, 2025, with a fixed interest rate of 8.8% and a five-year term[159]. - The carrying value of cash and investments on the balance sheet was $492,107 as of December 31, 2025, compared to $335,411 in 2024[152]. Corporate Performance - Corporate expenses for 2025 were reported at a net loss of $16,000, an increase from $12,503 in 2024, mainly due to higher professional fees[149]. - The company maintains significant liquidity, with cash flow activities reflecting a strong operational performance[153]. - The company operated 435 restaurants as of December 31, 2025, a decrease from 492 in 2024, with plans to reopen two closed locations and sell or lease five[105].

Financial Results - Biglari Holdings Inc. reported its financial results for Q3 and the first nine months of 2025, ending September 30, 2025[4] - The press release detailing these results was issued on November 7, 2025[4] - The financial data and performance metrics are included in the attached press release, which is referenced in this report[4]

Financial Performance - Net earnings for the third quarter of 2025 were $(5,291) thousand, compared to $32,125 thousand in the same period of 2024, reflecting a significant decline [116]. - Total revenue for the third quarter of 2025 was $71,741 thousand, an increase of 15.0% from $62,384 thousand in the third quarter of 2024 [120]. - Net sales for the third quarter of 2025 reached $47,462 thousand, representing a 19.7% increase compared to $39,660 thousand in the third quarter of 2024, driven by a 15.6% increase in same-store sales for domestic company-operated units [121]. - Franchise partner fees increased to $19,166 thousand in the third quarter of 2025 from $17,157 thousand in the same quarter of 2024, attributed to a 14.8% increase in franchise partner same-store sales [123]. Cost and Expenses - The cost of food at company-operated units was $14,849 thousand or 31.3% of net sales in the third quarter of 2025, up from $12,218 thousand or 30.8% in the same quarter of 2024 [126]. - Labor costs at company-operated restaurants were $14,573 thousand or 30.7% of net sales in the third quarter of 2025, down from $13,158 thousand or 33.2% in the third quarter of 2024 [127]. - General and administrative expenses for the third quarter of 2025 were $12,129 thousand, representing 16.9% of total revenue, compared to $10,355 thousand or 16.6% in the same quarter of 2024 [128]. - Marketing expenses increased to $5,370 thousand or 7.5% of total revenue in the third quarter of 2025, compared to $3,182 thousand or 5.1% in the same quarter of 2024, due to promotions of new products [129]. Operational Metrics - The company operated 441 restaurants as of September 30, 2025, down from 492 restaurants at the end of 2024, indicating a reduction in total store count [117]. - The company recorded no impairment charges in the third quarter of 2025, maintaining a focus on operational efficiency [130]. Insurance Operations - Underwriting gain for First Guard increased to $1,691 in Q3 2025 from $1,366 in Q3 2024, and for the first nine months, it rose to $4,997 from $3,497 [136]. - Southern Pioneer reported premiums written of $8,408 in Q3 2025, up from $7,496 in Q3 2024, and a 21.9% increase in premiums earned for the first nine months compared to 2024 [142]. - Total pre-tax underwriting gain for the insurance operations reached $4,537 in Q3 2025, significantly higher than $2,278 in Q3 2024 [138]. - Net investment income for the insurance operations was $651 in Q3 2025, slightly up from $645 in Q3 2024 [144]. - Total other income for the insurance operations was $710 in Q3 2025, compared to $845 in Q3 2024 [138]. - First Guard's underwriting expenses decreased to $928 in Q3 2025 from $2,025 in Q3 2024, indicating improved cost efficiency [140]. Oil and Gas Operations - Oil and gas revenues decreased to $7,372 in Q3 2025 from $9,574 in Q3 2024, with a total contribution to net earnings of $1,342 in Q3 2025 [146]. - Abraxas Petroleum's oil and gas revenues fell to $4,276 in Q3 2025 from $6,019 in Q3 2024, with a total contribution to net earnings of $722 in Q3 2025 [148]. - Southern Oil's oil and gas revenues were $3,096 in Q3 2025, down from $3,555 in Q3 2024, but the contribution to net earnings increased to $620 [151]. - The total cost and expenses for oil and gas operations were $6,801 in Q3 2025, down from $8,916 in Q3 2024 [146]. Investment and Financing - Licensing and media revenue for Q3 2025 was $1,446 million, up from $202 million in Q3 2024, and for the first nine months of 2025, it reached $5,140 million compared to $715 million in the same period of 2024 [153]. - Investment gains net of tax for Q3 2025 were $1,184 million, a decrease from $3,706 million in Q3 2024, while for the first nine months of 2025, they were $2,214 million compared to $2,879 million in the same period of 2024 [154]. - Interest expense on notes payable increased to $829 million in Q3 2025 from $275 million in Q3 2024, and for the first nine months, it rose to $2,581 million from $317 million in the same period of 2024 [160]. - Corporate and other net losses for Q3 2025 were $3,775 million, down from $5,548 million in Q3 2024, primarily due to no accrued incentive fees in 2025 [161]. - Income tax benefit for Q3 2025 was $2,261 million compared to an expense of $11,201 million in Q3 2024, while the expense for the first nine months of 2025 was $4,002 million, up from $3,292 million in the same period of 2024 [162]. - Total cash and investments as of September 30, 2025, amounted to $1,117,184 million, an increase from $789,950 million as of December 31, 2024 [164]. - Net cash provided by operating activities for the first nine months of 2025 was $89,188 million, significantly higher than $31,665 million in the same period of 2024 [166]. - Cash used in investing activities increased to $36,200 million in the first nine months of 2025 from $34,916 million in the same period of 2024 [167]. - Biglari Holdings' line of credit was amended to $35,000 million, with a balance of $15,000 million as of September 30, 2025 [168]. - Steak n Shake obtained a loan of $225,000 million on September 30, 2025, with a fixed interest rate of 8.8% per annum [170].

[General Information](index=1&type=section&id=General%20Information) This section outlines Biglari Holdings Inc.'s foundational details, including incorporation, principal offices, and stock exchange listings [Registrant Details](index=1&type=section&id=Registrant%20Details) This section specifies Biglari Holdings Inc.'s corporate identity, including its incorporation, executive offices, and stock market registration - The registrant is **BIGLARI HOLDINGS INC.**, incorporated in Indiana, with its principal executive offices in San Antonio, Texas[1](index=1&type=chunk) Registered Stock Classes | Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | | :------------------ | :---------------- | :-------------------------------------- | | Class A common stock | BH.A | New York Stock Exchange | | Class B common stock | BH | New York Stock Exchange | - The registrant is not an emerging growth company[3](index=3&type=chunk) [Item 2.02. Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition) This section details the announcement of Biglari Holdings Inc.'s financial results for Q2 and H1 2025 via a press release [Announcement of Financial Results](index=2&type=section&id=Announcement%20of%20Financial%20Results) Biglari Holdings Inc. released its Q2 and H1 2025 financial results on August 8, 2025, via a press release included as an exhibit - On August 8, 2025, Biglari Holdings Inc. issued a press release announcing its financial results for its second quarter and first six months, which ended June 30, 2025[4](index=4&type=chunk) - The Company's press release is attached as Exhibit 99.1 and the information set forth therein is incorporated by reference[4](index=4&type=chunk) [Filing Status and Disclaimers](index=2&type=section&id=Filing%20Status%20and%20Disclaimers) This section clarifies that the report's information is furnished, not filed, limiting liability and requiring explicit incorporation for future references - The information in this Current Report, including the exhibit, is being furnished and shall not be deemed 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934, as amended[5](index=5&type=chunk) - The information shall not be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, unless the Company expressly states otherwise in a future filing[5](index=5&type=chunk) [Item 9.01. Financial Statements and Exhibits](index=2&type=section&id=Item%209.01.%20Financial%20Statements%20and%20Exhibits) This section enumerates the exhibits accompanying the Form 8-K, including the financial results press release and interactive data file [List of Exhibits](index=2&type=section&id=List%20of%20Exhibits) This section provides a comprehensive list of all exhibits included with the Form 8-K filing Form 8-K Exhibits | Exhibit No. | Description | | :------------ | :---------------------------------------------------------- | | 99.1 | Press Release issued by the Company on August 8, 2025 | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | [Signature](index=3&type=section&id=SIGNATURE) This section confirms the official signing of the Form 8-K by Biglari Holdings Inc.'s Controller on August 8, 2025 [Authorization and Signatory](index=3&type=section&id=Authorization%20and%20Signatory) This section details the authorized signatory and date for the Current Report on Form 8-K filing - The Current Report on Form 8-K was signed on August 8, 2025, by Bruce Lewis, Controller of BIGLARI HOLDINGS INC[9](index=9&type=chunk)[10](index=10&type=chunk)

[PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section presents the unaudited consolidated financial statements, management's analysis, market risk disclosures, and internal controls for Biglari Holdings Inc [ITEM 1. FINANCIAL STATEMENTS](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) Presents Biglari Holdings Inc.'s unaudited consolidated financial statements, notes on accounting policies, and segment performance for the specified periods [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total Assets, Liabilities, and Shareholders' Equity | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--------------------------------- | :----------------------------- | :------------------------------- | | Total Assets | $863,579 | $866,133 | | Total Liabilities | $274,293 | $293,172 | | Biglari Holdings Inc. Shareholders' Equity | $589,286 | $572,961 | | Cash and cash equivalents | $32,766 | $30,709 | | Line of credit (current portion) | $19,000 | $35,000 | [Consolidated Statements of Earnings](index=6&type=section&id=Consolidated%20Statements%20of%20Earnings) Net Earnings (Loss) | Period | 2025 (in thousands) | 2024 (in thousands) | | :------------------- | :------------------ | :------------------ | | Second Quarter | $50,931 | $(48,190) | | First Six Months | $17,656 | $(25,611) | Total Revenues | Period | 2025 (in thousands) | 2024 (in thousands) | Change (YoY) | | :------------------- | :------------------ | :------------------ | :----------- | | Second Quarter | $100,619 | $91,141 | +10.4% | | First Six Months | $195,654 | $180,592 | +8.3% | Investment Partnership Gains (Losses) | Period | 2025 (in thousands) | 2024 (in thousands) | | :------------------- | :------------------ | :------------------ | | Second Quarter | $58,504 | $(79,890) | | First Six Months | $8,912 | $(57,905) | Net Earnings (Loss) per Average Equivalent Class A Share | Period | 2025 | 2024 | | :------------------- | :------- | :-------- | | Second Quarter | $194.57 | $(171.89) | | First Six Months | $67.26 | $(90.80) | [Consolidated Statements of Comprehensive Income](index=7&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive Income (Loss) | Period | 2025 (in thousands) | 2024 (in thousands) | | :------------------- | :------------------ | :------------------ | | Second Quarter | $51,941 | $(48,308) | | First Six Months | $19,136 | $(25,760) | Foreign Currency Translation | Period | 2025 (in thousands) | 2024 (in thousands) | | :------------------- | :------------------ | :------------------ | | Second Quarter | $1,010 | $(118) | | First Six Months | $1,480 | $(149) | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Activities (First Six Months) | Activity | 2025 (in thousands) | 2024 (in thousands) | | :------------------------------------------ | :------------------ | :------------------ | | Net cash provided by operating activities | $57,942 | $20,910 | | Net cash used in investing activities | $(27,161) | $(19,586) | | Net cash used in financing activities | $(28,778) | $(2,691) | | Increase (decrease) in cash, cash equivalents and restricted cash | $2,045 | $(1,374) | [Consolidated Statements of Changes in Shareholders' Equity](index=9&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' Equity Balances | Date | Total Shareholders' Equity (in thousands) | | :----------------- | :-------------------------------------- | | June 30, 2025 | $589,286 | | June 30, 2024 | $569,179 | | December 31, 2024 | $572,961 | | December 31, 2023 | $599,330 | - Net earnings (loss) for the second quarter of 2025 was **$50,931 thousand**, a significant improvement from a loss of **$(48,190) thousand** in the second quarter of 2024[21](index=21&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) [Note 1. Summary of Significant Accounting Policies](index=10&type=section&id=Note%201.%20Summary%20of%20Significant%20Accounting%20Policies) - Biglari Holdings Inc. is a holding company with diverse business activities including property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas[23](index=23&type=chunk) - Sardar Biglari, Chairman and CEO, makes all major investment and capital allocation decisions for the Company and its subsidiaries[24](index=24&type=chunk) - As of June 30, 2025, Mr. Biglari beneficially owns approximately **74.3%** of the Company's voting interest[25](index=25&type=chunk) [Note 2. Earnings Per Share](index=10&type=section&id=Note%202.%20Earnings%20Per%20Share) Equivalent Class A Common Stock for EPS Calculation | Period | 2025 | 2024 | | :------------------------------------------ | :----- | :----- | | Equivalent Class A common stock outstanding | 620,592 | 620,592 | | Proportional ownership of Company stock held by investment partnerships | 358,832 | 340,232 | | Equivalent Class A common stock for earnings per share | 261,760 | 280,360 | [Note 3. Investments](index=11&type=section&id=Note%203.%20Investments) Investment Gains (Losses) | Period | 2025 (in thousands) | 2024 (in thousands) | | :------------------- | :------------------ | :------------------ | | Second Quarter | $2,925 (gain) | $(2,729) (loss) | | First Six Months | $1,340 (gain) | $(1,016) (loss) | - Investment gains and losses, whether realized or unrealized, are considered non-operating[31](index=31&type=chunk) [Note 4. Investment Partnerships](index=11&type=section&id=Note%204.%20Investment%20Partnerships) Gains (Losses) from Investment Partnerships | Period | 2025 (in thousands) | 2024 (in thousands) | | :------------------- | :------------------ | :------------------ | | Second Quarter | $58,504 (gain) | $(79,890) (loss) | | First Six Months | $8,912 (gain) | $(57,905) (loss) | Carrying Value of Investment Partnerships | Date | Carrying Value (in thousands) | | :----------------- | :-------------------------- | | June 30, 2025 | $202,893 | | December 31, 2024 | $201,727 | - Biglari Holdings' ownership interest in The Lion Fund increased to **91.6%** as of June 30, 2025, from **90.2%** as of June 30, 2024. Ownership in The Lion Fund II increased to **87.8%** from **87.3%** over the same period[44](index=44&type=chunk) - No incentive reallocations were accrued during the first six months of 2025 and 2024[42](index=42&type=chunk) [Note 5. Property and Equipment](index=14&type=section&id=Note%205.%20Property%20and%20Equipment) Property and Equipment, Net | Date | Amount (in thousands) | | :----------------- | :-------------------- | | June 30, 2025 | $365,262 | | December 31, 2024 | $376,155 | - The Company recorded an impairment of **$1,251 thousand** to restaurant long-lived assets related to underperforming stores in both the second quarter and first six months of 2025[47](index=47&type=chunk) - Abraxas Petroleum recorded gains of **$794 thousand** in Q2 2025 and **$10,117 thousand** in 6M 2025 from selling undeveloped reserves[49](index=49&type=chunk) [Note 6. Goodwill and Other Intangible Assets](index=15&type=section&id=Note%206.%20Goodwill%20and%20Other%20Intangible%20Assets) Goodwill and Other Intangible Assets | Asset Type | June 30, 2025 (in thousands) | December 31, 20

[Introduction and Filing Details](index=1&type=section&id=Introduction%20and%20Filing%20Details) Provides foundational information about Biglari Holdings Inc. and the administrative details of the filing [Registrant Information](index=1&type=section&id=Registrant%20Information) Identifies Biglari Holdings Inc.'s corporate details, SEC filing identifiers, stock listings, and emerging growth status Registrant Details | Detail | Value | | :--- | :--- | | Company Name | BIGLARI HOLDINGS INC. | | Jurisdiction of Incorporation | Indiana | | Commission File Number | 001-38477 | | IRS Employer Identification No. | 82-3784946 | | Principal Executive Offices | 19100 Ridgewood Parkway, Suite 1200, San Antonio, Texas 78259 | | Telephone Number | (210) 344-3400 | | Class A common stock Trading Symbol | BH.A | | Class B common stock Trading Symbol | BH | | Exchange | New York Stock Exchange | - The registrant is not an emerging growth company[3](index=3&type=chunk) [Current Report Items](index=2&type=section&id=Current%20Report%20Items) Outlines the specific items reported in the Form 8-K, including financial results and accompanying exhibits [Item 2.02. Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition) Biglari Holdings Inc. announced Q1 2025 financial results via press release, subject to specific incorporation disclaimers - Biglari Holdings Inc. issued a press release on May 9, 2025, announcing financial results for its first quarter, which ended March 31, 2025[4](index=4&type=chunk) - The press release (Exhibit 99.1) is incorporated by reference but is not deemed 'filed' for Section 18 liabilities and requires explicit future incorporation for other filings[4](index=4&type=chunk)[5](index=5&type=chunk) [Item 9.01. Financial Statements and Exhibits](index=2&type=section&id=Item%209.01.%20Financial%20Statements%20and%20Exhibits) Details the exhibits for the Form 8-K filing, including the Q1 financial results press release and interactive data Exhibits | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release issued by the Company on May 9, 2025 | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | [Signature](index=3&type=section&id=SIGNATURE) Provides the official authorization and signatory details for the Form 8-K filing [Authorization and Signatory](index=3&type=section&id=Authorization%20and%20Signatory) Confirms the Form 8-K was signed on May 9, 2025, by Bruce Lewis, Controller of Biglari Holdings Inc. - The Current Report on Form 8-K was signed on May 9, 2025, by Bruce Lewis, Controller of Biglari Holdings Inc., as duly authorized under the Securities Exchange Act of 1934[9](index=9&type=chunk)[10](index=10&type=chunk)

Financial Performance - For the first quarter of 2025, Biglari Holdings reported net earnings of $(33,275) thousand, a significant decline from net earnings of $22,579 thousand in the same period of 2024[109]. - The total operating businesses generated earnings of $7,439 thousand in Q1 2025, a substantial increase from $4,099 thousand in Q1 2024[109]. - Investment partnership losses amounted to $(39,426) thousand in Q1 2025, contrasting with gains of $17,148 thousand in Q1 2024, indicating a significant downturn in investment performance[109]. - Investment partnership losses for Q1 2025 were $49,592 million, a stark contrast to gains of $21,985 million in Q1 2024, indicating significant volatility[145]. - Corporate and other net losses increased to $3,289 million in Q1 2025 from $1,996 million in Q1 2024[150]. - Cash and cash equivalents decreased to $28,664 million as of March 31, 2025, down from $30,709 million at the end of 2024[153]. - Net cash provided by operating activities fell to $15,795 million in Q1 2025, down from $19,125 million in Q1 2024, a decrease of $3,330 million[155]. - The company had net borrowings of $3,400 million on its lines of credit in Q1 2025, with no activity reported in Q1 2024[157]. Revenue and Sales Growth - Total revenue for the restaurant segment increased to $64,349 thousand in Q1 2025, compared to $61,996 thousand in Q1 2024, driven by net sales growth[113]. - Steak n Shake's same-store sales increased by 3.9% in Q1 2025, although customer traffic at company-operated units declined[114]. - Total oil and gas revenues for the first quarter of 2025 increased to $9,930 million, up from $9,510 million in 2024, representing a growth of 4.4%[135]. - Contribution to net earnings from oil and gas operations surged to $8,298 million in Q1 2025, compared to $1,149 million in Q1 2024, reflecting a significant increase of 620.5%[135]. - Abraxas Petroleum's oil and gas revenues remained stable at $5,890 million in Q1 2025, slightly up from $5,868 million in Q1 2024[137]. - Southern Oil's revenue rose by $398 million, or 10.9%, to $4,040 million in Q1 2025 compared to $3,642 million in Q1 2024[140]. - Licensing and media revenues increased dramatically to $1,407 million in Q1 2025 from $212 million in Q1 2024, marking a rise of 661.7%[142]. Cost and Expenses - The cost of food at company-operated units increased to $12,464 thousand, representing 30.0% of net sales in Q1 2025, up from 28.3% in Q1 2024[118]. - Labor costs at company-operated restaurants were $13,439 thousand, or 32.3% of net sales in Q1 2025, compared to 32.1% in Q1 2024[119]. Insurance Segment Performance - Premiums written by the insurance segment rose to $19,022 thousand in Q1 2025, up from $16,527 thousand in Q1 2024, reflecting a growth of 9.0%[127]. - First Guard's underwriting gain increased to $1,215 thousand in Q1 2025, compared to $800 thousand in Q1 2024, marking a 51.9% improvement[129]. - Southern Pioneer reported a 29.4% increase in premiums earned, rising to $8,556 thousand in Q1 2025 from $6,612 thousand in Q1 2024[131].

Earnings Announcement - Biglari Holdings Inc. announced its earnings for Q4 and the year ended December 31, 2024, on March 1, 2025[4]. - The press release detailing the earnings is included as an exhibit in the Form 8-K filing[4]. Annual Report - The 2024 Annual Report to shareholders is available online, including Sardar Biglari's annual letter[6].

Financial Performance - Net earnings attributable to Biglari Holdings Inc. shareholders for 2024 were $(3,759) thousand, a decrease from $54,948 thousand in 2023 [100]. - Total revenues for Biglari Holdings Inc. in 2024 were $362,114,000, a decrease of 1% from $365,318,000 in 2023 [198]. - The company reported a comprehensive loss of $4,113,000 in 2024, compared to a comprehensive income of $55,811,000 in 2023 [202]. - Net loss attributable to Biglari Holdings Inc. shareholders for 2024 was $3,759,000, compared to a net income of $54,948,000 in 2023 [198]. - The total operating businesses reported earnings of $24,121 thousand in 2024, down from $39,162 thousand in 2023 [100]. Revenue Breakdown - Total revenue for the restaurant segment in 2024 was $251,447 thousand, slightly up from $250,857 thousand in 2023 [108]. - Restaurant operations generated revenues of $251,447,000 in 2024, slightly up from $250,857,000 in 2023 [198]. - Oil and gas revenues decreased to $36,945,000 in 2024 from $45,071,000 in 2023, reflecting a decline of approximately 18% [198]. - Licensing and media revenue fell by $1,089 million in 2024 compared to 2023, primarily due to poor performance of a key licensing arrangement [141]. Expenses and Costs - The cost of food at company-operated units was $47,891 thousand, representing 30.1% of net sales in 2024, up from 29.5% in 2023 [114]. - General and administrative expenses increased to $47,130 thousand, or 18.7% of total revenue in 2024, compared to 17.6% in 2023 [115]. - Interest expense on notes payable and other borrowings rose to $771 million in 2024, compared to $681 million in 2023, indicating increased borrowing costs [149]. Insurance and Underwriting - Underwriting gain for First Guard was $4,038 thousand in 2024, down from $9,492 thousand in 2023 [121]. - Pre-tax underwriting gain decreased to $4,438 million in 2024, down 47.5% from $8,454 million in 2023 [122]. - First Guard's underwriting gain declined by $5,454 million, or 57.5%, in 2024 compared to 2023 due to increased claim severity [124]. - Insurance losses rose to $43,643 million in 2024, compared to $35,668 million in 2023, marking an increase of 22.4% [122]. Assets and Liabilities - Total current assets increased to $170,615,000 in 2024 from $152,551,000 in 2023, representing an increase of about 12% [196]. - Total liabilities rose to $293,172,000 in 2024, up from $250,092,000 in 2023, indicating an increase of approximately 17% [196]. - Consolidated shareholders' equity decreased by $26,369 to $572,961 as of December 31, 2024, primarily due to a net loss of $3,759 and a change in treasury stock of $22,256 [152]. Cash Flow - Net cash provided by operating activities decreased by $23,342 to $49,660 in 2024, attributed to a $15,511 decrease in cash from business operations [156]. - Total cash and investments increased to $789,950 in 2024 from $592,717 in 2023, with cash and cash equivalents rising to $30,709 from $28,066 [154]. - Net cash used in investing activities increased by $21,308 in 2024, with capital expenditures in the oil and gas business rising by $11,239 due to drilling activities [157]. Investments - The company recorded investment partnership gains of $41,058 thousand in 2024, a significant recovery from a loss of $19,440 thousand in 2023 [205]. - The carrying value of investment partnerships net of deferred taxes increased from $171,207 in 2023 to $184,472 in 2024, reflecting a growth of approximately 7.4% [259]. - The value of investments in investment partnerships was reported at $201,727,000 as of December 31, 2024, compared to $199,103,000 in 2023 [176]. Franchise Operations - Steak n Shake's same-store sales increased by 6.4% at company-operated units in 2024 compared to 2023 [109]. - Franchise partner fees decreased to $70,616 thousand in 2024 from $72,552 thousand in 2023, with 173 franchise partner units as of December 31, 2024 [111]. - The total number of company-operated and franchise restaurants was 458 as of December 31, 2024, down from 492 in 2023 [105]. Impairments and Goodwill - The impairment expense for 2024 was $1,107,000, down from $3,947,000 in 2023, showing a reduction of about 72% [198]. - The company recorded an impairment loss of $1,000 to goodwill in 2024, while no impairment was recorded in 2023 [222]. - The company recorded impairments to restaurant long-lived assets of $107 in 2024, down from $3,947 in 2023, showing a substantial decrease in impairment losses [272]. Taxation - The consolidated income tax benefit was $4,395 in 2024 compared to a tax expense of $9,308 in 2023, with an effective tax rate of 26.0% in 2024 versus 9.9% in 2023 [150]. - Federal income tax for 2024 amounted to $2,702 million, an increase from $2,197 million in 2023, reflecting a growth of 23.0% [295]. - The income tax expense for 2024 was reported as a benefit of $4,395 million, contrasting with an expense of $9,308 million in 2023 [295].