Biglari Swings to Profit in Fiscal Q2

Biglari (BH -2.16%), a holding company with operations in restaurants, insurance, oil and gas, and media, reported its Q2 2025 earnings on Aug. 8, 2025. The most significant headline was a sharp return to profitability, as net earnings (GAAP) swung to $50.9 million after a $48.2 million GAAP loss in the prior year period, largely driven by investment gains of $61.4 million. Pre-tax operating earnings, which strip out investment swings, fell sharply to $3.7 million from $19.7 million a year earlier. No analy ...