Biglari Holdings Releases Annual Report

Biglari Holdings' operating businesses saw pre-tax earnings fall to $18.8 million in 2025, a significant drop from $32.6 million in 2024. The company reported a total net loss of $37.5 million for the year, heavily influenced by $66.5 million in investment losses. Despite the overall loss, the company's book value per Class A equivalent share remained substantial at $2,059.32 as of year-end. Chairman Sardar Biglari's long-held strategy emphasizes separating the performance of operating companies from the volatility of the firm's investment portfolio. A key subsidiary, the Steak n Shake restaurant chain, made headlines in 2025 by globally accepting Bitcoin payments. The company reported a "dramatic" rise in same-store sales following the move and now directs all Bitcoin revenue into a strategic reserve to fund employee bonuses. Sardar Biglari continued his activist investing campaigns throughout 2025, launching his eighth proxy battle against the management of Cracker Barrel Old Country Store. Biglari, who owns a nearly 3% stake, has been publicly critical of Cracker Barrel's leadership and strategic decisions for over a decade. Biglari also initiated a new activist campaign targeting fast-food chain Jack in the Box, nominating himself and another individual to the company's board. This move came after Biglari Holdings acquired a stake of just under 10% in the rival burger chain. The company's investment portfolio, managed through The Lion Fund, holds a significant position in luxury carmaker Ferrari. At the end of 2025, the firm's total investments, including cash and marketable securities, amounted to $1.1 billion at fair value.