Biexciton properties strongly affect the usability of a light emitter in quantum photon sources and lasers but are difficult to measure for single fluorophores at room temperature due to luminescence intermittency and bleaching at the high excitation fluences usually required. Here, we observe the biexciton (BX) to exciton (X) to ground photoluminescence cascade of single colloidal semiconductor nanocrystals (NCs) under weak excitation in a g((2)) photon correlation measurement and show that the normalized amplitude of the cascade feature is equal to the ratio of the BX to X fluorescence quantum yields. This imposes a limit on the attainable depth of photon antibunching and provides a robust means to study single emitter biexciton physics. In NC samples, we show that the BX quantum yield is considerably inhomogeneous, consistent with the defect sensitivity expected of the Auger nonradiative recombination mechanism. The method can be extended to study X,BX spectral and polarization correlations.