Biglari Holdings Inc. (BH-A) Financial Statements
Industry: Eating Places (Retail)
In fiscal 2025, Biglari reported revenue of $395.3M, up 9.2% from $362.1M the year before. Net income was -$37.5M (a -9.5% net margin), or -$143.86 per diluted share. Gross margin was 59.2% and operating margin was 37.2%. Operating activities generated $107.0M of cash, leaving $76.6M of free cash flow. At fiscal year end, Biglari held $1.03B in total assets against $502.0M in total liabilities, including $268.8M of cash and equivalents.
Open the full interactive Biglari financials → Quarterly statements, key ratios, valuation history and price charts.
Biglari Key Stats
| Share Price | $1,898.77 |
|---|---|
| Revenue YoY Growth | +9.2% |
| 52-Week Range | $1,333.84 – $2,462.99 |
Biglari Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $433.7M | $366.1M | $368.2M | $365.3M | $362.1M | $395.3M |
| Cost of Goods Sold | $444.5M | $341.2M | $331.9M | $322.1M | $329.5M | $376.5M |
| Gross Profit | $187.0M | $198.6M | $228.0M | $227.3M | $218.7M | $233.9M |
| Operating Income | $91.1M | $100.6M | $157.4M | $150.3M | $143.0M | $147.1M |
| Pre-Tax Income | -$50.2M | $42.3M | -$43.0M | $64.8M | -$8.2M | -$47.7M |
| Income Tax | -$12.2M | $6.8M | -$10.7M | $9.3M | -$4.4M | -$10.2M |
| Net Income | -$38.0M | $35.5M | -$32.0M | $54.9M | -$3.8M | -$37.5M |
| Diluted EPS | $108.23 | $111.83 | -$107.43 | $189.49 | -$13.45 | -$143.86 |
Biglari Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $99.7M | $99.9M | $97.5M | $108.5M |
| Net Income | -$5.3M | -$49.9M | -$14.5M | $39.9M |
| Diluted EPS | -$20.38 | — | -$55.81 | $158.17 |
Biglari Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $24.5M | $42.3M | $37.5M | $28.1M | $30.7M | $268.8M |
| Current Assets | $147.8M | $164.8M | $150.7M | $152.6M | $170.6M | $378.5M |
| Total Assets | $1.02B | $894.8M | $828.5M | $849.4M | $866.1M | $1.03B |
| Current Liabilities | $288.4M | $143.6M | $134.9M | $111.1M | $147.3M | $156.0M |
| Total Long-Term Debt | $234.2M | $104.5M | $10.0M | — | $45.0M | $213.9M |
| Total Liabilities | $453.1M | $307.1M | $272.9M | $250.1M | $293.2M | $502.0M |
| Shareholders' Equity | $564.8M | $587.7M | $547.0M | $599.3M | $573.0M | $523.4M |
Biglari Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $117.6M | $228.8M | $127.8M | $73.0M | $49.7M | $107.0M |
| Cash From Investing | -$129.5M | -$58.5M | -$136.6M | -$66.1M | -$87.4M | -$65.5M |
| Cash From Financing | -$29.1M | -$156.2M | $3.9M | -$16.1M | $39.5M | $196.5M |
| Free Cash Flow | $96.9M | $164.2M | $98.1M | $49.6M | $19.1M | $76.6M |
Figures from Biglari's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Biglari financials page for every line item.
Biglari Company Profile
| Ticker | BH-A |
|---|---|
| Exchange | NYSE |
| Industry | Eating Places (Retail) |
| Headquarters | San Antonio, Texas |
| Incorporated in | Indiana |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0001726173 |
Frequently Asked Questions
What was Biglari's revenue in fiscal 2025?
Biglari (BH-A) reported revenue of $395.3M for fiscal 2025.
What is Biglari's annual revenue history?
Biglari's annual revenue by fiscal year: 2020: $433.7M; 2021: $366.1M; 2022: $368.2M; 2023: $365.3M; 2024: $362.1M; 2025: $395.3M.
What was Biglari's net income in fiscal 2025?
Biglari reported net income of -$37.5M for fiscal 2025.
What was Biglari's earnings per share (EPS) in fiscal 2025?
Biglari's diluted EPS was -$143.86 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Biglari generate in fiscal 2025?
Biglari generated $76.6M of free cash flow in fiscal 2025.
What was Biglari's revenue last quarter?
In its most recent reported quarter (2026 Q2), Biglari reported revenue of $108.5M.
How much debt does Biglari have?
Biglari reported $213.9M of long-term debt, including the current portion, at the end of fiscal 2025.
When does Biglari's fiscal year end?
Biglari's fiscal year end, as registered with the SEC, is December 31.
Where is Biglari headquartered?
Biglari lists its business address in San Antonio, Texas in its SEC filings.