BH · Biglari Holdings Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $97.48M | - | $99.74M | $100.62M | $95.03M | - | $90.41M | $91.14M | $89.45M | - |
| Cost of Revenue | $37.47M | - | $41.84M | $40.04M | $37.76M | - | $36.21M | $36.89M | $34.42M | - |
| Gross Profit | $60.02M | - | $57.90M | $60.58M | $57.28M | - | $54.20M | $54.26M | $55.03M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $24.87M | - | $20.42M | $22.85M | $21.37M | - | $19.51M | $18.65M | $18.27M | - |
| Total Operating Expenses | $101.62M | - | $92.88M | $96.95M | $85.04M | - | $87.14M | $71.44M | $83.75M | - |
| D&A | $10.66M | - | $9.54M | $10.27M | $10.26M | - | $10.59M | $9.12M | $10.05M | - |
| Operating Income | ($18.88M) | - | ($7.55M) | $65.10M | ($41.18M) | - | $43.33M | ($62.91M) | $29.39M | - |
| Interest Expense | $5.65M | - | $829.0K | $852.0K | $900.0K | - | $275.0K | $42.0K | $0 | - |
| Income Tax | ($4.35M) | - | ($2.26M) | $14.17M | $6.82M | - | - | - | - | - |
| Net Income | ($14.53M) | - | ($5.29M) | $50.93M | ($33.27M) | - | $32.13M | ($48.19M) | $22.58M | - |
| EPS - Basic | - | - | - | - | - | - | - | - | - | - |
| EPS - Diluted | - | - | - | - | - | - | - | - | - | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $200.07M | $268.78M | $272.49M | $32.77M | $28.66M | $30.71M | $29.89M | $26.90M | $34.54M | $28.07M |
| Accounts Receivable | $24.94M | $23.28M | $21.24M | $21.08M | $22.51M | $25.18M | $21.38M | $19.17M | $24.20M | $22.24M |
| Inventory | $3.52M | $3.77M | $3.93M | $4.37M | $4.23M | $4.03M | $3.86M | $3.59M | $3.56M | $2.98M |
| Accounts Payable | $32.03M | $34.17M | $27.81M | $25.54M | $27.85M | $28.54M | $26.31M | $25.81M | $21.83M | $22.45M |
| Current Assets | $356.21M | $378.53M | $404.14M | $174.28M | $171.53M | $170.62M | $165.22M | $151.15M | $168.43M | $152.55M |
| Total Assets | $1.02B | $1.03B | $1.08B | $863.58M | $829.06M | $866.13M | $865.12M | $809.05M | $885.32M | $849.42M |
| Current Liabilities | $144.32M | $156.00M | $142.96M | $126.09M | $150.31M | $147.32M | $112.05M | $105.77M | $118.28M | $111.10M |
| Long-term Debt | $211.68M | $213.92M | $10.00M | - | - | - | - | - | - | - |
| Total Liabilities | $499.14M | $501.95M | $499.22M | $274.29M | $289.22M | $293.17M | $263.35M | $239.87M | $266.75M | $250.09M |
| Stockholders' Equity | $519.16M | $523.43M | $580.28M | $589.29M | $539.84M | $572.96M | $601.76M | $569.18M | $618.57M | $599.33M |
| Retained Earnings | $575.68M | $590.21M | $640.06M | $645.36M | $594.42M | $627.70M | $637.97M | $605.85M | $654.04M | $631.46M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $20.33M | - | - | - | $15.79M | - | - | - | $19.13M | - |
| Investing Cash Flow | ($95.14M) | - | - | - | ($19.89M) | - | - | - | ($11.24M) | - |
| Financing Cash Flow | $6.06M | - | - | - | $2.00M | - | - | - | ($1.40M) | - |
| CapEx | $6.97M | - | - | - | $7.30M | - | - | - | $4.60M | - |
| Free Cash Flow | $13.37M | - | - | - | $8.49M | - | - | - | $14.53M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 61.6% | - | 58.1% | 60.2% | 60.3% | - | 59.9% | 59.5% | 61.5% | - |
| Operating margin | -19.4% | - | -7.6% | 64.7% | -43.3% | - | 47.9% | -69.0% | 32.9% | - |
| EBITDA margin | -8.4% | - | 2.0% | 74.9% | -32.5% | - | 59.6% | -59.0% | 44.1% | - |
| Net margin | -14.9% | - | -5.3% | 50.6% | -35.0% | - | 35.5% | -52.9% | 25.2% | - |
| Free cash flow margin | 13.7% | - | - | - | 8.9% | - | - | - | 16.2% | - |
| FCF / Net income | -0.92 | - | - | - | -0.26 | - | - | - | 0.64 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 25.5% | - | 20.5% | 22.7% | 22.5% | - | 21.6% | 20.5% | 20.4% | - |
| Effective tax rate | - | - | - | 21.8% | - | - | - | - | - | - |
| Return on assets | -1.4% | - | -0.5% | 5.9% | -4.0% | - | 3.7% | -6.0% | 2.6% | - |
| Return on equity | -2.8% | - | -0.9% | 8.6% | -6.2% | - | 5.3% | -8.5% | 3.7% | - |
| Return on invested capital | -2.0% | - | -1.0% | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 2.47 | 2.43 | 2.83 | 1.38 | 1.14 | 1.16 | 1.47 | 1.43 | 1.42 | 1.37 |
| Quick ratio | 2.44 | 2.40 | 2.80 | 1.35 | 1.11 | 1.13 | 1.44 | 1.40 | 1.39 | 1.35 |
| Cash ratio | 1.39 | 1.72 | 1.91 | 0.26 | 0.19 | 0.21 | 0.27 | 0.25 | 0.29 | 0.25 |
| Leverage | ||||||||||
| Debt / Equity | 0.41 | 0.41 | 0.02 | - | - | - | - | - | - | - |
| Debt / Assets | 0.21 | 0.21 | 0.01 | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | 5.02 | - | - | - | - | - | - | - |
| Interest coverage | -3.3x | - | -9.1x | 76.4x | -45.8x | - | 157.5x | -1498.0x | - | - |
| Equity multiplier | 1.96 | 1.96 | 1.86 | 1.47 | 1.54 | 1.51 | 1.44 | 1.42 | 1.43 | 1.42 |
| Liabilities / Assets | 0.49 | 0.49 | 0.46 | 0.32 | 0.35 | 0.34 | 0.30 | 0.30 | 0.30 | 0.29 |
| Efficiency | ||||||||||
| Asset turnover | 0.10 | - | 0.09 | 0.12 | 0.11 | - | 0.10 | 0.11 | 0.10 | - |
| Inventory turnover | 10.64 | - | 10.63 | 9.16 | 8.92 | - | 9.38 | 10.28 | 9.66 | - |
| Days sales outstanding | 93d | - | 78d | 76d | 86d | - | 86d | 77d | 99d | - |
| Days inventory outstanding | 34d | - | 34d | 40d | 41d | - | 39d | 35d | 38d | - |
| Days payable outstanding | 312d | - | 243d | 233d | 269d | - | 265d | 255d | 231d | - |
| Cash conversion cycle | -184d | - | -131d | -116d | -142d | - | -140d | -143d | -95d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 2.6% | - | 10.3% | 10.4% | 6.2% | - | -0.6% | -2.6% | -0.8% | - |
| Revenue CAGR (3y) | 2.6% | - | 2.7% | 2.9% | 3.6% | - | 3.3% | 0.1% | -7.8% | - |
| Revenue CAGR (5y) | -3.1% | - | -0.4% | 0.8% | -6.9% | - | -10.8% | -11.5% | -13.2% | - |
| Gross profit growth (YoY) | 4.8% | - | 6.8% | 11.7% | 4.1% | - | 0.1% | -7.4% | -4.2% | - |
| Operating income growth (YoY) | 54.2% | - | - | - | - | - | - | - | -65.5% | - |
| Net income growth (YoY) | 56.3% | - | - | - | - | - | - | - | -65.2% | - |
| EPS growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 57.3% | - | - | - | -41.5% | - | - | - | 3.8% | - |
| FCF CAGR (5y) | -39.0% | - | - | - | -28.0% | - | - | - | - | - |
| Book value growth (YoY) | -3.8% | -8.6% | -3.6% | 3.5% | -12.7% | -4.4% | 8.0% | -7.7% | 1.1% | 9.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$652.63M totalRestaurant Operations$280.87M · 43.0%
Restaurant Segment$270.58M · 41.5%
Insurance Segment$76.46M · 11.7%
Oil And Gas Segment$17.00M · 2.6%
Maxim$7.72M · 1.2%
Product / service
$727.56M totalRestaurant Operations$280.87M · 38.6%
Product$181.88M · 25.0%
Franchisor$77.00M · 10.6%
Insurance Operations$76.46M · 10.5%
Insurance Underwriting$36.67M · 5.0%
Oil And Gas$30.21M · 4.2%
Royalty$13.59M · 1.9%
Product And Service Other$8.40M · 1.2%
Licensing And Media$7.72M · 1.1%
Gift Cards$4.66M · 0.6%
Advertising$3.45M · 0.5%
Investment Income1$3.34M · 0.5%
Other Segment$2.98M · 0.4%
Franchise$330.0K · 0.0%
Peer comparison
Same SIC group: Retail-Eating Places
Comparing Biglari Holdings Inc. against the 5 most active filers in the same SIC group.
Dividends
$0.00/share trailing 12 months
| Ex-date | Per share |
|---|---|
| Nov 28, 1990 | $17.6490 |
| Sep 17, 1990 | $0.2076 |
| Jun 4, 1990 | $0.2076 |
| Feb 26, 1990 | $0.2076 |
| Dec 8, 1989 | $0.1661 |
| Aug 28, 1989 | $0.1661 |
| May 26, 1989 | $0.1661 |
| Feb 27, 1989 | $0.1661 |
| Dec 15, 1988 | $0.1661 |
| Aug 29, 1988 | $0.1246 |
| Jun 14, 1988 | $0.1246 |
| Feb 29, 1988 | $0.2076 |
| Aug 27, 1987 | $0.2076 |
| Feb 25, 1987 | $0.1661 |