Get started

Financials · BH

Biglari Holdings Inc. (BH) financials

For the twelve months ended Sep 30, 2026, Biglari Holdings Inc. reported $417.94M of revenue and -$23.44M of net income.

Revenue, TTM
$417.94M
Revenue growth, YoY
+8.1%
Net income, TTM
-$23.44M
Net margin
-5.6%
Free cash flow, TTM
$24.82M
Cash
$213.38M
Total debt
$215.12M
P/S
2.08
Market cap
$869.1M
Annual revenue$395.26M
FY2018FY2025
Annual net income-$37.49M
FY2016FY2025
Annual free cash flow$76.61M
FY2018FY2025

BH revenue and earnings growth

BH revenueQ3 2026$112.07M

Quarter YoY
+12.4%
QoQ
+3.3%
FY YoY
+9.2%
5Y CAGR
-1.8%

BH revenue was $112.07M in fiscal Q3 2026 (ended Sep 30, 2026), up 12.4% from a year earlier and up 3.3% from the prior quarter. For the full fiscal 2025 it was $395.26M, up 9.2% from fiscal 2024. Compound annual growth was -1.8% over 5 years. It rose in 2 of the last 7 fiscal years.

BH net incomeQ3 2026$1.01M

QoQ
-97.5%

BH net income was $1.01M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$5.29M a year earlier and down 97.5% from the prior quarter. For the full fiscal 2025 it was -$37.49M, compared with -$3.76M in fiscal 2024.

BH EPSFY2025-$143.86

BH diluted EPS was -$143.86 for fiscal 2025 (ended Dec 31, 2025), compared with -$13.45 in fiscal 2024.

BH free cash flowQ3 2026-$3.20M

FY YoY
+301.8%
5Y CAGR
-4.6%

BH free cash flow was -$3.20M in fiscal Q3 2026 (ended Sep 30, 2026), compared with $22.30M a year earlier. For the full fiscal 2025 it was $76.61M, up 301.8% from fiscal 2024. Compound annual growth was -4.6% over 5 years. It rose in 4 of the last 7 fiscal years.

Export CSV

Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$395.26M$362.11M$365.32M$368.23M$366.11M$433.68M$668.84M$809.89M--
Cost of revenue$161.32M$143.45M$137.99M$140.26M$167.49M$246.66M$500.95M$636.46M--
Gross profit$233.94M$218.66M$227.33M$227.97M$198.62M$187.03M$167.89M$173.44M--
Selling, general and admin$86.84M$75.67M$77.00M$70.61M$76.02M$76.36M$100.15M$127.23M--
Interest expense-----$15.54M$20.26M$19.88M--
Pre-tax income-$47.69M-$8.15M$64.85M-$43.03M$42.27M-$50.20M$55.14M$16.75M--
Income tax-$10.20M-$4.39M$9.31M-$10.72M$6.79M-$12.21M$9.76M-$2.64M--
Net income-$37.49M-$3.76M$54.95M-$32.02M$35.48M-$37.99M$45.38M$19.39M$50.07M$99.45M
EPS, diluted-$143.86-$13.45$189.49-$107.43$111.83-$110.05$131.64---

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$268.78M$31.43M$28.07M$38.80M$43.69M$29.67M$70.70M$55.01M$67.23M$75.83M
Receivables$23.28M$25.18M$22.24M$29.38M$28.51M$19.18M$21.64M$15.74M$16.28M-
Inventory$3.77M$4.03M$2.98M$3.85M$3.80M$2.74M$4.67M$7.54M$7.27M-
Current assets$378.53M$170.62M$152.55M$150.65M$164.81M$147.78M$145.39M$114.93M$112.64M-
Goodwill$52.57M$52.50M$52.53M$53.51M$53.55M$53.60M$40.04M$40.05M$40.08M-
Total assets$1.03B$866.13M$849.42M$828.47M$894.81M$1.02B$1.14B$1.03B$1.06B-
Current liabilities$156.00M$147.32M$111.10M$134.90M$143.64M$288.45M$139.82M$122.98M$135.49M-
Short-term debt$33.07M$35.00M$0$10.00M$0$152.26M$7.10M$5.72M$6.75M-
Long-term debt$213.92M$10.00M--$104.48M$111.64M$263.18M$240.00M$256.99M-
Total debt$246.99M$45.00M--$104.48M$263.91M$270.29M$245.72M$263.74M-
Total liabilities$501.95M$293.17M$250.09M$272.91M$307.11M$453.14M$523.01M$459.04M$492.26M-
Shareholders' equity$523.43M$572.96M$599.33M$555.57M$587.70M$564.83M$616.30M$570.46M$571.33M$531.94M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$106.96M$49.66M$73.00M$127.83M$228.77M$117.56M$93.68M$20.68M--
Capital expenditures$30.35M$30.59M$23.41M$29.75M$64.55M$20.70M$17.68M$15.29M--
Free cash flow$76.61M$19.07M$49.60M$98.08M$164.22M$96.85M$76.00M$5.38M--
Investing cash flow-$65.47M-$87.39M-$66.08M-$136.60M-$58.52M-$129.49M-$69.98M-$25.29M--
Financing cash flow$196.53M$39.48M-$16.13M$3.86M-$156.16M-$29.11M-$8.01M-$7.53M--
Depreciation and amortization$40.78M$39.84M$38.98M$36.44M$30.05M$32.22M$29.58M$19.32M--

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY9.2%-0.9%-0.8%0.6%-15.6%-35.2%-17.4%---
Net income growth, YoY------134.0%-61.3%-49.7%-
Gross margin59.2%60.4%62.2%61.9%54.3%43.1%25.1%21.4%--
Net margin-9.5%-1.0%15.0%-8.7%9.7%-8.8%6.8%2.4%--
Free cash flow margin19.4%5.3%13.6%26.6%44.9%22.3%11.4%0.7%--
Return on equity-7.2%-0.7%9.2%-5.8%6.0%-6.7%7.4%3.4%8.8%18.7%
Return on assets-3.7%-0.4%6.5%-3.9%4.0%-3.7%4.0%1.9%4.7%-
Current ratio2.431.161.371.121.150.511.040.930.83-
Debt to equity0.470.08--0.180.470.440.430.46-

Source: XBRL data Biglari Holdings Inc. files with the SEC, latest filing dated Nov 6, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

BH peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
BH$417.94M+8.1%-$23.44M-5.6%$869.1M
MCD$27.78B+5.8%$8.99B32.4%$199.16B
SBUX$38.34B+4.5%$1.98B5.2%$124.76B
CMG$12.71B+7.9%$1.38B10.8%$45.22B
YUM$8.80B+9.1%$3.44B39.1%$43.90B
QSR$9.78B+5.5%$1.76B18.1%$34.98B
DRI$13.37B+8.1%$1.18B8.8%$26.00B
YUMC$12.71B+9.9%$1.00B7.9%$16.82B
ARMK$19.85B+11.0%$382.91M1.9%$14.43B

BH FAQ

8 questions
  • What is BH revenue?
    Biglari Holdings Inc. (BH) reported $417.94M of revenue for the twelve months ended Sep 30, 2026. That is up 8.1% from the year before. Revenue for fiscal 2025 was $395.26M.
  • Is BH profitable?
    No. Biglari Holdings Inc. reported a net loss of $23.44M for the twelve months ended Sep 30, 2026.
  • How much cash and debt does BH have?
    Biglari Holdings Inc. reported $213.38M in cash and cash equivalents and $215.12M of debt on its most recent balance sheet in SEC filings.
  • How fast is BH revenue growing?
    Biglari Holdings Inc.'s revenue changed +9.2% in fiscal 2025, to $395.26M. Its compound annual growth rate was -1.8% over 5 years.
  • What is BH gross margin?
    Biglari Holdings Inc.'s gross profit was $256.08M on $417.94M of revenue for the twelve months ended Sep 30, 2026, a gross margin of 61.3%.
  • What is BH free cash flow?
    Biglari Holdings Inc. generated $24.82M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $56.26M less capital expenditures.
  • When did BH last report financial results?
    The latest statements here come from Biglari Holdings Inc.'s 10-Q filed on Nov 6, 2026, covering the period ended Sep 30, 2026.
  • Where does this BH financial data come from?
    Quantisnow builds these statements from the structured XBRL data Biglari Holdings Inc. files with the SEC. It is provided for information only and is not investment advice.