Biglari Holdings Inc.
BH-A NYSE Retail-Eating Places Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$395M
9.2%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
−$37.5M
Free cash flow
Cash from operations minus capital spending.
$76.6M
301.8%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$143.86 EPS (TTM)
What Biglari Holdings Inc. does
No business description yet.
- Legal name
- Biglari Holdings Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 2, 2026
- Accession · CIK
- 0001628280-26-012987
0001726173
Revenue and margins
Biglari Holdings Inc. had $395M of revenue in fiscal 2025, up 9.2% on the year before.
FY16
Revenue —
FY17
Revenue —
FY18
Revenue $810M
FY19
Revenue $669M
FY20
Revenue $434M
FY21
Revenue $366M
FY22
Revenue $368M
FY23
Revenue $365M
FY24
Revenue $362M
FY25
Revenue $395M
Q3 '23
Revenue $90.9M
Q4 '23
Revenue $90.7M
Q1 '24
Revenue $89.5M
Q2 '24
Revenue $91.1M
Q3 '24
Revenue $90.4M
Q4 '24
Revenue $91.1M
Q1 '25
Revenue $95.0M
Q2 '25
Revenue $101M
Q3 '25
Revenue $99.7M
Q4 '25
Revenue $99.9M
Q1 '26
Revenue $97.5M
Q2 '26
Revenue $109M
FY16
Gross —
Operating —
Net —
FCF —
FY17
Gross —
Operating —
Net —
FCF —
FY18
Gross 21.4%
Operating —
Net 2.4%
FCF 0.7%
FY19
Gross 25.1%
Operating —
Net 6.8%
FCF 11.4%
FY20
Gross 43.1%
Operating —
Net −8.8%
FCF 22.3%
FY21
Gross 54.3%
Operating —
Net 9.7%
FCF 44.9%
FY22
Gross 61.9%
Operating —
Net −8.7%
FCF 26.6%
FY23
Gross 62.2%
Operating —
Net 15.0%
FCF 13.6%
FY24
Gross 60.4%
Operating —
Net −1.0%
FCF 5.3%
FY25
Gross 59.2%
Operating —
Net −9.5%
FCF 19.4%
Gross
Operating
Net
FCF
Q3 '23
Gross 59.5%
Operating —
Net −62.1%
FCF 11.9%
Q4 '23
Gross 63.0%
Operating —
Net 49.2%
FCF 19.7%
Q1 '24
Gross 61.5%
Operating —
Net 25.2%
FCF 16.2%
Q2 '24
Gross 59.5%
Operating —
Net −52.9%
FCF −11.0%
Q3 '24
Gross 59.9%
Operating —
Net 35.5%
FCF 4.1%
Q4 '24
Gross 60.6%
Operating —
Net −11.3%
FCF 12.0%
Q1 '25
Gross 60.3%
Operating —
Net −35.0%
FCF 8.9%
Q2 '25
Gross 60.2%
Operating —
Net 50.6%
FCF 39.2%
Q3 '25
Gross 58.1%
Operating —
Net −5.3%
FCF 22.4%
Q4 '25
Gross 58.3%
Operating —
Net −49.9%
FCF 6.4%
Q1 '26
Gross 61.6%
Operating —
Net −14.9%
FCF 13.7%
Q2 '26
Gross 62.1%
Operating —
Net 36.8%
FCF 7.6%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $99.5M
FY17
Net income $50.1M
FY18
Net income $19.4M
FY19
Net income $45.4M
FY20
Net income −$38.0M
FY21
Net income $35.5M
FY22
Net income −$32.0M
FY23
Net income $54.9M
FY24
Net income −$3.8M
FY25
Net income −$37.5M
Q3 '23
Net income −$56.5M
Q4 '23
Net income $44.6M
Q1 '24
Net income $22.6M
Q2 '24
Net income −$48.2M
Q3 '24
Net income $32.1M
Q4 '24
Net income −$10.3M
Q1 '25
Net income −$33.3M
Q2 '25
Net income $50.9M
Q3 '25
Net income −$5.3M
Q4 '25
Net income −$49.9M
Q1 '26
Net income −$14.5M
Q2 '26
Net income $39.9M
FY16
Diluted EPS —
FY17
Diluted EPS —
FY18
Diluted EPS —
FY19
Diluted EPS $131.64
FY20
Diluted EPS −$110.05
FY21
Diluted EPS $111.83
FY22
Diluted EPS −$107.43
FY23
Diluted EPS $189.49
FY24
Diluted EPS −$13.45
FY25
Diluted EPS −$143.86
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity 18.7%
Return on assets —
FY17
Return on capital —
Return on equity 9.1%
Return on assets 4.7%
FY18
Return on capital —
Return on equity 3.4%
Return on assets 1.9%
FY19
Return on capital —
Return on equity 7.6%
Return on assets 4.2%
FY20
Return on capital —
Return on equity −6.4%
Return on assets −3.5%
FY21
Return on capital —
Return on equity 6.2%
Return on assets 3.7%
FY22
Return on capital —
Return on equity −5.6%
Return on assets −3.7%
FY23
Return on capital —
Return on equity 9.6%
Return on assets 6.5%
FY24
Return on capital —
Return on equity −0.6%
Return on assets −0.4%
FY25
Return on capital —
Return on equity −6.8%
Return on assets −4.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $76.6M in fiscal 2025, 19.4% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow $5.4M
FY19
Free cash flow $76.0M
FY20
Free cash flow $96.9M
FY21
Free cash flow $164M
FY22
Free cash flow $98.1M
FY23
Free cash flow $49.6M
FY24
Free cash flow $19.1M
FY25
Free cash flow $76.6M
Q3 '23
Free cash flow $10.8M
Q4 '23
Free cash flow $17.8M
Q1 '24
Free cash flow $14.5M
Q2 '24
Free cash flow −$10.0M
Q3 '24
Free cash flow $3.7M
Q4 '24
Free cash flow $10.9M
Q1 '25
Free cash flow $8.5M
Q2 '25
Free cash flow $39.4M
Q3 '25
Free cash flow $22.3M
Q4 '25
Free cash flow $6.4M
Q1 '26
Free cash flow $13.4M
Q2 '26
Free cash flow $8.3M
FY16
Cash from operations —
Capital spending —
FY17
Cash from operations —
Capital spending —
FY18
Cash from operations $20.7M
Capital spending $15.3M
FY19
Cash from operations $93.7M
Capital spending $17.7M
FY20
Cash from operations $118M
Capital spending $20.7M
FY21
Cash from operations $229M
Capital spending $64.5M
FY22
Cash from operations $128M
Capital spending $29.7M
FY23
Cash from operations $73.0M
Capital spending $23.4M
FY24
Cash from operations $49.7M
Capital spending $30.6M
FY25
Cash from operations $107M
Capital spending $30.4M
Cash from operations
Capital spending
Q3 '23
Cash from operations $17.2M
Capital spending $6.4M
Q4 '23
Cash from operations $24.3M
Capital spending $6.5M
Q1 '24
Cash from operations $19.1M
Capital spending $4.6M
Q2 '24
Cash from operations $1.8M
Capital spending $11.8M
Q3 '24
Cash from operations $10.8M
Capital spending $7.1M
Q4 '24
Cash from operations $18.0M
Capital spending $7.1M
Q1 '25
Cash from operations $15.8M
Capital spending $7.3M
Q2 '25
Cash from operations $42.1M
Capital spending $2.7M
Q3 '25
Cash from operations $31.2M
Capital spending $8.9M
Q4 '25
Cash from operations $17.8M
Capital spending $11.4M
Q1 '26
Cash from operations $20.3M
Capital spending $7.0M
Q2 '26
Cash from operations $14.9M
Capital spending $6.7M
Cash from operations
Capital spending
Dividends, buybacks and share count
Biglari Holdings Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares —
FY17
Diluted shares —
FY18
Diluted shares —
FY19
Diluted shares —
FY20
Diluted shares —
FY21
Diluted shares —
FY22
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably Biglari Holdings Inc. can carry it.
FY16
Cash $75.8M
Debt —
FY17
Cash $58.6M
Debt $264M
FY18
Cash $48.6M
Debt $246M
FY19
Cash $67.8M
Debt $282M
FY20
Cash $24.5M
Debt $273M
FY21
Cash $42.3M
Debt $111M
FY22
Cash $37.5M
Debt $15.4M
FY23
Cash $28.1M
Debt $4.8M
FY24
Cash $30.7M
Debt $49.0M
FY25
Cash $269M
Debt $254M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $42.3M | $37.5M | $28.1M | $30.7M | $269M |
| Debt incl. finance leases | $111M | $15.4M | $4.8M | $49.0M | $254M |
| Debt / equity | 0.2x | 0.0x | 0.0x | 0.1x | 0.5x |
| Current ratio | 1.1x | 1.1x | 1.4x | 1.2x | 2.4x |
| Quick ratio | 1.1x | 1.1x | 1.3x | 1.1x | 2.4x |
| Total assets | $895M | $828M | $849M | $866M | $1.0B |
| Total liabilities | $307M | $273M | $250M | $293M | $502M |
| Shareholders' equity | $588M | $547M | $599M | $573M | $523M |
| Net debt (− = net cash) | $68.9M | −$22.1M | −$23.2M | $18.3M | −$14.4M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✕ |
| Cash from operations is positive | — | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | — | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ |
| Current ratio rose | — | — | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ |
| Share count didn't rise | — | — | — | — | — | — | — | — | — | — |
| Gross margin rose | — | — | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ |
| Revenue rose relative to assets | — | — | — | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ |
| F-score | — / 1 | — / 1 | — / 6 | 7 / 8 | 3 / 8 | 7 / 8 | 5 / 8 | 7 / 8 | 2 / 8 | 3 / 8 |
| Accruals ratio | — | — | −0.1% | −4.5% | −14.4% | −20.2% | −18.6% | −2.2% | −6.2% | −15.3% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | — | — | $810M | $669M | $434M | $366M | $368M | $365M | $362M | $395M |
| Gross profit | — | — | $173M | $168M | $187M | $199M | $228M | $227M | $219M | $234M |
| Interest expense | — | — | $19.9M | $20.3M | $15.5M | $1.1M | $0.4M | $0.7M | $0.8M | $8.2M |
| Pretax income | — | — | $16.8M | $55.1M | −$50.2M | $42.3M | −$43.0M | $64.8M | −$8.2M | −$47.7M |
| Income tax | — | — | −$2.6M | $9.8M | −$12.2M | $6.8M | −$10.7M | $9.3M | −$4.4M | −$10.2M |
| Net income | $99.5M | $50.1M | $19.4M | $45.4M | −$38.0M | $35.5M | −$32.0M | $54.9M | −$3.8M | −$37.5M |
| Diluted EPS | — | — | — | $131.64 | −$110.05 | $111.83 | −$107.43 | $189.49 | −$13.45 | −$143.86 |
| Cash flow | ||||||||||
| Cash from operations | — | — | $20.7M | $93.7M | $118M | $229M | $128M | $73.0M | $49.7M | $107M |
| Capital expenditure | — | — | $15.3M | $17.7M | $20.7M | $64.5M | $29.7M | $23.4M | $30.6M | $30.4M |
| Free cash flow | — | — | $5.4M | $76.0M | $96.9M | $164M | $98.1M | $49.6M | $19.1M | $76.6M |
| Depreciation and amortization | — | — | $19.3M | $29.6M | $32.2M | $30.1M | $36.4M | $39.0M | $39.8M | $40.8M |
| Acquisitions | — | — | $0.0M | $51.1M | $36.2M | $0.0M | $58.3M | $0.0M | $0.0M | — |
| Balance sheet | ||||||||||
| Cash and short-term investments | $75.8M | $58.6M | $48.6M | $67.8M | $24.5M | $42.3M | $37.5M | $28.1M | $30.7M | $269M |
| Total debt | — | $264M | $246M | $270M | $264M | $104M | $10.0M | $0.0M | $45.0M | $247M |
| Finance lease liabilities | — | — | — | $11.3M | $8.9M | $6.8M | $5.4M | $4.8M | $4.0M | $7.4M |
| Current assets | — | $113M | $115M | $145M | $148M | $165M | $151M | $153M | $171M | $379M |
| Current liabilities | — | $135M | $123M | $140M | $288M | $144M | $135M | $111M | $147M | $156M |
| Inventory | — | $7.3M | $7.5M | $4.7M | $2.7M | $3.8M | $3.9M | $3.0M | $4.0M | $3.8M |
| Property and equipment, net | — | $296M | $275M | $351M | $316M | $349M | $401M | $380M | $376M | $367M |
| Goodwill | — | $40.1M | $40.1M | $40.0M | $53.6M | $53.5M | $53.5M | $52.5M | $52.5M | $52.6M |
| Intangible assets | — | $26.6M | $28.1M | $27.2M | $24.1M | $23.5M | $23.0M | $23.2M | $22.8M | $23.7M |
| Total assets | — | $1.1B | $1.0B | $1.1B | $1.0B | $895M | $828M | $849M | $866M | $1.0B |
| Total liabilities | — | $492M | $459M | $523M | $453M | $307M | $273M | $250M | $293M | $502M |
| Shareholders' equity | $532M | $571M | $570M | $616M | $565M | $588M | $547M | $599M | $573M | $523M |
| Margins | ||||||||||
| Gross margin | — | — | 21.4% | 25.1% | 43.1% | 54.3% | 61.9% | 62.2% | 60.4% | 59.2% |
| Net margin | — | — | 2.4% | 6.8% | −8.8% | 9.7% | −8.7% | 15.0% | −1.0% | −9.5% |
| FCF margin | — | — | 0.7% | 11.4% | 22.3% | 44.9% | 26.6% | 13.6% | 5.3% | 19.4% |
| Returns | ||||||||||
| Return on equity | 18.7% | 9.1% | 3.4% | 7.6% | −6.4% | 6.2% | −5.6% | 9.6% | −0.6% | −6.8% |
| Return on assets | — | 4.7% | 1.9% | 4.2% | −3.5% | 3.7% | −3.7% | 6.5% | −0.4% | −4.0% |
| Return on tangible equity | 18.7% | 9.9% | 3.9% | 8.3% | −7.8% | 6.9% | −6.8% | 10.5% | −0.8% | −8.4% |
| Growth | ||||||||||
| Revenue growth | — | — | — | −17.4% | −35.2% | −15.6% | 0.6% | −0.8% | −0.9% | 9.2% |
| Net income growth | — | −49.7% | −61.3% | 134.0% | −183.7% | — | −190.2% | — | −106.8% | — |
| EPS growth | — | — | — | — | −183.6% | — | −196.1% | — | −107.1% | — |
| FCF growth | — | — | — | 1,311.4% | 27.4% | 69.6% | −40.3% | −49.4% | −61.6% | 301.8% |
| Financial health | ||||||||||
| Debt / equity | — | 0.5x | 0.4x | 0.4x | 0.5x | 0.2x | 0.0x | 0.0x | 0.1x | 0.5x |
| Current ratio | — | 0.8x | 0.9x | 1.0x | 0.5x | 1.1x | 1.1x | 1.4x | 1.2x | 2.4x |
| Quick ratio | — | 0.8x | 0.9x | 1.0x | 0.5x | 1.1x | 1.1x | 1.3x | 1.1x | 2.4x |
| Capital allocation | ||||||||||
| Capex / revenue | — | — | 1.9% | 2.6% | 4.8% | 17.6% | 8.1% | 6.4% | 8.4% | 7.7% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | — | 7.0 | 3.0 | 7.0 | 5.0 | 7.0 | 2.0 | 3.0 |
| Accruals ratio | — | — | −0.1% | −4.5% | −14.4% | −20.2% | −18.6% | −2.2% | −6.2% | −15.3% |
Source: SEC EDGAR XBRL filings (CIK 0001726173). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.