Biglari Holdings Inc. most recently reported annual revenue of $395.0M, a net loss of $37.0M. Revenue declined at an average annual rate of 1.9% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.
Biglari Holdings Inc.: Revenue fell from $850.0M in 2016 to $395.0M in 2025, a change of -53.5% over 9 years; net profit was positive in 6 of 10 reported years; operating margin moved from 3.7% to 4.6%, a shift of +0.9 percentage points; the most recent year shows a net loss of $37.0M.
Income Statement — 10 Years (USD millions)
Metric
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Revenue
$850.0M
$840.0M
$810.0M
$669.0M
$434.0M
$366.0M
$368.0M
$365.0M
$362.0M
$395.0M
Operating Expenses
$818.0M
$840.0M
$773.0M
$634.0M
$373.0M
$299.0M
$286.0M
$326.0M
$339.0M
$377.0M
Operating Profit
$32.0M
$0
$37.0M
$35.0M
$61.0M
$67.0M
$82.0M
$39.0M
$23.0M
$18.0M
Operating Margin
3.7%
0.0%
4.5%
5.2%
14.0%
18.2%
22.3%
10.8%
6.4%
4.6%
Other Income
$115.0M
$-13.0M
$15.0M
$20.0M
$-111.0M
$-24.0M
$-125.0M
$25.0M
$-31.0M
$-66.0M
Interest
$21.0M
$20.0M
$20.0M
$20.0M
$16.0M
$7.0M
$6.0M
$6.0M
$6.0M
$5.0M
Depreciation
$23.0M
$21.0M
$19.0M
$30.0M
$32.0M
$30.0M
$36.0M
$39.0M
$40.0M
$41.0M
Profit Before Tax
$146.0M
$-13.0M
$17.0M
$55.0M
$-50.0M
$42.0M
$-43.0M
$65.0M
$-8.0M
$-48.0M
Tax
$32.0M
$488.4M
$-15.7M
$17.7M
$24.3M
$16.1M
$24.9M
$14.3M
$53.9M
$21.4M
Net Profit
$99.0M
$50.0M
$19.0M
$45.0M
$-38.0M
$35.0M
$-32.0M
$55.0M
$-4.0M
$-37.0M
EPS
$54.24
$27.20
$11.14
$26.33
$-22.01
$22.37
$-21.49
$38.55
$-2.69
$-12.08
Dividend Payout
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Quarterly Results — Last 12 Quarters (USD millions)
8 duplicate period labels in the source data were collapsed.
Metric
Sep '23
Dec '23
Mar '24
Jun '24
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
$91.0M
$91.0M
$89.0M
$91.0M
$90.0M
$91.0M
$95.0M
$101.0M
$100.0M
$100.0M
$97.0M
$109.0M
Operating Expenses
$72.0M
$84.0M
$83.0M
$85.0M
$75.0M
$85.0M
$92.0M
$95.0M
$81.0M
$96.0M
$94.0M
$95.0M
Operating Profit
$19.0M
$7.0M
$7.0M
$6.0M
$15.0M
$6.0M
$3.0M
$6.0M
$19.0M
$4.0M
$3.0M
$13.0M
Operating Margin
20.5%
7.5%
7.4%
6.5%
17.1%
6.3%
3.1%
5.6%
18.7%
3.7%
3.2%
12.2%
Interest
$2.0M
$1.0M
$1.0M
$1.0M
$2.0M
$2.0M
$2.0M
$2.0M
$2.0M
$0
$7.0M
$7.0M
Profit Before Tax
$-74.0M
$51.0M
$29.0M
$-63.0M
$43.0M
$-18.0M
$-41.0M
$65.0M
$-3.0M
$-64.0M
$-19.0M
$52.0M
Tax
$23.6M
$11.9M
$23.2M
$23.4M
$25.9M
$42.8M
$19.2M
$21.8M
$-74.6M
$22.2M
$23.0M
$22.6M
Net Profit
$-57.0M
$45.0M
$23.0M
$-48.0M
$32.0M
$-10.0M
$-33.0M
$51.0M
$-5.0M
$-50.0M
$-15.0M
$40.0M
EPS
$-39.11
$31.17
$15.91
$-34.38
$22.95
$-7.34
$-14.62
$16.41
$-1.71
$-16.07
$-4.63
$12.72
Over the 10 years reported for Biglari Holdings Inc., borrowings increased from $289.0M in 2016 to $359.0M in 2025, cash stood at $269.0M in the latest year, shareholders' equity was $1.0M, current assets covered current liabilities 2.40 times.
Balance Sheet — 10 Years (USD millions)
Metric
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total Assets
$1.1B
$1.1B
$1.0B
$1.1B
$1.0B
$895.0M
$828.0M
$849.0M
$866.0M
$1.0B
Current Assets
$128.0M
$113.0M
$115.0M
$145.0M
$148.0M
$165.0M
$151.0M
$153.0M
$171.0M
$375.0M
Cash
$76.0M
$59.0M
$49.0M
$68.0M
$25.0M
$42.0M
$37.0M
$28.0M
$31.0M
$269.0M
Inventory
$7.0M
$7.0M
$8.0M
$5.0M
$3.0M
$4.0M
$4.0M
$3.0M
$4.0M
$4.0M
Receivables
$14.0M
$16.0M
$16.0M
$22.0M
$19.0M
$29.0M
$29.0M
$22.0M
$25.0M
$23.0M
Fixed Assets
$312.0M
$296.0M
$275.0M
$410.0M
$359.0M
$392.0M
$435.0M
$413.0M
$410.0M
$407.0M
Capital Work in Progress
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Investments
$600.0M
$589.0M
$591.0M
$550.0M
$514.0M
$333.0M
$225.0M
$291.0M
$305.0M
$224.0M
Other Assets
$40.0M
$40.0M
$40.0M
$40.0M
$54.0M
$54.0M
$54.0M
$54.0M
$52.0M
$53.0M
Total Liabilities
$565.0M
$492.0M
$459.0M
$523.0M
$453.0M
$307.0M
$273.0M
$250.0M
$293.0M
$526.0M
Current Liabilities
$120.0M
$135.0M
$123.0M
$140.0M
$288.0M
$144.0M
$135.0M
$111.0M
$147.0M
$156.0M
Borrowings
$289.0M
$264.0M
$246.0M
$353.0M
$281.0M
$121.0M
$119.0M
$101.0M
$150.0M
$359.0M
Other Liabilities
$276.0M
$229.0M
$213.0M
$170.0M
$172.0M
$186.0M
$154.0M
$149.0M
$143.0M
$167.0M
Equity
$1.0M
$1.0M
$1.0M
$1.0M
$1.0M
$1.0M
$1.0M
$1.0M
$1.0M
$1.0M
Reserves
$532.0M
$571.0M
$570.0M
$616.0M
$565.0M
$588.0M
$547.0M
$599.0M
$573.0M
$523.0M
For Biglari Holdings Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $77.0M; free cash flow was positive in 10 of 10 years.
Cash Flow Statement — 10 Years (USD millions)
Metric
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Operating Cash Flow
$63.0M
$26.0M
$21.0M
$94.0M
$118.0M
$229.0M
$128.0M
$73.0M
$50.0M
$107.0M
Investing Cash Flow
$-40.0M
$-19.0M
$-43.0M
$-88.0M
$-150.0M
$-123.0M
$-166.0M
$-89.0M
$-118.0M
$-96.0M
Financing Cash Flow
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Net Cash Flow
$19.0M
$-9.0M
$-12.0M
$16.0M
$-41.0M
$14.0M
$-5.0M
$-9.0M
$2.0M
$238.0M
Free Cash Flow
$51.0M
$18.0M
$3.0M
$76.0M
$97.0M
$164.0M
$98.0M
$50.0M
$19.0M
$77.0M
Valuation & Return Ratios
Metric
Value
PEG Ratio
0.40
EV / EBITDA
63.59
FCF Yield
4.30%
Quick Ratio
2.42
Interest Coverage
2.57
Return 1Y
18.05%
Return 3Y
88.67%
Return 5Y
128.74%
Biglari Holdings Inc. (BH) financials — frequently asked questions
What is Biglari Holdings Inc.'s annual revenue?
Biglari Holdings Inc. (BH) reported annual revenue of $395.0M in its most recent fiscal year.
What is Biglari Holdings Inc.'s net profit?
Biglari Holdings Inc. (BH) reported a net loss of $37.0M in its most recent fiscal year.
What is BH EV/EBITDA?
Biglari Holdings Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 63.59.