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Biglari (BH) Financials

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$338.30 -5.43 (-1.58%)
As of 09:34 AM Eastern
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Annual Income Statements for Biglari

Annual Income Statements for Biglari

This table shows Biglari's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 99 50 19 45 -38 35 -32 55 -3.76 -37
Consolidated Net Income / (Loss)		 99 50 19 45 -38 35 -32 56 -3.76 -37
Net Income / (Loss) Continuing Operations		 99 50 19 45 -38 35 -32 56 -3.76 -37
Total Pre-Tax Income 		146 -13 17 55 -50 42 -43 65 -8.15 -48
Total Operating Income		 32 0.27 -3.77 -11 -1.55 26 37 44 33 27
Total Gross Profit		 199 179 169 165 185 199 228 227 217 234
Total Revenue		 850 840 810 669 434 366 368 365 362 395
Operating Revenue		 850 840 810 669 434 366 368 365 362 395
Total Cost of Revenue		 651 661 641 504 249 167 140 138 145 161
Operating Cost of Revenue		 651 661 641 504 249 167 140 138 145 161
Total Operating Expenses		 168 179 173 175 186 173 191 183 183 207
Selling, General & Admin Expense		 127 129 127 100 76 76 71 77 76 87
Marketing Expense		 - 0.00 0.00 7.26 8.70 10 18 17 17 13
Depreciation Expense		 23 21 19 30 32 30 36 39 40 41
Other Operating Expenses / (Income)		 17 26 21 30 45 51 63 60 67 77
Impairment Charge		 - 1.79 5.68 8.19 24 4.64 3.52 3.95 1.11 1.25
Other Special Charges / (Income)		 - - - - - 0.00 0.00 -14 -17 -12
Total Other Income / (Expense), net		 115 -13 21 66 -49 16 -80 21 -41 -75
Interest Expense		 21 20 20 12 9.26 1.12 0.40 0.68 0.77 8.22
Interest & Investment Income		 - - 40 78 -39 17 -79 22 -41 -66
Income Tax Expense		 47 -63 -2.64 9.76 -12 6.79 -11 9.31 -4.40 -10
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - - - 0.00 0.00 -0.29 0.59 0.00 0.00
Basic Earnings per Share		 $271.22 $136.01 $67.15 $157.97 ($132.06) $111.83 ($107.43) $189.49 ($13.45) ($143.86)
Weighted Average Basic Shares Outstanding		 - - 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.29M
Diluted Earnings per Share		 $271.22 $136.01 $67.15 $26.33 ($110.05) $111.83 ($107.43) $189.49 ($13.45) ($143.86)
Weighted Average Diluted Shares Outstanding		 - - 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.29M
Weighted Average Basic & Diluted Shares Outstanding		 - - 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.29M

Quarterly Income Statements for Biglari

This table shows Biglari's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -57 45 23 -48 32 -10 -33 51 -5.29 -50 -15
Consolidated Net Income / (Loss)		 -57 45 23 -48 32 -10 -33 51 -5.29 -50 -15
Net Income / (Loss) Continuing Operations		 -57 45 23 -48 32 -10 -33 51 -5.29 -50 -15
Total Pre-Tax Income 		-74 51 29 -63 43 -18 -41 65 -7.55 -64 -19
Total Operating Income		 21 4.02 5.70 20 3.55 4.35 11 4.53 7.68 3.90 1.51
Total Gross Profit		 54 55 55 54 54 54 57 61 58 58 57
Total Revenue		 91 91 89 91 90 91 95 101 100 100 97
Operating Revenue		 91 91 89 91 90 91 95 101 100 100 97
Total Cost of Revenue		 37 35 35 37 36 37 38 40 42 42 40
Operating Cost of Revenue		 37 35 35 37 36 37 38 40 42 42 40
Total Operating Expenses		 34 51 49 34 51 49 46 56 50 54 56
Selling, General & Admin Expense		 18 22 18 19 20 19 21 23 20 22 25
Marketing Expense		 3.77 4.61 4.50 4.28 4.43 3.43 4.05 2.88 3.25 2.38 3.92
Depreciation Expense		 9.61 9.33 10 9.12 11 10 10 10 9.55 11 11
Other Operating Expenses / (Income)		 15 13 16 17 16 17 20 20 17 21 16
Other Special Charges / (Income)		 -14 - -0.48 -16 -0.05 - -9.32 -0.79 -0.10 -1.67 0.00
Total Other Income / (Expense), net		 -95 47 24 -83 40 -22 -52 61 -15 -68 -20
Interest Expense		 0.26 0.21 0.00 0.04 0.28 0.45 0.90 0.85 0.83 5.64 5.65
Interest & Investment Income		 -94 47 24 -83 40 -22 -51 61 -14 -62 -15
Income Tax Expense		 -18 6.05 6.82 -15 11 -7.69 -7.91 14 -2.26 -14 -4.35
Basic Earnings per Share		 ($195.55) $111.66 $79.56 ($171.89) $114.77 ($51.80) ($126.40) $194.57 ($20.38) ($191.65) ($55.81)
Weighted Average Basic Shares Outstanding		 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.29M 2.29M
Diluted Earnings per Share		 ($195.55) $111.66 $79.56 ($171.89) $114.77 ($51.80) ($126.40) $194.57 ($20.38) ($191.65) ($55.81)
Weighted Average Diluted Shares Outstanding		 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.29M 2.29M
Weighted Average Basic & Diluted Shares Outstanding		 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.29M 2.29M

Annual Cash Flow Statements for Biglari

This table details how cash moves in and out of Biglari's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 0.00 -8.60 -12 16 -41 14 -4.88 -9.15 1.78 238
Net Cash From Operating Activities		 0.00 26 21 94 118 229 128 73 50 107
Net Cash From Continuing Operating Activities		 0.00 26 21 94 118 229 128 73 50 107
Net Income / (Loss) Continuing Operations		 0.00 50 19 45 -38 35 -32 56 -3.76 -37
Consolidated Net Income / (Loss)		 0.00 50 19 45 -38 35 -32 56 -3.76 -37
Depreciation Expense		 0.00 21 19 30 32 30 36 39 40 41
Non-Cash Adjustments To Reconcile Net Income		 0.00 3.28 -4.20 63 167 158 155 -19 24 112
Changes in Operating Assets and Liabilities, net		 0.00 -49 -14 -44 -44 4.81 -32 -2.85 -10 -8.14
Net Cash From Investing Activities		 0.00 -12 -25 -70 -129 -59 -137 -66 -87 -65
Net Cash From Continuing Investing Activities		 0.00 -12 -25 -70 -129 -59 -137 -66 -87 -65
Purchase of Property, Plant & Equipment		 0.00 -8.03 -15 -18 -21 -65 -30 -23 -31 -30
Purchase of Investments		 0.00 -46 -98 -195 -300 -122 -183 -153 -143 -147
Sale of Property, Plant & Equipment		 0.00 1.00 2.59 4.58 4.42 10 5.32 25 29 21
Sale and/or Maturity of Investments		 0.00 42 49 149 293 118 129 91 57 91
Other Investing Activities, net		 0.00 0.00 37 40 -70 0.00 0.00 -5.39 0.00 0.00
Net Cash From Financing Activities		 0.00 -23 -7.53 -8.01 -29 -156 3.86 -16 39 197
Net Cash From Continuing Financing Activities		 0.00 -23 -7.53 -8.01 -29 -156 3.86 -16 39 197
Repayment of Debt		 0.00 -17 -2.38 -2.20 -24 -150 -20 -42 -16 -76
Issuance of Debt		 - - 0.00 0.00 0.50 0.00 30 32 61 278
Other Financing Activities, net		 0.00 -5.60 -5.16 -5.81 -5.83 -6.21 -6.14 -6.13 -5.52 -5.73
Effect of Exchange Rate Changes		 0.00 0.17 -0.08 -0.01 0.01 -0.06 0.04 0.06 0.02 0.04

Quarterly Cash Flow Statements for Biglari

This table details how cash moves in and out of Biglari's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 3.11 -5.93 6.47 -7.84 2.95 0.20 -2.06 4.10 240 -3.70 -69
Net Cash From Operating Activities		 17 24 19 1.79 11 18 16 42 31 18 20
Net Cash From Continuing Operating Activities		 17 24 19 1.79 11 18 16 42 31 18 20
Net Income / (Loss) Continuing Operations		 -57 45 23 -48 32 -10 -33 51 -5.29 -50 -15
Consolidated Net Income / (Loss)		 -57 45 23 -48 32 -10 -33 51 -5.29 -50 -15
Depreciation Expense		 9.61 9.33 10 9.12 11 10 10 10 9.55 11 11
Non-Cash Adjustments To Reconcile Net Income		 81 -28 -26 68 -42 25 44 -28 27 69 26
Changes in Operating Assets and Liabilities, net		 -17 -1.77 13 -27 10 -6.35 -4.91 9.14 -0.27 -12 -1.55
Net Cash From Investing Activities		 -28 -9.85 -11 -8.34 -15 -52 -20 -7.27 -9.04 -29 -95
Net Cash From Continuing Investing Activities		 -28 -9.85 -11 -8.34 -15 -52 -20 -7.27 -9.04 -29 -95
Purchase of Property, Plant & Equipment		 -6.35 -6.50 -4.60 -12 -7.07 -7.10 -7.30 -2.70 -8.95 -11 -6.97
Purchase of Investments		 -52 -33 -25 -41 -21 -57 -36 -26 -32 -54 -96
Sale of Property, Plant & Equipment		 11 4.22 0.92 21 3.59 3.73 9.56 2.92 5.49 3.01 0.14
Sale and/or Maturity of Investments		 20 25 17 24 8.75 7.60 14 18 26 33 7.23
Net Cash From Financing Activities		 14 -21 -1.40 -1.29 7.56 35 2.00 -31 218 7.81 6.06
Net Cash From Continuing Financing Activities		 14 -21 -1.40 -1.29 7.56 35 2.00 -31 218 7.81 6.06
Repayment of Debt		 -11 -19 0.00 -6.00 -1.05 -9.00 -9.60 -43 -20 -2.99 -8.30
Issuance of Debt		 27 - 0.00 - 10 45 13 14 239 12 1.25
Issuance of Common Equity		 - - - - - - 0.00 - - - 15
Other Financing Activities, net		 -1.54 -1.51 -1.40 -1.34 -1.39 -1.39 -1.40 -1.38 -1.50 -1.45 -1.81
Effect of Exchange Rate Changes		 -0.15 0.12 -0.01 0.00 -0.04 0.06 0.04 0.00 0.01 -0.02 0.05

Annual Balance Sheets for Biglari

This table presents Biglari's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 0.00 1,029 1,139 1,018 895 828 849 866 1,025
Total Current Assets		 0.00 115 145 148 165 151 153 171 379
Cash & Equivalents		 0.00 49 68 25 42 37 28 31 269
Short-Term Investments		 0.00 34 45 95 83 69 92 103 69
Accounts Receivable		 0.00 16 22 19 29 29 22 25 23
Inventories, net		 0.00 7.54 4.67 2.74 3.80 3.85 2.98 4.03 3.77
Other Current Assets		 0.00 9.24 6.45 6.49 7.09 10 7.39 7.72 14
Plant, Property, & Equipment, net		 0.00 275 351 316 349 401 380 376 367
Total Noncurrent Assets		 0.00 640 643 554 381 277 316 319 280
Long-Term Investments		 0.00 557 506 420 250 156 199 202 154
Goodwill		 0.00 40 40 54 54 54 54 52 76
Other Noncurrent Operating Assets		 0.00 14 70 57 53 45 41 42 50
Total Liabilities & Shareholders' Equity		 0.00 1,029 1,139 1,018 895 828 849 866 1,025
Total Liabilities		 0.00 459 523 453 307 273 250 293 502
Total Current Liabilities		 0.00 123 140 288 144 135 111 147 156
Short-Term Debt		 0.00 5.72 7.10 152 0.00 10 0.00 35 33
Accounts Payable		 0.00 117 121 91 102 79 67 63 73
Other Current Liabilities		 - 0.00 12 45 42 46 44 49 50
Total Noncurrent Liabilities		 0.00 336 383 165 163 138 139 146 346
Long-Term Debt		 0.00 240 263 - - - 0.00 10 214
Asset Retirement Reserve & Litigation Obligation		 - 0.00 10 10 10 14 14 15 16
Noncurrent Deferred & Payable Income Tax Liabilities		 0.00 87 54 41 47 31 38 29 18
Other Noncurrent Operating Liabilities		 0.00 9.18 55 113 107 93 87 91 98
Total Equity & Noncontrolling Interests		 0.00 570 616 565 588 556 599 573 523
Total Preferred & Common Equity		 0.00 570 616 565 588 547 599 573 523
Total Common Equity		 0.00 570 616 565 588 547 599 573 523
Common Stock		 0.00 383 383 383 383 383 387 387 387
Retained Earnings		 0.00 564 611 573 609 577 631 628 590
Treasury Stock		 0.00 -374 -375 -390 -402 -410 -416 -439 -452
Accumulated Other Comprehensive Income / (Loss)		 0.00 -2.52 -2.81 -1.53 -1.91 -2.79 -2.52 -2.87 -1.35

Quarterly Balance Sheets for Biglari

This table presents Biglari's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 862 907 890 827 885 809 865 829 864 1,079 1,018
Total Current Assets		 178 163 153 155 168 151 165 172 174 404 356
Cash & Equivalents		 65 39 31 34 35 27 30 29 33 272 200
Short-Term Investments		 70 80 88 84 98 94 103 107 105 97 114
Accounts Receivable		 26 27 23 26 24 19 21 23 21 21 25
Inventories, net		 3.70 3.76 3.60 3.46 3.57 3.59 3.86 4.23 4.37 3.93 3.52
Other Current Assets		 13 14 7.76 7.72 8.41 7.88 7.18 9.46 12 9.80 13
Plant, Property, & Equipment, net		 414 393 389 384 377 381 381 370 365 368 368
Total Noncurrent Assets		 270 351 348 288 340 277 319 287 324 307 294
Long-Term Investments		 145 231 229 169 221 159 202 169 203 179 165
Goodwill		 76 77 77 76 77 76 76 76 76 76 76
Other Noncurrent Operating Assets		 49 43 43 42 42 43 42 42 45 52 53
Total Liabilities & Shareholders' Equity		 862 907 890 827 885 809 865 829 864 1,079 1,018
Total Liabilities		 317 286 274 270 267 240 263 289 274 499 499
Total Current Liabilities		 146 131 121 142 118 106 112 150 126 143 144
Short-Term Debt		 - 6.50 3.60 19 - 0.05 - 35 19 21 28
Accounts Payable		 102 79 73 79 73 60 67 64 56 71 66
Other Current Liabilities		 44 45 44 44 45 46 45 51 51 51 50
Total Noncurrent Liabilities		 171 155 152 128 148 134 151 139 148 356 355
Long-Term Debt		 30 - - - - - 9.00 13 0.00 215 212
Asset Retirement Reserve & Litigation Obligation		 15 14 14 14 14 15 15 15 16 16 16
Noncurrent Deferred & Payable Income Tax Liabilities		 29 50 48 25 42 26 35 20 41 28 22
Other Noncurrent Operating Liabilities		 98 91 90 89 92 93 92 90 92 98 106
Total Equity & Noncontrolling Interests		 545 621 616 557 619 569 602 540 589 580 519
Total Preferred & Common Equity		 536 612 616 557 619 569 602 540 589 580 519
Total Common Equity		 536 612 616 557 619 569 602 540 589 580 519
Common Stock		 383 383 387 387 387 387 387 387 387 387 402
Retained Earnings		 566 641 643 587 654 606 638 594 645 640 576
Treasury Stock		 -409 -410 -411 -413 -420 -421 -421 -439 -441 -445 -457
Accumulated Other Comprehensive Income / (Loss)		 -3.78 -2.46 -2.78 -3.07 -2.55 -2.67 -2.18 -2.40 -1.39 -1.37 -1.57

Annual Metrics And Ratios for Biglari

This table displays calculated financial ratios and metrics derived from Biglari's official financial filings.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - 2,275,504.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 2,275,504.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -16.47
Growth Metrics		 - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)		 21 0.19 -4.37 -8.68 -1.09 22 26 38 23 19
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - 4.54% 6.27% 3.78% 2.45%
Earnings before Interest and Taxes (EBIT)		 167 7.23 -3.77 -11 -1.55 26 37 44 33 27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 190 29 16 19 31 56 73 83 73 68
Valuation Ratios		 - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.19 -181 -101 89 -12 -65 60 21 23
Efficiency Ratios		 - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 0.00 0.00 176 268 178 212 303 280 283 278
Increase / (Decrease) in Invested Capital		 0.00 0.00 176 92 -90 34 91 -23 2.27 -4.24
Book Value per Share		 $0.00 $0.00 $250.69 $270.84 $248.22 $258.27 $240.37 $263.38 $251.80 $230.03
Tangible Book Value per Share		 $0.00 $0.00 $220.74 $241.23 $214.09 $224.43 $206.73 $229.65 $218.70 $196.52
Total Capital		 0.00 0.00 816 887 717 588 566 599 618 770
Total Debt		 0.00 0.00 246 270 152 0.00 10 0.00 45 247
Total Long-Term Debt		 0.00 0.00 240 263 0.00 0.00 0.00 0.00 10 214
Net Debt		 0.00 0.00 -394 -348 -387 -376 -253 -319 -290 -245
Capital Expenditures (CapEx)		 0.00 7.03 13 13 16 54 24 -1.22 1.46 9.37
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 0.00 -85 -100 -108 -104 -81 -78 -75 -82
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 -2.33 13 12 21 26 41 58 256
Net Working Capital (NWC)		 0.00 0.00 -8.05 5.57 -141 21 16 41 23 223
Net Nonoperating Expense (NNE)		 -78 -50 -24 -54 37 -14 58 -18 27 56
Net Nonoperating Obligations (NNO)		 0.00 0.00 -394 -348 -387 -376 -253 -319 -290 -245
Total Depreciation and Amortization (D&A)		 23 21 19 30 32 30 36 39 40 41
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $271.22 $136.01 $55.71 $131.64 ($132.06) $134.20 ($128.92) $189.49 ($13.45) ($143.86)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.29M
Adjusted Diluted Earnings per Share		 $271.22 $136.01 $55.71 $131.64 ($132.06) $22.37 ($107.43) $189.49 ($13.45) ($143.86)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.29M
Adjusted Basic & Diluted Earnings per Share		 $271.22 $136.01 $55.71 $131.64 ($132.06) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.29M
Normalized Net Operating Profit after Tax (NOPAT)		 21 1.44 1.33 -1.95 15 26 28 29 12 11
Debt Service Ratios		 - - - - - - - - - -
Payout Ratios		 - - - - - - - - - -

Quarterly Metrics And Ratios for Biglari

This table displays calculated financial ratios and metrics derived from Biglari's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 2,275,504.00 2,294,316.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 2,275,504.00 2,294,316.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -21.91 -6.33
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -1.19% -7.92% -0.80% -2.56% -0.58% 0.50% 6.24% 10.40% 10.32% - 2.57%
EBITDA Growth		 -40.85% -25.21% -17.78% 43.12% -53.16% 8.05% 34.29% -48.74% 21.91% - -42.48%
EBIT Growth		 -51.68% -27.42% -38.18% 95.95% -82.75% 8.10% 91.22% -77.08% 116.61% - -86.14%
NOPAT Growth		 45.04% -19.28% -38.22% 111.60% -81.73% -14.07% 74.26% -74.39% 104.49% - -86.14%
Net Income Growth		 -276.39% 358.60% -65.55% -2,668.76% 156.84% -123.01% -247.37% 205.69% -116.47% - 56.33%
EPS Growth		 -249.32% 99.29% -64.21% -2,688.70% 158.69% -146.39% -258.87% 213.19% -117.76% - 55.85%
Operating Cash Flow Growth		 -73.82% -13.34% -4.01% -84.61% -37.32% -26.03% -17.41% 2,261.18% 190.53% - 28.72%
Free Cash Flow Firm Growth		 124.62% 130.15% 128.36% 82.88% -30.57% -97.02% -163.56% 723.16% -6.07% - 151.78%
Invested Capital Growth		 -2.38% -7.45% -4.42% 6.58% -4.24% 0.81% 6.86% -7.55% -3.11% - -1.56%
Revenue Q/Q Growth		 -2.78% -0.30% -1.34% 1.89% -0.81% 0.78% 4.30% 5.88% -0.88% - -2.39%
EBITDA Q/Q Growth		 49.58% -55.73% 17.91% 83.29% -51.05% 2.13% 46.55% -30.04% 16.43% - -16.70%
EBIT Q/Q Growth		 104.03% -80.43% 41.58% 246.60% -82.04% 22.64% 150.44% -58.46% 69.79% - -61.29%
NOPAT Q/Q Growth		 120.32% -75.38% 23.50% 215.86% -80.97% 15.78% 150.44% -53.58% 51.92% - -61.29%
Net Income Q/Q Growth		 -3,112.47% 178.99% -49.42% -313.43% 166.66% -131.98% -223.91% 253.06% -110.39% - 70.85%
EPS Q/Q Growth		 -3,045.03% 157.10% -36.68% -280.05% 166.77% -145.13% -144.02% 253.93% -110.47% - 70.88%
Operating Cash Flow Q/Q Growth		 47.98% 41.78% -21.38% -90.67% 502.52% 67.32% -12.23% 166.84% -25.86% - 14.41%
Free Cash Flow Firm Q/Q Growth		 189.88% 21.79% -36.17% -124.50% 464.55% -94.78% -1,462.96% 340.18% -45.05% - -21.31%
Invested Capital Q/Q Growth		 6.08% -2.89% -5.25% 9.20% -4.69% 2.23% 0.43% -5.53% -0.11% - 0.37%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 59.54% 60.99% 61.52% 58.95% 59.95% 58.91% 60.27% 60.21% 58.05% - 58.62%
EBITDA Margin		 33.18% 14.73% 17.61% 31.67% 15.63% 15.84% 22.26% 14.71% 17.27% - 12.48%
Operating Margin		 22.61% 4.44% 6.37% 21.67% 3.92% 4.77% 11.46% 4.50% 7.70% - 1.55%
EBIT Margin		 22.61% 4.44% 6.37% 21.67% 3.92% 4.77% 11.46% 4.50% 7.70% - 1.55%
Profit (Net Income) Margin		 -62.15% 49.24% 25.24% -52.87% 35.53% -11.27% -35.01% 50.62% -5.30% - -14.91%
Tax Burden Percent		 76.35% 88.06% 76.81% 76.60% 74.15% 57.20% 80.80% 78.23% 70.06% - 76.96%
Interest Burden Percent		 -360.00% 1,259.79% 515.97% -318.62% 1,221.48% -412.87% -378.03% 1,438.72% -98.29% - -1,250.46%
Effective Tax Rate		 0.00% 11.94% 23.19% 0.00% 25.85% 0.00% 0.00% 21.77% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 20.21% 4.90% 6.56% 19.55% 3.72% 4.30% 10.74% 4.76% 7.66% - 1.53%
ROIC Less NNEP Spread (ROIC-NNEP)		 47.56% -9.48% 1.34% 39.44% -6.20% 8.67% 24.17% -11.03% 11.01% - 7.82%
Return on Net Nonoperating Assets (RNNOA)		 -22.36% 4.69% -0.75% -20.74% 3.18% -4.51% -12.71% 5.72% -5.94% - -3.66%
Return on Equity (ROE)		 -2.15% 9.59% 5.81% -1.19% 6.90% -0.21% -1.97% 10.47% 1.72% - -2.13%
Cash Return on Invested Capital (CROIC)		 14.53% 20.63% 25.36% 6.09% 14.22% 7.49% 3.19% 14.55% 10.22% - 5.95%
Operating Return on Assets (OROA)		 9.99% 1.93% 2.59% 9.24% 1.68% 2.02% 4.92% 2.03% 3.06% - 0.67%
Return on Assets (ROA)		 -27.45% 21.44% 10.27% -22.54% 15.19% -4.76% -15.02% 22.83% -2.11% - -6.42%
Return on Common Equity (ROCE)		 -2.13% 9.52% 5.77% -1.19% 6.90% -0.21% -1.97% 10.47% 1.72% - -2.13%
Return on Equity Simple (ROE_SIMPLE)		 3.70% 0.00% 2.03% -6.59% 8.50% 0.00% -11.04% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 14 3.54 4.38 14 2.63 3.05 7.63 3.54 5.38 2.73 1.06
NOPAT Margin		 15.83% 3.91% 4.89% 15.17% 2.91% 3.34% 8.02% 3.52% 5.39% - 1.08%
Net Nonoperating Expense Percent (NNEP)		 -27.35% 14.38% 5.23% -19.89% 9.93% -4.37% -13.43% 15.79% -3.35% - -6.29%
Return On Investment Capital (ROIC_SIMPLE)		 - 0.59% - - - 0.49% 1.30% 0.58% 0.66% 0.35% 0.14%
Cost of Revenue to Revenue		 40.46% 39.01% 38.48% 41.05% 40.05% 41.09% 39.73% 39.79% 41.95% - 41.38%
SG&A Expenses to Revenue		 20.14% 24.72% 20.43% 20.47% 21.58% 21.11% 22.48% 22.71% 20.48% - 25.51%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue		 36.94% 56.55% 55.15% 37.29% 56.02% 54.13% 48.81% 55.71% 50.35% - 57.07%
Earnings before Interest and Taxes (EBIT)		 21 4.02 5.70 20 3.55 4.35 11 4.53 7.68 3.90 1.51
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 30 13 16 29 14 14 21 15 17 15 12
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.93 0.84 0.96 1.03 0.88 1.38 1.25 1.52 0.00 - 2.03
Price to Tangible Book Value (P/TBV)		 1.07 0.97 1.09 1.19 1.00 1.59 1.46 1.74 0.00 - 2.38
Price to Revenue (P/Rev)		 1.38 1.38 1.63 1.63 1.46 2.18 1.84 2.37 0.00 - 2.65
Price to Earnings (P/E)		 25.37 9.20 46.89 0.00 10.32 0.00 0.00 22.63 0.00 - 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 3.94% 10.87% 2.13% 0.00% 9.69% 0.00% 0.00% 4.42% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.86 0.66 0.90 1.07 0.73 1.77 1.48 2.14 0.00 - 2.92
Enterprise Value to Revenue (EV/Rev)		 0.66 0.51 0.66 0.85 0.56 1.38 1.14 1.52 0.00 - 2.05
Enterprise Value to EBITDA (EV/EBITDA)		 2.84 2.25 3.02 3.51 2.81 6.82 5.34 8.88 0.00 - 13.86
Enterprise Value to EBIT (EV/EBIT)		 5.46 4.25 5.94 6.19 6.14 14.98 10.88 24.57 0.00 - 46.24
Enterprise Value to NOPAT (EV/NOPAT)		 7.00 4.96 4.23 8.84 7.26 21.40 15.55 30.66 0.00 - 66.06
Enterprise Value to Operating Cash Flow (EV/OCF)		 3.23 2.55 3.32 4.96 3.62 10.06 9.05 6.61 0.00 - 7.31
Enterprise Value to Free Cash Flow (EV/FCFF)		 5.84 3.10 3.48 18.09 5.05 23.70 47.88 14.12 0.00 - 48.61
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.03 0.00 0.00 0.00 0.02 0.08 0.09 0.03 0.41 - 0.46
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.02 0.02 0.02 0.00 0.37 - 0.41
Financial Leverage		 -0.47 -0.50 -0.56 -0.53 -0.51 -0.52 -0.53 -0.52 -0.54 - -0.47
Leverage Ratio		 1.53 1.45 1.45 1.43 1.46 1.46 1.48 1.44 1.65 - 1.74
Compound Leverage Factor		 -5.51 18.30 7.46 -4.57 17.83 -6.04 -5.59 20.77 -1.62 - -21.81
Debt to Total Capital		 3.30% 0.00% 0.00% 0.01% 1.47% 7.28% 8.23% 3.12% 28.90% - 31.61%
Short-Term Debt to Total Capital		 3.30% 0.00% 0.00% 0.01% 0.00% 5.66% 5.95% 3.12% 2.56% - 3.72%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 1.47% 1.62% 2.28% 0.00% 26.33% - 27.89%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 96.70% 100.00% 100.00% 99.99% 98.53% 92.72% 91.77% 96.88% 71.10% - 68.39%
Debt to EBITDA		 0.22 0.00 0.00 0.00 0.12 0.61 0.62 0.29 3.49 - 4.08
Net Debt to EBITDA		 -3.08 0.00 0.00 -3.17 -4.51 -3.97 -3.26 -4.98 -4.62 - -4.08
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.12 0.14 0.17 0.00 3.18 - 3.60
Debt to NOPAT		 0.54 0.00 0.00 0.00 0.32 1.93 1.79 1.02 12.27 - 19.45
Net Debt to NOPAT		 -7.59 0.00 0.00 -7.97 -11.66 -12.44 -9.49 -17.19 -16.26 - -19.44
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.32 0.43 0.50 0.00 11.18 - 17.16
Altman Z-Score		 2.70 2.76 2.87 3.12 2.74 3.10 2.92 3.52 0.00 - 2.70
Noncontrolling Interest Sharing Ratio		 0.81% 0.74% 0.75% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.10 1.37 1.42 1.43 1.47 1.16 1.14 1.38 2.83 - 2.47
Quick Ratio		 1.02 1.28 1.32 1.32 1.38 1.08 1.05 1.26 2.73 - 2.35
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 21 26 17 -4.08 15 0.78 -11 25 14 6.97 5.48
Operating Cash Flow to CapEx		 0.00% 1,071.16% 520.27% 0.00% 309.41% 533.82% 0.00% 0.00% 904.37% - 297.73%
Free Cash Flow to Firm to Interest Expense		 81.81 123.12 0.00 -97.19 54.11 1.71 -11.77 29.85 16.86 - 0.97
Operating Cash Flow to Interest Expense		 65.49 114.75 0.00 42.50 39.11 39.64 17.55 49.47 37.69 - 3.60
Operating Cash Flow Less CapEx to Interest Expense		 82.21 104.03 0.00 258.38 26.47 32.21 20.06 49.72 33.52 - 2.39
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.44 0.44 0.41 0.43 0.43 0.42 0.43 0.45 0.40 - 0.43
Accounts Receivable Turnover		 14.46 14.16 14.23 17.35 15.34 15.27 15.75 18.74 18.14 - 16.76
Inventory Turnover		 38.33 40.94 38.16 39.57 38.70 41.50 38.04 37.94 40.18 - 42.28
Fixed Asset Turnover		 0.93 0.94 0.95 0.94 0.95 0.96 0.98 1.01 1.03 - 1.08
Accounts Payable Turnover		 1.52 1.92 1.84 2.13 1.94 2.24 2.17 2.59 2.27 - 2.52
Days Sales Outstanding (DSO)		 25.24 25.79 25.65 21.04 23.80 23.90 23.18 19.48 20.13 - 21.77
Days Inventory Outstanding (DIO)		 9.52 8.92 9.56 9.22 9.43 8.79 9.60 9.62 9.08 - 8.63
Days Payable Outstanding (DPO)		 240.01 189.72 198.68 171.40 187.81 163.23 168.44 140.90 160.48 - 145.04
Cash Conversion Cycle (CCC)		 -205.24 -155.02 -163.47 -141.14 -154.58 -130.53 -135.67 -111.81 -131.27 - -114.63
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 289 280 266 290 276 283 284 268 268 278 279
Invested Capital Turnover		 1.28 1.25 1.34 1.29 1.28 1.29 1.34 1.35 1.42 - 1.41
Increase / (Decrease) in Invested Capital		 -7.04 -23 -12 18 -12 2.27 18 -22 -8.60 -4.24 -4.43
Enterprise Value (EV)		 248 186 240 310 203 499 419 573 0.00 - 815
Market Capitalization		 517 505 593 589 528 790 675 894 0.00 - 1,055
Book Value per Share		 $244.96 $263.38 $271.84 $250.13 $264.45 $251.80 $237.24 $258.97 $255.01 $230.03 $226.28
Tangible Book Value per Share		 $211.36 $229.65 $238.16 $216.94 $231.12 $218.70 $204.01 $225.46 $221.51 $196.52 $193.12
Total Capital		 576 599 619 569 611 618 588 608 816 770 759
Total Debt		 19 0.00 0.00 0.05 9.00 45 48 19 236 247 240
Total Long-Term Debt		 0.00 0.00 0.00 0.00 9.00 10 13 0.00 215 214 212
Net Debt		 -269 -319 -353 -279 -325 -290 -256 -321 -312 -245 -240
Capital Expenditures (CapEx)		 -4.38 2.27 3.68 -9.07 3.48 3.37 -2.26 -0.21 3.46 8.39 6.83
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -86 -78 -82 -75 -80 -75 -79 -70 -87 -82 -74
Debt-free Net Working Capital (DFNWC)		 33 41 50 45 53 58 56 67 282 256 240
Net Working Capital (NWC)		 14 41 50 45 53 23 21 48 261 223 212
Net Nonoperating Expense (NNE)		 71 -41 -18 62 -29 13 41 -47 11 53 16
Net Nonoperating Obligations (NNO)		 -269 -319 -353 -279 -325 -290 -256 -321 -312 -245 -240
Total Depreciation and Amortization (D&A)		 9.61 9.33 10 9.12 11 10 10 10 9.55 11 11
Debt-free, Cash-free Net Working Capital to Revenue		 -22.95% -21.49% -22.52% -20.73% -22.01% -20.82% -21.52% -18.59% -22.53% - -18.63%
Debt-free Net Working Capital to Revenue		 8.77% 11.35% 13.76% 12.54% 14.70% 16.10% 15.29% 17.82% 72.99% - 60.38%
Net Working Capital to Revenue		 3.68% 11.35% 13.76% 12.53% 14.70% 6.43% 5.77% 12.78% 67.58% - 53.28%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($234.66) $111.66 $95.47 ($171.89) $114.77 ($51.80) ($126.40) $194.57 ($20.38) ($191.65) ($55.81)
Adjusted Weighted Average Basic Shares Outstanding		 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.29M 2.29M
Adjusted Diluted Earnings per Share		 ($234.66) $111.66 $95.47 ($171.89) $114.77 ($51.80) ($126.40) $194.57 ($20.38) ($191.65) ($55.81)
Adjusted Weighted Average Diluted Shares Outstanding		 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.29M 2.29M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.28M 2.29M 2.29M
Normalized Net Operating Profit after Tax (NOPAT)		 5.42 4.92 4.09 3.21 2.59 3.05 1.10 3.90 5.31 1.57 1.06
Normalized NOPAT Margin		 5.96% 5.43% 4.57% 3.52% 2.86% 3.34% 1.16% 3.87% 5.33% - 1.08%
Pre Tax Income Margin		 -81.39% 55.91% 32.86% -69.03% 47.92% -19.71% -43.33% 64.70% -7.57% - -19.37%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 78.47 18.98 0.00 470.14 12.90 9.58 12.10 5.31 9.27 - 0.27
NOPAT to Interest Expense		 54.93 16.71 0.00 329.10 9.56 6.71 8.47 4.16 6.49 - 0.19
EBIT Less CapEx to Interest Expense		 95.19 8.27 0.00 686.02 0.26 2.16 14.61 5.56 5.10 - -0.94
NOPAT Less CapEx to Interest Expense		 71.65 6.00 0.00 544.98 -3.08 -0.72 10.98 4.41 2.32 - -1.02
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%

Financials Breakdown Chart

Key Financial Trends

Biglari Holdings (NYSE: BH.A) shows a very mixed picture over the last several years: the business is still producing positive operating cash flow in recent quarters, but earnings have become highly volatile and recently turned sharply negative. The balance sheet remains sizeable, yet leverage and equity dilution dynamics deserve attention.

  • Q1 2026 operating cash flow was strong at $20.3 million, showing the core business still generates cash despite a quarterly net loss.
  • The company ended Q1 2026 with $314.3 million in cash and short-term investments combined, which provides a meaningful liquidity cushion.
  • Total current assets of $356.2 million exceeded total current liabilities of $144.3 million, indicating solid near-term liquidity.
  • Revenue has held relatively steady in the recent quarters, staying near the $95 million to $101 million range in the last year.
  • Gross profit margins have remained fairly resilient, with Q1 2026 gross profit of $57.1 million on $97.5 million in revenue.
  • The balance sheet still carries a large asset base, including $367.8 million of net PP&E and $165.5 million of long-term investments in Q1 2026.
  • Biglari’s earnings are heavily influenced by investment and other non-operating items, which can make quarterly results very hard to predict.
  • Share count has been relatively stable around 2.29 million basic shares, so EPS swings are driven mostly by profit volatility rather than major dilution.
  • The company repurchased or issued capital-related items at times, but the share count has not shown dramatic quarter-to-quarter change in the most recent data.
  • Q1 2026 reported a net loss of $14.5 million, compared with a large profit in Q2 2025 and losses in several other quarters, highlighting inconsistent profitability.
  • Operating income in Q1 2026 was only $1.5 million, suggesting the core business is operating on a very thin margin before investment income and financing effects.
  • Other income swung to a loss of $20.4 million in Q1 2026, which dragged pretax income to a loss of $18.9 million.
  • Q1 2026 investing cash flow was a sizable outflow of $95.1 million, reflecting heavy investment purchases.
  • Debt remains significant, with $28.3 million of short-term debt and $211.7 million of long-term debt on the Q1 2026 balance sheet.
  • Equity is partly supported by retained earnings, but treasury stock is large at -$456.6 million, which weighs on the book equity structure.

Trend summary: Over the past four years, Biglari has consistently produced revenue, but earnings have been highly erratic because investment gains/losses and other non-operating items dominate quarterly results. Operating cash flow has generally remained positive, which is encouraging, but recent quarters show pressure on profitability and continued use of capital for investments and debt management. For retail investors, BH.A looks more like a cash-generating holding company with lumpy results than a steady operating business.

06/16/26 09:34 AM ETAI Generated. May Contain Errors.

Biglari Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Biglari's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Biglari's net income appears to be on a downward trend, with a most recent value of -$37.49 million in 2025, falling from $99.45 million in 2016. The previous period was -$3.76 million in 2024.

Biglari's total operating income in 2025 was $27.00 million, based on the following breakdown:
  • Total Gross Profit: $233.94 million
  • Total Operating Expenses: $206.94 million

Over the last 9 years, Biglari's total revenue changed from $850.08 million in 2016 to $395.26 million in 2025, a change of -53.5%.

Biglari's total liabilities were at $501.95 million at the end of 2025, a 71.2% increase from 2024, and a 50,195,400,000.0% increase since 2017.

In the past 8 years, Biglari's cash and equivalents has ranged from $0.00 in 2017 to $268.78 million in 2025, and is currently $268.78 million as of their latest financial filing in 2025.

Over the last 9 years, Biglari's book value per share changed from 0.00 in 2016 to 230.03 in 2025, a change of 23,002.8%.


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Financial statements for NYSE:BH last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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