20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.
Biglari Holdings Inc (BH) operates in the RESTAURANTS industry and is headquartered in San Antonio, United States with about 2,359 employees. Its market capitalization is roughly $1 billion. In the fiscal year ended 2025-12-31, BH reported $395M in revenue and ($37M) in net income.
Biglari Holdings Inc., through its subsidiaries, primarily operates and franchises restaurants in the United States. The company owns, operates, and franchises restaurants under the Steak n Shake and Western Sizzlin names.
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| Income statement | TTM → 2026-06-30 | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | $406M | $395M | $362M | $365M | $368M | $366M | $434M | $669M | $810M | $840M | $850M | $861M | $828M | $756M | $734M | $709M | $674M | $627M | $610M | $654M | $639M |
| Gross Profit | $137M | $109M | $139M | $116M | $153M | $143M | $137M | $135M | $148M | $153M | $182M | $183M | $169M | $189M | $189M | $185M | $172M | $462M | $459M | $167M | $176M |
| Gross Margin % | 33.9% | 27.5% | 38.3% | 31.9% | 41.5% | 39.0% | 31.6% | 20.2% | 18.3% | 18.2% | 21.4% | 21.3% | 20.4% | 25.0% | 25.8% | 26.1% | 25.6% | 73.7% | 75.2% | 25.5% | 27.6% |
| Operating Income (EBIT) | $39M | $18M | $23M | $39M | $82M | $67M | $61M | $35M | $37M | $0M | $32M | $23M | $13M | $31M | $43M | $52M | $50M | $7M | ($8M) | $32M | $51M |
| Operating Margin % | 9.5% | 4.6% | 6.4% | 10.8% | 22.3% | 18.2% | 14.0% | 5.2% | 4.5% | 0.0% | 3.7% | 2.7% | 1.5% | 4.2% | 5.9% | 7.4% | 7.4% | 1.1% | -1.3% | 4.9% | 8.0% |
| Net Income | ($30M) | ($37M) | ($4M) | $55M | ($32M) | $35M | ($38M) | $45M | $19M | $50M | $99M | ($16M) | $101M | $140M | $22M | $35M | $28M | $6M | ($23M) | $12M | $28M |
| Net Margin % | -7.3% | -9.5% | -1.0% | 15.0% | -8.7% | 9.7% | -8.8% | 6.8% | 2.4% | 6.0% | 11.7% | -1.8% | 12.2% | 18.6% | 2.9% | 4.9% | 4.2% | 1.0% | -3.8% | 1.8% | 4.4% |
| EBITDA | $22M | ($1M) | $38M | $110M | $82M | $67M | $61M | $35M | $56M | $29M | $55M | $9M | $38M | $49M | $76M | $90M | $84M | $52M | $13M | $64M | $83M |
| Earnings Per Share (EPS) | $-9.68 | $-12.08 | $-2.69 | $38.55 | $-21.49 | $17.15 | $-18.36 | $21.94 | $9.37 | $27.20 | $54.24 | $-6.79 | $57.39 | $60.46 | $9.26 | $16.00 | $12.37 | $2.60 | $-10.06 | $5.18 | $12.36 |
| Shares Outstanding (M) | 3M | 3M | 1M | 1M | 1M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
| Quarterly income statement | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Total Revenue | $109M | $97M | $100M | $100M | $101M | $95M | $91M | $90M |
| Gross Profit | $45M | $28M | $26M | $39M | $29M | $35M | $35M | $35M |
| Gross Margin % | 41.3% | 28.5% | 25.8% | 39.2% | 28.9% | 36.3% | 38.4% | 38.6% |
| Operating Income (EBIT) | $13M | $3M | $4M | $19M | $6M | $3M | $6M | $15M |
| Operating Margin % | 12.2% | 3.2% | 3.7% | 18.7% | 5.6% | 3.1% | 6.2% | 17.1% |
| Net Income | $40M | ($15M) | ($50M) | ($5M) | $51M | ($33M) | ($10M) | $32M |
| Net Margin % | 36.8% | -14.9% | -49.9% | -5.3% | 50.6% | -35.0% | -11.3% | 35.5% |
| EBITDA | $69M | ($1M) | ($54M) | $8M | $77M | ($29M) | ($6M) | $15M |
| Earnings Per Share (EPS) | $12.72 | $-4.63 | $-16.07 | $-1.71 | $16.41 | $-14.62 | $-7.34 | $22.95 |
| Shares Outstanding (M) | 3M | 3M | 3M | 3M | 3M | 2M | 1M | 1M |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
| Cash flow | TTM → 2026-06-30 | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations (CFO) | $84M | $107M | $50M | $73M | $128M | $229M | $118M | $94M | $21M | $26M | $63M | $52M | $28M | $39M | $50M | $72M | $69M | $52M | $24M | $43M | $70M |
| Capital Expenditures (CapEx) | $34M | $30M | $31M | $23M | $30M | $65M | $21M | $18M | $18M | $8M | $12M | $11M | $36M | $14M | $9M | $13M | $9M | $6M | $31M | $69M | $90M |
| Free Cash Flow (FCF) | $50M | $77M | $19M | $50M | $98M | $164M | $97M | $76M | $3M | $18M | $51M | $41M | ($8M) | $25M | $41M | $59M | $60M | $47M | ($7M) | ($25M) | ($21M) |
| FCF Margin % | 12.3% | 19.4% | 5.3% | 13.6% | 26.6% | 44.9% | 22.3% | 11.4% | 0.4% | 2.1% | 6.0% | 4.8% | -1.0% | 3.3% | 5.6% | 8.3% | 8.9% | 7.4% | -1.1% | -3.9% | -3.3% |
| Dividends Paid | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | $1M | $8M | — | — | — |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
| Quarterly cash flow | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Cash from Operations (CFO) | $15M | $20M | $18M | $31M | $42M | $16M | $18M | $11M |
| Capital Expenditures (CapEx) | $7M | $7M | $11M | $9M | $3M | $7M | $7M | $7M |
| Free Cash Flow (FCF) | $8M | $13M | $6M | $22M | $39M | $8M | $11M | $4M |
| FCF Margin % | 7.3% | 13.7% | 6.4% | 22.4% | 39.2% | 8.9% | 12.0% | 4.1% |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
| Balance sheet | 2026-06-30 | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.1B | $1.0B | $866M | $849M | $828M | $895M | $1.0B | $1.1B | $1.0B | $1.1B | $1.1B | $1.0B | $1.2B | $989M | $774M | $673M | $564M | $514M | $520M | $563M | $543M |
| Cash & Cash Equivalents | $68M | $269M | $31M | $28M | $37M | $42M | $25M | $68M | $49M | $59M | $76M | $57M | $124M | $95M | $60M | $99M | $48M | $51M | $7M | $2M | $5M |
| Total Liabilities | $515M | $526M | $293M | $250M | $273M | $307M | $453M | $523M | $459M | $492M | $565M | $553M | $536M | $424M | $373M | $348M | $253M | $222M | $237M | $260M | $255M |
| Total Debt (Short + Long-Term) | $247M | $261M | $59M | $15M | $27M | $17M | $170M | $198M | $186M | $188M | $205M | $214M | $224M | $233M | $248M | $249M | $165M | $153M | $170M | $190M | $180M |
| Total Shareholders' Equity | $544M | $523M | $573M | $599M | $547M | $588M | $565M | $616M | $570M | $571M | $532M | $451M | $639M | $565M | $349M | $280M | $249M | $292M | $284M | $303M | $287M |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive BH viewer.
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