Biglari Holdings (BH) Financial Statements & Analysis

Biglari Holdings (BH) Income Statement

Biglari Holdings reported revenue of $395.26M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 9.2% from $362.11M a year earlier. Biglari Holdings posted a net loss of $37.49M, compared with a net loss of $3.76M a year earlier. Gross margin was 37.8% and operating margin 5.5%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $108.52M, up 7.9% from the same quarter a year earlier.

Biglari Holdings Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Biglari Holdings Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	395.26	362.11	365.32	368.23	366.11	433.68	668.84	809.89	839.80
Cost of Revenue	245.85	223.49	248.94	160.80	223.33	257.51	533.66	661.44	687.28
Gross Profit	149.42	138.62	116.38	152.78	142.78	136.95	135.18	148.46	152.52
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	86.84	75.67	77.00	70.61	76.02	76.36	0.00	132.91	130.81
Operating Expenses	127.62	115.51	77.00	0.00	106.07	108.58	100.15	152.23	152.26
Operating Income	21.80	23.11	39.38	45.73	36.71	28.37	35.03	36.64	0.27
Other Income/Expense
Interest Income	0.00	0.00	0.00	0.00	0.00	3.64	0.00	0.00	0.00
Interest Expense	13.64	6.13	5.80	-5.89	7.16	-15.54	20.26	19.88	20.12
Other Income/Expense	-55.85	-31.26	25.47	-125.20	12.72	-110.79	20.11	14.85	-13.16
Income
Income Before Tax	-47.69	-8.15	64.85	-43.03	42.27	-50.20	55.14	16.76	-12.89
Income Tax Expense	-10.20	-4.40	9.31	-10.72	6.79	-12.21	9.76	-2.64	-62.96
Net Income	-37.49	-3.76	54.95	-32.02	35.48	-37.99	45.38	19.39	50.07
Net Income - Continuous Operations	-37.49	-3.76	54.95	-32.02	35.48	-37.99	45.38	19.39	50.07
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	6.73	37.82	109.62	82.17	79.48	60.59	35.03	55.96	28.68
EBIT	-34.05	23.11	70.64	45.73	49.43	28.37	-	-	-
Depreciation & Amortization	40.78	39.84	38.98	36.44	30.05	32.22	29.58	19.32	21.45
Earnings Per Share
Basic EPS	-29.00	-3.00	39.00	-107.00	22.00	-110.00	26.00	11.00	27.00
Diluted EPS	-29.00	-3.00	39.00	-107.00	22.00	-110.00	26.00	11.00	27.00
Basic Shares Outstanding	1.30	1.40	1.43	0.30	1.59	0.35	1.72	1.74	1.84
Diluted Shares Outstanding	1.30	1.40	1.43	0.30	1.59	0.35	1.72	1.74	1.84

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Biglari Holdings Financial Statements

What was Biglari Holdings's revenue in fiscal 2025?

Biglari Holdings reported revenue of $395.26M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 9.2% from $362.11M a year earlier.

Is Biglari Holdings profitable?

No. Biglari Holdings reported a net loss of $37.49M in fiscal 2025. In fiscal 2024 it lost $3.76M.

What is Biglari Holdings's operating margin?

Biglari Holdings's operating income was $21.80M on revenue of $395.26M in fiscal 2025, an operating margin of 5.5%, compared with 6.4% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition