Biglari Holdings Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	321.66	318.8	289.42	298.05	303.69	307.5
Other Revenue	76.05	76.46	72.69	67.27	64.54	58.61
Revenue	397.71	395.26	362.11	365.32	368.23	366.11
Revenue Growth (YoY)	8.16%	9.15%	-0.88%	-0.79%	0.58%	-15.58%
Cost of Revenue	183.72	182.91	162.12	157.19	160.8	180.24
Gross Profit	153.28	149.42	138.62	155.36	152.78	142.78
Selling, General & Admin	90.34	86.84	75.67	77	70.61	76.02
Operating Expenses	131.52	127.62	115.51	115.98	107.05	106.07
Operating Income	21.76	21.8	23.11	39.38	45.73	36.71
Interest Expense	-18.42	-13.64	-6.13	-5.8	-5.89	-7.16
Interest & Investment Income	-	-	-	-	-	6.4
EBT Excluding Unusual Items	3.34	8.16	16.98	33.58	39.84	35.95
Gain (Loss) on Sale of Investments	-30.04	-66.47	-40.72	21.65	-79.35	10.95
Gain (Loss) on Sale of Assets	2.55	11.88	16.7	13.56	-	-
Asset Writedown	-1.25	-1.25	-1.11	-3.95	-3.52	-4.64
Pretax Income	-25.39	-47.69	-8.15	64.85	-43.03	42.27
Income Tax Expense	-6.65	-10.2	-4.4	9.31	-10.72	6.79
Earnings From Continuing Operations	-18.74	-37.49	-3.76	55.54	-32.31	35.48
Minority Interest in Earnings	-	-	-	-0.59	0.29	-
Net Income	-18.74	-37.49	-3.76	54.95	-32.02	35.48
Net Income to Common	-18.74	-37.49	-3.76	54.95	-32.02	35.48
Shares Outstanding (Basic)	0	0	0	0	0	0
Shares Outstanding (Diluted)	0	0	0	0	0	0
Shares Change (YoY)	-5.24%	-6.73%	-3.66%	-2.70%	-6.06%	-8.09%
EPS (Basic)	-72.13	-143.86	-13.45	189.49	-107.43	111.83
EPS (Diluted)	-72.13	-143.86	-13.45	189.49	-107.43	111.83
Free Cash Flow	81.48	76.61	19.07	49.6	98.08	164.22
Free Cash Flow Per Share	313.53	293.98	68.24	171.03	329.09	517.63
Gross Margin	38.54%	37.80%	38.28%	42.53%	41.49%	39.00%
Operating Margin	5.47%	5.51%	6.38%	10.78%	12.42%	10.03%
Profit Margin	-4.71%	-9.48%	-1.04%	15.04%	-8.70%	9.69%
Free Cash Flow Margin	20.49%	19.38%	5.27%	13.58%	26.63%	44.86%
EBITDA	62.94	62.58	62.95	78.35	82.17	66.76
EBITDA Margin	15.83%	15.83%	17.38%	21.45%	22.32%	18.23%
D&A For EBITDA	41.18	40.78	39.84	38.98	36.44	30.05
EBIT	21.76	21.8	23.11	39.38	45.73	36.71
EBIT Margin	5.47%	5.51%	6.38%	10.78%	12.42%	10.03%
Effective Tax Rate	-	-	-	14.35%	-	16.06%
Revenue as Reported	397.71	395.26	362.11	365.32	368.23	366.11

Updated Mar 31, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q