Biglari Holdings Inc. (BH.A)

Biglari Holdings Financials Overview

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

Revenue & Profits

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	405.61	395.26	362.11	365.32	-	366.11
Revenue Growth	7.54%	9.15%	-0.88%	-	-	-
Gross Profit Gross Profit Growth	158.72	149.42	138.62	155.36	-	142.78
Operating Income Operating Income Growth	-5.88	-4.97	-0.83	16.07	-	24.91
Net Income Net Income Growth	-29.75	-37.49	-3.76	54.95	-	35.48
Earnings Per Share EPS Growth	-109.16	-143.86	-13.45	189.49	-107.43	111.83
EPS Growth	-	-	-	-	-	-

Revenue by Segment

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Steak n Shake Steak n Shake Growth	275.27	270.58	240.85	239.96	231.82	263.14
Western Sizzlin Western Sizzlin Growth	10.12	10.29	10.6	10.9	9.75	8.16
First Guard First Guard Growth	36.61	36.67	37.69	36.92	35.91	33.52
Southern Pioneer Southern Pioneer Growth	34.1	33.47	28.12	24.31	24.04	21.89
Investment Income and Other Investment Income and Other Growth	5.55	6.32	6.88	6.05	4.59	3.2
Abraxas Petroleum Abraxas Petroleum Growth	20.37	17	22.59	27.58	11.46	-
Southern Oil Southern Oil Growth	12.81	13.21	14.36	17.5	46.09	33
Maxim Maxim Growth	10.79	7.72	1.03	2.12	4.58	3.2
Revenue (Total) Revenue (Total) Growth	405.61	395.26	362.11	365.32	-	366.11

Cash & Debt

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Investments Cash & Investments Growth	342.72	337.83	133.68	0.7	106.93	29.66
Total Debt Total Debt Growth	358.45	358.64	150.19	0	118.83	0
Net Cash (Debt) Net Cash Growth	-15.73	-20.81	-16.5	0.7	-11.89	29.66
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share Net Cash Per Share Growth	-61.09	-79.84	-59.07	2.42	-39.90	93.48

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	84.3	106.96	49.66	73	-4.89	228.77
Capital Expenditures CapEx Growth	-33.98	-30.35	-30.59	-23.41	-	-64.55
Free Cash Flow Free Cash Flow Growth	50.32	76.61	19.07	49.6	-4.89	164.22
Free Cash Flow Growth	-19.52%	301.79%	-61.56%	-	-	984.01%

Margins

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Gross Margin	39.13%	37.80%	38.28%	42.53%	-	39.00%
Operating Margin	-1.45%	-1.26%	-0.23%	4.40%	-	6.80%
Pretax Margin	-9.58%	-12.07%	-2.25%	17.75%	-	11.55%
Profit Margin	-7.33%	-9.48%	-1.04%	15.20%	-	9.69%
FCF Margin	12.40%	19.38%	5.27%	13.58%	-	44.86%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Aug 14, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	-	-	-	4.19	-	6.21
P/FCF Ratio	24.22	14.10	41.50	9.93	-	2.63
PS Ratio	3.00	2.73	2.19	1.35	-	1.18

Data Source: Fiscal.ai Last updated: Aug 7, 2026

Financial data is provided by Fiscal.ai and updates within minutes after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Aug 13, 2026

Data Sources Report a data error