Biglari Holdings Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Operating Revenue	310.14	289.42	298.05	303.69	307.5	381
Other Revenue	76.37	72.69	67.27	64.54	58.61	52.68
Revenue	386.51	362.11	365.32	368.23	366.11	433.68
Revenue Growth (YoY)	6.87%	-0.88%	-0.79%	0.58%	-15.58%	-35.16%
Cost of Revenue	176.21	162.12	157.19	160.8	180.24	257.51
Gross Profit	147.95	138.62	155.36	152.78	142.78	136.95
Selling, General & Admin	83.88	75.67	77	70.61	76.02	76.36
Operating Expenses	124.03	115.51	115.98	107.05	106.07	108.58
Operating Income	23.92	23.11	39.38	45.73	36.71	28.37
Interest Expense	-8.46	-6.13	-5.8	-5.89	-7.16	-15.54
Interest & Investment Income	0.34	0.34	2.21	-	6.4	3.64
EBT Excluding Unusual Items	15.79	17.31	35.79	39.84	35.95	16.48
Impairment of Goodwill	-	-	-	-	-	-0.3
Gain (Loss) on Sale of Investments	-26.35	-41.06	19.44	-79.35	10.95	-43.03
Gain (Loss) on Sale of Assets	10.21	16.7	13.56	-	-	-
Asset Writedown	-1.25	-1.11	-3.95	-3.52	-4.64	-23.35
Pretax Income	-1.59	-8.15	64.85	-43.03	42.27	-50.2
Income Tax Expense	-3.69	-4.4	9.31	-10.72	6.79	-12.21
Earnings From Continuing Operations	2.09	-3.76	55.54	-32.31	35.48	-37.99
Minority Interest in Earnings	-	-	-0.59	0.29	-	-
Net Income	2.09	-3.76	54.95	-32.02	35.48	-37.99
Net Income to Common	2.09	-3.76	54.95	-32.02	35.48	-37.99
Net Income Growth	-95.91%	-	-	-	-	-
Shares Outstanding (Basic)	0	0	0	0	0	0
Shares Outstanding (Diluted)	0	0	0	0	0	0
Shares Change (YoY)	-6.48%	-3.66%	-2.70%	-6.06%	-8.09%	0.13%
EPS (Basic)	7.91	-13.45	189.49	-107.43	111.83	-110.05
EPS (Diluted)	7.91	-13.45	189.49	-107.43	111.83	-110.05
EPS Growth	-95.63%	-	-	-	-	-
Free Cash Flow	81.14	19.07	49.6	98.08	164.22	96.85
Free Cash Flow Per Share	306.72	68.24	171.03	329.09	517.63	280.58
Gross Margin	38.28%	38.28%	42.53%	41.49%	39.00%	31.58%
Operating Margin	6.19%	6.38%	10.78%	12.42%	10.03%	6.54%
Profit Margin	0.54%	-1.04%	15.04%	-8.70%	9.69%	-8.76%
Free Cash Flow Margin	20.99%	5.27%	13.58%	26.63%	44.86%	22.33%
EBITDA	64.07	62.95	78.35	82.17	66.76	60.59
EBITDA Margin	16.58%	17.38%	21.45%	22.32%	18.23%	13.97%
D&A For EBITDA	40.16	39.84	38.98	36.44	30.05	32.22
EBIT	23.92	23.11	39.38	45.73	36.71	28.37
EBIT Margin	6.19%	6.38%	10.78%	12.42%	10.03%	6.54%
Effective Tax Rate	-	-	14.35%	-	16.06%	-
Revenue as Reported	386.51	362.11	365.32	368.23	366.11	433.68

Updated Nov 7, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q