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
Revenue	397.71	395.26	362.11	365.32	-	366.11
Revenue Growth (YoY)	8.16%	9.15%	-0.88%	-	-	-
Cost of Revenue	244.42	245.85	223.49	209.96	-	223.33
Gross Profit	153.28	149.42	138.62	155.36	-	142.78
Selling, General & Admin	90.34	86.84	75.67	77	-	76.02
Depreciation & Amortization Expenses	41.18	40.78	39.84	38.98	-	30.05
Other Operating Expenses	22.22	26.77	23.94	23.31	-	11.8
Total Operating Expenses	153.74	154.39	139.45	139.29	0	117.86
Operating Income	-0.46	-4.97	-0.83	16.07	-	24.91
Total Non-Operating Income (Expense)	-30.04	-66.47	-40.72	21.65	-	17.35
Pretax Income	-25.39	-47.69	-8.15	64.85	-	42.27
Provision for Income Taxes	-6.65	-10.2	-4.4	9.31	-	6.79
Net Income	-18.74	-37.49	-3.76	54.95	-	35.48
Minority Interest in Earnings	-	-	-	0.59	-	-
Net Income to Common	-18.74	-37.49	-3.76	54.95	-	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)	-72.76	-143.86	-13.45	189.49	-107.43	111.83
EPS (Diluted)	-72.76	-143.86	-13.45	189.49	-107.43	111.83
Shares Outstanding	0.63	0.62	0.62	0.62	0.62	0.62
Free Cash Flow	81.48	76.61	19.07	49.6	-4.89	164.22
Free Cash Flow Growth	6.36%	301.79%	-61.56%	-	-	984.01%
Free Cash Flow Per Share	313.52	293.98	68.24	171.03	-16.42	517.63
Gross Margin	38.54%	37.80%	38.28%	42.53%	-	39.00%
Operating Margin	-0.12%	-1.26%	-0.23%	4.40%	-	6.80%
Profit Margin	-4.71%	-9.48%	-1.04%	15.20%	-	9.69%
FCF Margin	20.49%	19.38%	5.27%	13.58%	-	44.86%
EBITDA	40.72	35.81	39.01	55.05	0	54.96
EBITDA Margin	10.24%	9.06%	10.77%	15.07%	-	15.01%
EBIT	-0.46	-4.97	-0.83	16.07	-	24.91
EBIT Margin	-0.12%	-1.26%	-0.23%	4.40%	-	6.80%
Effective Tax Rate	26.18%	21.39%	53.90%	14.35%	-	16.06%

Updated May 8, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q