Biglari Holdings Inc. (BH)

Revenue

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016	FY 2015	FY 2014	FY 2013	FY 2012
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Sep 25, 2013	Sep 26, 2012
Steak n Shake Revenue	272.43M	270.58M	240.85M
Steak n Shake Revenue Growth	0.68%	12.35%	0.37%
Western Sizzlin Revenue	10.24M	10.29M	10.60M
Western Sizzlin Revenue Growth	-0.52%	-2.92%	-2.75%
Total Restaurant Operations Revenue	282.67M	280.87M	251.45M
Total Restaurant Operations Revenue Growth	0.64%	11.70%	0.24%
First Guard Revenue	36.51M	36.67M	37.69M
First Guard Revenue Growth	-0.44%	-2.70%	2.10%
Southern Pioneer Revenue	33.67M	33.47M	28.12M
Southern Pioneer Revenue Growth	0.60%	19.05%	15.67%
Investment Income and Other Revenue	5.87M	6.32M	6.88M
Investment Income and Other Revenue Growth	-7.08%	-8.25%	13.84%
Total Insurance Operations Revenue	76.05M	76.46M	72.69M
Total Insurance Operations Revenue Growth	-0.54%	5.19%	8.06%
Abraxas Petroleum Revenue	17.23M	17.00M	22.59M
Abraxas Petroleum Revenue Growth	1.39%	-24.75%	-18.08%
Southern Oil Revenue	12.18M	13.21M	14.36M
Southern Oil Revenue Growth	-7.80%	-7.95%	-17.95%
Total Oil and Gas Operations Revenue	29.42M	30.21M	36.95M
Total Oil and Gas Operations Revenue Growth	-2.63%	-18.23%	-18.03%
Maxim Revenue	9.57M	7.72M	1.03M
Maxim Revenue Growth	24.02%	649.95%	-51.42%
Revenue (Total)	397.71M	395.26M	362.11M
Revenue (Total) Growth	0.62%	9.15%	-0.88%

EBT

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016	FY 2015	FY 2014	FY 2013	FY 2012
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Sep 25, 2013	Sep 26, 2012
Restaurant Operations Income Before Income Taxes	22.70M	23.14M	21.61M
Restaurant Operations Income Before Income Taxes Growth	-1.89%	7.07%	-22.71%
Insurance Operations Income Before Income Taxes	14.42M	12.72M	9.09M
Insurance Operations Income Before Income Taxes Growth	13.40%	39.89%	-30.52%
Oil and Gas Operations Income Before Income Taxes	3.26M	12.90M	19.77M
Oil and Gas Operations Income Before Income Taxes Growth	-74.70%	-34.77%	-23.26%
Maxim Income Before Income Taxes	-1.41M	-1.92M	-1.18M
Interest Expense Not Allocated to Segments	-12.97M	-8.22M	-771.00K

Key Performance Indicators

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016	FY 2015	FY 2014	FY 2013	FY 2012
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Sep 25, 2013	Sep 26, 2012
Steak n Shake Company Operated Restaurants	128.00	131.00	146.00
Steak n Shake Company Operated Restaurants Growth	-2.29%	-10.27%	-1.35%
Steak n Shake Franchise Partner Restaurants	182.00	179.00	173.00
Steak n Shake Franchise Partner Restaurants Growth	1.68%	3.47%	-4.42%
Steak n Shake Traditional Franchise Restaurants	96.00	94.00	107.00
Steak n Shake Traditional Franchise Restaurants Growth	2.13%	-12.15%	-16.41%
Western Sizzlin Company Operated Restaurants	3.00	3.00	3.00
Western Sizzlin Franchise Restaurants	28.00	28.00	29.00
Western Sizzlin Franchise Restaurants Growth	-	-3.45%	-9.38%
Total Number of Restaurants	437.00	435.00	458.00
Total Number of Restaurants Growth	0.46%	-5.02%	-6.91%
Insurance Operations Combined Ratio	-	89.70%	93.30%
Total Proved Oil and Gas Reserves (MBOE)	-	6.55K	8.09K
Total Proved Oil and Gas Reserves (MBOE) Growth	-	-19.06%	-14.74%

Updated May 8, 2026. Data Source: Fiscal.ai.