Biglari Holdings Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Biglari Holdings Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue			810	669	434	366	368	365	362	395
Cost of revenue			636	501	247	167	140	138	143	161
Gross profit			173	168	187	199	228	227	219	234
Selling, general and administrative				100	76.4	76	70.6	77	75.7	86.8
General and administrative			127	100	76.4
Interest expense			19.9	20.3	15.5	1.12	0.4	0.68	0.77	8.22
Other non-operating income			40.4	78.1	-39.4	17.4	-79.3	21.7	-40.7	-66.5
Pre-tax income			16.8	55.1	-50.2	42.3	-43	64.8	-8.15	-47.7
Income tax			-2.64	9.76	-12.2	6.79	-10.7	9.31	-4.4	-10.2
Net income to minority interests					0	0	-0.29	0.59	0	0
Net income	99.5	50.1	19.4	45.4	-38	35.5	-32	54.9	-3.76	-37.5
EPS, diluted				131.64	-110.05	111.83	-107.43	189.49	-13.45	-143.86

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	75.8	58.6	48.6	67.8	24.5	42.3	37.5	28.1	30.7	269
Receivables		16.3	15.7	21.6	19.2	28.5	29.4	22.2	25.2	23.3
Inventory		7.27	7.54	4.67	2.74	3.8	3.85	2.98	4.03	3.77
Other current assets		7.22	9.24	6.45	6.49	7.09	10.5	7.39	7.72	13.6
Total current assets		113	115	145	148	165	151	153	171	379
Property, plant and equipment		296	275	351	316	349	401	380	376	367
Lease right-of-use assets			0	59.7	42.8	42.5	34.7	32.2	34	40.1
Goodwill		40.1	40.1	40	53.6	53.5	53.5	52.5	52.5	52.6
Intangible assets		26.6	28.1	27.2	24.1	23.5	23	23.2	22.8	23.7
Other non-current assets		22.5	14.2	10.6	14	10.7	10	8.3	8.31	9.68
Total assets		1,064	1,029	1,139	1,018	895	828	849	866	1,025
Accounts payable		129	117	121	26.5	36.7	28.4	22.4	28.5	34.2
Accrued liabilities								12.8
Deferred revenue								5.31	3.72	3.52
Short-term debt		6.75	5.72	7.1	152	0	10	0	35	33.1
Total current liabilities		135	123	140	288	144	135	111	147	156
Long-term debt		257	240	263	112	104			10	214
Lease liabilities			0	53.3	36.5	36	28.8	26.3	27.6	33.7
Other non-current liabilities		11.4	9.18	2.06	1.68	2.07	0.75	0.35	0.51	0.77
Total liabilities		492	459	523	453	307	273	250	293	502
Total debt		264	246	270	264	104	10	0	10	214
Paid-in capital		382	382	382	382	382	382	386	386	386
Retained earnings		566	564	611	573	609	577	631	628	590
Treasury stock		-376	-374	-375	-390	-402	-410	-416	-439	-452
Other comprehensive income	-3.58	-1.4	-2.52	-2.81	-1.53	-1.91	-2.79	-2.52	-2.87	-1.35
Shareholders' equity	532	571	570	616	565	588	547	599	573	523
Minority interests						0	8.6	0
Total equity	532	571	570	616	565	588	556	599	573	523
Total liabilities and equity		1,064	1,029	1,139	1,018	895	828	849	866	1,025
Shares outstanding		2.07

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	99.5	50.1	19.4	45.4	-38	35.5	-32.3	55.5	-3.76	-37.5
Depreciation and amortization			19.3	29.6	32.2	30.1	36.4	39	39.8	40.8
Deferred income tax			-2.15	-38.5	-12.2	5.27	-15.6	6.57	-8.49	-11.5
Change in payables			-12.2	-16.3	-32.5	-0.59	-24.6	-12.2	0.37	10.2
Cash from operations			20.7	93.7	118	229	128	73	49.7	107
Capital expenditures			-15.3	-17.7	-20.7	-64.5	-29.7	-23.4	-30.6	-30.4
Acquisitions			0	-51.1	-36.2	0	-58.3	0	0
Purchases of investments			-58.6	-155	-300	-110	-134	-108	-67.4	-57.8
Sales and maturities of investments			48.6	149	293	118	129	91	57.5	90.9
Cash from investing			-25.3	-70	-129	-58.5	-137	-66.1	-87.4	-65.5
Debt repaid			-2.2	-2.2	-23.3	-150	0	0
Stock issued			0.05	0	0
Cash from financing			-7.53	-8.01	-29.1	-156	3.86	-16.1	39.5	197
Exchange rate effect			-0.08	-0.01	0.01	-0.06	0.04	0.06	0.02	0.04
Net change in cash			-12.2	15.7	-41	14	-4.88	-9.15	1.78	238
Free cash flow			5.39	76	96.9	164	98.1	49.6	19.1	76.6
Interest paid			10.7	11.3	9.4	0.99	0.36	0.71	0.53	6.23
Income taxes paid			0.81	30.4	15.4	4.53	1.09	5.68	5.94	2.74

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $344.81 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	60.0%	Gross profit / revenue.
Pre-tax margin	-9.6%	Pre-tax income / revenue.
Net margin	-7.3%	Net income / revenue.
FCF margin	12.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.8%	Cash from operations / revenue.
Return on equity (ROE)	-5.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.8%	Net income / average total assets.
SG&A / revenue	23.1%	Selling, general and administrative expense / revenue.
Capex / revenue	8.4%	Capital expenditures / revenue.
D&A / revenue	10.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-1.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	4.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	115.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-5.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	301.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-7.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-4.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-8.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-1.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	18.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.45x	Current assets / current liabilities.
Quick ratio	0.60x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.44x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.39x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	19.9%	Total debt / total assets.
Liabilities / assets	48.6%	Total liabilities / total assets.
Net debt	$141.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$227.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	7.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$467.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.38x	Revenue / average total assets.
Fixed asset turnover	1.11x	Revenue / average property, plant and equipment.
Inventory turnover	41.7x	Cost of revenue / average inventory.
Days inventory	9 days	365 x average inventory / cost of revenue.
Receivables turnover	16.2x	Revenue / average receivables.
Days sales outstanding	22 days	365 x average receivables / revenue.
Days payables	68 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-37 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	40.3%	Capital expenditures / cash from operations, when that is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$802.2M	Share price x shares outstanding.
Enterprise value	$944.1M	Market cap + total debt - cash - short-term investments.
P/S	1.98x	Market cap / revenue.
P/B	1.48x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.71x	Market cap / tangible book value, when positive.
P/FCF	15.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.52x	Market cap / cash from operations, when positive.
EV/Sales	2.33x	Enterprise value / revenue.
EV/FCF	18.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.3%	Free cash flow / market cap.
Earnings yield	-3.7%	Net income / market cap (the inverse of P/E).

What was Biglari Holdings Inc.'s revenue in fiscal 2025?

Biglari Holdings Inc. reported revenue of $395.3M for fiscal 2025, 9.2% higher than the year before.

Was Biglari Holdings Inc. profitable in fiscal 2025?

No. It reported a net loss of $37.5M.

How much free cash flow did Biglari Holdings Inc. generate in fiscal 2025?

Cash from operations of $107.0M minus capital expenditures of $30.4M left free cash flow of $76.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Biglari Holdings Inc.