Biglari Holdings Inc. (BH-A)
As-reported financials and SEC filings for Biglari Holdings Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About Biglari Holdings Inc.
Biglari Holdings Inc. is a holding company with subsidiaries operating in diverse industries including property and casualty insurance, reinsurance, brand licensing, media, restaurants, and oil and gas. Its largest subsidiaries franchise and operate restaurants under the Steak n Shake and Western Sizzlin brands, serving American-style food through company-operated and franchised units. The company also provides commercial truck and property insurance through its insurance subsidiaries and engages in oil and gas exploration and production primarily in Louisiana and the Permian Basin.
Snapshot
Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
What changed at Biglari Holdings
- Revenue grew 9.2% to $395M in FY2025, after a 0.9% decline the year before.
- Most recent quarter Q2 FY2026: revenue $109M, up 7.9% from Q2 FY2025.
- Free cash flow was $77M in FY2025, 19.4% of revenue.
- Net loss widened to $37M in FY2025, from $4M in FY2024.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where Biglari Holdings’s fundamentals sit among the 42 restaurant companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
Biglari Holdings’s FCF margin of 19.4% ranks in the 95th percentile of the 42 restaurant companies reporting it. Biglari Holdings’s net margin of -9.5% ranks in the 15th percentile of the 42 restaurant companies reporting it.
No reported insider transactions (codes P/S) in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →
Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-08-14 | 11.5K | +7.4% | 1.00 |
| 2026-07-31 | 10.7K | +12.8% | 1.00 |
| 2026-07-15 | 9.5K | +12.8% | 1.00 |
| 2026-06-30 | 8.4K | +21.9% | 1.00 |
| 2026-06-15 | 6.9K | +47.5% | 1.00 |
| 2026-05-29 | 4.7K | -21.3% | 1.00 |
| 2026-05-15 | 6.0K | +6.3% | 1.00 |
| 2026-04-30 | 5.6K | +5.2% | 1.00 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $395.3M | $362.1M | $365.3M | $368.2M | $366.1M |
| Gross profit | $233.9M | $218.7M | $227.3M | $228.0M | $198.6M |
| Operating income | — | — | — | — | — |
| Net income | $-37.5M | $-3.8M | $54.9M | $-32.0M | $35.5M |
| Diluted EPS | $-143.86 | $-13.45 | $189.49 | $-107.43 | $111.83 |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $268.8M | $30.7M | $28.1M | $37.5M | $42.3M |
| Current assets | $378.5M | $170.6M | $152.6M | $150.7M | $164.8M |
| Total assets | $1.03B | $866.1M | $849.4M | $828.5M | $894.8M |
| Current liabilities | $156.0M | $147.3M | $111.1M | $134.9M | $143.6M |
| Long-term debt | $213.9M | $10.0M | — | — | $104.5M |
| Total liabilities | $502.0M | $293.2M | $250.1M | $272.9M | $307.1M |
| Total equity | $523.4M | $573.0M | $599.3M | $555.6M | $587.7M |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $107.0M | $49.7M | $73.0M | $127.8M | $228.8M |
| Capital expenditure | $30.4M | $30.6M | $23.4M | $29.7M | $64.5M |
| Free cash flow | $76.6M | $19.1M | $49.6M | $98.1M | $164.2M |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Quarterly trend (as reported)
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q2 FY2026 | $108.5M | 7.9% | $39.9M | — |
| Q1 FY2026 | $97.5M | 2.6% | $-14.5M | — |
| Q4 FY2025 | $99.9M | 9.6% | $-49.9M | — |
| Q3 FY2025 | $99.7M | 10.3% | $-5.3M | — |
| Q2 FY2025 | $100.6M | 10.4% | $50.9M | — |
| Q1 FY2025 | $95.0M | 6.2% | $-33.3M | — |
| Q4 FY2024 | $91.1M | 0.5% | $-10.3M | — |
| Q3 FY2024 | $90.4M | -0.6% | $32.1M | — |
Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.
Company facts
Selected SEC filings
Largest restaurant peers
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.