Biglari Holdings Inc.

EDGAR

Annual consolidated revenue for 2025: about USD 395.3M, using the latest reported figures. The previous period, 2024, was about USD 362.1M.

Watchlist

Latest quarter

Revenue

109 million USD

2026 Q2 · USD

Exact inputs and evidence

Net margin

36.79%

2026 Q2 · %

Exact inputs and evidence
  • Net Income: 39926000 USD Source
  • Revenue: 108524000 USD Source

Operating cash flow

14.9 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 35280000 USD Source
  • Operating Cash Flow: 20332000 USD Source

Free cash flow

8.28 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 35280000 USD Source
  • Operating Cash Flow: 20332000 USD Source
  • Capital Expenditure: 13632000 USD Source
  • Capital Expenditure: 6967000 USD Source
Cash and cash equivalents
68.4 million USD Source
Exact value

68394000 USD

Long-term debt including current maturities
80 million USD Source
Exact value

80000000 USD

Shares outstanding
2.07 million shares Source
Exact value

2068535 shares

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

406 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Revenue: 99738000 USD · 2025-07-01 – 2025-09-30 Source
  • Revenue: 395261000 USD · 2025-01-01 – 2025-12-31 Source
  • Revenue: 295392000 USD · 2025-01-01 – 2025-09-30 Source
  • Revenue: 97481000 USD · 2026-01-01 – 2026-03-31 Source
  • Revenue: 108524000 USD · 2026-04-01 – 2026-06-30 Source

Net income

-29.7 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Net income: -5291000 USD · 2025-07-01 – 2025-09-30 Source
  • Net income: -37488000 USD · 2025-01-01 – 2025-12-31 Source
  • Net income: 12365000 USD · 2025-01-01 – 2025-09-30 Source
  • Net income: -14531000 USD · 2026-01-01 – 2026-03-31 Source
  • Net income: 39926000 USD · 2026-04-01 – 2026-06-30 Source

Operating cash flow

84.3 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Operating cash flow: 89188000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 57942000 USD · 2025-01-01 – 2025-06-30 Source
  • Operating cash flow: 106959000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 89188000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 20332000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 35280000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: 20332000 USD · 2026-01-01 – 2026-03-31 Source

Capital expenditure

34 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Capital expenditure: 18950000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 10004000 USD · 2025-01-01 – 2025-06-30 Source
  • Capital expenditure: 30353000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 18950000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 6967000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 13632000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 6967000 USD · 2026-01-01 – 2026-03-31 Source

Free cash flow

50.3 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Operating cash flow: 89188000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 57942000 USD · 2025-01-01 – 2025-06-30 Source
  • Operating cash flow: 106959000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 89188000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 20332000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 35280000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: 20332000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 18950000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 10004000 USD · 2025-01-01 – 2025-06-30 Source
  • Capital expenditure: 30353000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 18950000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 6967000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 13632000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 6967000 USD · 2026-01-01 – 2026-03-31 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-08-07.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 8 of 11 periods available· newest 2025-12-31
  • operating income: No compatible figures in this window
  • Net income: 10 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 8 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 8 of 11 periods available· newest 2025-12-31
  • Total assets: 8 of 11 periods available· newest 2025-12-31
  • Total liabilities: 8 of 11 periods available· newest 2025-12-31
  • Current assets: 8 of 11 periods available· newest 2025-12-31
  • Current liabilities: 8 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 8 of 11 periods available· newest 2025-12-31
  • long term debt: No compatible figures in this window
  • shares outstanding: No compatible figures in this window

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +9.2%

    Prior period

    USD 362.11 million

    –

    Current period

    USD 395.26 million

    –

    Exact inputs and evidence

    395261000 − 362114000 = 33147000 USD

    362114000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    395261000 USD · 2025-01-01 – 2025-12-31

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  • Net income

    −USD 33.73 million

    Prior period

    −USD 3.76 million

    –

    Current period

    −USD 37.49 million

    –

    Exact inputs and evidence

    -37488000 − -3759000 = -33729000 USD

    -3759000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    -37488000 USD · 2025-01-01 – 2025-12-31

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  • Operating cash flow

    +115.4%

    Prior period

    USD 49.66 million

    –

    Current period

    USD 106.96 million

    –

    Exact inputs and evidence

    106959000 − 49660000 = 57299000 USD

    49660000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    106959000 USD · 2025-01-01 – 2025-12-31

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  • Capital expenditure

    -0.8%

    Prior period

    USD 30.59 million

    –

    Current period

    USD 30.35 million

    –

    Exact inputs and evidence

    30353000 − 30594000 = -241000 USD

    30594000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    30353000 USD · 2025-01-01 – 2025-12-31

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Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 395.26 million 100% of revenue
  • Operating costs Derived Unavailable An input is unavailable.
  • Operating income Unavailable An input is unavailable.
  • Tax, interest and other Derived Unavailable An input is unavailable.
  • Net income −USD 37.49 million −9.5% of revenue

Cash

  • Operating cash flow USD 106.96 million 27% of revenue
  • Capital expenditure USD 30.35 million 7.7% of revenue
  • Free cash flow Derived USD 76.61 million 19% of revenue

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2018 Not shown: operating income or net income is not reported.
  • 2019 Not shown: operating income or net income is not reported.
  • 2020 Not shown: operating income or net income is not reported.
  • 2021 Not shown: operating income or net income is not reported.
  • 2022 Not shown: operating income or net income is not reported.
  • 2023 Not shown: operating income or net income is not reported.
  • 2024 Not shown: operating income or net income is not reported.
  • 2025 Not shown: operating income or net income is not reported.
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2018 2018-01-01 – 2018-12-31809894000 UnavailableUnavailableUnavailable19392000 5385000 Derived
Source
2019 2019-01-01 – 2019-12-31668838000 UnavailableUnavailableUnavailable45380000 76004000 Derived
Source
2020 2020-01-01 – 2020-12-31433683000 UnavailableUnavailableUnavailable-37989000 96854000 Derived
Source
2021 2021-01-01 – 2021-12-31366106000 UnavailableUnavailableUnavailable35478000 164218000 Derived
Source
2022 2022-01-01 – 2022-12-31368231000 UnavailableUnavailableUnavailable-32018000 98079000 Derived
Source
2023 2023-01-01 – 2023-12-31365318000 UnavailableUnavailableUnavailable54948000 49597000 Derived
Source
2024 2024-01-01 – 2024-12-31362114000 UnavailableUnavailableUnavailable-3759000 19066000 Derived
Source
2025 2025-01-01 – 2025-12-31395261000 UnavailableUnavailableUnavailable-37488000 76606000 Derived
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 395.3M 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.874.7M656.0M437.3M218.7M0.0201820222025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2018Revenue809894000
2019Revenue668838000
2020Revenue433683000
2021Revenue366106000
2022Revenue368231000
2023Revenue365318000
2024Revenue362114000
2025Revenue395261000

Revenue growth

Change in revenue from the same financial period one year earlier.

9.2% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.13%-0%-13%-26%-39%201820222025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2018Year over yearNo prior comparable period
2019Year over year-17.4%
2020Year over year-35.2%
2021Year over year-15.6%
2022Year over year0.6%
2023Year over year-0.8%
2024Year over year-0.9%
2025Year over year9.2%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Net margin -9.5% 2025
Free cash flow margin 19.4% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.49%33%18%2%-14%2018-12-312022-12-312025-12-31
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2018-12-31Operating marginNot reported
2019-12-31Operating marginNot reported
2020-12-31Operating marginNot reported
2021-12-31Operating marginNot reported
2022-12-31Operating marginNot reported
2023-12-31Operating marginNot reported
2024-12-31Operating marginNot reported
2025-12-31Operating marginNot reported
2018Net margin2.4%
2019Net margin6.8%
2020Net margin-8.8%
2021Net margin9.7%
2022Net margin-8.7%
2023Net margin15%
2024Net margin-1%
2025Net margin-9.5%
2018Free cash flow margin0.7%
2019Free cash flow margin11.4%
2020Free cash flow margin22.3%
2021Free cash flow margin44.9%
2022Free cash flow margin26.6%
2023Free cash flow margin13.6%
2024Free cash flow margin5.3%
2025Free cash flow margin19.4%

Operating cash flow

Cash generated by the company’s normal business operations.

USD 107M 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.247.1M185.3M123.5M61.8M0.0201820222025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2018Operating cash flow20678000
2019Operating cash flow93683000
2020Operating cash flow117556000
2021Operating cash flow228767000
2022Operating cash flow127825000
2023Operating cash flow73002000
2024Operating cash flow49660000
2025Operating cash flow106959000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 76.6M 2025
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.177.4M133.0M88.7M44.3M0.0201820222025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2018Free cash flow5385000
2019Free cash flow76004000
2020Free cash flow96854000
2021Free cash flow164218000
2022Free cash flow98079000
2023Free cash flow49597000
2024Free cash flow19066000
2025Free cash flow76606000

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

49% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.53%40%26%13%0%201820222025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2018Liabilities / assets44.6%
2019Liabilities / assets45.9%
2020Liabilities / assets44.5%
2021Liabilities / assets34.3%
2022Liabilities / assets32.9%
2023Liabilities / assets29.4%
2024Liabilities / assets33.8%
2025Liabilities / assets49%

Current assets to current liabilities

Current assets divided by current liabilities.

2.43× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.2.62×1.97×1.31×0.66×0.00×201820222025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2018Current assets / current liabilities0.93×
2019Current assets / current liabilities1.04×
2020Current assets / current liabilities0.51×
2021Current assets / current liabilities1.15×
2022Current assets / current liabilities1.12×
2023Current assets / current liabilities1.37×
2024Current assets / current liabilities1.16×
2025Current assets / current liabilities2.43×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2016 2016-01-01 – 2016-12-31
USD 99.45 million
Exact value

Exact value: 99451000 USD

2016-01-01 – 2016-12-31: 99451000 USD Inspect Net Income Open source
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Unavailable Not reported for this period.
Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Operating cash flow + Capital expenditure is unavailable for this period.

2017 2017-01-01 – 2017-12-31
USD 50.07 million
Exact value

Exact value: 50071000 USD

2017-01-01 – 2017-12-31: 50071000 USD Inspect Net Income Open source
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Unavailable Not reported for this period.
Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Operating cash flow + Capital expenditure is unavailable for this period.

2018 2018-01-01 – 2018-12-31
USD 19.39 million
Exact value

Exact value: 19392000 USD

2018-01-01 – 2018-12-31: 19392000 USD Inspect Net Income Open source
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USD 20.68 million
Exact value

Exact value: 20678000 USD

2018-01-01 – 2018-12-31: 20678000 USD Inspect Operating Cash Flow Open source
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USD 15.29 million
Exact value

Exact value: 15293000 USD

2018-01-01 – 2018-12-31: 15293000 USD Inspect Capital Expenditure Open source
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USD 5.39 million
Calculation and evidence

20678000 − 15293000 USD

Exact free cash flow: 5385000 USD

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2019 2019-01-01 – 2019-12-31
USD 45.38 million
Exact value

Exact value: 45380000 USD

2019-01-01 – 2019-12-31: 45380000 USD Inspect Net Income Open source
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USD 93.68 million
Exact value

Exact value: 93683000 USD

2019-01-01 – 2019-12-31: 93683000 USD Inspect Operating Cash Flow Open source
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USD 17.68 million
Exact value

Exact value: 17679000 USD

2019-01-01 – 2019-12-31: 17679000 USD Inspect Capital Expenditure Open source
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USD 76 million
Calculation and evidence

93683000 − 17679000 USD

Exact free cash flow: 76004000 USD

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2020 2020-01-01 – 2020-12-31
−USD 37.99 million
Exact value

Exact value: -37989000 USD

2020-01-01 – 2020-12-31: -37989000 USD Inspect Net Income Open source
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USD 117.56 million
Exact value

Exact value: 117556000 USD

2020-01-01 – 2020-12-31: 117556000 USD Inspect Operating Cash Flow Open source
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USD 20.7 million
Exact value

Exact value: 20702000 USD

2020-01-01 – 2020-12-31: 20702000 USD Inspect Capital Expenditure Open source
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USD 96.85 million
Calculation and evidence

117556000 − 20702000 USD

Exact free cash flow: 96854000 USD

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2021 2021-01-01 – 2021-12-31
USD 35.48 million
Exact value

Exact value: 35478000 USD

2021-01-01 – 2021-12-31: 35478000 USD Inspect Net Income Open source
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USD 228.77 million
Exact value

Exact value: 228767000 USD

2021-01-01 – 2021-12-31: 228767000 USD Inspect Operating Cash Flow Open source
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USD 64.55 million
Exact value

Exact value: 64549000 USD

2021-01-01 – 2021-12-31: 64549000 USD Inspect Capital Expenditure Open source
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USD 164.22 million
Calculation and evidence

228767000 − 64549000 USD

Exact free cash flow: 164218000 USD

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2022 2022-01-01 – 2022-12-31
−USD 32.02 million
Exact value

Exact value: -32018000 USD

2022-01-01 – 2022-12-31: -32018000 USD Inspect Net Income Open source
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USD 127.83 million
Exact value

Exact value: 127825000 USD

2022-01-01 – 2022-12-31: 127825000 USD Inspect Operating Cash Flow Open source
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USD 29.75 million
Exact value

Exact value: 29746000 USD

2022-01-01 – 2022-12-31: 29746000 USD Inspect Capital Expenditure Open source
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USD 98.08 million
Calculation and evidence

127825000 − 29746000 USD

Exact free cash flow: 98079000 USD

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2023 2023-01-01 – 2023-12-31
USD 54.95 million
Exact value

Exact value: 54948000 USD

2023-01-01 – 2023-12-31: 54948000 USD Inspect Net Income Open source
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USD 73 million
Exact value

Exact value: 73002000 USD

2023-01-01 – 2023-12-31: 73002000 USD Inspect Operating Cash Flow Open source
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USD 23.41 million
Exact value

Exact value: 23405000 USD

2023-01-01 – 2023-12-31: 23405000 USD Inspect Capital Expenditure Open source
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USD 49.6 million
Calculation and evidence

73002000 − 23405000 USD

Exact free cash flow: 49597000 USD

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2024 2024-01-01 – 2024-12-31
−USD 3.76 million
Exact value

Exact value: -3759000 USD

2024-01-01 – 2024-12-31: -3759000 USD Inspect Net Income Open source
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USD 49.66 million
Exact value

Exact value: 49660000 USD

2024-01-01 – 2024-12-31: 49660000 USD Inspect Operating Cash Flow Open source
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USD 30.59 million
Exact value

Exact value: 30594000 USD

2024-01-01 – 2024-12-31: 30594000 USD Inspect Capital Expenditure Open source
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USD 19.07 million
Calculation and evidence

49660000 − 30594000 USD

Exact free cash flow: 19066000 USD

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2025 2025-01-01 – 2025-12-31
−USD 37.49 million
Exact value

Exact value: -37488000 USD

2025-01-01 – 2025-12-31: -37488000 USD Inspect Net Income Open source
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USD 106.96 million
Exact value

Exact value: 106959000 USD

2025-01-01 – 2025-12-31: 106959000 USD Inspect Operating Cash Flow Open source
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USD 30.35 million
Exact value

Exact value: 30353000 USD

2025-01-01 – 2025-12-31: 30353000 USD Inspect Capital Expenditure Open source
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USD 76.61 million
Calculation and evidence

106959000 − 30353000 USD

Exact free cash flow: 76606000 USD

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Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

46 filings · 6,667 latest values · 6,667 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0001726173, 1726173, BH, BH-A, edgar:1726173

Also known as BIGLARI HOLDINGS INC., Biglari Holdings Inc., NBHSA Inc.