Biglari Holdings Financials
Biglari Holdings (BH) reported $405.6M in revenue over the twelve months to Jun 30, 2026, up 7.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A cash-rich but debt-funded balance-sheet reset now matters more than reported earnings volatility.
Liquidity improved sharply, but cash at$268.8M arrived alongside$196.5M of financing inflow rather than a return to profitability. With total liabilities expanding and free cash flow still positive at$76.6M , the easier short-term balance sheet looks externally funded, not evidence that earnings quality suddenly improved.
Cash generation has been steadier than net income across recent years, because operating cash flow stayed positive even when reported profit moved sharply above and below zero. After
Gross margin stayed elevated at
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Biglari Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Biglari Holdings, and counted as zero in the overall score.
Biglari Holdings's revenue grew 9.2% year-over-year to $395.3M, a solid pace of expansion. This earns a growth score of 46/100.
Biglari Holdings has a moderate D/E ratio of 0.41. This balance of debt and equity financing earns a leverage score of 63/100.
With a current ratio of 2.43, Biglari Holdings holds $2.43 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 68/100.
Biglari Holdings converts 19.4% of revenue into free cash flow ($76.6M). This strong cash generation earns a score of 77/100.
Not available for Biglari Holdings, and counted as zero in the overall score.
Biglari Holdings passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Biglari Holdings reported a net loss of $37.5M while generating $107.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Biglari Holdings generated $395.3M in revenue in fiscal year 2025. This represents an increase of 9.2% from the prior year.
Biglari Holdings reported -$37.5M in net income in fiscal year 2025. This represents a decrease of 897.3% from the prior year.
Biglari Holdings earned -$143.86 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 969.6% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Biglari Holdings generated $76.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 301.8% from the prior year.
Biglari Holdings held $268.8M in cash against $213.9M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Biglari Holdings's gross margin was 59.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.2 percentage points from the prior year.
Biglari Holdings's net profit margin was -9.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 8.4 percentage points from the prior year.
Biglari Holdings's ROE was -7.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 6.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Biglari Holdings invested $30.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 0.8% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
BH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $108.5M+11.3% | $97.5M-2.4% | $99.9M+0.1% | $99.7M-0.9% | $100.6M+5.9% | $95.0M+4.3% | $91.1M+0.8% | $90.4M |
| Cost of Revenue | $41.1M+9.8% | $37.5M-10.1% | $41.7M-0.4% | $41.8M+4.5% | $40.0M+6.0% | $37.8M+5.1% | $35.9M-0.8% | $36.2M |
| Gross Profit | $67.4M+12.3% | $60.0M+3.2% | $58.2M+0.5% | $57.9M-4.4% | $60.6M+5.8% | $57.3M+3.8% | $55.2M+1.8% | $54.2M |
| SG&A Expenses | $26.2M+5.5% | $24.9M+12.1% | $22.2M+8.7% | $20.4M-10.6% | $22.9M+7.0% | $21.4M+11.1% | $19.2M-1.4% | $19.5M |
| Interest Expense | $5.5M-2.1% | $5.7M+0.2% | $5.6M+580.3% | $829K-2.7% | $852K-5.3% | $900K+98.2% | $454K+65.1% | $275K |
| Income Tax | $11.7M+368.7% | -$4.4M+69.4% | -$14.2M-528.3% | -$2.3M-116.0% | $14.2M+279.2% | -$7.9M-2.9% | -$7.7M-168.6% | $11.2M |
| Net Income | $39.9M+374.8% | -$14.5M+70.9% | -$49.9M-842.2% | -$5.3M-110.4% | $50.9M+253.1% | -$33.3M-223.9% | -$10.3M-132.0% | $32.1M |
Not reported in any period shown, so not listed: R&D Expenses, Operating Income, EPS (Diluted).
BH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.1B+4.0% | $1.0B-0.7% | $1.0B-5.0% | $1.1B+25.0% | $863.6M+4.2% | $829.1M-4.3% | $866.1M+0.1% | $865.1M |
| Current Assets | $383.9M+7.8% | $356.2M-5.9% | $378.5M-6.3% | $404.1M+131.9% | $174.3M+1.6% | $171.5M+0.5% | $170.6M+3.3% | $165.2M |
| Cash & Equivalents | $68.4M-65.8% | $200.1M-25.6% | $268.8M-1.4% | $272.5M+731.6% | $32.8M+14.3% | $28.7M-6.7% | $30.7M+2.7% | $29.9M |
| Inventory | $3.9M+10.3% | $3.5M-6.6% | $3.8M-4.2% | $3.9M-10.0% | $4.4M+3.3% | $4.2M+5.0% | $4.0M+4.5% | $3.9M |
| Accounts Receivable | $25.0M+0.2% | $24.9M+7.1% | $23.3M+9.6% | $21.2M+0.7% | $21.1M-6.3% | $22.5M-10.6% | $25.2M+17.8% | $21.4M |
| Goodwill | $52.5M0.0% | $52.6M0.0% | $52.6M0.0% | $52.6M0.0% | $52.6M+0.1% | $52.5M0.0% | $52.5M-0.1% | $52.5M |
| Total Liabilities | $514.8M+3.1% | $499.1M-0.6% | $502.0M+0.5% | $499.2M+82.0% | $274.3M-5.2% | $289.2M-1.3% | $293.2M+11.3% | $263.4M |
| Current Liabilities | $156.9M+8.7% | $144.3M-7.5% | $156.0M+9.1% | $143.0M+13.4% | $126.1M-16.1% | $150.3M+2.0% | $147.3M+31.5% | $112.0M |
| Long-Term Debt | $210.2M-0.7% | $211.7M-1.0% | $213.9M-0.5% | $214.9M | N/A | N/A | $10.0M | N/A |
| Total Equity | $543.8M+4.7% | $519.2M-0.8% | $523.4M-9.8% | $580.3M-1.5% | $589.3M+9.2% | $539.8M-5.8% | $573.0M-4.8% | $601.8M |
| Retained Earnings | $615.6M+6.9% | $575.7M-2.5% | $590.2M-7.8% | $640.1M-0.8% | $645.4M+8.6% | $594.4M-5.3% | $627.7M-1.6% | $638.0M |
BH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $14.9M-26.5% | $20.3M+14.4% | $17.8M-43.1% | $31.2M-25.9% | $42.1M+166.8% | $15.8M-12.2% | $18.0M+67.3% | $10.8M |
| Capital Expenditures | $6.7M-4.3% | $7.0M-38.9% | $11.4M+27.5% | $8.9M+230.8% | $2.7M-63.0% | $7.3M+2.9% | $7.1M+0.4% | $7.1M |
| Free Cash Flow | $8.3M-38.0% | $13.4M+109.9% | $6.4M-71.4% | $22.3M-43.5% | $39.4M+364.3% | $8.5M-22.0% | $10.9M+195.6% | $3.7M |
| Investing Cash Flow | -$143.2M-50.5% | -$95.1M-225.1% | -$29.3M-223.8% | -$9.0M-24.4% | -$7.3M+63.5% | -$19.9M+62.1% | -$52.5M-242.3% | -$15.3M |
| Financing Cash Flow | -$3.3M-155.2% | $6.1M-22.5% | $7.8M-96.4% | $217.5M+806.6% | -$30.8M-1637.5% | $2.0M-94.2% | $34.6M+357.9% | $7.6M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
BH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.1%+0.5pp | 61.6%+3.3pp | 58.3%+0.2pp | 58.1%-2.2pp | 60.2%-0.1pp | 60.3%-0.3pp | 60.6%+0.6pp | 60.0% |
| Net Margin | 36.8%+51.7pp | -14.9%+35.0pp | -49.9%-44.6pp | -5.3%-55.9pp | 50.6%+85.6pp | -35.0%-23.7pp | -11.3%-46.8pp | 35.5% |
| Return on Equity | 7.3%+10.1pp | -2.8%+6.7pp | -9.5%-8.6pp | -0.9%-9.6pp | 8.6%+14.8pp | -6.2%-4.4pp | -1.8%-7.1pp | 5.3% |
| Return on Assets | 3.8%+5.2pp | -1.4%+3.4pp | -4.9%-4.4pp | -0.5%-6.4pp | 5.9%+9.9pp | -4.0%-2.8pp | -1.2%-4.9pp | 3.7% |
| Current Ratio | 2.450.0x | 2.470.0x | 2.43-0.4x | 2.83+1.4x | 1.38+0.2x | 1.140.0x | 1.16-0.3x | 1.47 |
| Debt-to-Equity | 0.390.0x | 0.410.0x | 0.410.0x | 0.37-0.1x | 0.47-0.1x | 0.54+0.5x | 0.02-0.4x | 0.44 |
| FCF Margin | 7.6%-6.1pp | 13.7%+7.3pp | 6.4%-16.0pp | 22.4%-16.8pp | 39.2%+30.3pp | 8.9%-3.0pp | 12.0%+7.9pp | 4.1% |
Not reported in any period shown, so not listed: Operating Margin.
Similar Companies
Where Biglari Holdings Ranks
Frequently Asked Questions
What is Biglari Holdings's annual revenue?
Biglari Holdings (BH) reported $395.3M in total revenue for fiscal year 2025. This represents a 9.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Biglari Holdings's revenue growing?
Biglari Holdings (BH) revenue grew by 9.2% year-over-year, from $362.1M to $395.3M in fiscal year 2025.
Is Biglari Holdings profitable?
No, Biglari Holdings (BH) reported a net income of -$37.5M in fiscal year 2025, with a net profit margin of -9.5%.
How much debt does Biglari Holdings have?
As of fiscal year 2025, Biglari Holdings (BH) had $268.8M in cash and equivalents against $213.9M in long-term debt.
What is Biglari Holdings's gross margin?
Biglari Holdings (BH) had a gross margin of 59.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Biglari Holdings's net profit margin?
Biglari Holdings (BH) had a net profit margin of -9.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Biglari Holdings's return on equity (ROE)?
Biglari Holdings (BH) has a return on equity of -7.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Biglari Holdings's free cash flow?
Biglari Holdings (BH) generated $76.6M in free cash flow during fiscal year 2025. This represents a 301.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Biglari Holdings's operating cash flow?
Biglari Holdings (BH) generated $107.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Biglari Holdings's total assets?
Biglari Holdings (BH) had $1.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Biglari Holdings's capital expenditures?
Biglari Holdings (BH) invested $30.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Biglari Holdings's current ratio?
Biglari Holdings (BH) had a current ratio of 2.43 as of fiscal year 2025, which is generally considered healthy.
What is Biglari Holdings's debt-to-equity ratio?
Biglari Holdings (BH) had a debt-to-equity ratio of 0.41 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Biglari Holdings's return on assets (ROA)?
Biglari Holdings (BH) had a return on assets of -3.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Biglari Holdings's Piotroski F-Score?
Biglari Holdings (BH) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Biglari Holdings's earnings high quality?
Biglari Holdings (BH) reported a net loss of $37.5M while generating $107.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Biglari Holdings?
Biglari Holdings (BH) scores 42 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.