What is Biglari Holdings's earnings per share (EPS)?

Biglari Holdings (BH) reported diluted earnings per share of $-143.86 for fiscal year 2025. This represents a -969.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Biglari Holdings Financials

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Biglari Holdings (BH) financial statements, including the 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).

Rhea AI BH FY2025 2026-05-08

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 $30.4M of capex in FY2025, free cash flow still remained positive, which suggests reinvestment needs are meaningful but not so heavy that they erase operating cash.

Gross margin stayed elevated at 59.2%, so the latest loss was not driven by a collapse in basic unit economics or an obvious deterioration in revenue mix. Instead, the cost structure shifted below gross profit: SG&A rose to $86.8M and interest expense jumped to $8.2M, meaning more of the gross profit pool was absorbed before it could reach the bottom line.

Financial Health Signals

Financial Health Score 43/100

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.

Growth

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.

Leverage

Biglari Holdings has a moderate D/E ratio of 0.41. This balance of debt and equity financing earns a leverage score of 64/100.

Liquidity

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.

Cash Flow

Biglari Holdings converts 19.4% of revenue into free cash flow ($76.6M). This strong cash generation earns a score of 77/100.

Piotroski F-Score Partial

3/8

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.

Earnings Quality Mixed

-2.85x

For every $1 of reported earnings, Biglari Holdings generates $-2.85 in operating cash flow ($107.0M OCF vs -$37.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$395.3M

YoY+9.2%

5Y CAGR-1.8%

Biglari Holdings generated $395.3M in revenue in fiscal year 2025. This represents an increase of 9.2% from the prior year.

EBITDA

N/A

Net Income

-$37.5M

YoY-897.3%

Biglari Holdings reported -$37.5M in net income in fiscal year 2025. This represents a decrease of 897.3% from the prior year.

EPS (Diluted)

$-143.86

YoY-969.6%

Biglari Holdings earned $-143.86 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 969.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$76.6M

YoY+301.8%

5Y CAGR-4.6%

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.

Cash & Debt

$268.8M

YoY+775.3%

5Y CAGR+61.4%

Biglari Holdings held $268.8M in cash against $213.9M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

59.2%

YoY-1.2pp

5Y CAGR+16.1pp

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.

Operating Margin

N/A

Net Margin

-9.5%

YoY-8.4pp

5Y CAGR-0.7pp

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.

Return on Equity

-7.2%

YoY-6.5pp

5Y CAGR-0.4pp

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.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$30.4M

YoY-0.8%

5Y CAGR+8.0%

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.

BH Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$395.3M+9.2%	$362.1M-0.9%	$365.3M-0.8%	$368.2M+0.6%	$366.1M-15.6%	$433.7M
Cost of Revenue	$161.3M+12.5%	$143.4M+4.0%	$138.0M-1.6%	$140.3M-16.3%	$167.5M-32.1%	$246.7M
Gross Profit	$233.9M+7.0%	$218.7M-3.8%	$227.3M-0.3%	$228.0M+14.8%	$198.6M+6.2%	$187.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$86.8M+14.8%	$75.7M-1.7%	$77.0M+9.1%	$70.6M-7.1%	$76.0M-0.4%	$76.4M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$8.2M+966.3%	$771K+13.2%	$681K+70.7%	$399K-64.4%	$1.1M-92.8%	$15.5M
Income Tax	-$10.2M-132.2%	-$4.4M-147.2%	$9.3M+186.8%	-$10.7M-257.9%	$6.8M+155.6%	-$12.2M
Net Income	-$37.5M-897.3%	-$3.8M-106.8%	$54.9M+271.6%	-$32.0M-190.2%	$35.5M+193.4%	-$38.0M
EPS (Diluted)	$-143.86-969.6%	$-13.45-107.1%	$189.49+276.4%	$-107.43-196.1%	$111.83+201.6%	$-110.05

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$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-0.8%	$91.1M
Cost of Revenue	$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-1.8%	$36.9M
Gross Profit	$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-0.1%	$54.3M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$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+4.6%	$18.7M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$5.7M+0.2%	$5.6M+580.3%	$829K-2.7%	$852K-5.3%	$900K+98.2%	$454K+65.1%	$275K+554.8%	$42K
Income Tax	-$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+176.1%	-$14.7M
Net Income	-$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+166.7%	-$48.2M
EPS (Diluted)	$-55.81	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BH Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.0B+18.4%	$866.1M+2.0%	$849.4M+2.5%	$828.5M-7.4%	$894.8M-12.1%	$1.0B
Current Assets	$378.5M+121.9%	$170.6M+11.8%	$152.6M+1.3%	$150.7M-8.6%	$164.8M+11.5%	$147.8M
Cash & Equivalents	$268.8M+775.3%	$30.7M+9.4%	$28.1M-25.1%	$37.5M-11.5%	$42.3M+72.8%	$24.5M
Inventory	$3.8M-6.5%	$4.0M+35.3%	$3.0M-22.6%	$3.9M+1.3%	$3.8M+38.9%	$2.7M
Accounts Receivable	$23.3M-7.5%	$25.2M+13.2%	$22.2M-24.3%	$29.4M+3.0%	$28.5M+48.6%	$19.2M
Goodwill	$52.6M+0.1%	$52.5M-0.1%	$52.5M-1.8%	$53.5M-0.1%	$53.5M-0.1%	$53.6M
Total Liabilities	$502.0M+71.2%	$293.2M+17.2%	$250.1M-8.4%	$272.9M-11.1%	$307.1M-32.2%	$453.1M
Current Liabilities	$156.0M+5.9%	$147.3M+32.6%	$111.1M-17.6%	$134.9M-6.1%	$143.6M-50.2%	$288.4M
Long-Term Debt	$213.9M+2039.2%	$10.0M	N/A	N/A	$104.5M-6.4%	$111.6M
Total Equity	$523.4M-8.6%	$573.0M-4.4%	$599.3M+9.6%	$547.0M-6.9%	$587.7M+4.0%	$564.8M
Retained Earnings	$590.2M-6.0%	$627.7M-0.6%	$631.5M+9.5%	$576.5M-5.3%	$608.5M+6.2%	$573.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$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+6.9%	$809.1M
Current Assets	$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+9.3%	$151.2M
Cash & Equivalents	$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+11.1%	$26.9M
Inventory	$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+7.6%	$3.6M
Accounts Receivable	$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+11.6%	$19.2M
Goodwill	$52.6M0.0%	$52.6M0.0%	$52.6M0.0%	$52.6M+0.1%	$52.5M0.0%	$52.5M-0.1%	$52.5M0.0%	$52.5M
Total Liabilities	$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+9.8%	$239.9M
Current Liabilities	$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+5.9%	$105.8M
Long-Term Debt	$211.7M-1.0%	$213.9M-0.5%	$214.9M	N/A	N/A	$10.0M	N/A	N/A
Total Equity	$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+5.7%	$569.2M
Retained Earnings	$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+5.3%	$605.8M

BH Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$107.0M+115.4%	$49.7M-32.0%	$73.0M-42.9%	$127.8M-44.1%	$228.8M+94.6%	$117.6M
Capital Expenditures	$30.4M-0.8%	$30.6M+30.7%	$23.4M-21.3%	$29.7M-53.9%	$64.5M+211.8%	$20.7M
Free Cash Flow	$76.6M+301.8%	$19.1M-61.6%	$49.6M-49.4%	$98.1M-40.3%	$164.2M+69.6%	$96.9M
Investing Cash Flow	-$65.5M+25.1%	-$87.4M-32.2%	-$66.1M+51.6%	-$136.6M-133.4%	-$58.5M+54.8%	-$129.5M
Financing Cash Flow	$196.5M+397.8%	$39.5M+344.8%	-$16.1M-517.9%	$3.9M+102.5%	-$156.2M-436.5%	-$29.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$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+502.5%	$1.8M
Capital Expenditures	$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-40.3%	$11.8M
Free Cash Flow	$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+136.7%	-$10.0M
Investing Cash Flow	-$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-83.7%	-$8.3M
Financing Cash Flow	$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+687.0%	-$1.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BH Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	59.2%-1.2pp	60.4%-1.8pp	62.2%+0.3pp	61.9%+7.7pp	54.3%+11.1pp	43.1%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-9.5%-8.4pp	-1.0%-16.1pp	15.0%+23.7pp	-8.7%-18.4pp	9.7%+18.4pp	-8.8%
Return on Equity	-7.2%-6.5pp	-0.7%-9.8pp	9.2%+15.0pp	-5.9%-11.9pp	6.0%+12.8pp	-6.7%
Return on Assets	-3.7%-3.2pp	-0.4%-6.9pp	6.5%+10.3pp	-3.9%-7.8pp	4.0%+7.7pp	-3.7%
Current Ratio	2.43+1.3	1.16-0.2	1.37+0.3	1.12-0.0	1.15+0.6	0.51
Debt-to-Equity	0.41+0.4	0.02-0.4	0.42-0.1	0.50+0.3	0.18-0.0	0.20
FCF Margin	19.4%+14.1pp	5.3%-8.3pp	13.6%-13.1pp	26.6%-18.2pp	44.9%+22.5pp	22.3%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	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%+0.4pp	59.5%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-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%+88.4pp	-52.9%
Return on Equity	-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%+13.8pp	-8.5%
Return on Assets	-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%+9.7pp	-6.0%
Current Ratio	2.47+0.0	2.43-0.4	2.83+1.4	1.38+0.2	1.14-0.0	1.16-0.3	1.47+0.0	1.43
Debt-to-Equity	0.410.0	0.41+0.0	0.37-0.1	0.47-0.1	0.54+0.5	0.02-0.4	0.44+0.0	0.42
FCF Margin	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%+15.1pp	-11.0%

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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) has an earnings quality ratio of -2.85x, considered mixed quality. 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 43 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.