Updated
BiglariBH-A · Consumer Cyclical
$1,573.88-2.13%
Market cap$1.2B
IndustryRestaurants
Biglari (BH-A) Financial statements
Biglari reported revenue of $395M in fiscal 2025, down 9.7% a year over 7 years.
Key figures
Net income was -$37M. Free cash flow was $77M.
- Revenue, FY2025
- $395M+9.2% on 2024
- Net income
- -$37M+897.3% on 2024
- Operating margin
- 4.8%
- Free cash flow
- $77M+301.8% on 2024
Revenue and free cash flow
Fiscal years, from Biglari's 10-K filings.
Biglari revenue and free cash flow
FY2016–FY2025BH-ARevenue$395MBH-AFree cash flow$77M
Margins
How much of each dollar of revenue is left after the cost of sales, after operating costs, and at the bottom line.
Biglari margins
FY2016–FY2025BH-AGross margin59%BH-AOperating margin4.8%BH-ANet margin-9.5%
Financial statements
Fiscal 2016–2025.
Biglari income statement, fiscal 2016–2025
| USD | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $810M | $669M | $434M | $366M | $368M | $365M | $362M | $395M |
| Cost of revenue | — | — | $636M | $501M | $247M | $167M | $140M | $138M | $143M | $161M |
| Gross profit | — | — | $173M | $168M | $187M | $199M | $228M | $227M | $219M | $234M |
| Selling, general and admin | — | — | $127M | $100M | $76M | $76M | $71M | $77M | $76M | $87M |
| Operating income | — | — | -$24M | -$23M | -$11M | $25M | $36M | $43M | $33M | $19M |
| Interest expense | — | — | $20M | $20M | $16M | $1M | $399,000 | $681,000 | $771,000 | $8M |
| Pre-tax income | — | — | $17M | $55M | -$50M | $42M | -$43M | $65M | -$8M | -$48M |
| Income tax | — | — | -$3M | $10M | -$12M | $7M | -$11M | $9M | -$4M | -$10M |
| Net income | $99M | $50M | $19M | $45M | -$38M | $35M | -$32M | $55M | -$4M | -$37M |
| EPS (diluted) | — | — | — | $131.64 | -$110.05 | $111.83 | -$107.43 | $189.49 | -$13.45 | -$143.86 |
| Gross margin | — | — | 21.4% | 25.1% | 43.1% | 54.3% | 61.9% | 62.2% | 60.4% | 59.2% |
| Operating margin | — | — | -2.9% | -3.4% | -2.5% | 6.8% | 9.9% | 11.8% | 9.0% | 4.8% |
| Net margin | — | — | 2.4% | 6.8% | -8.8% | 9.7% | -8.7% | 15.0% | -1.0% | -9.5% |
Biglari balance sheet, fiscal 2016–2025
| USD | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $76M | $59M | $49M | $68M | $25M | $42M | $37M | $28M | $31M | $269M |
| Receivables | — | $16M | $16M | $22M | $19M | $29M | $29M | $22M | $25M | $23M |
| Inventory | — | $7M | $8M | $5M | $3M | $4M | $4M | $3M | $4M | $4M |
| Total current assets | — | $113M | $115M | $145M | $148M | $165M | $151M | $153M | $171M | $379M |
| Property, plant and equipment | — | $296M | $275M | $351M | $316M | $349M | $401M | $380M | $376M | $367M |
| Goodwill | — | $40M | $40M | $40M | $54M | $54M | $54M | $53M | $52M | $53M |
| Total assets | — | $1.1B | $1.0B | $1.1B | $1.0B | $895M | $828M | $849M | $866M | $1.0B |
| Total current liabilities | — | $135M | $123M | $140M | $288M | $144M | $135M | $111M | $147M | $156M |
| Long-term debt | — | $257M | $240M | $263M | $75M | $104M | — | $0 | $10M | $214M |
| Total liabilities | — | $492M | $459M | $523M | $453M | $307M | $273M | $250M | $293M | $502M |
| Shareholders' equity | $532M | $571M | $570M | $616M | $565M | $588M | $547M | $599M | $573M | $523M |
| Net debt | -$76M | $205M | $197M | $203M | $203M | $62M | -$27M | -$28M | $14M | -$22M |
Biglari cash flow, fiscal 2016–2025
| USD | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | — | — | $21M | $94M | $118M | $229M | $128M | $73M | $50M | $107M |
| Capital spending | — | — | $15M | $18M | $21M | $65M | $30M | $23M | $31M | $30M |
| Free cash flow | — | — | $5M | $76M | $97M | $164M | $98M | $50M | $19M | $77M |
| Net borrowing | — | — | -$2M | -$2M | -$23M | -$150M | $0 | $0 | — | — |
| Free cash flow margin | — | — | 0.7% | 11.4% | 22.3% | 44.9% | 26.6% | 13.6% | 5.3% | 19.4% |
How Biglari compares
Biglari's operating margin is higher than 29% of Consumer Cyclical companies and 33% of the 2,822 companies with an operating margin figure.
| Higher than | Consumer Cyclical | All stocks |
|---|---|---|
| Operating margin | 29% | 33% |
| Net margin | 13% | 21% |
| Gross margin | 87% | 73% |
| Revenue growth | 63% | 48% |
| ROE | 19% | 26% |
Questions about Biglari
What was Biglari's revenue in 2025?
$395M in fiscal 2025, from its 10-K filing.
How much free cash flow does Biglari generate?
$77M in fiscal 2025 (operating cash flow minus capital spending).
From Biglari's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.