Biglari (BH) financial statements
Biglari reported revenue of $395M in fiscal 2025, down 9.2% a year over 7 years.
Net income was -$37M.
Free cash flow was $77M.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Biglari's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $776M | $669M | $434M | $366M | $368M | $365M | $362M | $395M |
| Cost of revenue | — | — | $636M | $501M | $247M | $167M | $140M | $138M | $143M | $161M |
| Gross profit | — | — | $139M | $168M | $187M | $199M | $228M | $227M | $219M | $234M |
| Selling, general and admin | — | — | $127M | $100M | $76M | $76M | $71M | $77M | $76M | $87M |
| Operating income | — | — | -$58M | -$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 | — | — | 17.9% | 25.1% | 43.1% | 54.3% | 61.9% | 62.2% | 60.4% | 59.2% |
| Operating margin | — | — | -7.5% | -3.4% | -2.5% | 6.8% | 9.9% | 11.8% | 9.0% | 4.8% |
| Net margin | — | — | 2.5% | 6.8% | -8.8% | 9.7% | -8.7% | 15.0% | -1.0% | -9.5% |
Balance sheet
Fiscal years, from Biglari's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | — | — | $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 |
Cash flow
Fiscal years, from Biglari's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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% |
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Open BH in InvestinglyQuestions
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.