Biglari (BH) revenue breakdown
By segment, Restaurant Segment is the largest at 71% of fiscal 2025 revenue; Insurance grew fastest, 17% a year over 6 years.
By product, Restaurant operations is the largest at 71% of fiscal 2025 revenue; Insurance premiums and other grew fastest, 17% a year over 6 years.
Revenue by segment
Fiscal years, as Biglari reports them in its 10-K filings; fiscal 2025 total $395M.
| Segments | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|
| Restaurant Segment | — | $610M | $351M | $271M | $242M | $251M | $251M | $281M | 71% |
| Insurance | — | $30M | $53M | $59M | $65M | $67M | $73M | $76M | 19% |
| Oil and Gas Segment | — | $24M | $26M | $33M | $58M | $45M | $37M | $30M | 8% |
| Maxim | — | $4M | $4M | $3M | $5M | $2M | $1M | $8M | 2% |
| Steak n Shake | $761M | — | — | — | — | — | — | — | — |
| Western | $15M | — | — | — | — | — | — | — | — |
Revenue by product
Fiscal years, as Biglari reports them in its 10-K filings; fiscal 2025 total $395M.
| Products | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|
| Restaurant operations | $610M | $351M | $271M | $242M | $251M | $251M | $281M | 71% |
| Insurance premiums and other | $30M | $53M | $59M | $65M | $67M | $73M | $76M | 19% |
| Oil and gas | $24M | $26M | $33M | $58M | $45M | $37M | $30M | 8% |
| Licensing and media | $4M | $4M | $3M | $5M | $2M | $1M | $8M | 2% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for BH.
Open BH in InvestinglyQuestions
Where does Biglari make its money?
In fiscal 2025, by segment: Restaurant Segment $281M, Insurance $76M, Oil and Gas Segment $30M, Maxim $8M.
From Biglari's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.