BH - NYSE
Biglari Holdings Inc.
$292.51
-1.2%Biglari Holdings Inc., through its subsidiaries, primarily operates and franchises restaurants in the United States. It owns, operates, and franchises restaurants under the Steak n Shake and Western Sizzlin names. As of December 31, 2021, it operated 199 Steak n Shake company-operated restaurants, 159 franchise partner units, and 178 traditional franchise units, as well as 3 Western Sizzlin company-operated restaurants and 38 franchised units. The company also engages in underwriting commercial trucking insurance; selling physical damage and non-trucking liability insurance to truckers; and providing property and casualty insurance. In addition, it operates oil and natural gas properties in the Gulf of Mexico; and publishes and sells magazines and related publishing products under the MAXIM brand name. Further, it licenses media products and services; and engages in the investment activities. The company was formerly known as The Steak n Shake Company and changed its name to Biglari Holdings Inc. in April 2010. Biglari Holdings Inc. was founded in 1934 and is based in San Antonio, Texas.
At a Glance
Live SnapshotBiglari Holdings Inc. Profit Bridge
Profitability Analysis
Gross Margin
Moderate margins typical of competitive industries. Monitor for pricing pressure or rising costs.
Operating Margin
Minimal operating profit suggests high operating costs or pricing challenges. Scalability is concerning.
Net Profit Margin
Net losses indicate the company is burning cash. Sustainability depends on path to profitability.
Profitability Insight
Non-operating losses: Core business is profitable but other expenses (interest, taxes, one-time items) are driving net losses. Review capital structure and non-operating items.
Biglari Holdings Inc. Income Statement
BH • NYSE
| Biglari Holdings Inc. Income Statement | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 | Dec 2015 | Dec 2014 | Sep 2013 | Sep 2012 | Sep 2011 | Sep 2010 | Sep 2009 | Sep 2008 | Sep 2007 | Sep 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
REVENUE | ||||||||||||||||||||
395.3M | 362.1M | 365.3M | 368.2M | 366.1M | 433.7M | 668.8M | 809.9M | 839.8M | 850.1M | 861.5M | 828.1M | 755.8M | 734.3M | 709.2M | 673.8M | 627M | 610.1M | 654.1M | 638.8M | |
GROSS PROFIT | ||||||||||||||||||||
(286.6M) | (223.5M) | (248.9M) | (215.4M) | (223.3M) | (296.7M) | (533.7M) | (661.4M) | (687.3M) | (668.3M) | (678.3M) | (659.4M) | (566.9M) | (545.1M) | (523.9M) | (501.6M) | (165M) | (151.2M) | (487.2M) | (462.4M) | |
108.6M | 138.6M | 116.4M | 152.8M | 142.8M | 137M | 135.2M | 148.5M | 152.5M | 181.8M | 183.2M | 168.7M | 189M | 189.1M | 185.3M | 172.2M | 462.1M | 458.9M | 166.9M | 176.4M | |
OPERATING INCOME | ||||||||||||||||||||
(90.5M) | (115.5M) | (77M) | (70.6M) | (76M) | (76.4M) | (129.7M) | (152.2M) | (152.3M) | (150.2M) | (159.9M) | (8.8M) | (165.9M) | (151.3M) | (131.1M) | (121.7M) | (438.5M) | (466.6M) | (135M) | (125.2M) | |
(90.5M) | (75.7M) | (77M) | (70.6M) | (76M) | (0.0) | (100.2M) | (132.9M) | (130.8M) | (127.3M) | (135.1M) | (130.4M) | (139.8M) | (124.9M) | (103.9M) | (93M) | (409.5M) | (432.9M) | (102.8M) | (96.2M) | |
18.1M | 23.1M | 39.4M | 82.2M | 66.8M | 60.6M | 83.6M | 36.6M | 267K | 31.6M | 23.3M | 12.7M | 31.4M | 43.2M | 52.5M | 50M | 7.2M | -7.7M | 31.9M | 51.3M | |
PRE-TAX INCOME | ||||||||||||||||||||
(5.4M) | (6.1M) | (5.8M) | (5.9M) | (7.2M) | (15.5M) | (20.3M) | (19.9M) | (20.1M) | (20.9M) | (21.4M) | (0.0) | (16.4M) | (20.2M) | (13.4M) | (13M) | (13.7M) | (40.2M) | (20M) | (6.4M) | |
-5.4M | -6.1M | -5.8M | -5.9M | -7.2M | -15.5M | -20.3M | -19.9M | -20.1M | -20.9M | -21.4M | 0.0 | -8.1M | -16.2M | -12.6M | -12.6M | -13.7M | -14M | 0.0 | 0.0 | |
(0.0) | (39.8M) | (0.0) | (0.0) | (0.0) | (76.4M) | (29.6M) | (19.3M) | (21.4M) | (22.9M) | (24.8M) | (0.0) | (26.1M) | (26.4M) | (27.2M) | (28.7M) | (31.4M) | (33.7M) | (32.2M) | (29M) | |
-65.8M | -31.3M | 25.5M | -125.2M | -24.5M | -110.8M | -28.4M | 14.9M | -13.2M | 114.7M | -60.7M | 117.7M | 175.7M | -12M | -4.7M | -8.6M | -14M | -27.1M | -17M | -9M | |
-47.7M | -8.2M | 64.8M | -43M | 42.3M | -50.2M | 55.1M | 16.8M | -12.9M | 146.3M | -37.4M | 156.1M | 196.4M | 31.2M | 47.8M | 41.4M | 7.2M | -34.8M | 14.9M | 42.3M | |
NET INCOME | ||||||||||||||||||||
-10.2M | -4.4M | (9.3M) | -10.7M | (6.8M) | -12.2M | (9.8M) | -2.6M | -63M | (46.8M) | -21.6M | (55.3M) | (74.3M) | (6.5M) | (13.9M) | (12M) | (1.2M) | -11.8M | (3.1M) | (14.3M) | |
-37.5M | -3.8M | 54.9M | -32M | 35.5M | -38M | 45.4M | 19.4M | 50.1M | 99.5M | -15.8M | 100.8M | 140.3M | 21.6M | 34.6M | 28.1M | 6M | -23M | 11.8M | 28M |
SEC Filings
BH - Filing history and reports
| Filing Type | Filing Date | Period Ending | Fiscal Year | Actions |
|---|---|---|---|---|
8-K 8-K 2026 N/A | May 08, 2026 | May 08, 2026 | 2026 | |
10-Q 10-Q 2026 Q1 Q1 | May 08, 2026 | March 31, 2026 | 2026 | |
8-K 8-K 2026 N/A | April 10, 2026 | April 08, 2026 | 2026 | |
10-K/A 10-K/A 2025 FY (Amended) FY | March 31, 2026 | December 31, 2025 | 2025 | |
DEF 14A DEF 14A 2026 N/A | March 11, 2026 | April 08, 2026 | 2026 | |
8-K 8-K 2026 N/A | March 02, 2026 | February 28, 2026 | 2026 | |
10-K 10-K 2025 FY FY | March 02, 2026 | December 31, 2025 | 2025 | |
S-3 S-3 N/A | January 16, 2026 | January 16, 2026 | ||
8-K 8-K 2025 N/A | November 21, 2025 | November 21, 2025 | 2025 | |
10-Q 10-Q 2025 Q3 Q3 | November 07, 2025 | September 30, 2025 | 2025 |
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