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Biglari Holdings (BH)
The export includes the complete available history of financial statements and ratios. Numbers are provided in full, without million or billion abbreviations, in their original reporting units.
CSV downloads as a ZIP archive with one file for each report and frequency.
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Biglari Holdings Balance Sheet 2025-2011 | BH
Brief balance sheet overview of Biglari Holdings
The review uses the five latest available annual reports between 2021 and 2025.
Over the period, assets gained +14.6%, moving from $894.8 million to $1 billion. CAGR near 3.5% shows consistent growth.
Liabilities expanded faster than the asset base, +63.4% versus +14.6%. Debt-service capacity deserves attention.
Internal capital represents 51% of the balance sheet, previously 65.7%. This is a strong capital position.
The period ended with net cash: net debt stood at -$46.6 million. This supports financial flexibility.
Cash equals 26.2% of the balance sheet, compared with 4.7% five periods ago. This is the readily available cushion.
Retained earnings reached $590.2 million, changing -3% over the period. A positive accumulated result supports equity.
Balance sheet takeaway
Biglari Holdings 's financial position is more positive than negative: the funding mix is workable, although the cushion is not unlimited.
Annual Balance Sheet Biglari Holdings
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
-46.6 M | -12.2 M | -15.7 M | -22.8 M | 72.7 M | 97.8 M | 112 M | 133 M | 124 M | 123 M | 155 M | 94.1 M | 25.6 M | 72 M | 28.6 M |
Long Term Debt |
214 M | 10 M | 3.58 M | 4.13 M | 104 M | 112 M | 179 M | 180 M | 182 M | 198 M | 209 M | 215 M | 110 M | 120 M | 101 M |
Long Term Debt Current |
8.23 M | 8.54 M | 8.77 M | 10.6 M | 10.5 M | 10.6 M | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
346 M | 146 M | 139 M | 138 M | 163 M | 165 M | 383 M | 336 M | 357 M | 445 M | 435 M | 423 M | 311 M | 248 M | 233 M |
Total Current Liabilities |
156 M | 147 M | 111 M | 135 M | 144 M | 288 M | - | - | - | - | - | - | - | - | - |
Total Liabilities |
502 M | 293 M | 250 M | 273 M | 307 M | 453 M | 523 M | 459 M | 492 M | 565 M | 553 M | 536 M | 424 M | 373 M | 348 M |
Deferred Revenue |
3.52 M | 3.72 M | 5.31 M | - | - | - | 31.2 M | 34.4 M | 37 M | 32.7 M | 30.9 M | 17.9 M | - | - | - |
Retained Earnings |
590 M | 628 M | 631 M | 577 M | 609 M | 573 M | 611 M | 564 M | 566 M | 515 M | 416 M | 341 M | 348 M | 252 M | 230 M |
Total Assets |
1.03 B | 866 M | 849 M | 828 M | 895 M | 1.02 B | 1.14 B | 1.03 B | 1.06 B | 1.1 B | 1 B | 1.17 B | 989 M | 774 M | 673 M |
Cash and Cash Equivalents |
269 M | 30.7 M | 28.1 M | 37.5 M | 42.3 M | 24.5 M | 67.8 M | 55 M | - | - | - | - | - | - | - |
Book Value |
523 M | 573 M | 599 M | 556 M | 588 M | 565 M | 616 M | 570 M | 571 M | 532 M | 451 M | 639 M | 565 M | 401 M | 325 M |
Total Shareholders Equity |
523 M | 573 M | 599 M | 547 M | 588 M | 565 M | 616 M | 570 M | 571 M | 532 M | - | - | - | - | - |
Annual performance
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All numbers in USD currency
Quarterly Balance Sheet Biglari Holdings
| 2026-Q3 | 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
37.6 M | 37.2 M | 36.1 M | 33.7 M | 33.2 M | 28.5 M | 26.7 M | 27.6 M | 27.6 M | 28.5 M | 28.1 M | 26.3 M | 27.8 M | 28.1 M | 27.9 M | 28.8 M | 31.5 M | 33.6 M | 33.8 M | 36 M | 38 M | 34.1 M | 34.8 M | 36.5 M | 39.9 M | 46.5 M | 50.3 M | 53.3 M | 59.7 M | 60.4 M | 60.3 M | 240 M | 64.8 M | 71.1 M | 73.8 M | 257 M | - | 257 M | 257 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
358 M | 358 M | 355 M | 346 M | 356 M | 148 M | 139 M | 146 M | 151 M | 134 M | 148 M | 139 M | 128 M | 152 M | 155 M | 138 M | 171 M | 129 M | 155 M | 163 M | 178 M | 178 M | 186 M | 165 M | 157 M | 165 M | 158 M | 383 M | 395 M | 403 M | 407 M | 336 M | 332 M | 349 M | 356 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
478 M | 515 M | 499 M | 502 M | 499 M | 274 M | 289 M | 293 M | 263 M | 240 M | 267 M | 250 M | 270 M | 274 M | 286 M | 273 M | 317 M | 268 M | 299 M | 307 M | 321 M | 320 M | 321 M | 453 M | 445 M | 466 M | 468 M | 523 M | 552 M | 552 M | 547 M | 459 M | 446 M | 466 M | 469 M | 492 M | - | 492 M | 492 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
2.86 M | 4.75 M | 5.89 M | 3.52 M | 3.69 M | 5.17 M | 3.4 M | 3.72 M | - | - | - | 5.31 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
617 M | 616 M | 576 M | 590 M | 640 M | 645 M | 594 M | 628 M | 638 M | 606 M | 654 M | 631 M | 587 M | 643 M | 641 M | 577 M | 566 M | 534 M | 608 M | 609 M | 613 M | 624 M | 645 M | 573 M | 537 M | 516 M | 473 M | 611 M | 597 M | 597 M | 575 M | 564 M | 522 M | 535 M | 564 M | 566 M | - | 566 M | 566 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
1.07 B | 1.06 B | 1.02 B | 1.03 B | 1.08 B | 864 M | 829 M | 866 M | 865 M | 809 M | 885 M | 849 M | 827 M | 890 M | 907 M | 828 M | 862 M | 773 M | 886 M | 895 M | 919 M | 934 M | 960 M | 1.02 B | 984 M | 989 M | 948 M | 1.14 B | 1.15 B | 1.15 B | 1.13 B | 1.03 B | 974 M | 1.01 B | 1.02 B | 1.06 B | - | 1.06 B | 1.06 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
214 M | 69.1 M | 201 M | 269 M | 273 M | 33.5 M | 29.4 M | 31.4 M | 31.2 M | 28.3 M | 36.1 M | 29.7 M | 35.6 M | 32.5 M | 41 M | 38.8 M | 66.2 M | 41.8 M | 47.1 M | 43.7 M | 30.5 M | 30.9 M | 33.6 M | 29.7 M | 38.6 M | 41.9 M | 36.2 M | 70.7 M | 25.6 M | 34.1 M | 37.5 M | 55 M | 58 M | 57.1 M | 54.1 M | 58.6 M | 67.2 M | 58.6 M | 58.6 M | 75.8 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
595 M | 544 M | 519 M | 523 M | 580 M | 589 M | 540 M | 573 M | 602 M | 569 M | 619 M | 599 M | 557 M | 616 M | 621 M | 556 M | 545 M | 506 M | 587 M | 588 M | 599 M | 613 M | 639 M | 565 M | 538 M | 523 M | 479 M | 616 M | 602 M | 602 M | 581 M | 570 M | 528 M | 543 M | 552 M | 571 M | - | 571 M | 571 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
595 M | 544 M | 519 M | 523 M | 580 M | 589 M | 540 M | 573 M | 602 M | 569 M | 619 M | 599 M | 557 M | 616 M | 621 M | 556 M | 545 M | 506 M | 587 M | 588 M | 599 M | 613 M | 639 M | 565 M | 538 M | 523 M | 479 M | 616 M | 602 M | 602 M | 581 M | 570 M | 528 M | 543 M | 552 M | 571 M | 571 M | 571 M | 571 M | 532 M | - | - | - | 451 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quarterly performance
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All numbers in USD currency
Balance Sheet is a fundamental financial report of Biglari Holdings , providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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