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Biglari Holdings (BH)
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Biglari Holdings Income Statement 2025-2011 | BH
Brief overview of revenue and earnings at Biglari Holdings
The overview follows changes across a five-year period. Revenue reported by Biglari Holdings was 434 million dollars at the beginning of the period and 395 million dollars at the end. The total change was −8.9%, with a CAGR of approximately −1.8%. The scale of the core business was largely unchanged.
Gross profit was 187 million dollars at the start and 234 million dollars at the end of the period (+25.1%). The cost base moved more slowly than the top line, which supported margins. Gross profit as a share of revenue changed from 43.1% to 59.2%. The margin shift points to a more favorable sales-and-cost structure.
The five-year EBITDA result moved by +26.6%: from 32.2 million dollars to 40.8 million dollars. EBITDA expanded faster than the top line. The EBITDA share of revenue changed from 7.4% to 10.3%. Higher profitability strengthens the quality of operating growth.
Comparing the endpoints shows a move from −38 million dollars to −37.5 million dollars. The loss narrowed, although sustainable profitability has not yet returned.
Financial takeaway
The five-year picture requires weighing both strengths and weaknesses. Key strengths include positive operating leverage, better sales economics and stable net income. The main areas of concern are limited revenue growth. The next reporting periods will show whether revenue, margins, and final profitability can strengthen.
Annual Income Statement Biglari Holdings
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
- | - | - | - | - | - | 193 M | 228 M | 509 M | 576 M | 588 M | 625 M | 586 M | 486 M | 485 M |
Shares |
- | - | - | - | - | - | 1.72 M | 1.74 M | 1.23 M | 1.22 M | 1.56 M | 1.72 M | 1.5 M | 1.6 M | 1.6 M |
Historical Prices |
252 | 196 | 211 | 180 | 137 | 117 | 105 | 134 | 279 | 286 | 246 | 290 | 278 | 215 | 236 |
Net Income |
-37.5 M | -3.76 M | 54.9 M | -32 M | 35.5 M | -38 M | 45.4 M | 19.4 M | 50.1 M | 99.5 M | -15.8 M | 28.8 M | 140 M | 21.6 M | 34.6 M |
Revenue |
395 M | 362 M | 365 M | 368 M | 366 M | 99.6 M | 669 M | 810 M | 840 M | 850 M | 861 M | 794 M | 756 M | 734 M | 709 M |
Cost of Revenue |
161 M | 143 M | 138 M | 140 M | 167 M | 247 M | 501 M | 636 M | - | - | - | - | - | - | - |
Gross Profit |
234 M | 219 M | 227 M | 228 M | 199 M | 34.6 M | 135 M | 148 M | 153 M | 182 M | 183 M | 168 M | 189 M | 189 M | 185 M |
Interest Expense |
- | - | - | - | - | 15.5 M | 20.3 M | 19.9 M | - | - | - | - | - | - | - |
EBITDA |
40.8 M | 39.8 M | 39 M | 36.4 M | 30 M | 32.2 M | 35 M | 15.5 M | 21.7 M | 54.5 M | 48.1 M | 39.2 M | 48.3 M | 64.2 M | 82.6 M |
Operating Expenses |
234 M | 219 M | 227 M | 228 M | 199 M | 34.6 M | 130 M | 152 M | 152 M | 150 M | 160 M | 153 M | 166 M | 151 M | 131 M |
General and Administrative Expenses |
86.8 M | 75.7 M | 77 M | 70.6 M | 76 M | 76.4 M | - | 133 M | - | - | - | - | 95.5 M | 82.4 M | 65.4 M |
Annual performance
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All numbers in USD currency
Quarterly Income Statement 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.07 M | 2.07 M | - | 2.07 M | 2.07 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Net Income |
1.01 M | 39.9 M | -14.5 M | -49.9 M | -5.29 M | 50.9 M | -33.3 M | -10.3 M | 32.1 M | -48.2 M | 22.6 M | 44.6 M | -56.5 M | 1.88 M | 65.5 M | 9.73 M | 32 M | -73.8 M | -298 K | -4.82 M | -10.7 M | -20.7 M | 71.7 M | 36.3 M | 21.1 M | 42.5 M | -138 M | 13.6 M | -17 K | 22 M | 9.82 M | 42.4 M | -13.7 M | -7.54 M | -1.81 M | 69.5 M | -24.7 M | 21.1 M | -15.8 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Revenue |
112 M | 109 M | 97.5 M | 99.9 M | 99.7 M | 101 M | 95 M | 91.1 M | 90.4 M | 91.1 M | 89.5 M | 90.7 M | 90.9 M | 93.5 M | 90.2 M | 98.5 M | 92 M | 92.4 M | 85.4 M | 98.9 M | 82.1 M | 90.8 M | 94.3 M | 99.6 M | 79.7 M | 78.8 M | 114 M | 158 M | 160 M | 168 M | 182 M | 195 M | 204 M | 209 M | 202 M | 209 M | 214 M | 213 M | 203 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cost of Revenue |
41.6 M | 41.1 M | 37.5 M | 41.7 M | 41.8 M | 40 M | 37.8 M | 35.9 M | 36.2 M | 36.9 M | 34.4 M | 33.5 M | 36.8 M | 34.9 M | 32.7 M | 32.8 M | 36.2 M | 36 M | 35.4 M | 38.2 M | 41.7 M | 42 M | 45.6 M | 51.9 M | 54.1 M | 50.8 M | 89.9 M | 103 M | 113 M | 132 M | 152 M | 156 M | 161 M | 161 M | 158 M | - | 171 M | 166 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Gross Profit |
70.5 M | 67.4 M | 60 M | 58.2 M | 57.9 M | 60.6 M | 57.3 M | 55.2 M | 54.2 M | 54.3 M | 55 M | 57.1 M | 54.1 M | 58.6 M | 57.4 M | 65.7 M | 55.9 M | 56.4 M | 50 M | 60.8 M | 40.4 M | 48.8 M | 48.7 M | 34.6 M | 33.8 M | 32.7 M | 35.9 M | 43.3 M | 38.5 M | 30.5 M | 22.8 M | 33.1 M | 36.2 M | 42.7 M | 36.4 M | 36.3 M | 36.7 M | 40 M | 39.6 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Interest Expense |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.74 M | 3.88 M | 3.74 M | 3.64 M | 4.27 M | 5.01 M | 5.02 M | 5.15 M | 3.06 M | 11.3 M | 2.97 M | 2.9 M | 2.75 M | - | 2.72 M | 2.78 M | 2.82 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
EBITDA |
10.1 M | 10.1 M | 10.7 M | 10.7 M | 9.54 M | 10.3 M | 10.3 M | 10.1 M | 10.6 M | 9.12 M | 10.1 M | 9.33 M | 9.61 M | 10.1 M | 9.94 M | 12.3 M | 8.46 M | 7.8 M | 7.87 M | -22.2 M | 7.68 M | 7.38 M | 7.18 M | - | 7.28 M | 6.95 M | 136 K | 137 K | 7.51 M | 5.21 M | 137 K | 140 K | 4.78 M | 4.82 M | 140 K | - | 5.28 M | 5.43 M | 5.62 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Expenses |
- | 67.4 M | 60 M | - | 57.9 M | 60.6 M | 57.3 M | - | 54.2 M | 54.3 M | 55 M | - | 54.1 M | 58.6 M | 57.4 M | 65.7 M | 55.9 M | 56.4 M | 50 M | 60.8 M | 40.4 M | 48.8 M | 48.7 M | 34.6 M | 33.8 M | 32.7 M | 35.9 M | 43.3 M | 38.5 M | 30.5 M | 22.8 M | 33.1 M | 36.2 M | 42.7 M | 36.4 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
General and Administrative Expenses |
22.9 M | 26.2 M | 24.9 M | 22.2 M | 20.4 M | 22.9 M | 21.4 M | 19.2 M | 19.5 M | 18.7 M | 18.3 M | 22.4 M | 18.3 M | 19 M | 17.3 M | 22.3 M | 15.5 M | 16.6 M | 16.2 M | 25.2 M | 16.9 M | 18.4 M | 15.5 M | 21.4 M | 19.9 M | 17.8 M | 17.2 M | 18.2 M | 22.9 M | 26 M | 33 M | 30 M | 32 M | 33 M | 32.6 M | - | 32.5 M | 31.7 M | 29.5 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quarterly performance
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All numbers in USD currency
The income statement is one of the three key financial reports of a company Biglari Holdings (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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