Biglari Holdings Inc. (BH-A) Income Statement
BH-A 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBH-A revenue and net income
Where BH-A's revenue goes
2025Each bar shows an amount and its share of revenue. BH-A kept −9.5% of revenue as net income.
BH-A profit margins
BH-A growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +9.2% | +2.4% | −1.8% | −7.5% |
| Gross profit | −21.6% | −10.7% | −4.5% | −5.1% |
| Operating income | −21.6% | −39.6% | −21.5% | −2.5% |
| Net income | — | — | — | — |
| EPS (diluted) | −198.1% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BH-A quarterly EPS vs estimates
BH-A income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $395.3M | $362.1M | $365.3M | $368.2M | $366.1M | $433.7M | $668.8M | $809.9M | $839.8M | $850.1M |
| Cost of revenue | $286.6M | $223.5M | $248.9M | $215.4M | $223.3M | $296.7M | $533.7M | $661.4M | $687.3M | $668.3M |
| Gross profit | $108.6M | $138.6M | $116.4M | $152.8M | $142.8M | $137.0M | $135.2M | $148.5M | $152.5M | $181.8M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $86.8M | $75.7M | $77.0M | $70.6M | $76.0M | $76.4M | $100.2M | $132.9M | $130.8M | $127.3M |
| Total operating expenses | $90.5M | $115.5M | $77.0M | $70.6M | $76.0M | $76.4M | $100.2M | $152.2M | $152.3M | $150.2M |
| Operating income | $18.1M | $23.1M | $39.4M | $82.2M | $66.8M | $60.6M | $35.0M | $36.6M | $267,000 | $31.6M |
| Interest income | — | — | — | — | — | — | — | — | — | $0 |
| Interest expense | $5.4M | $6.1M | $5.8M | $5.9M | $7.2M | $15.5M | $20.3M | $19.9M | $20.1M | $20.9M |
| Income before taxes | −$47.7M | −$8.2M | $64.8M | −$43.0M | $42.3M | −$50.2M | $55.1M | $16.8M | −$12.9M | $146.3M |
| Income taxes | −$10.2M | −$4.4M | $9.3M | −$10.7M | $6.8M | −$12.2M | $9.8M | −$2.6M | −$63.0M | $46.8M |
| Net income | −$37.5M | −$3.8M | $54.9M | −$32.0M | $35.5M | −$38.0M | $45.4M | $19.4M | $50.1M | $99.5M |
| EBITDA | −$1.5M | $37.8M | $109.6M | $82.2M | $66.8M | $60.6M | $35.0M | $56.0M | $28.7M | $54.5M |
| EPS (diluted) | −$54.98 | $56.06 | $88.54 | −$51.21 | $11.43 | −$189.99 | $14.62 | −$26.84 | $27.17 | $54.97 |
| Gross margin | 27.5% | 38.3% | 31.9% | 41.5% | 39.0% | 31.6% | 20.2% | 18.3% | 18.2% | 21.4% |
| Operating margin | 4.6% | 6.4% | 10.8% | 22.3% | 18.2% | 14.0% | 5.2% | 4.5% | 0.0% | 3.7% |
| Net margin | −9.5% | −1.0% | 15.0% | −8.7% | 9.7% | −8.8% | 6.8% | 2.4% | 6.0% | 11.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $108.5M | $97.5M | $99.9M | $99.7M | $100.6M | $95.0M | $91.1M | $90.4M | $91.1M | $89.5M | $90.7M | $90.9M |
| Cost of revenue | $63.7M | $69.7M | $74.1M | $60.7M | $71.5M | $60.5M | $56.1M | $55.5M | $66.6M | $64.5M | $61.4M | $54.0M |
| Gross profit | $44.8M | $27.7M | $25.8M | $39.1M | $29.1M | $34.5M | $35.0M | $34.9M | $24.6M | $24.9M | $29.2M | $36.9M |
| Sales, general & admin | $26.2M | $24.9M | $51.2M | $20.4M | $22.9M | $21.4M | $19.2M | $19.5M | $18.7M | $18.3M | $22.4M | $18.3M |
| Total operating expenses | $31.6M | $24.7M | $22.1M | $20.4M | $23.4M | $31.6M | $29.3M | $19.5M | $18.7M | $18.3M | $22.4M | $18.3M |
| Operating income | $13.2M | $3.1M | $3.7M | $18.6M | $5.7M | $2.9M | $5.7M | $15.4M | $5.9M | $6.6M | $6.8M | $18.6M |
| Interest expense | $6.9M | $7.0M | $412,000 | $1.5M | $2.1M | $2.2M | $1.8M | $1.6M | $1.4M | $1.3M | $1.5M | $1.5M |
| Income before taxes | $51.6M | −$18.9M | −$64.1M | −$3.0M | $65.1M | −$41.2M | −$18.0M | $43.3M | −$62.9M | $29.4M | $50.7M | −$74.0M |
| Income taxes | $11.7M | −$4.4M | −$14.2M | $2.3M | $14.2M | −$7.9M | −$7.7M | $11.2M | −$14.7M | $6.8M | $6.1M | −$17.5M |
| Net income | $39.9M | −$14.5M | −$49.9M | −$5.3M | $50.9M | −$33.3M | −$10.3M | $32.1M | −$48.2M | $22.6M | $44.6M | −$56.5M |
| EBITDA | $68.7M | −$1.2M | −$53.8M | $8.0M | $77.5M | −$28.7M | −$6.1M | $15.4M | −$52.4M | $40.8M | $61.5M | $18.6M |
| EPS (diluted) | $12.72 | −$4.63 | −$16.07 | −$1.71 | $16.41 | −$53.62 | −$16.55 | $51.77 | −$15.53 | $36.38 | $71.93 | −$91.06 |
| Gross margin | 41.3% | 28.5% | 25.8% | 39.2% | 28.9% | 36.3% | 38.4% | 38.6% | 27.0% | 27.8% | 32.3% | 40.6% |
| Operating margin | 12.2% | 3.2% | 3.7% | 18.7% | 5.6% | 3.1% | 6.3% | 17.1% | 6.5% | 7.4% | 7.5% | 20.5% |
| Net margin | 36.8% | −14.9% | −49.9% | −5.3% | 50.6% | −35.0% | −11.3% | 35.5% | −52.9% | 25.2% | 49.2% | −62.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BH-A's financial statements (latest annual report filed March 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BH-A financial results
In fiscal year 2025 (ended December 31, 2025), Biglari Holdings reported revenue of $395.3 million, up 9.2% from the year before. It had a net loss of $37.5 million, a net profit margin of −9.5%. Diluted earnings per share came to −$54.98. Over five years revenue grew at an average rate of −1.8% a year.
See the BH-A stock overview for the latest quote and news, or the BH-A chart for price history and technical indicators.
BH-A income statement FAQ
What is Biglari Holdings's annual revenue?
Biglari Holdings reported total revenue of $395.3 million for fiscal year 2025, which ended on December 31, 2025. That was up 9.2% from $362.1 million the previous year.
Is Biglari Holdings profitable?
No. Biglari Holdings reported a net loss of $37.5 million in fiscal 2025, a net profit margin of −9.5%; its operating margin was 4.6%.
What is Biglari Holdings's gross margin?
Biglari Holdings's gross margin was 27.5% in fiscal 2025: for every $100 of revenue, Biglari Holdings kept $27 after the direct cost of its products and services.
How fast is Biglari Holdings growing?
Revenue grew −1.8% a year on average over the last five fiscal years, from $433.7 million to $395.3 million.
What are Biglari Holdings's earnings per share?
Biglari Holdings earned $-54.98 per diluted share in fiscal 2025, compared with $56.06 a year earlier.
When does Biglari Holdings's fiscal year end?
Biglari Holdings's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 2, 2026.