Biglari Holdings Inc.BHEarnings & Financial Report
Biglari Holdings Inc. is an American holding company headquartered in San Antonio, Texas, founded by entrepreneur Sardar Biglari. Its subsidiaries include Steak 'n Shake, Maxim magazine, First Guard Insurance, Southern Pioneer Insurance, Southern Oil, Abraxas Petroleum and Western Sizzlin'.
BH Q4 FY2025 Key Financial Metrics
Revenue
$99.9M
Gross Profit
$58.2M
Operating Profit
$-64.1M
Net Profit
$-49.9M
Gross Margin
58.3%
Operating Margin
-64.1%
Net Margin
-49.9%
YoY Growth
9.6%
Biglari Holdings Inc. Q4 FY2025 Financial Summary
Biglari Holdings Inc. reported revenue of $99.9M (up 9.6% YoY) for Q4 FY2025, with a net profit of $-49.9M (down 385.3% YoY) (-49.9% margin). Cost of goods sold was $41.7M, operating expenses totaled $122.2M.
Key Financial Metrics
| Total Revenue | $99.9M |
|---|---|
| Net Profit | $-49.9M |
| Gross Margin | 58.3% |
| Operating Margin | -64.1% |
| Report Period | Q4 FY2025 |
Revenue Breakdown
Biglari Holdings Inc. Q4 FY2025 revenue of $99.9M breaks down across 7 segments, led by Products at $45.9M (46.0% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Products | $45.9M | 46.0% |
| Franchisor | $20.5M | 20.6% |
| Insurance Operations | $19.1M | 19.1% |
| Oil And Gas Segment | $5.4M | 5.4% |
| Royalty | $4.1M | 4.1% |
| Abraxas Petroleum | $2.7M | 2.7% |
| Other | $2.2M | 2.2% |
Biglari Holdings Inc. Revenue by Segment — Quarterly Trend
Biglari Holdings Inc. revenue by segment across the last 4 reported quarters, showing how each business line (such as Products and Franchisor) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Products | $45.9M | $47.5M | $46.9M | $41.6M |
| Franchisor | $20.5M | — | $20.1M | $17.1M |
| Insurance Operations | $19.1M | $19.2M | — | $19.3M |
| Oil And Gas Segment | $5.4M | $7.4M | $7.5M | — |
| Royalty | $4.1M | — | — | $3.5M |
Biglari Holdings Inc. Annual Revenue by Year
Biglari Holdings Inc. annual revenue history includes year-by-year totals (for example, 2025 revenue was $395.3M).
Biglari Holdings Inc. Quarterly Revenue & Net Profit History
Biglari Holdings Inc. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $99.9M | +9.6% | $-49.9M | -49.9% |
| Q3 FY2025 | $99.7M | +10.3% | $-5.3M | -5.3% |
| Q2 FY2025 | $100.6M | +10.4% | $50.9M | 50.6% |
| Q1 FY2025 | $95.0M | +6.2% | $-33.3M | -35.0% |
| Q4 FY2024 | $91.1M | +0.5% | $-10.3M | -11.3% |
| Q3 FY2024 | $90.4M | -0.6% | $32.1M | 35.5% |
| Q2 FY2024 | $91.1M | -2.6% | $-48.2M | -52.9% |
| Q1 FY2024 | $89.5M | -0.8% | $22.6M | 25.2% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $89.5M | $91.1M | $90.4M | $91.1M | $95.0M | $100.6M | $99.7M | $99.9M |
| YoY Growth | -0.8% | -2.6% | -0.6% | 0.5% | 6.2% | 10.4% | 10.3% | 9.6% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $885.3M | $809.1M | $865.1M | $866.1M | $829.1M | $863.6M | $1.08B | $1.03B |
| Liabilities | $266.7M | $239.9M | $263.4M | $293.2M | $289.2M | $274.3M | $499.2M | $502.0M |
| Equity | $618.6M | $569.2M | $601.8M | $573.0M | $539.8M | $589.3M | $580.3M | $523.4M |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $19.1M | $1.8M | $10.8M | $18.0M | $15.8M | $42.1M | $31.2M | $17.8M |