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Biglari Holdings Inc.

Biglari Holdings Inc.BHEarnings & Financial Report

NYSE

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'.

NextMar 31, 2026

BH Q3 2025 Key Financial Metrics

Revenue

$99.7M

Gross Profit

$57.9M

Operating Profit

$-7.6M

Net Profit

$-5.3M

Gross Margin

58.1%

Operating Margin

-7.6%

Net Margin

-5.3%

YoY Growth

10.3%

Financial Flow

Biglari Holdings Inc. Q3 2025 Financial Summary

Biglari Holdings Inc. reported revenue of $99.7M for Q3 2025, with a net profit of $-5.3M (-5.3% margin). Cost of goods sold was $41.8M, operating expenses totaled $65.5M.

Key Financial Metrics

Total Revenue$99.7M
Net Profit$-5.3M
Gross Margin58.1%
Operating Margin-7.6%
Report PeriodQ3 2025

Biglari Holdings Inc. Annual Revenue by Year

Biglari Holdings Inc. annual revenue history includes year-by-year totals (for example, 2024 revenue was $362.1M).

YearAnnual Revenue
2024$362.1M
2023$365.3M
2022$368.2M

Income Statement

Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025
Revenue$90.7M$89.5M$91.1M$90.4M$91.1M$95.0M$100.6M$99.7M
YoY Growth-7.9%-0.8%-2.6%-0.6%0.5%6.2%10.4%10.3%

Balance Sheet

Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025
Assets$849.4M$885.3M$809.1M$865.1M$866.1M$829.1M$863.6M$1.08B
Liabilities$250.1M$266.7M$239.9M$263.4M$293.2M$289.2M$274.3M$499.2M
Equity$599.3M$618.6M$569.2M$601.8M$573.0M$539.8M$589.3M$580.3M

Cash Flow

Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025
Operating CF$24.3M$19.1M$1.8M$10.8M$18.0M$15.8M$42.1M$31.2M