Biglari Holdings Inc. (BH) Financial Statements (2026 and earlier)

Company Profile

Business Address 19100 RIDGEWOOD PKWY, SUITE 1200
SAN ANTONIO, TX 78259
State of Incorp. IN
Fiscal Year End December 31
Industry (SIC) 5812 - Eating Places (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)
Annual | Quarterly

12/31/2025
12/31/2024
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments30,70928,06637,46742,34924,50338,911
Cash and cash equivalent30,70928,06637,46742,34924,50338,911
Receivables25,18422,24129,37528,50819,185 
Inventory, net of allowances, customer advances and progress billings4,0312,9803,8513,8032,737 
Inventory4,0312,9803,8513,8032,737 
Other current assets7,7167,38510,4957,0886,492 
Other undisclosed current assets102,97591,87969,46683,06194,861 
Total current assets:170,615152,551150,654164,809147,77838,911
Noncurrent Assets
Operating lease, right-of-use asset34,01132,21534,73942,53842,832 
Property, plant, and equipment, after accumulated depreciation, depletion, and amortization376,155380,491400,725349,351316,122 
Oil and gas, successful efforts method, property and equipment, after accumulated depreciation, depletion, amortization, and impairment(54,838)(44,716)    
Long-term investments and receivables201,727199,103155,794250,399419,550 
Long-term investments201,727199,103155,794250,399419,550 
Intangible asset, including goodwill, after accumulated amortization75,31676,76076,55077,01077,661 
Goodwill52,49653,53053,51353,54753,596 
Intangible asset, excluding goodwill, after accumulated amortization22,82023,23023,03723,46324,065 
Other noncurrent assets8,3098,30210,01210,70014,025 
Other undisclosed noncurrent assets54,83844,716    
Total noncurrent assets:695,518696,871677,820729,998870,190 
TOTAL ASSETS:866,133849,422828,474894,8071,017,96838,911
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities, including:63,38166,74378,616100,46733,209 
Taxes payable✕✕✕✕11,39210,922 
Employee-related liabilities✕✕✕✕5,9058,285 
Accounts payable28,54222,44828,43136,684  
Accrued liabilities19,03228,33229,2358,82814,002 
Other undisclosed accounts payable and accrued liabilities15,80715,96320,95037,658  
Debt36,2501,25811,23716,898160,909 
Asset retirement obligation536730577235236 
Other undisclosed current liabilities47,14942,36944,46726,04194,093 
Total current liabilities:147,316111,100134,897143,641288,447 
Noncurrent Liabilities
Long-term debt and lease obligation12,7473,5814,129104,479111,645 
Long-term debt, excluding current maturities10,000  104,47975,182 
Finance lease, liability2,7473,5814,129   
Liabilities, other than long-term debt72,72378,94075,01258,99153,048 
Asset retirement obligations15,21814,31614,06810,38910,022 
Deferred income tax liabilities29,39337,93931,34346,53341,346 
Other liabilities5063487542,0691,680 
Operating lease, liability27,60626,33728,847 36,463 
Other undisclosed noncurrent liabilities60,38656,47158,868   
Total noncurrent liabilities:145,856138,992138,009163,470164,693 
Total liabilities:293,172250,092272,906307,111453,140 
Equity
Equity, attributable to parent, including:572,961599,330546,966587,696564,828616,298
Common stock1,1381,1381,1381,1381,138 
Treasury stock, value(438,598)(416,342)(409,680)(401,851)(389,617) 
Additional paid in capital385,594385,594381,788381,788381,788 
Accumulated other comprehensive loss(2,872)(2,518)(2,790)(1,907)(1,531) 
Retained earnings627,699631,458576,510608,528573,050 
Other undisclosed equity, attributable to parent      616,298
Equity, attributable to noncontrolling interest   8,602   
Total equity:572,961599,330555,568587,696564,828616,298
TOTAL LIABILITIES AND EQUITY:866,133849,422828,474894,8071,017,968616,298

Income Statement (P&L) ($ in thousands)
Annual | Quarterly

12/31/2025
12/31/2024
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
Revenues362,114365,318368,231366,106433,683 
Cost of revenue(143,449)(137,986)(140,264)(167,491)(246,655) 
Gross profit:218,665227,332227,967198,615187,028 
Operating expenses(138,149)(133,720)(128,776)(123,747)(139,227) 
Operating income:80,51693,61299,19174,86847,801 
Nonoperating income (expense)(40,723)21,651(79,346)17,354(39,388) 
Investment income, nonoperating3352,211(3,393)6,4013,644 
Interest and debt expense(6,132)(5,795)(5,892)(7,160)(15,536) 
Income (loss) from continuing operations before equity method investments, income taxes:33,661109,46813,95385,062(7,123) 
Loss from equity method investments      
Other undisclosed income (loss) from continuing operations before income taxes(41,815)(44,621)(56,980)(42,795)(43,078) 
Income (loss) from continuing operations before income taxes:(8,154)64,847(43,027)42,267(50,201) 
Income tax expense (benefit)4,395(9,308)10,722(6,789)12,212 
Income (loss) from continuing operations:(3,759)55,539(32,305)35,478(37,989) 
Income (loss) before gain (loss) on sale of properties:✕✕✕✕35,478(37,989) 
Net income (loss):(3,759)55,539(32,305)35,478(37,989) 
Net income (loss) attributable to noncontrolling interest  (591)287   
Other undisclosed net income attributable to parent      45,380
Net income (loss) available to common stockholders, diluted:(3,759)54,948(32,018)35,478(37,989)45,380

Comprehensive Income ($ in thousands)
Annual | Quarterly

12/31/2025
12/31/2024
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
Net income (loss):(3,759)55,539(32,305)35,478(37,989) 
Other comprehensive income (loss)(354)272(883)(376)1,279(294)
Comprehensive income (loss):(4,113)55,811(33,188)35,102(36,710)(294)
Comprehensive income (loss), net of tax, attributable to noncontrolling interest  (591)287   
Comprehensive income (loss), net of tax, attributable to parent:(4,113)55,220(32,901)35,102(36,710)(294)

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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