BH-A · CIK 0001726173

BIGLARI HOLDINGS INC.

Annual figures as reported, FY2015–FY2025. Ratios and growth rates derived on-page.

Revenue

$395.3M

▲ +9.2% vs FY2024

Net income

−$37.5M

▼ −897.3% vs FY2024

Free cash flow

$76.6M

▲ +301.8% vs FY2024

Diluted EPS

−$143.86

▼ −969.6% vs FY2024

Revenue

Annual, as reported

Net income

Losses shown in terracotta

Recent quarters

momentum · last 12 quarters

Revenue — Mar ’26 quarter

$97.5M

▲ +2.6% vs Mar ’25

Net income — Mar ’26 quarter

−$14.5M

▲ +56.3% vs Mar ’25

Revenue — trailing 12 months

$397.7M

▲ +8.2% vs Mar ’25

Quarterly revenue

Discrete quarters; Q4 derived from the annual figure

Quarterly net income

Losses shown in terracotta

Quarter	Revenue	Rev. YoY	Gross margin	Net income	Net margin	Diluted EPS
Mar ’26	$97.5M	2.6%	—	−$14.5M	−14.9%	—
Dec ’25	$99.9M	9.6%	—	−$49.9M	−49.9%	—
Sep ’25	$99.7M	10.3%	—	−$5.3M	−5.3%	—
Jun ’25	$100.6M	10.4%	—	$50.9M	50.6%	—
Mar ’25	$95.0M	6.2%	—	−$33.3M	−35.0%	—
Dec ’24	$91.1M	0.5%	—	−$10.3M	−11.3%	—
Sep ’24	$90.4M	−0.6%	—	$32.1M	35.5%	—
Jun ’24	$91.1M	−2.6%	—	−$48.2M	−52.9%	—

Profitability & returns

quality of earnings

Margins

Share of revenue kept at each line

Gross marginNet margin

Returns on capital

Net income vs year-end equity and assets

Return on equityReturn on assets

Cash flow

cash generation

Free cash flow

Operating cash flow less capital expenditure

Operating cash flow

Net cash from operations

Balance sheet

financial position

Stockholders’ equity

At fiscal year end

Net debt

Long-term debt less cash — negative means net cash

Growth rates

compounding, annualized

Revenue CAGR

+2.4%

−1.8%

Free cash flow CAGR

−7.9%

−4.6%

Key ratios

derived per fiscal year

Fiscal year	Gross margin	Net margin	FCF margin	ROE	ROA	Current ratio	Debt / equity
FY2025	59.2%	−9.5%	19.4%	−7.2%	−3.7%	2.43×	0.41×
FY2024	60.4%	−1.0%	5.3%	−0.7%	−0.4%	1.16×	0.02×
FY2023	62.2%	15.0%	13.6%	9.2%	6.5%	1.37×	—
FY2022	61.9%	−8.7%	26.6%	−5.9%	−3.9%	1.12×	—
FY2021	54.3%	9.7%	44.9%	6.0%	4.0%	1.15×	0.18×
FY2020	43.1%	−8.8%	22.3%	−6.7%	−3.7%	0.51×	0.20×
FY2019	25.1%	6.8%	11.4%	7.4%	4.0%	1.04×	0.43×
FY2018	17.9%	2.5%	0.7%	3.4%	—	—	—
FY2017	—	—	—	8.8%	—	—	—
FY2016	—	—	—	18.7%	—	—	—
FY2015	—	—	—	—	—	—	—

Annual figures

as reported

Fiscal year	Revenue	Gross profit	Op. income	Net income	Diluted EPS	Op. cash flow	Capex	Total assets	Liabilities	Equity	Cash	LT debt
FY2025	$395.3M	$233.9M	—	−$37.5M	−$143.86	$107.0M	$30.4M	$1.0B	$502.0M	$523.4M	$268.8M	$213.9M
FY2024	$362.1M	$218.7M	—	−$3.8M	−$13.45	$49.7M	$30.6M	$866.1M	$293.2M	$573.0M	$30.7M	$10.0M
FY2023	$365.3M	$227.3M	—	$54.9M	$189.49	$73.0M	$23.4M	$849.4M	$250.1M	$599.3M	$28.1M	—
FY2022	$368.2M	$228.0M	—	−$32.0M	−$107.43	$127.8M	$29.7M	$828.5M	$272.9M	$547.0M	$37.5M	—
FY2021	$366.1M	$198.6M	—	$35.5M	$111.83	$228.8M	$64.5M	$894.8M	$307.1M	$587.7M	$42.3M	$104.5M
FY2020	$433.7M	$187.0M	—	−$38.0M	−$110.05	$117.6M	$20.7M	$1.0B	$453.1M	$564.8M	$24.5M	$111.6M
FY2019	$668.8M	$167.9M	—	$45.4M	$131.64	$93.7M	$17.7M	$1.1B	$523.0M	$616.3M	$67.8M	$263.2M
FY2018	$775.7M	$139.2M	—	$19.4M	—	$20.7M	$15.3M	—	—	$570.5M	$48.6M	—
FY2017	—	—	—	$50.1M	—	—	—	—	—	$571.3M	$67.2M	—
FY2016	—	—	—	$99.5M	—	—	—	—	—	$531.9M	—	—
FY2015	—	—	—	—	—	—	—	—	—	$451.4M	—	—

Latest filings

the most recent regulatory filings

4OWNERSHIP DOCUMENT2026-06-30 ↗4OWNERSHIP DOCUMENT2026-06-05 ↗4OWNERSHIP DOCUMENT2026-05-14 ↗8-KCurrent report — material event2026-05-08 ↗10-QQuarterly report2026-05-08 ↗8-KCurrent report — material event2026-04-10 ↗10-K/AAnnual report2026-03-31 ↗4OWNERSHIP DOCUMENT2026-03-13 ↗ARSSEC filing2026-03-11 ↗DEF 14AProxy statement2026-03-11 ↗

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Quarter

Revenue

Rev. YoY

Gross margin

Net income

Net margin

Diluted EPS

Mar ’26

$97.5M

2.6%

—

−$14.5M

−14.9%

—

Dec ’25

$99.9M

9.6%

—

−$49.9M

−49.9%

—

Sep ’25

$99.7M

10.3%

—

−$5.3M

−5.3%

—

Jun ’25

$100.6M

10.4%

—

$50.9M

50.6%

—

Mar ’25

$95.0M

6.2%

—

−$33.3M

−35.0%

—

Dec ’24

$91.1M

0.5%

—

−$10.3M

−11.3%

—

Sep ’24

$90.4M

−0.6%

—

$32.1M

35.5%

—

Jun ’24

$91.1M

−2.6%

—

−$48.2M

−52.9%

—

Fiscal year

Gross margin

Net margin

FCF margin

ROE

ROA

Current ratio

Debt / equity

FY2025

59.2%

−9.5%

19.4%

−7.2%

−3.7%

2.43×

0.41×

FY2024

60.4%

−1.0%

5.3%

−0.7%

−0.4%

1.16×

0.02×

FY2023

62.2%

15.0%

13.6%

9.2%

6.5%

1.37×

—

FY2022

61.9%

−8.7%

26.6%

−5.9%

−3.9%

1.12×

—

FY2021

54.3%

9.7%

44.9%

6.0%

4.0%

1.15×

0.18×

FY2020

43.1%

−8.8%

22.3%

−6.7%

−3.7%

0.51×

0.20×

FY2019

25.1%

6.8%

11.4%

7.4%

4.0%

1.04×

0.43×

FY2018

17.9%

2.5%

0.7%

3.4%

—

FY2017

—

8.8%

—

FY2016

—

18.7%

—

FY2015

—

Fiscal year

Revenue

Gross profit

Op. income

Net income

Diluted EPS

Op. cash flow

Capex

Total assets

Liabilities

Equity

Cash

LT debt

FY2025

$395.3M

$233.9M

—

−$37.5M

−$143.86

$107.0M

$30.4M

$1.0B

$502.0M

$523.4M

$268.8M

$213.9M

FY2024

$362.1M

$218.7M

—

−$3.8M

−$13.45

$49.7M

$30.6M

$866.1M

$293.2M

$573.0M

$30.7M

$10.0M

FY2023

$365.3M

$227.3M

—

$54.9M

$189.49

$73.0M

$23.4M

$849.4M

$250.1M

$599.3M

$28.1M

—

FY2022

$368.2M

$228.0M

—

−$32.0M

−$107.43

$127.8M

$29.7M

$828.5M

$272.9M

$547.0M

$37.5M

—

FY2021

$366.1M

$198.6M

—

$35.5M

$111.83

$228.8M

$64.5M

$894.8M

$307.1M

$587.7M

$42.3M

$104.5M

FY2020

$433.7M

$187.0M

—

−$38.0M

−$110.05

$117.6M

$20.7M

$1.0B

$453.1M

$564.8M

$24.5M

$111.6M

FY2019

$668.8M

$167.9M

—

$45.4M

$131.64

$93.7M

$17.7M

$1.1B

$523.0M

$616.3M

$67.8M

$263.2M

FY2018

$775.7M

$139.2M

—

$19.4M

—

$20.7M

$15.3M

—

$570.5M

$48.6M

—

FY2017

—

$50.1M

—

$571.3M

$67.2M

—

FY2016

—

$99.5M

—

$531.9M

—

FY2015

—

$451.4M

—