Revenue growth remains highly inconsistent, fluctuating between a 7.9% contraction in 2023Q4 and a 10.4% expansion in 2025Q2, while gross margins exhibit significant variance ranging from 25.8% to 39.2%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 397.71M | 395.26M | 362.11M | 365.32M | 368.23M | 366.11M | 433.68M | 668.84M | 809.89M | 839.8M | 850.08M | 861.45M | 828.08M | 755.82M | 734.26M | 709.2M | 673.78M | 627.04M | 610.06M | 654.14M | 638.82M | 606.91M | 553.69M | 499.1M | 460.81M | 447.95M | 408.69M | 360.8M | 306.9M | 262.7M | 224.1M |
| Revenue Growth % | 8.16% | 9.15% | -0.88% | -0.79% | 0.58% | -15.58% | -35.16% | -17.42% | -3.56% | -1.21% | -1.32% | 4.03% | 9.56% | 2.94% | 3.53% | 5.26% | 7.45% | 2.78% | -6.74% | 2.4% | 5.26% | 9.61% | 10.94% | 8.31% | 2.87% | 9.61% | 13.27% | 17.56% | 16.83% | 17.22% | 20.03% |
| Cost of Goods Sold | 276.06M | 286.63M | 223.49M | 248.94M | 215.45M | 223.33M | 296.73M | 533.66M | 661.44M | 687.28M | 668.28M | 678.26M | 659.35M | 566.85M | 545.14M | 523.91M | 501.57M | 164.97M | 151.19M | 487.24M | 462.43M | 435.28M | 399.51M | 359.02M | 327.95M | 324.86M | 291.93M | 269.3M | 220.2M | 187M | 160.8M |
| COGS % of Revenue | - | 72.52% | 61.72% | 68.14% | 58.51% | 61% | 68.42% | 79.79% | 81.67% | 81.84% | 78.61% | 78.73% | 79.62% | 75% | 74.24% | 73.87% | 74.44% | 26.31% | 24.78% | 74.49% | 72.39% | 71.72% | 72.15% | 71.93% | 71.17% | 72.52% | 71.43% | 74.64% | 71.75% | 71.18% | 71.75% |
| Gross Profit | 121.65M | 108.64M | 138.62M | 116.38M | 152.78M | 142.78M | 136.95M | 135.18M | 148.46M | 152.52M | 181.79M | 183.19M | 168.72M | 188.97M | 189.13M | 185.29M | 172.21M | 462.07M | 458.87M | 166.9M | 176.39M | 171.63M | 154.18M | 140.08M | 132.86M | 123.09M | 116.76M | 91.5M | 86.7M | 75.7M | 63.3M |
| Gross Margin % | 30.59% | 27.48% | 38.28% | 31.86% | 41.49% | 39% | 31.58% | 20.21% | 18.33% | 18.16% | 21.39% | 21.27% | 20.38% | 25% | 25.76% | 26.13% | 25.56% | 73.69% | 75.22% | 25.51% | 27.61% | 28.28% | 27.85% | 28.07% | 28.83% | 27.48% | 28.57% | 25.36% | 28.25% | 28.82% | 28.25% |
| Gross Profit Growth % | - | -21.63% | 19.11% | -23.83% | 7.01% | 4.25% | 1.31% | -8.94% | -2.67% | -16.1% | -0.76% | 8.57% | -10.71% | -0.08% | 2.07% | 7.6% | -62.73% | 0.7% | 174.94% | -5.38% | 2.77% | 11.32% | 10.06% | 5.43% | 7.94% | 5.43% | 27.61% | 5.54% | 14.53% | 19.59% | 37.61% |
| Operating Expenses | 90.53M | 90.52M | 115.51M | 77M | 70.61M | 76.02M | 76.36M | 100.15M | 152.23M | 152.26M | 150.18M | 159.91M | 8.77M | 165.88M | 151.31M | 131.06M | 121.72M | 438.5M | 466.56M | 135M | 125.2M | 116.52M | 101.19M | 91.13M | 82.75M | 86.81M | 80.86M | 64.8M | 59M | 52M | 44.5M |
| OpEx % of Revenue | - | 22.9% | 31.9% | 21.08% | 19.17% | 20.76% | 17.61% | 14.97% | 18.8% | 18.13% | 17.67% | 18.56% | 1.06% | 21.95% | 20.61% | 18.48% | 18.06% | 69.93% | 76.48% | 20.64% | 19.6% | 19.2% | 18.28% | 18.26% | 17.96% | 19.38% | 19.79% | 17.96% | 19.22% | 19.79% | 19.86% |
| Selling, General & Admin | 90.2M | 90.52M | 75.67M | 77M | 70.61M | 76.02M | 0 | 0 | 132.91M | 130.81M | 127.26M | 135.13M | 130.36M | 139.83M | 124.89M | 103.86M | 93.02M | 409.52M | 432.9M | 102.82M | 96.23M | 89.57M | 76.48M | 66.96M | 59.65M | 69.33M | 64.44M | 50.7M | 43.2M | 37.8M | 32.7M |
| SG&A % of Revenue | - | 22.9% | 20.9% | 21.08% | 19.17% | 20.76% | - | - | 16.41% | 15.58% | 14.97% | 15.69% | 15.74% | 18.5% | 17.01% | 14.64% | 13.8% | 65.31% | 70.96% | 15.72% | 15.06% | 14.76% | 13.81% | 13.42% | 12.94% | 15.48% | 15.77% | 14.05% | 14.08% | 14.39% | 14.59% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 328K | 0 | 39.84M | 0 | 0 | 0 | 76.36M | 100.15M | 19.32M | 21.45M | 22.93M | 24.78M | 0 | 26.05M | 26.42M | 27.2M | 28.7M | 31.37M | 33.66M | 32.19M | 28.97M | 26.95M | 24.71M | 24.17M | 23.1M | 17.48M | 16.41M | 14.1M | 15.8M | 14.2M | 11.8M |
| Operating Income | 31.12M | 18.11M | 23.11M | 39.38M | 82.17M | 66.76M | 60.59M | 35.03M | 36.64M | 267K | 31.61M | 23.28M | 12.7M | 31.35M | 43.18M | 52.49M | 50.02M | 7.19M | -7.69M | 31.9M | 51.29M | 55.12M | 53.38M | 43.75M | 50.12M | 36.28M | 35.9M | 26.7M | 27.7M | 23.7M | 18.8M |
| Operating Margin % | 7.82% | 4.58% | 6.38% | 10.78% | 22.32% | 18.23% | 13.97% | 5.24% | 4.52% | 0.03% | 3.72% | 2.7% | 1.53% | 4.15% | 5.88% | 7.4% | 7.42% | 1.15% | -1.26% | 4.88% | 8.03% | 9.08% | 9.64% | 8.77% | 10.88% | 8.1% | 8.78% | 7.4% | 9.03% | 9.02% | 8.39% |
| Operating Income Growth % | - | -21.62% | -41.31% | -52.08% | 23.09% | 10.18% | 72.97% | -4.39% | 13622.47% | -99.16% | 35.79% | 83.27% | -59.49% | -27.39% | -17.74% | 4.95% | 595.45% | 193.57% | -124.1% | -37.82% | -6.94% | 3.25% | 22.01% | -12.7% | 38.14% | 1.06% | 34.46% | -3.61% | 16.88% | 26.06% | 17.5% |
| EBITDA | 72.3M | 58.89M | 62.95M | 78.35M | 118.62M | 96.81M | 92.81M | 64.61M | 55.96M | 21.71M | 54.53M | 48.06M | 38.37M | 56.6M | 69.61M | 80.86M | 79.28M | 38.56M | 25.97M | 64.08M | 80.26M | 82.06M | 78.09M | 67.92M | 73.21M | 53.76M | 52.31M | 40.8M | 43.5M | 37.9M | 30.6M |
| EBITDA Margin % | 18.18% | 14.9% | 17.38% | 21.45% | 32.21% | 26.44% | 21.4% | 9.66% | 6.91% | 2.59% | 6.42% | 5.58% | 4.63% | 7.49% | 9.48% | 11.4% | 11.77% | 6.15% | 4.26% | 9.8% | 12.56% | 13.52% | 14.1% | 13.61% | 15.89% | 12% | 12.8% | 11.31% | 14.17% | 14.43% | 13.65% |
| EBITDA Growth % | 3.27% | -6.45% | -19.66% | -33.94% | 22.53% | 4.3% | 43.66% | 15.46% | 157.69% | -60.18% | 13.48% | 25.26% | -32.22% | -18.68% | -13.91% | 1.99% | 105.58% | 48.47% | -59.47% | -20.16% | -2.19% | 5.09% | 14.97% | -7.23% | 36.18% | 2.76% | 28.22% | -6.21% | 14.78% | 23.86% | 22.4% |
| D&A (Non-Cash Add-back) | 41.18M | 40.78M | 39.84M | 38.98M | 36.44M | 30.05M | 32.22M | 29.58M | 19.32M | 21.45M | 22.93M | 24.78M | 25.66M | 25.25M | 26.42M | 28.36M | 29.26M | 31.37M | 33.66M | 32.19M | 28.97M | 26.95M | 24.71M | 24.17M | 23.1M | 17.48M | 16.41M | 14.1M | 15.8M | 14.2M | 11.8M |
| EBIT | 72.47M | 18.11M | -2.02M | 70.64M | 45.73M | 36.71M | 28.37M | 5.45M | 36.64M | 7.23M | 31.61M | 23.28M | 12.7M | 232.84M | 51.38M | 61.21M | 54.42M | 20.93M | -20.77M | 31.9M | 51.19M | 55.12M | 53.52M | 49.09M | 48.26M | 42.89M | 43.59M | 33.6M | 34.7M | 23.7M | 18.8M |
| Net Interest Income | -10.2M | -5.42M | -6.13M | -5.79M | -5.89M | -7.16M | -15.54M | -20.26M | -19.88M | -20.12M | -20.93M | -21.35M | 0 | -8.12M | -16.18M | -12.63M | -12.6M | -13.74M | -14.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9K | 0 | 8.27M | 4M | 742K | 383K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 10.2M | 5.42M | 6.13M | 5.79M | 5.89M | 7.16M | 15.54M | 20.26M | 19.88M | 20.12M | 20.93M | 21.36M | 0 | 16.38M | 20.18M | 13.38M | 12.98M | 13.74M | 40.19M | 20.04M | 6.42M | 8.71M | 8.05M | 19.66M | 12.27M | 2.36M | 5.11M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -51.99M | -65.8M | -31.26M | 25.47M | -125.2M | -24.49M | -110.79M | 20.11M | 14.85M | -13.16M | 114.66M | -60.71M | 117.72M | 175.66M | -11.98M | -4.66M | -8.58M | -13.99M | -27.1M | -17.03M | -9M | -10.67M | -11.08M | -11.59M | -12.22M | -3.91M | -2.7M | 3.9M | 5.1M | 1.8M | 2.1M |
| Pretax Income | -20.87M | -47.69M | -8.15M | 64.85M | -43.03M | 42.27M | -50.2M | 55.14M | 16.75M | -12.89M | 146.26M | -37.43M | 156.09M | 196.39M | 31.2M | 47.83M | 41.44M | 7.19M | -34.78M | 14.87M | 42.29M | 44.44M | 42.55M | 32.42M | 36.04M | 33.92M | 34.51M | 28.8M | 30.9M | 25.5M | 20.9M |
| Pretax Margin % | -5.25% | -12.07% | -2.25% | 17.75% | -11.68% | 11.54% | -11.58% | 8.24% | 2.07% | -1.53% | 17.21% | -4.35% | 18.85% | 25.98% | 4.25% | 6.74% | 6.15% | 1.15% | -5.7% | 2.27% | 6.62% | 7.32% | 7.68% | 6.5% | 7.82% | 7.57% | 8.44% | 7.98% | 10.07% | 9.71% | 9.33% |
| Income Tax | -2.12M | -10.2M | -4.39M | 9.31M | -10.72M | 6.79M | -12.21M | 9.76M | -2.64M | -62.96M | 46.81M | -21.59M | 55.25M | 74.29M | 6.45M | 13.87M | 12.02M | 1.16M | -11.8M | 3.06M | 14.29M | 14.22M | 14.88M | 11.48M | 12.96M | 12.13M | 12.2M | 10.1M | 11.2M | 9.4M | 7.9M |
| Effective Tax Rate % | 10.18% | 21.39% | 53.9% | 14.35% | 24.92% | 16.06% | 24.33% | 17.7% | -15.74% | 488.45% | 32.01% | 57.67% | 35.4% | 37.83% | 20.68% | 28.99% | 29% | 16.17% | 33.94% | 20.6% | 33.79% | 32% | 34.98% | 35.42% | 35.94% | 35.75% | 35.35% | 35.07% | 36.25% | 36.86% | 37.8% |
| Net Income | -18.74M | -37.49M | -3.76M | 54.95M | -32.02M | 35.48M | -37.99M | 45.38M | 19.39M | 50.07M | 99.45M | -15.84M | 100.83M | 140.27M | 21.59M | 34.56M | 28.09M | 6M | -22.98M | 11.81M | 28M | 30.22M | 27.66M | 20.94M | 23.09M | 21.8M | 18.59M | 20.5M | 19.7M | 16.1M | 13M |
| Net Margin % | -4.71% | -9.48% | -1.04% | 15.04% | -8.7% | 9.69% | -8.76% | 6.78% | 2.39% | 5.96% | 11.7% | -1.84% | 12.18% | 18.56% | 2.94% | 4.87% | 4.17% | 0.96% | -3.77% | 1.81% | 4.38% | 4.98% | 5% | 4.2% | 5.01% | 4.87% | 4.55% | 5.68% | 6.42% | 6.13% | 5.8% |
| Net Income Growth % | 68.56% | -897.29% | -106.84% | 271.62% | -190.25% | 193.39% | -183.71% | 134.01% | -61.27% | -49.65% | 727.73% | -115.71% | -28.12% | 549.61% | -37.53% | 23.03% | 368.39% | 126.1% | -294.61% | -57.83% | -7.35% | 9.25% | 32.11% | -9.31% | 5.94% | 17.22% | -9.3% | 4.06% | 22.36% | 23.85% | 30% |
| Net Income (Continuing) | -18.74M | -37.49M | -3.76M | 55.54M | -32.3M | 35.48M | -37.99M | 45.38M | 19.39M | 50.07M | 99.45M | -15.84M | 100.83M | 142.17M | 24.75M | 33.96M | 29.42M | 6.03M | -22.98M | 11.81M | 28M | 30.22M | 27.59M | 20.86M | 23.09M | 20.8M | 21.47M | 19.9M | 20.9M | 16.1M | 13M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 8.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 52.09M | 45.25M | 62.24M | 186K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.97 | -12.08 | -2.69 | 38.55 | -21.49 | 22.37 | -22.01 | 26.33 | 11.14 | 27.20 | 54.24 | -6.79 | 57.39 | 60.46 | 9.25 | 16.00 | 12.37 | 2.60 | -10.06 | 5.20 | 12.37 | 13.36 | 12.37 | 9.53 | 10.15 | 8.91 | 7.42 | 7.05 | 7.54 | 5.85 | 6.06 |
| EPS Growth % | 79.65% | -349.07% | -106.98% | 279.39% | -196.07% | 201.64% | -183.59% | 136.36% | -59.04% | -49.85% | 898.82% | -111.83% | -5.08% | 553.62% | -42.19% | 29.35% | 375.77% | 125.84% | -293.46% | -57.96% | -7.41% | 8% | 29.8% | -6.11% | 13.92% | 20.08% | 5.25% | -6.5% | 28.89% | -3.47% | 24.18% |
| EPS (Basic) | - | -12.08 | -2.69 | 38.55 | -21.49 | 22.37 | -22.01 | 26.33 | 11.14 | 27.20 | 54.24 | -6.79 | 57.39 | 60.59 | 9.28 | 16.09 | 12.44 | 2.60 | -10.06 | 5.20 | 12.50 | 13.61 | 12.50 | 9.53 | 10.27 | 8.91 | 7.42 | 7.18 | 7.76 | 5.94 | 6.19 |
| Diluted Shares Outstanding | 3.14M | 3.1M | 1.4M | 1.43M | 1.49M | 1.59M | 1.73M | 1.72M | 1.74M | 1.84M | 1.83M | 2.33M | 1.76M | 2.32M | 2.33M | 2.16M | 2.27M | 2.31M | 2.28M | 2.28M | 2.27M | 2.27M | 2.24M | 2.19M | 2.26M | 2.32M | 2.37M | 2.39M | 2.6M | 2.76M | 2.14M |
| Basic Shares Outstanding | 3.14M | 3.1M | 1.4M | 1.43M | 1.49M | 1.59M | 1.73M | 1.72M | 1.74M | 1.84M | 1.83M | 2.33M | 1.76M | 2.32M | 2.33M | 2.15M | 2.26M | 2.3M | 2.28M | 2.26M | 2.24M | 2.22M | 2.21M | 2.18M | 2.25M | 2.32M | 2.36M | 2.36M | 2.55M | 2.71M | 2.1M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.07% | - | - | - | - |
Investment Portfolio Volatility
As indicated by recent quarterly filings, Biglari Holdings has experienced inconsistent top-line performance, with revenue growth fluctuating between a 7.9% contraction in 2023Q4 and a 10.4% expansion in 2025Q2, reflecting the inherent instability of its diversified conglomerate model across restaurant, energy, and investment segments.
The revenue trajectory appears heavily influenced by the cyclical nature of the energy segment and the ongoing transition of the Steak n Shake fleet to a franchise-partner model. Investors should monitor whether the recent 2.6% growth in 2026Q1 represents a stabilization or merely another transient fluctuation in a volatile revenue base.
Based on reported financial statements, gross margins have demonstrated significant variance, ranging from a low of 25.8% in 2025Q4 to a peak of 39.2% in 2025Q3, suggesting that the company's cost structure remains highly sensitive to operational shifts and external commodity price pressures within its diverse subsidiaries.
The wide swings in gross margin imply that the company has yet to achieve a consistent cost-efficiency profile following its shift toward a capital-light franchise model. This volatility warrants further investigation into whether the current margin profile is a byproduct of operational restructuring or external market factors impacting the energy and restaurant segments.
According to SEC filings, Biglari Holdings' net income is frequently decoupled from operating performance, evidenced by a swing from a $50.9 million profit in 2025Q2 to a $49.9 million loss in 2025Q4, largely driven by the mark-to-market volatility of the company's concentrated equity investment portfolio.
The reported net income figures appear to be poor indicators of underlying operational health due to the inclusion of unrealized gains and losses. Analysts should prioritize operating income, which has remained positive, to better assess the core business viability rather than relying on the highly erratic bottom-line GAAP results.
As highlighted in historical financial data, the company's negative net margins in several recent quarters raise concerns regarding the sustainability of its current holding company structure, particularly as the market continues to apply a conglomerate discount to the disparate cash flows of its restaurant and energy operations.
Short-sellers may focus on the persistent inability to generate consistent net profitability, which could suggest that the capital-intensive nature of the holding company structure outweighs the benefits of its diversified assets. The reliance on non-core acquisitions like media properties may further complicate the investment thesis and obscure the true return on invested capital.
Quick answers to the most common questions about buying BH stock.
For fiscal year 2025, Biglari Holdings Inc. (BH) reported total revenue of $395.3M. This represents a 76.4% increase compared to $224.1M in 1996.
Biglari Holdings Inc. (BH) reported a net loss of $37.5M for the fiscal year ending 2025.
Biglari Holdings Inc. (BH) reported an operating income of $18.1M, resulting in an operating profit margin of 4.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Biglari Holdings Inc. (BH) generated $108.6M in gross profit for the year, representing a gross profit margin of 27.5%. This demonstrates the company's core pricing power and production efficiency.