10 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $395M | -$37M | 59.2% | 0.0% | $77M | $214M | $269M |
| 2024 | $362M | -$4M | 60.4% | 0.0% | $19M | $10M | $31M |
| 2023 | $365M | $55M | 62.2% | 0.0% | $50M | — | $28M |
| 2022 | $368M | -$32M | 61.9% | 0.0% | $98M | — | $37M |
| 2021 | $366M | $35M | 54.3% | 0.0% | $164M | $104M | $42M |
| 2020 | $434M | -$38M | 43.1% | 0.0% | $97M | $264M | $25M |
| 2019 | $669M | $45M | 25.1% | 0.0% | $76M | $270M | $68M |
| 2018 | $776M | $19M | 17.9% | 0.0% | $5M | $246M | $49M |
| 2017 | — | $50M | — | — | — | $264M | $59M |
| 2016 | — | $99M | — | — | — | — | — |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $97M | -$15M | 61.6% | 0.0% | $13M | $212M | $200M |
| Dec '25 | $100M | -$50M | 58.3% | 0.0% | $6M | $214M | $269M |
| Sep '25 | $100M | -$5M | 58.1% | 0.0% | $22M | $215M | $272M |
| Jun '25 | $101M | $51M | 60.2% | 0.0% | $39M | — | $33M |
| Mar '25 | $95M | -$33M | 60.3% | 0.0% | $8M | — | $29M |
| Dec '24 | $91M | -$10M | 60.6% | 0.0% | $11M | $10M | $31M |
| Sep '24 | $90M | $32M | 59.9% | 0.0% | $4M | — | $30M |
| Jun '24 | $91M | -$48M | 59.5% | 0.0% | -$10M | — | $27M |
| Mar '24 | $89M | $23M | 61.5% | 0.0% | $15M | — | $35M |
| Dec '23 | $91M | $45M | 63.0% | 0.0% | $18M | — | $28M |
| Sep '23 | $91M | -$57M | 59.5% | 0.0% | $11M | — | $34M |
| Jun '23 | $94M | $2M | 62.7% | 0.0% | $7M | — | $31M |
| Mar '23 | $90M | $65M | 63.7% | 0.0% | $14M | — | $39M |
| Dec '22 | $98M | $10M | 66.7% | 0.0% | $22M | — | $37M |
| Sep '22 | $92M | $32M | 60.7% | 0.0% | $59M | — | $65M |
| Jun '22 | $92M | -$74M | 61.1% | 0.0% | $6M | — | $41M |
| Mar '22 | $85M | -$298000 | 58.6% | 0.0% | $12M | — | $46M |
| Dec '21 | $99M | -$5M | 61.4% | 0.0% | -$541000 | $104M | $42M |
| Sep '21 | $82M | -$11M | 49.2% | 0.0% | $4M | — | $28M |
| Jun '21 | $91M | -$21M | 53.8% | 0.0% | $3M | — | $28M |
How the market has priced BH against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Biglari Holdings Inc.'s revenue has declined 1.8% per year. These are computed facts, not advice.
As of FY2025, Biglari Holdings Inc. reported $214M of total debt against $269M of cash.
In FY2025, gross margin was 59.2%, operating margin —, and net margin -9.5%.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.