$1,884.64−24.63 (−1.29%)
At close: Oct 26, 2026, 4:00 PM ET· NYSE · USD
Biglari Holdings (BH-A) Income Statement
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Sources Company filings FilingsHow we compute thisNot investment advice
Business engineChoppy: revenue compounds ~1.9%/yr (FY21→FY25), net margin −9.5%.
The four lines that matter · FY21–FY25
Revenue ($M)▲9.2%
395.3
FY21→FY25CAGR +1.9%/yr
Net income ($M)▼897.3%
−37.5
one-off year: see footnoteCAGR —
Free cash flow ($M)▲301.8%
76.6
FY21→FY25CAGR −17.4%/yr
Diluted EPS—
—
no FY25 valueCAGR —
What the receipts whisper · what a headline number hides
Capex
$30.4M
steady at 7.7% of revenue (−0.8% YoY).
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
-9¢ of every revenue dollar becomes profit. The biggest cost lever is operating expenses.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 54.3% → 59.2%. Net margin -9.5% is below the sector median.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
On the latest annual statement the reported earnings per share does not reconcile with net income to common shareholders divided by the reported share count (a factor of 1.435), so the two figures are on different bases. Both are shown as filed.
USD millions except per-share & ratios
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 405.6 | 395.3 | 362.1 | 365.3 | 368.2 | 366.1 | ▲9.2% | +1.9% |
Cost of revenue | 168.3 | 161.3 | 145.5 | 138.0 | 140.3 | 167.5 | ▲10.9% | −0.9% |
Gross profit | 237.3 | 233.9 | 216.6 | 227.3 | 228.0 | 198.6 | ▲8.0% | +4.2% |
Selling, general & admin | 93.7 | 86.8 | 75.7 | 77.0 | 70.6 | 76.0 | ▲14.8% | +3.4% |
Total operating expenses | 212.4 | 206.9 | 183.3 | 183.5 | 191.2 | 172.6 | ▲12.9% | +4.6% |
Operating incomefeeds ROC rank | 24.9 | 27.0 | 33.3 | 43.9 | 36.7 | 26.0 | ▼19.0% | +0.9% |
Other income, net | −63.8 | −74.7 | −41.5 | 21.0 | −79.7 | 16.2 | — | — |
Pretax income | −38.9 | −47.7 | −8.2 | 64.8 | −43.0 | 42.3 | ▼484.9% | — |
Income tax | −9.1 | −10.2 | −4.4 | 9.3 | −10.7 | 6.8 | ▼132.2% | — |
Net incomePiotroski ROA ✕feeds Buffett Quality owner earnings | −29.7 | −37.5 | −3.8 | 55.5 | −32.3 | 35.5 | ▼897.3% | — |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | −109.67 | — | — | — | — | 22.37 | — | — |
Diluted shares (mn) | 2.33 | — | — | — | — | 2.28 | — | — |
| Margins | ||||||||
Gross margin83rd pct in Consumer Cyclical | 58.5% | 59.2% | 59.8% | 62.2% | 61.9% | 54.3% | ▼0.6pp | +4.9pp |
Operating margin | 6.1% | 6.8% | 9.2% | 12.0% | 10.0% | 7.1% | ▼2.4pp | −0.3pp |
Net margin10th pct in Consumer Cyclical | −7.3% | −9.5% | −1.0% | 15.2% | −8.8% | 9.7% | ▼8.4pp | −19.2pp |
† TTM = trailing four quarters through 2026-06-30.FY24 effective tax rate was 54% vs a 21% norm for this window, likely a one-time item; see the filing.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-03-02 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Common questions
What was Biglari Holdings' revenue last fiscal year?
Biglari Holdings reported revenue of $395.3M in fiscal 2025, up 9.2% from fiscal 2024.
What was Biglari Holdings' net income?
Biglari Holdings reported net income of −$37.5M in fiscal 2025, a net margin of −9.5%.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.