BH Biglari Holdings Inc.

Overview and Growth

Fiscal 2025 results for Biglari Holdings Inc. combined $395.26M of revenue with net loss of $37.49M and an operating cash inflow of $106.96M. At $395.26M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $362.11M in fiscal 2024, revenue recorded a 9.2% year-over-year increase. On a per-share basis, diluted EPS was -$143.86, which connects the reported earnings outcome with the company’s diluted share count. The company employed $1.03B of total assets, the balance-sheet base supporting its current operating and cash-flow results. Revenue equaled 0.39x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $233.94M as gross profit before recognizing operating expenses and other items. Gross profit represented 59.2% of revenue, showing how much of the top line remained after direct costs. After all below-operating-line items, the company recorded a net loss of $37.49M for the fiscal year. The net loss equaled 9.5% of revenue, showing the bottom-line deficit relative to the company’s sales base. Before income taxes, the company recorded a loss of $47.69M, bridging the operating result to the final net loss. Pretax margin was -12.1%, reflecting a pre-tax loss equal to 12.1% of revenue. The reported tax benefit was $10.20M, favorably bridging the pretax and after-tax results. The net loss equaled 7.2% of period-end equity, showing the deficit relative to book capital. The net loss equaled 3.7% of period-end assets, showing the deficit relative to the asset base. The net loss widened to $37.49M from $3.76M in fiscal 2024.

Liquidity and Capital Structure

Total assets were $1.03B, supported by $501.95M of liabilities and $523.43M of shareholder equity. Current assets were $378.53M against $156.00M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 2.43x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $268.78M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 172.3% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Borrowings totaled $246.99M, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 0.47x, placing the company’s financial leverage in clear balance-sheet terms. The debt-to-assets relationship was 24.1%, comparing borrowing with the total asset balance. Liabilities represented 49.0% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 26.2%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 18.4% higher than fiscal 2024 assets of $866.13M, measuring the company’s own balance-sheet change. Against $572.96M of equity in fiscal 2024, the current book-equity balance moved 8.6% and ended lower. Cash and equivalents were 775.3% higher than fiscal 2024 cash of $30.71M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

The company reported $106.96M of operating cash flow, a cash inflow that shows the cash generated by operations. Capital spending was $30.35M, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 28.4% of operating cash flow, leaving the remainder available as free cash flow. After capital spending, free cash flow was $76.61M, leaving cash available for debt reduction, shareholder returns, or further investment. The free-cash-flow margin was 19.4%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 7.5%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 26, 2026.