Biglari Holdings Inc.

Listed Company

BHCIK 0001726173NYSEAcceleratedRetail-Eating PlacesIndianaFY ends Dec 31

Period

FY 2025

Revenue

$395.26M

Net Income

$-37.49M

Total Assets

—

Equity

—

Shares Out

206.9K

Op. Cash Flow

$106.96M

Business

Biglari Holdings Inc. is a holding company that owns and manages subsidiaries across diverse industries including restaurants, property and casualty insurance and reinsurance, oil and gas, and brand licensing. Its main products and services include franchising and operating full-service restaurants, underwriting and reinsuring insurance policies, oil and natural gas exploration and production, and licensing media and brand-related products. Key business segments comprise restaurant operations (Steak n Shake and Western Sizzlin), insurance and reinsurance subsidiaries, oil and gas entities, and a brand licensing arm. The company distributes restaurant concepts through company-operated units, franchise partnerships and traditional and international franchising, while insurance products are marketed via direct response and agents and energy operations serve regional oil and gas markets.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	395	362	365	368	366
Restaurant cost of sales	161	143	138	140	167
Insurance losses and underwriting expenses	63	61	53	55	43
Oil and gas production costs	13	17	17	18	10
Licensing and media costs	9	2	2	3	2
Selling, general and administrative	87	76	77	71	76
Gain on sale of oil and gas properties	−12	−17	−14	0	0
Impairments	1	1	4	4	5
Depreciation, depletion, and amortization	41	40	39	36	30
Interest expense on leases	5	5	5	5	6
Interest expense on debt	8	771,000	681,000	399,000	1
Total cost and expenses	376	330	322	332	341
Investment gains	528,000	335,000	2	−3	6
Investment partnership gains (losses)	−67	−41	19	−76	11
Total other income (expenses)	−66	−41	22	−79	17
Earnings (loss) before income taxes	−48	−8	65	−43	42
Income tax expense (benefit)	−10	−4	9	−11	7
Net earnings (loss)	−37	−4	56	−32	35
Earnings (loss) attributable to noncontrolling interest	0	0	591,000	−287,000	0
Net earnings (loss) attributable to Biglari Holdings Inc. shareholders	−37	−4	55	−32	35
Net earnings (loss) per equivalent Class share, diluted (in dollars per share)	−143.86	−13.45	189.49	−107.43	111.83

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	269	31	28	37	42
Investments	69	103	92	69	83
Receivables	23	25	22	29	29
Inventories	4	4	3	4	4
Other current assets	14	8	7	10	7
Total current assets	379	171	153	151	165
Property and equipment	367	376	380	401	349
Operating lease assets	40	34	32	35	43
Goodwill	53	52	53	54	54
Other intangible assets	24	23	23	23	23
Investment partnerships	154	202	199	156	250
Other assets	10	8	8	10	11
Total assets	1,025	866	849	828	895
Accounts payable and accrued expenses	73	63	67	79	102
Loss and loss adjustment expenses	18	17	15	17	13
Unearned premiums	18	17	14	12	12
Current portion of lease obligations	14	14	15	17	17
Current portion of note payable and lines of credit	33	35	—	—	—
Total current liabilities	156	147	111	135	144
Lease obligations	98	91	86	92	104
Note payable and lines of credit	214	10	—	—	—
Deferred taxes	18	29	38	31	47
Asset retirement obligations	16	15	14	14	10
Other liabilities	767,000	506,000	348,000	754,000	2
Total liabilities	502	293	250	273	307
Common stock	1	1	1	1	1
Additional paid-in capital	386	386	386	382	382
Retained earnings	590	628	631	577	609
Accumulated other comprehensive loss	−1	−3	−3	−3	−2
Treasury stock, at cost	−452	−439	−416	−410	—
Biglari Holdings Inc. shareholders equity	523	573	599	547	588
Total liabilities and shareholders equity	1,025	866	849	828	895

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Provision for deferred income taxes	−11	−8	7	−16	5
Asset impairments and other non-cash expenses	1	1	4	—	—
Gains on sale of assets	−16	−23	−21	−2	−25,000
Investment gains	−528,000	−335,000	−2	3	−6
Investment partnership (gains) losses	67	41	−19	76	−11
Distributions from investment partnerships	56	10	15	71	180
Changes in receivables and inventories	3	−5	6	3	−9
Changes in other assets	−7	−2	3	9	136,000
Changes in accounts payable and accrued expenses	10	368,000	−12	−25	−592,000
Net cash provided by operating activities	107	50	73	128	229
Capital expenditures	−30	−31	−23	−30	−65
Proceeds from property and equipment disposals	21	29	25	5	10
Purchases of noncontrolling interests	0	0	−5	0	0
Purchases of interests in limited partnerships	−89	−76	−45	−49	−12
Purchases of investments	−58	−67	−108	−134	−110
Sales of investments and redemptions of fixed maturity securities	91	57	91	129	118
Net cash used in investing activities	−65	−87	−66	−137	−59
Payments on line of credit	−73	−16	−42	−20	—
Proceeds from line of credit	55	61	32	30	—
Debt issuance costs	−2	0	0	—	—
Payments on note payable	−1	0	0	—	—
Proceeds from note payable, net	223	0	0	—	—
Principal payments on direct financing lease obligations	−6	−6	−6	−6	−6
Net cash provided by (used in) financing activities	197	39	−16	4	−156
Effect of exchange rate changes on cash	39,000	22,000	59,000	38,000	−64,000
Increase (decrease) in cash, cash equivalents, and restricted cash	238	2	−9	−5	14

Filings

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