Biglari Holdings Inc. balance sheet

At the end of fiscal 2025, Biglari Holdings Inc. had total assets of $1.03bn, total liabilities of $502m and shareholders' equity of $523m. It held $269m in cash against $247m of debt: net cash of $21.8m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Biglari Holdings Inc.: balance sheet, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash and equivalents	49	68	25	42	37	28	31	269	68
Receivables	16	22	19	29	29	22	25	23	25
Inventory	8	5	3	4	4	3	4	4	4
Total current assets	115	145	148	165	151	153	171	379	384
Goodwill	40	40	54	54	54	53	52	53	53
Total assets	1,029	1,139	1,018	895	828	849	866	1,025	1,059
Accounts payable	—	—	27	37	28	22	29	34	30
Deferred revenue (current)	—	—	—	—	—	5	4	4	5
Total current liabilities	123	140	288	144	135	111	147	156	157
Short-term debt	6	7	152	0	10	0	35	33	28
Long-term debt	240	263	112	104	—	—	10	214	210
Total debt	248	272	416	104	40	0	45	247	239
Total liabilities	459	523	453	307	273	250	293	502	515
Shareholders' equity	570	616	565	588	547	599	573	523	544
Net debt (negative = net cash)	199	205	392	62	3	−28	14	−22	170

US$ millions unless shown otherwise. Fiscal quarters.

Biglari Holdings Inc.: balance sheet, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Receivables	21	25	23	21	21	23	25	25
Inventory	4	4	4	4	4	4	4	4
Total current assets	165	171	172	174	404	379	356	384
Goodwill	53	52	53	53	53	53	53	53
Total assets	865	866	829	864	1,079	1,025	1,018	1,059
Accounts payable	26	29	28	26	28	34	32	30
Deferred revenue (current)	—	4	3	5	4	4	6	5
Total current liabilities	112	147	150	126	143	156	144	157
Short-term debt	—	35	—	—	21	33	28	28
Long-term debt	—	10	—	—	215	214	212	210
Total debt	—	45	—	—	236	247	240	239
Total liabilities	263	293	289	274	499	502	499	515
Shareholders' equity	602	573	540	589	580	523	519	544

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Biglari Holdings Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Biglari Holdings Inc.