Biglari Holdings Inc. income statement

In fiscal 2025, Biglari Holdings Inc. reported revenue of $395m, up 9.2% on the year before and net income of −$37.5m, or −$143.86 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

Biglari Holdings Inc.: income statement, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Revenue	810	669	434	366	368	365	362	395	406
Cost of revenue	636	501	247	167	140	138	143	161	162
Gross profit	173	168	187	199	228	227	219	234	243
Selling, general and administrative	—	100	76	76	71	77	76	87	94
General and administrative	127	—	—	—	—	—	—	—	—
Interest expense	20	20	16	1	0	1	1	8	18
Income before tax	17	55	−50	42	−43	65	−8	−48	−39
Income tax	−3	10	−12	7	−11	9	−4	−10	−9
Net income	19	45	−38	35	−32	55	−4	−37	−30
Diluted EPS	—	$131.64	−$110.05	$111.83	−$107.43	$189.49	−$13.45	−$143.86	—

US$ millions unless shown otherwise. Fiscal quarters.

Biglari Holdings Inc.: income statement, 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
Revenue	90	91	95	101	100	100	97	109
Cost of revenue	36	36	38	40	42	42	37	41
Gross profit	54	55	57	61	58	58	60	67
Selling, general and administrative	20	19	21	23	20	22	25	26
Interest expense	0	0	1	1	1	6	6	6
Income before tax	43	−18	−41	65	−8	−64	−19	52
Income tax	11	−8	−8	14	−2	−14	−4	12
Net income	32	−10	−33	51	−5	−50	−15	40

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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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.