BH · XBRL financial data

Biglari Holdings financial statements, every quarter

The same tables from 12 filings, lined up. Matched by XBRL tag: renamed lines keep their history.

How these numbers work

Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
* marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
0 means a filing states zero; a dash (—) means no filing states that number.
“year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
Shares outstanding come from each filing's cover page, as of the date printed there.
Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.

Income statement

Fiscal quarters (BH's year ends in late December)

In millions of dollars	Q3 FY23Sep 30, 2023	Q4 FY23Dec 31, 2023	Q1 FY24Mar 31, 2024	Q2 FY24Jun 30, 2024	Q3 FY24Sep 30, 2024	Q4 FY24Dec 31, 2024	Q1 FY25Mar 31, 2025	Q2 FY25Jun 30, 2025	Q3 FY25Sep 30, 2025	Q4 FY25Dec 31, 2025	Q1 FY26Mar 31, 2026	Q2 FY26Jun 30, 2026
Revenue from contracts with customers	91	91*	89	91	90	91*	95	101	100	100*	97	109
Cost of revenue	37	34*	34	37	36	36*	38	40	42	42*	37	41
Selling, general and administrative	18	22*	18	19	20	19*	21	23	20	22*	25	26
Interest expense	0	0*	0	0	0	0*	1	1	1	6*	6	6
Income tax expense (benefit)	—	year only	7	(15)	11	(8)*	(8)	14	(2)	(14)*	(4)	12
Net income (loss)	(57)	45*	23	(48)	32	(10)*	(33)	51	(5)	(50)*	(15)	40

Fiscal quarters (BH's year ends in late December)

In millions of dollars	Q3 FY23Sep 30, 2023	Q4 FY23Dec 31, 2023	Q1 FY24Mar 31, 2024	Q2 FY24Jun 30, 2024	Q3 FY24Sep 30, 2024	Q4 FY24Dec 31, 2024	Q1 FY25Mar 31, 2025	Q2 FY25Jun 30, 2025	Q3 FY25Sep 30, 2025	Q4 FY25Dec 31, 2025	Q1 FY26Mar 31, 2026	Q2 FY26Jun 30, 2026
Cash and cash equivalents	34	28	35	27	30	31	29	33	272	269	200	68
Accounts receivable	26	22	24	19	21	25	23	21	21	23	25	25
Inventory	3	3	4	4	4	4	4	4	4	4	4	4
Prepaid and other current assets	—	6	—	—	—	5	—	—	—	9	—	—
Total current assets	155	153	168	151	165	171	172	174	404	379	356	384
Property and equipment, net	384	380	377	381	381	376	370	365	368	367	368	366
Right-of-use asset	34	32	34	35	34	34	34	36	40	40	42	43
Goodwill	54	54	54	53	53	52	53	53	53	53	53	53
Total assets	827	849	885	809	865	866	829	864	1,079	1,025	1,018	1,059
Accounts payable	22	22	22	26	26	29	28	26	28	34	32	30
Current portion of long-term debt	19	0	—	0	—	—	—	—	—	—	—	—
Total current liabilities	142	111	118	106	112	147	150	126	143	156	144	157
Long-term debt	—	—	—	—	—	10	—	—	215	214	212	210
Lease liability, non-current	28	26	28	28	28	28	27	29	33	34	36	37
Total liabilities	270	250	267	240	263	293	289	274	499	502	499	515
Retained earnings	587	631	654	606	638	628	594	645	640	590	576	616
Total stockholders' equity	557	599	619	569	602	573	540	589	580	523	519	544
Total liabilities and equity	827	849	885	809	865	866	829	864	1,079	1,025	1,018	1,059

Fiscal quarters (BH's year ends in late December)

In millions of dollars	Q3 FY23Sep 30, 2023	Q4 FY23Dec 31, 2023	Q1 FY24Mar 31, 2024	Q2 FY24Jun 30, 2024	Q3 FY24Sep 30, 2024	Q4 FY24Dec 31, 2024	Q1 FY25Mar 31, 2025	Q2 FY25Jun 30, 2025	Q3 FY25Sep 30, 2025	Q4 FY25Dec 31, 2025	Q1 FY26Mar 31, 2026	Q2 FY26Jun 30, 2026
Net income (loss)	(57)	45*	23	(48)	32	(10)*	(33)	51	(5)	(50)*	(15)	40
Depreciation and amortization	10	9*	10	9	11	10*	10	10	10	11*	11	10
Net cash from operating activities	17*	24*	19	2*	11*	18*	16	42*	31*	18*	20	15*
Purchases of property and equipment	6*	6*	5	12*	7*	7*	7	3*	9*	11*	7	7*
Net cash from investing activities	(28)*	(10)*	(11)	(8)*	(15)*	(52)*	(20)	(7)*	(9)*	(29)*	(95)	(143)*
Proceeds from issuing common stock	—	—	—	—	—	—	0	0*	—	—	15	0*
Repayments of long-term debt	—	year only	0	—	—	—	—	—	—	—	—	—
Net cash from financing activities	14*	(21)*	(1)	(1)*	8*	35*	2	(31)*	218*	8*	6	(3)*
Net change in cash	3*	(6)*	6	(8)*	3*	0*	(2)	4*	240*	(4)*	(69)	(132)*

SIC 5812 and related industry codes, similar size. Each row is the latest quarter reported.

How peers are chosen

SIC 5812 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
Runway shows only for companies burning cash with under $10B of public float.
* marks a quarter worked out from the filing totals: for a 10-Q, the year-to-date total less the earlier one.

Company	Cash ($M)	Revenue, quarter ($M)	Operating cash flow, quarter ($M)	Shares outstanding	Runway	Quarter
Biglari Holdings	68	109	15*	not reported	—	Q2 FY26 10-QJun 30, 2026
DENNY'S	2.2	113	16*	51.5M	—	Q3 FY25 10-QSep 24, 2025
Nathans Famous	25	54	0.9	4.1M	—	Q1 FY27 10-QJun 28, 2026
Fat Brands	2.1	140	(15)*	17.9M	0.1 quarters	Q3 FY25 10-QSep 28, 2025
Rci Hospitality Holdings	26	74	11*	7.6M	—	Q3 FY26 10-QJun 30, 2026
Twin Hospitality Group	5.5	82	(5.9)*	57.3M	0.9 quarters	Q3 FY25 10-QSep 28, 2025
Dine Brands Global	98	241	12*	12.7M	—	Q2 FY26 10-QJun 28, 2026
Kura Sushi USA	24	86	10*	not reported	—	Q3 FY26 10-QMay 31, 2026
Black Rock Coffee Bar	16	63	12*	not reported	—	Q2 FY26 10-QJun 30, 2026

Not investment advice. Not affiliated with the U.S. SEC.