BH · XBRL financial data

Biglari Holdings financial statements, every fiscal year

The same tables from 6 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 years (BH's year ends in late December)

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue	434	—	—	—	—	—
Revenue from contracts with customers	351	366	368	365	362	395
Cost of revenue	247	167	140	138	143	161
Selling, general and administrative	76	76	71	77	76	87
General and administrative	76	—	—	—	—	—
Interest expense	16	1	0	1	1	8
Income tax expense (benefit)	(12)	7	(11)	9	(4)	(10)
Net income (loss)	(38)	35	(32)	55	(4)	(37)
Earnings per share, diluted USD per share	(110.05)	111.83	(107.43)	189.49	(13.45)	(143.86)

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

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash and cash equivalents	25	42	37	28	31	269
Accounts receivable	19	29	29	22	25	23
Inventory	3	4	4	3	4	4
Prepaid and other current assets	3	4	4	6	5	9
Total current assets	148	165	151	153	171	379
Property and equipment, net	316	349	401	380	376	367
Right-of-use asset	43	43	35	32	34	40
Goodwill	54	54	54	54	52	53
Total assets	1,018	895	828	849	866	1,025
Accounts payable	27	37	28	22	29	34
Current portion of long-term debt	159	0	10	0	—	—
Total current liabilities	288	144	135	111	147	156
Long-term debt	75	104	—	—	10	214
Lease liability, non-current	36	36	29	26	28	34
Total liabilities	453	307	273	250	293	502
Retained earnings	573	609	577	631	628	590
Total stockholders' equity	565	588	547	599	573	523
Total liabilities and equity	1,018	895	828	849	866	1,025

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

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Net income (loss)	(38)	35	(32)	55	(4)	(37)
Depreciation and amortization	32	30	36	39	40	41
Net cash from operating activities	118	229	128	73	50	107
Purchases of property and equipment	21	65	30	23	31	30
Net cash from investing activities	(129)	(59)	(137)	(66)	(87)	(65)
Repayments of long-term debt	23	150	0	0	—	—
Net cash from financing activities	(29)	(156)	4	(16)	39	197
Net change in cash	(41)	14	(5)	(9)	2	238

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	91	249	18*	12.3M	—	Q3 FY26 10-QSep 27, 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.