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Biglari Holdings Inc. BH Q4 2025 Annual earnings

Reported February 28, 2026 · Before market open

Revenue$99.9M
EPS-$2.38

Next report

Aug 7, 2026 (In 1 week)

Financials

Q4 2025

Income statement

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Revenue$99.9M+9.6%
Gross profit$58.2M+5.4%
Net income-$49.9M-385%
EPS (diluted)-$153.32-748%

Balance sheet

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Cash & equivalents$268.8M+775%
Total debt$296.3M+248%
Total equity$523.4M-8.6%
Total assets$1.0B+18.4%

Cash flow

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Operating cash flow$17.8M-1.2%
CapEx$11.4M+60.7%
Free cash flow$6.4M-41.6%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$1.03B+30.7%
Enterprise value$1.06B+25.6%
P/S2.6×+0.4×

Profitability

See full
Gross margin59.2%-1.2pp
Net margin-9.5%-10.8pp
FCF margin19.4%—

Returns & leverage

See full
Return on equity-6.8%-7.6pp
Debt / equity0.6×+0.4×
Current ratio2.4×+1.3×

Segments

By product

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Restaurant operations$72.8M+16.3%
Insurance premiums and other$19.1M+0.5%
Oil and gas$5.4M-41.1%

By segment

See full
Restaurant operations$72.8M+16.3%
Oil And Gas Segment$5.4M-41.1%

Versus estimates

Revenue

Q1 2026$97.5M
Q4 2025$99.9M
Q3 2025$99.7MQ2 2025$100.6MQ1 2025$95.0MQ4 2024$91.1M

Diluted EPS

Q1 2026-$0.56
Q4 2025-$2.38
Q3 2025$23.46Q2 2025$9.17Q1 2025$23.37Q4 2024-$36.60

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Questions, answered.

When did Biglari Holdings Inc. report Q4 2025 earnings?
Biglari Holdings Inc. (BH) reported Q4 2025 earnings on February 28, 2026 before market open.
What were Biglari Holdings Inc.'s Q4 2025 revenue and EPS?
Biglari Holdings Inc. reported revenue of $99.9M and eps of $-2.38 for Q4 2025.
How did Biglari Holdings Inc.'s Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 9.6% from $91.1M a year earlier and eps grew 93.5% from $-36.60.
Where can I find Biglari Holdings Inc.'s Q4 2025 SEC filings?
You can read the 8-K earnings release (0001628280-26-012988) and the 10-K periodic report (0001628280-26-012987) directly on SEC EDGAR. The filing index links above go to sec.gov.