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Biglari Holdings Inc. BH Franchise royalties and fees — Restaurant operations

Other product segments

Franchise partner fees
$17.14M—

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Other financials

Income statement

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Revenue$97.5M+2.6%
Gross profit$60.0M+4.8%
Net income-$14.5M+56.3%
EPS (diluted)-$11.16+55.9%

Balance sheet

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Cash & equivalents$200.1M+598%
Total debt$290.3M+627%
Total equity$519.2M-3.8%
Total assets$1.0B+22.8%

Cash flow

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Operating cash flow$20.3M+28.7%
CapEx$7.0M-4.6%
Free cash flow$13.4M+57.3%

Valuation

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Market cap$1.13B+28.7%
Enterprise value$1.22B+37.2%
P/S2.8×+0.5×

Profitability

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Gross margin59.5%-0.6pp
Net margin-4.7%-2.0pp
FCF margin20.5%—

Returns & leverage

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Return on equity-3.5%-1.4pp
Debt / equity0.6×+0.5×
Current ratio2.5×+1.3×

Where this comes from

Reported directly by Biglari Holdings Inc. in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The official record: Biglari Holdings Inc.’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Biglari Holdings Inc.'s franchise royalties and fees — restaurant operations?
Biglari Holdings Inc. (BH) reported franchise royalties and fees — restaurant operations of $3.13M in Q1 2026.
How has Biglari Holdings Inc.'s franchise royalties and fees — restaurant operations changed year-over-year?
Biglari Holdings Inc.'s franchise royalties and fees — restaurant operations decreased by 10.4% year-over-year, from $3.49M to $3.13M.
What is the long-term trend for Biglari Holdings Inc.'s franchise royalties and fees — restaurant operations?
Over 4 years (2021 to 2025), Biglari Holdings Inc.'s franchise royalties and fees — restaurant operations has grown at a -11.1% compound annual growth rate (CAGR), from $21.74M to $13.59M.
What does franchise royalties and fees — restaurant operations mean?
This metric represents the recurring revenue generated from franchise agreements within the restaurant operations segment, typically calculated as a percentage of gross sales from franchised locations. It reflects the company's ability to monetize its brand equity and operational systems without the capital expenditure associated with company-owned units. This stream serves as a high-margin indicator of the scalability and health of the franchise network.