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Biglari Holdings Inc. BH Franchise — Total revenues

Other product segments

Franchise partner fees
$17.14M
Franchise royalties and fees
$3.49M

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Other financials

Income statement

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Revenue$108.5M+7.9%
Gross profit$67.4M+11.3%
Net income$39.9M-21.6%
EPS (diluted)$31.63-18.7%

Balance sheet

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Cash & equivalents$68.4M+109%
Total debt$289.3M+577%
Total equity$543.8M-7.7%
Total assets$1.1B+22.6%

Cash flow

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Operating cash flow$14.9M-64.5%
CapEx$6.7M+146%
Free cash flow$8.3M-79.0%

Valuation

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Market cap$1.21B+42.1%
Enterprise value$1.43B+66.0%
P/S+0.7×

Profitability

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Gross margin60%-0.2pp
Net margin-7.3%-17.8pp
FCF margin12.4%-4.2pp

Returns & leverage

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Return on equity-5.3%-12.1pp
Debt / equity0.5×+0.5×
Current ratio2.4×+1.1×

Where this comes from

Reported directly by Biglari Holdings Inc. in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: Biglari Holdings Inc.’s 10-K, filed March 2, 2026.

Filed
Mar 2, 2026, 6:32 AM EST
Fiscal year
FY2025
Accession
0001628280-26-012987

During the years ended December 31, 2025, 2024, and 2023, restaurant operations recognized $330, $463, and $1,207, respectively, in revenue related to initial franchise fees. As of December 31, 2025 and 2024, restaurant operations had deferred revenue recorded in accrued expenses related to franchise fees of $1,762 and $1,756, respectively. Restaurant operations expect to recognize approximately $520 of deferred revenue during 2026.

Item 8. Financial Statements and Supplementary Data

FAQ

What is Biglari Holdings Inc.'s franchise — total revenues?
Biglari Holdings Inc. (BH) reported franchise — total revenues of $82.5K in Q4 2025.
How has Biglari Holdings Inc.'s franchise — total revenues changed year-over-year?
Biglari Holdings Inc.'s franchise — total revenues decreased by 28.7% year-over-year, from $115.75K to $82.5K.
What is the long-term trend for Biglari Holdings Inc.'s franchise — total revenues?
Over 4 years (2021 to 2025), Biglari Holdings Inc.'s franchise — total revenues has grown at a -36.5% compound annual growth rate (CAGR), from $2.03M to $330K.
What does franchise — total revenues mean?
This metric represents the aggregate gross income generated from franchise-related activities, including royalties, franchise fees, and other service-based charges. It serves as a key indicator of the scale and health of the franchised portion of the business model. Tracking this revenue stream helps investors evaluate the company's ability to monetize its brand and operational systems through third-party operators.

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