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Biglari Holdings Inc. BH Insurance premiums and other — CapEx

Other segment segments

Restaurant operations
$26.69M+22.4%
Oil and Gas Segment
$1.26M-89.3%
Brand licensing
$0

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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:SegmentExpenditureAdditionToLongLivedAssets.

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
Line itemCapital Expenditures / 2025Capital Expenditures / 2024Capital Expenditures / 2023
Operating Businesses:
Restaurant$26,690$21,812$21,294
Insurance257152309
Oil and gas1,26111,783544
Brand licensing1,776
Operating businesses29,98433,74722,147
Corporate and other313361,258
$30,297$33,783$23,405

Item 8. Financial Statements and Supplementary Data

FAQ

What is Biglari Holdings Inc.'s insurance premiums and other — capex?
Biglari Holdings Inc. (BH) reported insurance premiums and other — capex of $64.25K in Q4 2025.
How has Biglari Holdings Inc.'s insurance premiums and other — capex changed year-over-year?
Biglari Holdings Inc.'s insurance premiums and other — capex increased by 69.1% year-over-year, from $38K to $64.25K.
What is the long-term trend for Biglari Holdings Inc.'s insurance premiums and other — capex?
Over 3 years (2022 to 2025), Biglari Holdings Inc.'s insurance premiums and other — capex has grown at a -45.2% compound annual growth rate (CAGR), from $1.56M to $257K.
What does insurance premiums and other — capex mean?
Represents the total cash outflows used by the insurance segment to acquire, upgrade, or maintain physical assets such as property, technology, or equipment. This metric reflects the level of investment required to support the operational infrastructure of the insurance business. Monitoring these expenditures helps investors assess the capital intensity of the insurance operations.

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