BH

MKT CAP:$969M

Biglari Holdings Inc.

Market Cap

$969M

Consumer Cyclical·Restaurants·🇺🇸 United States·NYSE

Consumer Cyc.·Restaurants·🇺🇸·NYSE

Stock Price

$306.02-$37.64 (-10.95%)

Apr 23, 2026

Company Details

Biglari Holdings Inc., through its subsidiaries, primarily operates and franchises restaurants in the United States. It owns, operates, and franchises restaurants under the Steak n Shake and Western Sizzlin names. As of December 31, 2021, i...

CEO

Sardar Biglari

IPO Date

Mar 17, 1980

Website

www.biglariholdings.com

Key Metrics TTM

Revenue

$395M

+9.2% YoY

Net Income

-$37M

EPS (Diluted)

-$12.09

Free Cash Flow

$77M

Revenue / Share

$127.38

Gross Margin

32.5%

Operating Margin

7.8%

Net Margin

-9.5%

FCF Margin

19.4%

P/S

2.5x

P/E

—

Earnings Reports

Q1 2026

May 8, 2026

PENDING

FY 2025

Mar 2, 2026

$395M+9.2%EPS -$12.08

Q4 2025

Mar 2, 2026

$100M+9.6%EPS -$16.07

Q3 2025

Nov 7, 2025

$100M+10.3%EPS -$1.71

Q2 2025

Aug 8, 2025

$101M+10.4%EPS $16.41

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$82M	$27M	$10M
Q4 21	$99M	$45M	$20M
Q1 22	$85M	$31M	$15M
Q2 22	$92M	$38M	$22M
Q3 22	$92M	$38M	$23M
Q2 23	$94M	$41M	$22M
Q3 23	$91M	$37M	$19M
Q4 23	$91M	$29M	$7M
Q1 24	$89M	$25M	$7M
Q2 24	$91M	$25M	$6M
Q3 24	$90M	$35M	$15M
Q4 24	$91M	$35M	$6M
Q1 25	$95M	$35M	$3M
Q2 25	$101M	$29M	$6M
Q3 25	$100M	$39M	$19M
Q4 25	$100M	$26M	$4M

Valuation

Quarter	P/S	P/E
Q3 21	2.6x	12.6x
Q4 21	2.6x	27.3x
Q1 22	2.7x	—
Q2 22	2.7x	—
Q3 22	2.6x	—
Q2 23	2.7x	—
Q3 23	2.6x	—
Q4 23	2.6x	43.9x
Q1 24	2.7x	76.7x
Q2 24	2.7x	—
Q3 24	2.7x	18.9x
Q4 24	2.7x	—
Q1 25	2.6x	—
Q2 25	2.6x	24.5x
Q3 25	2.5x	463.2x
Q4 25	2.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$24M	$4M
Q4 21	$18M	-$541.0K
Q1 22	$21M	$12M
Q2 22	$13M	$6M
Q3 22	$66M	$59M
Q2 23	$12M	$7M
Q3 23	$17M	$11M
Q4 23	$24M	$18M
Q1 24	$19M	$15M
Q2 24	$2M	-$10M
Q3 24	$11M	$4M
Q4 24	$18M	$11M
Q1 25	$16M	$8M
Q2 25	$42M	$39M
Q3 25	$31M	$22M
Q4 25	$18M	$6M

Capital Expenditures

Quarter	CapEx
Q3 21	$20M
Q4 21	$18M
Q1 22	$9M
Q2 22	$7M
Q3 22	$7M
Q2 23	$5M
Q3 23	$6M
Q4 23	$6M
Q1 24	$5M
Q2 24	$12M
Q3 24	$7M
Q4 24	$7M
Q1 25	$7M
Q2 25	$3M
Q3 25	$9M
Q4 25	$11M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	-19.4%	-17.9%
Q4 21	-0.7%	-8.9%
Q1 22	-9.5%	-6.7%
Q2 22	+1.7%	-3.2%
Q3 22	+12.1%	-4.0%
Q2 23	-5.5%	-9.6%
Q3 23	+6.5%	+3.1%
Q4 23	-1.8%	+18.3%
Q1 24	-2.8%	+19.5%
Q2 24	-2.6%	+19.7%
Q3 24	-0.6%	+3.7%
Q4 24	+0.5%	+1.9%
Q1 25	+6.2%	+11.3%
Q2 25	+10.4%	+11.4%
Q3 25	+10.3%	+8.2%
Q4 25	+9.6%	+12.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q4 23	$10M	$13M	—
Q1 24	$15M	$3M	—
Q2 24	$16M	$3M	—
Q3 24	$16M	$3M	—
Q4 24	$7M	$13M	—
Q1 25	$18M	$3M	—
Q2 25	$18M	$5M	—
Q3 25	$15M	$5M	—
Q4 25	—	—	$22M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$46M	$87M	$133M
Q2 22	$41M	$72M	$112M
Q3 22	$65M	$70M	$135M
Q4 22	$37M	$69M	$107M
Q1 23	$39M	$80M	$119M
Q2 23	$31M	$88M	$119M
Q3 23	$34M	$84M	$118M
Q4 23	$28M	$92M	$120M
Q1 24	$35M	$98M	$132M
Q2 24	$27M	$94M	$121M
Q3 24	$30M	$103M	$133M
Q4 24	$31M	$103M	$134M
Q1 25	$29M	$107M	$135M
Q2 25	$33M	$105M	$137M
Q3 25	$272M	$97M	$369M
Q4 25	$269M	$69M	$338M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	2M	-2.3%	-10.0%
Q4 21	2M	-2.6%	-7.6%
Q1 22	2M	-1.1%	-5.2%
Q2 22	2M	-0.9%	-6.8%
Q3 22	1M	-2.9%	-7.3%
Q2 23	1M	-0.5%	-5.3%
Q3 23	1M	-0.9%	-5.1%
Q4 23	1M	-0.9%	-5.1%
Q1 24	1M	-0.9%	-3.2%
Q2 24	1M	-1.2%	-3.9%
Q3 24	1M	-0.2%	-3.1%
Q4 24	1M	0.0%	-2.3%
Q1 25	2M	+62.6%	+60.4%
Q2 25	3M	+36.4%	+121.4%
Q3 25	3M	0.0%	+121.7%
Q4 25	3M	0.0%	+121.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$21.3K	4K
Q4 21	$37.6K	3K
Q1 22	$32.4K	3K
Q2 22	$35.1K	3K
Q3 22	$35.0K	3K
Q2 23	$37.4K	3K
Q3 23	$36.4K	3K
Q4 23	$36.3K	3K
Q1 24	$35.8K	3K
Q2 24	$36.5K	3K
Q3 24	$36.2K	3K
Q4 24	$36.4K	3K
Q1 25	$38.0K	3K
Q2 25	$40.2K	3K
Q3 25	$39.9K	3K
Q4 25	$43.4K	2K

Revenue / Employee