7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 
      
    		                               
      assets
    		                               
      current assets:
    		                               
      cash and cash equivalents
    		272,485,000 32,766,000 28,664,000 30,709,000 29,891,000 26,897,000 34,536,000 28,066,000 33,993,000 30,881,000 39,363,000 37,467,000 64,842,000 40,512,000 45,777,000 42,349,000 27,795,000 28,212,000 28,438,000 24,503,000 33,164,000 36,438,000 33,281,000 67,772,000 19,058,000 27,662,000 31,093,000 48,557,000 48,345,000 48,411,000 45,444,000 
      investments
    		96,684,000 104,541,000 106,667,000 102,975,000 102,902,000 93,619,000 97,725,000 91,879,000 84,365,000 88,259,000 79,652,000 69,466,000 70,032,000 71,771,000 87,150,000 83,061,000 99,006,000 96,094,000 99,427,000 94,861,000 85,082,000 84,785,000 81,252,000 44,856,000 43,766,000 41,476,000 40,718,000 33,860,000 27,790,000 24,348,000 24,157,000 
      receivables
    		21,239,000 21,082,000 22,506,000 25,184,000 21,384,000 19,169,000 24,198,000 22,241,000 25,783,000 22,582,000 27,044,000 29,375,000 25,826,000 26,942,000 22,427,000 28,508,000 23,885,000 17,706,000 16,438,000 19,185,000 16,151,000 18,066,000 17,440,000 21,640,000 16,460,000 8,833,000 8,864,000 15,743,000 13,486,000 11,253,000 12,187,000 
      inventories
    		3,934,000 4,371,000 4,233,000 4,031,000 3,859,000 3,587,000 3,565,000 2,980,000 3,457,000 3,597,000 3,755,000 3,851,000 3,704,000 3,458,000 4,376,000 3,803,000 3,102,000 3,523,000 2,590,000 2,737,000 2,908,000 3,019,000 4,001,000 4,674,000 4,651,000 5,166,000 6,544,000 7,537,000 6,558,000 6,999,000 7,312,000 
      other current assets
    		9,803,000 11,521,000 9,462,000 7,716,000 7,183,000 7,882,000 8,410,000 7,385,000 7,722,000 7,757,000 13,542,000 10,495,000 13,147,000 7,744,000 8,067,000 7,088,000 6,763,000 6,744,000 6,763,000 6,492,000 5,622,000 7,213,000 6,809,000 6,449,000 6,042,000 4,610,000 5,374,000 9,236,000 8,985,000 9,166,000 9,299,000 
      total current assets
    		404,145,000 174,281,000 171,532,000 170,615,000 165,219,000 151,154,000 168,434,000 152,551,000 155,320,000 153,076,000 163,356,000 150,654,000 177,551,000 150,427,000 167,797,000 164,809,000 160,551,000 152,279,000 153,656,000 147,778,000 142,927,000 149,521,000 142,783,000 145,391,000 89,977,000 87,747,000 92,593,000 114,933,000 105,164,000 100,177,000 98,399,000 
      property and equipment
    		368,134,000 365,262,000 370,394,000 376,155,000 380,622,000 381,078,000 377,363,000 380,491,000 383,766,000 388,777,000 392,904,000 400,725,000 414,497,000 343,878,000 347,609,000 349,351,000 352,822,000 340,710,000 317,432,000 316,122,000 320,966,000 328,758,000 337,625,000 350,627,000 355,489,000 296,694,000 296,513,000 274,716,000 281,605,000 287,791,000 291,625,000 
      operating lease assets
    		39,596,000 35,506,000 33,758,000 34,011,000 33,637,000 34,601,000 34,073,000 32,215,000 33,547,000 33,678,000 33,532,000 34,739,000 38,539,000 40,432,000 40,540,000 42,538,000 44,598,000 40,299,000 41,015,000 42,832,000 46,345,000 53,403,000 57,209,000 59,719,000 65,939,000 66,372,000 66,201,000     
      goodwill and other intangible assets
    		76,239,000 76,244,000 75,613,000  75,845,000 75,540,000 76,642,000  76,444,000 76,656,000 76,672,000  75,933,000 76,379,000 76,854,000  77,179,000 77,376,000 77,273,000  75,656,000 75,307,000 78,780,000  67,227,000 67,820,000 67,806,000  68,304,000 68,524,000 66,774,000 
      investment partnerships
    		179,160,000 202,893,000 169,135,000 201,727,000 201,591,000 158,731,000 220,757,000 199,103,000 169,417,000 228,736,000 230,843,000 155,794,000 144,864,000 151,753,000 242,368,000 250,399,000 273,089,000 311,878,000 356,795,000 419,550,000 383,670,000 369,129,000 318,689,000 505,542,000 561,479,000 622,066,000 591,520,000 557,480,000 496,655,000 534,794,000 545,939,000 
      other assets
    		12,224,000 9,393,000 8,628,000 8,309,000 8,202,000 7,949,000 8,048,000 8,302,000 8,678,000 9,073,000 9,911,000 10,012,000 10,761,000 10,483,000 10,686,000 10,700,000 11,132,000 11,353,000 13,715,000 14,025,000 14,037,000 12,700,000 12,542,000 10,641,000 13,839,000 13,970,000 14,070,000 14,198,000 22,287,000 17,201,000 17,846,000 
      total assets
    		1,079,498,000 863,579,000 829,060,000 866,133,000 865,116,000 809,053,000 885,317,000 849,422,000 827,172,000 889,996,000 907,218,000 828,474,000 862,145,000 773,352,000 885,854,000 894,807,000 919,371,000 933,895,000 959,886,000 1,017,968,000 983,601,000 988,818,000 947,628,000 1,139,309,000 1,153,950,000 1,154,669,000 1,128,703,000 1,029,493,000 974,015,000 1,008,487,000 1,020,583,000 
      liabilities and shareholders’ equity
    		                               
      liabilities
    		                               
      current liabilities:
    		                               
      accounts payable and accrued expenses
    		70,987,000 56,418,000 64,085,000 63,381,000 66,694,000 60,126,000 72,811,000 66,743,000 78,997,000 73,376,000 79,244,000 78,616,000 101,503,000 94,176,000 99,761,000 100,467,000 100,898,000 99,974,000 120,304,000 118,821,000 117,888,000 129,460,000 133,840,000 121,079,000 138,822,000 130,442,000 121,500,000 117,265,000 107,423,000 110,878,000 106,708,000 
      losses and loss adjustment expenses
    		18,502,000 17,203,000                              
      unearned premiums
    		18,224,000 18,412,000 18,176,000 17,236,000 15,711,000 15,496,000 14,939,000 14,334,000 14,316,000 14,320,000 13,445,000 12,495,000 12,493,000 12,377,000 11,875,000 11,667,000 11,303,000 11,507,000              
      current portion of lease obligations
    		14,331,000 15,054,000 15,071,000 14,449,000 14,359,000 14,406,000 14,519,000 14,855,000 15,206,000 15,470,000 16,109,000 16,981,000 17,093,000 17,019,000 17,057,000 16,898,000 17,230,000 16,776,000 14,850,000             
      current portion of note payable and lines of credit
    		20,916,000                               
      total current liabilities
    		142,960,000 126,087,000 150,314,000 147,316,000 112,045,000 105,773,000 118,282,000 111,100,000 141,605,000 121,446,000 130,812,000 134,897,000 145,702,000 138,284,000 143,136,000 143,641,000 142,832,000 141,926,000 135,154,000 288,447,000 288,190,000 301,593,000 310,210,000 139,817,000 157,589,000 149,284,000 140,553,000 122,985,000 113,481,000 117,174,000 113,232,000 
      lease obligations
    		97,007,000 91,384,000 89,361,000 90,739,000 91,989,000 92,906,000 91,912,000 86,389,000 88,447,000 89,599,000 90,135,000 91,844,000 95,980,000 99,395,000 101,156,000 104,479,000 107,949,000 105,608,000 109,063,000             
      deferred taxes
    		28,096,000 40,768,000 20,276,000 29,393,000 35,194,000 26,254,000 41,801,000 37,939,000 25,401,000 48,201,000 49,809,000 31,343,000 28,515,000 17,765,000 41,763,000 46,533,000 57,910,000 60,909,000 64,649,000 41,346,000 30,130,000 28,798,000 15,689,000 54,230,000 56,562,000 74,952,000 79,699,000 86,871,000 76,568,000 86,048,000 89,387,000 
      note payable and lines of credit
    		214,914,000                               
      asset retirement obligations
    		15,736,000 15,549,000 15,368,000 15,218,000 14,777,000 14,593,000 14,402,000 14,316,000 14,216,000 14,297,000 14,240,000 14,068,000 14,721,000 10,653,000 10,520,000 10,389,000 10,314,000 10,183,000 10,147,000 10,022,000 9,896,000 9,772,000 9,652,000 10,447,000        
      other liabilities
    		506,000 505,000 505,000 506,000 348,000 348,000 348,000 348,000 99,000 99,000 1,024,000 754,000 1,819,000 1,519,000 1,982,000 2,069,000 1,800,000 1,777,000 1,733,000 1,680,000 1,203,000 1,685,000 1,976,000 2,064,000 13,754,000 1,908,000 2,481,000 9,181,000 10,165,000 10,509,000 11,269,000 
      total liabilities
    		499,219,000 274,293,000 289,224,000 293,172,000 263,353,000 239,874,000 266,745,000 250,092,000 269,768,000 273,642,000 286,020,000 272,906,000 316,737,000 267,616,000 298,557,000 307,111,000 320,805,000 320,403,000 320,746,000 453,140,000 445,383,000 466,268,000 468,438,000 523,011,000 552,430,000 552,307,000 547,349,000 459,038,000 445,597,000 465,757,000 468,876,000 
      shareholders’ equity
    		                               
      common stock
    		1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,138,000 1,071,000 
      additional paid-in capital
    		385,594,000 385,594,000 385,594,000 385,594,000 385,594,000 385,594,000 385,594,000 385,594,000 385,594,000 385,594,000 381,788,000 381,788,000 381,788,000 381,788,000 381,788,000 381,788,000 381,788,000 381,788,000 381,788,000 381,788,000 381,788,000 381,788,000 381,788,000 381,788,000 381,904,000 381,904,000 381,904,000 381,904,000 381,904,000 381,904,000 381,975,000 
      retained earnings
    		640,064,000 645,355,000 594,424,000 627,699,000 637,972,000 605,847,000 654,037,000 631,458,000 586,818,000 643,332,000 641,396,000 576,510,000 566,455,000 534,450,000 608,230,000 608,528,000 613,351,000 624,020,000 644,757,000 573,050,000 536,721,000 515,620,000 473,154,000 611,039,000 597,434,000 597,451,000 575,477,000 564,160,000 521,712,000 535,415,000 563,780,000 
      accumulated other comprehensive loss
    		-1,372,000 -1,392,000 -2,402,000 -2,872,000 -2,179,000 -2,667,000 -2,549,000 -2,518,000  -2,780,000 -2,458,000 -2,790,000 -3,777,000 -3,159,000 -2,138,000 -1,907,000 -1,909,000 -1,860,000 -1,975,000 -1,531,000 -1,976,000 -2,320,000 -3,122,000 -2,810,000 -3,252,000 -2,624,000 -2,820,000 -2,516,000 -2,245,000 -2,107,000 -966,000 
      treasury stock
    		-445,145,000 -441,409,000 -438,918,000 -438,598,000 -420,762,000 -420,733,000 -419,648,000 -416,342,000 -413,080,000 -410,930,000 -409,919,000 -409,680,000 -409,119,000 -408,481,000 -401,721,000 -401,851,000 -395,802,000 -391,594,000 -386,568,000 -389,617,000 -379,453,000 -373,676,000 -373,768,000 -374,857,000 -375,704,000 -375,507,000 -374,345,000 -374,231,000 -374,091,000 -373,620,000 -394,153,000 
      biglari holdings inc. shareholders’ equity
    		580,279,000 589,286,000 539,836,000 572,961,000 601,763,000 569,179,000 618,572,000 599,330,000 557,404,000 616,354,000 611,945,000 546,966,000 536,485,000 505,736,000 587,297,000 587,696,000 598,566,000 613,492,000 639,140,000 564,828,000 538,218,000 522,550,000 479,190,000 616,298,000 601,520,000 602,362,000 581,354,000 570,455,000 528,418,000 542,730,000 551,707,000 
      total liabilities and shareholders’ equity
    		1,079,498,000 863,579,000 829,060,000 866,133,000 865,116,000 809,053,000 885,317,000 849,422,000 827,172,000 889,996,000 907,218,000 828,474,000 862,145,000 773,352,000 885,854,000 894,807,000 919,371,000 933,895,000 959,886,000 1,017,968,000 983,601,000 988,818,000 947,628,000 1,139,309,000 1,153,950,000 1,154,669,000 1,128,703,000 1,029,493,000 974,015,000 1,008,487,000 1,020,583,000 
      line of credit
    		 19,000,000 35,000,000 35,000,000 9,000,000 50,000   19,000,000 3,600,000 6,500,000  30,000,000                   
      loss and loss adjustment expenses
    		  17,982,000 17,250,000 15,281,000 15,695,000 16,013,000 15,168,000 14,086,000 14,680,000  16,805,000 14,613,000 14,712,000 14,443,000 14,609,000 13,401,000 13,669,000              
      goodwill
    		   52,496,000    53,530,000    53,513,000    53,547,000    53,596,000    40,040,000    40,052,000    
      other intangible assets
    		   22,820,000    23,230,000    23,037,000    23,463,000    24,065,000    27,349,000    28,114,000    
      noncontrolling interests
    		          9,253,000 8,602,000 8,923,000                   
      total shareholders’ equity
    		       599,330,000 557,404,000 616,354,000 621,198,000 555,568,000                    
      accumulated other comprehensive income
    		        -3,066,000                       
      unpaid losses and loss adjustment expenses
    		          15,514,000                     
      current portion of line of credit
    		           10,000,000                    
      total shareholders' equity
    		            545,408,000                   
      current portion of notes payable
    		                               
      current portion of operating lease liabilities
    		                   10,614,000 10,671,000 12,050,000 11,738,000 11,635,000 11,762,000 11,918,000 12,023,000     
      current portion of notes payable and other borrowings
    		                   159,012,000 159,631,000 160,083,000 164,632,000 7,103,000 7,005,000 6,924,000 7,030,000 5,720,000 6,058,000 6,296,000 6,524,000 
      long-term notes payable and other borrowings
    		                   75,182,000 76,099,000 77,927,000 80,566,000 263,182,000 264,857,000 265,809,000 264,345,000 240,001,000 245,383,000 252,026,000 254,988,000 
      operating lease liabilities
    		                   36,463,000 39,865,000 46,493,000 50,345,000 53,271,000 59,668,000 60,354,000 60,271,000     
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.