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 
      
    		                               
      revenues
    		                               
      restaurant operations
    		71,741,000 72,011,000 64,349,000 62,592,000 62,384,000 64,475,000 61,996,000 63,351,000 61,886,000 64,491,000 61,129,000 61,960,000 59,437,000 60,324,000 59,847,000 74,866,000 59,144,000 67,326,000 69,954,000 78,084,000 79,674,000 78,764,000 114,144,000 131,273,000 145,111,000 160,061,000 173,775,000 186,121,000 195,041,000 200,594,000 193,934,000 
      insurance premiums and other
    		19,179,000 18,823,000 19,349,000 19,019,000 18,247,000 17,694,000 17,733,000 16,872,000 16,624,000 17,547,000 16,229,000 16,795,000 16,312,000 16,354,000 15,079,000 14,880,000 14,723,000 14,387,000 14,619,000 13,987,000 14,413,000 14,605,000 9,674,000 7,778,000 7,681,000 7,417,000 7,207,000 7,298,000 7,038,000 6,745,000 6,547,000 
      oil and gas
    		7,372,000 7,498,000 9,930,000 9,190,000 9,574,000 8,671,000 9,510,000 9,948,000 12,159,000 10,741,000 12,223,000 18,914,000 14,380,000 14,440,000 9,812,000 8,694,000 7,353,000 8,365,000 8,592,000 6,701,000 6,029,000 2,151,000 11,374,000 17,936,000 6,500,000       
      licensing and media
    		1,446,000 2,287,000 1,407,000 314,000 202,000 301,000 212,000 494,000 268,000 761,000 595,000 789,000 1,905,000 1,249,000 634,000                 
      total revenues
    		99,738,000 100,619,000 95,035,000 91,115,000 90,407,000 91,141,000 89,451,000 68,663,250 90,937,000 93,540,000 90,176,000                     
      costs and expenses
    		                               
      restaurant cost of sales
    		41,838,000 40,039,000 37,758,000 35,930,000 36,212,000 36,886,000 34,421,000 33,531,000 36,789,000 34,928,000 32,738,000 32,795,000 36,162,000 35,955,000 35,352,000 38,194,000 41,694,000 41,987,000 45,616,000 51,918,000 54,062,000 50,759,000 89,916,000 103,352,000 113,398,000 131,750,000 152,449,000 156,329,000 161,218,000 160,559,000 158,350,000 
      insurance losses and underwriting expenses
    		13,195,000 15,932,000 17,052,000 16,166,000 14,397,000 15,745,000 15,063,000 13,527,000 12,964,000 13,267,000 13,013,000 13,836,000 13,245,000 13,793,000 13,774,000 11,361,000 10,672,000 9,915,000 11,146,000 10,355,000 11,290,000 11,264,000 6,312,000 5,869,000 5,242,000 5,498,000 5,625,000 5,284,000 5,146,000 4,473,000 5,928,000 
      oil and gas production costs
    		3,245,000 2,880,000 4,046,000 3,430,000 4,425,000 4,282,000 4,499,000 4,611,000 3,771,000 3,512,000 5,471,000 6,090,000 4,090,000 3,843,000 3,819,000 3,513,000 2,050,000 2,494,000 2,413,000 2,130,000 2,171,000 1,323,000 3,076,000 4,664,000 2,595,000       
      licensing and media costs
    		2,396,000 2,421,000 1,651,000 578,000 432,000 523,000 503,000 413,000 476,000 499,000 452,000 720,000 345,000 677,000 953,000                 
      selling, general and administrative
    		20,423,000 22,853,000 21,367,000 19,233,000 19,510,000 18,653,000 18,275,000 22,415,000 18,315,000 19,009,000 17,263,000 22,333,000 15,469,000 16,582,000 16,224,000 25,170,000 16,889,000 18,419,000 15,540,000 15,673,000 19,902,000 19,212,000 21,573,000 18,279,000 22,930,000 26,423,000 34,891,000 34,998,000 32,311,000 32,950,000 32,650,000 
      gain on sale of oil and gas properties
    		-95,000 -794,000 -9,323,000  -54,000 -16,165,000 -481,000                         
      impairments
    		 1,251,000    1,000,000 107,000 1,566,000 752,000 853,000 776,000 3,500,000  20,000  4,076,000  261,000 298,000 1,829,000 3,698,000 7,819,000 10,300,000 769,000 5,079,000       
      depreciation, depletion, and amortization
    		9,545,000 10,272,000 10,257,000 10,083,000 10,585,000 9,122,000 10,053,000 9,334,000 9,611,000 10,094,000 9,940,000 12,316,000 8,456,000 7,800,000 7,871,000                 
      interest expense on leases
    		1,508,000 1,240,000 1,333,000 1,345,000 1,353,000 1,349,000 1,314,000 1,244,000 1,262,000 1,301,000 1,307,000 1,324,000 1,372,000 1,385,000  1,420,000 1,462,000 1,537,000              
      interest expense on borrowings
    		829,000 852,000  79,250 275,000 42,000  117,250 262,000 40,000 167,000 16,750 67,000                   
      total costs and expenses
    		92,884,000 96,946,000 85,041,000 60,581,500 87,135,000 71,437,000 83,754,000 58,817,250 70,639,000 83,503,000 81,127,000                     
      other income
    		                               
      investment gains
    		1,491,000 2,925,000 -1,585,000 -3,389,000 4,740,000 -2,729,000 1,713,000 2,935,000 -4,715,000 353,000 3,638,000 791,000 -849,000 -3,560,000 225,000 -64,000 4,534,000 -1,150,000 3,081,000 1,781,000 354,000 1,509,000          
      investment partnership gains
    		-15,897,000 58,504,000 -49,592,000 -18,467,000 35,314,000 -79,890,000 21,985,000 43,947,000 -89,599,000 -7,496,000 72,588,000 6,291,000 29,658,000 -105,241,000 -6,661,000 -16,391,000 -20,231,000 -34,191,000 81,766,000 46,244,000 27,218,000 59,248,000 -175,742,000 8,332,000 1,449,000 34,198,000 34,154,000 64,265,000 -19,008,000 -8,341,000 3,495,000 
      total other income
    		-14,406,000 61,429,000 -51,177,000 -21,856,000 40,054,000 -82,619,000 23,698,000 46,882,000 -94,314,000 -7,143,000 76,226,000 7,082,000 28,809,000 -108,801,000 -6,436,000        -175,670,000 3,318,000 -3,575,000 29,045,000 29,087,000 59,328,000 -23,966,000 -13,390,000 -1,445,000 
      earnings before income taxes
    		-7,552,000 65,102,000 -41,183,000 -17,960,000 43,326,000 -62,915,000 29,395,000 50,694,000 -74,016,000 2,894,000 85,275,000 12,294,000 41,637,000 -96,489,000 -469,000 -9,578,000 -14,943,000 -26,935,000 93,723,000 47,566,000 26,718,000 57,230,000 -181,715,000 16,340,000 -631,000 27,870,000 11,562,000 52,697,000 -24,902,000 -8,429,000 -2,611,000 
      income tax benefit
    		-2,261,000 14,171,000 -7,908,000 -7,687,000 11,201,000 -14,725,000  6,054,000 -17,502,000 1,018,000 19,738,000 2,560,000 9,598,000 -22,709,000 -171,000 -4,755,000 -4,274,000 -6,198,000 22,016,000 11,237,000 5,617,000 14,764,000 -43,830,000 2,735,000 -614,000 5,896,000 1,744,000 10,249,000 -11,199,000 -890,000 -797,000 
      net earnings
    		-5,291,000 50,931,000 -33,275,000 -10,273,000 32,125,000 -48,190,000 22,579,000 44,640,000 -56,514,000 1,876,000 65,537,000 9,734,000 32,039,000 -73,780,000 -298,000 -4,823,000 -10,669,000 -20,737,000 71,707,000 36,329,000 21,101,000 42,466,000 -137,885,000 13,605,000 -17,000 21,974,000 9,818,000 42,448,000 -13,703,000 -7,539,000 -1,814,000 
      net earnings per average equivalent class a share *
    		-20,380 194,570  5,787.5 114,770 -171,890  8,860 -195,550 6,640                      
      interest expense on debt
    		  900,000                             
      net earnings per average equivalent class a share*
    		  -126,400    79,560    222,280                     
      earnings attributable to noncontrolling interest
    		         -60,000 651,000 -321,000 34,000                   
      net earnings attributable to biglari holdings inc. shareholders
    		   -10,273,000 32,125,000 -48,190,000 22,579,000 44,640,000 -56,514,000 1,936,000 64,886,000 10,055,000 32,005,000                   
      income tax expense
    		      6,816,000                         
      gain on sale — oil and gas properties
    		       -3,390,750 -13,563,000                       
      cost and expenses
    		                               
      net earnings per equivalent class a share *
    		           32,870 109,130 -244,370 -980 111,704.21 -33.74 -64.04 223.29 103.26 60.07 121.51 -400.37 39.6 -0.05 63.5 28.36 121.83 -39.5 -21.73 -5.15 
      interest expense on note payable
    		                               
      interest expense
    		              1,412,000    2,741,000 3,884,000 3,743,000 3,635,000 -2,474,000 -3,144,000 -3,090,000 -3,150,000 -3,058,000 -3,058,000 -2,967,000 -2,898,000 -2,754,000 
      media and licensing
    		               673,750 863,000 709,000 1,123,000 874,000 1,719,000 982,000 508,000 1,433,000 924,000       
      media and licensing costs
    		               437,250 880,000 389,000 480,000 372,750 548,000 437,000 506,000 525,750 514,000       
      depreciation and amortization
    		               5,559,750 7,682,000 7,379,000 7,178,000 6,071,000 7,275,000 6,947,000 10,062,000   5,206,000 5,471,000 4,778,000 4,778,000 4,816,000 4,946,000 
      interest expense on notes payable
    		               280,250                
      earnings per share
    		                               
      gain on debt extinguishment
    		                   1,428,250  1,367,000 4,346,000         
      interest on finance leases and obligations
    		                      -1,800,000 -1,870,000 -1,934,000 -2,003,000 -2,009,000     
      depreciation, depletion and amortization
    		                       4,547,750 7,514,000       
      media advertising and other
    		                         865,000 877,000 1,929,000 1,503,000 1,400,000 1,744,000 
      media cost of sales
    		                         641,000 948,000 590,000 1,065,000 980,000 1,517,000 
      interest on obligations under leases
    		                           -1,879,000 -1,991,000 -2,151,000 -2,186,000 
    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.