7Baggers

Biglari Holdings Inc
(NYSE:BH) 

BH stock logo

Biglari Holdings Inc., through its subsidiaries, primarily operates and franchises restaurants in the United States. The company owns, operates, and franchises restaurants under the Steak n Shake and Western Sizzlin names. As of December 31, 2020, it operated 194 Steak n Shake traditional franchise ...

Founded: 1934
Full Time Employees: 10,906
Sector: Consumer Cyclical
Industry: Restaurants
Consumer Cyclical
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At a glance:
Bull Thesis:
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Income Statements:
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                     
      yoy
    		10.32% 10.40% 6.24% 32.70% -0.58% -2.56% -0.80%                         
      qoq
    		-0.88% 5.88% 4.30% 0.78% -0.81% 1.89% 30.27% -24.49% -2.78% 3.73%                      
      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                -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 
      yoy
    		-116.47% -205.69% -247.37% -123.01% -156.84% -2668.76% -65.55% 358.60% -276.39% -102.54% -22092.28% -301.82% -400.30% 255.79% -100.42% -113.28% -150.56% -148.83% -152.00% 167.03% -124223.53% 93.26% -1504.41% -67.95% -99.88% -391.47% -641.23%     
      qoq
    		-110.39% -253.06% 223.91% -131.98% -166.66% -313.43% -49.42% -178.99% -3112.47% -97.14% 573.28% -69.62% -143.43% 24658.39% -93.82% -54.79% -48.55% -128.92% 97.38% 72.17% -50.31% -130.80% -1113.49% -80129.41% -100.08% 123.81% -76.87% -409.77% 81.76% 315.60%  
      net income margin %
    		-5.30% 50.62% -35.01% -11.27% 35.53% -52.87% 25.24% 65.01% -62.15% 2.01% 72.68% Infinity% Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% Infinity% Infinity% Infinity% Infinity% -Infinity% Infinity% -Infinity% Infinity% Infinity% Infinity% -Infinity% -Infinity% -Infinity% 
      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         2,886,000 -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  
      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       
      revenues - sum
    		               66,789,500 82,083,000 90,787,000 94,288,000 99,646,000 101,835,000 96,502,000 135,700,000 158,420,000 160,216,000 168,343,000 181,859,000 195,348,000 203,582,000 208,739,000 202,225,000 
      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                
      cost and expenses - sum
    		               62,280,500 81,329,000 82,381,000 85,412,000 94,392,000 102,689,000 101,396,000 141,745,000 145,398,000 157,272,000 169,518,000 199,384,000 201,979,000 204,518,000 203,778,000 203,391,000 
      other income - sum
    		               8,452,250 -15,697,000 -35,341,000 84,847,000 -20,425,000 27,572,000 62,124,000          
      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 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 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
      		200,075,000 268,782,000 272,485,000 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
      		114,187,000 69,050,000 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
      		24,942,000 23,283,000 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
      		3,520,000 3,769,000 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
      		13,486,000 13,642,000 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
      		356,210,000 378,526,000 404,145,000 174,281,000 171,532,000 170,615,000 165,219,000 151,154,000 168,434,000 152,551,000 155,320,000 153,076,000 163,356,000 150,654,000 177,551,000 150,427,000 167,797,000 164,809,000 160,551,000 152,279,000 153,656,000 147,778,000 142,927,000 149,521,000 142,783,000 145,391,000 89,977,000 87,747,000 92,593,000 114,933,000 105,164,000 100,177,000 98,399,000 
        property and equipment
      		367,816,000 366,607,000 368,134,000 365,262,000 370,394,000 376,155,000 380,622,000 381,078,000 377,363,000 380,491,000 383,766,000 388,777,000 392,904,000 400,725,000 414,497,000 343,878,000 347,609,000 349,351,000 352,822,000 340,710,000 317,432,000 316,122,000 320,966,000 328,758,000 337,625,000 350,627,000 355,489,000 296,694,000 296,513,000 274,716,000 281,605,000 287,791,000 291,625,000 
        operating lease assets
      		42,420,000 40,052,000 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
      		76,080,000  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
      		165,493,000 154,275,000 179,160,000 202,893,000 169,135,000 201,727,000 201,591,000 158,731,000 220,757,000 199,103,000 169,417,000 228,736,000 230,843,000 155,794,000 144,864,000 151,753,000 242,368,000 250,399,000 273,089,000 311,878,000 356,795,000 419,550,000 383,670,000 369,129,000 318,689,000 505,542,000 561,479,000 622,066,000 591,520,000 557,480,000 496,655,000 534,794,000 545,939,000 
        other assets
      		10,278,000 9,681,000 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
      		1,018,297,000 1,025,383,000 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
      		66,172,000 72,946,000 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 
        loss and loss adjustment expenses
      		18,755,000 18,220,000   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              
        unearned premiums
      		18,520,000 17,813,000 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
      		12,609,000 13,946,000 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
      		28,262,000 33,070,000 20,916,000                               
        total current liabilities
      		144,318,000 155,995,000 142,960,000 126,087,000 150,314,000 147,316,000 112,045,000 105,773,000 118,282,000 111,100,000 141,605,000 121,446,000 130,812,000 134,897,000 145,702,000 138,284,000 143,136,000 143,641,000 142,832,000 141,926,000 135,154,000 288,447,000 288,190,000 301,593,000 310,210,000 139,817,000 157,589,000 149,284,000 140,553,000 122,985,000 113,481,000 117,174,000 113,232,000 
        lease obligations
      		105,165,000 97,701,000 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             
        note payable and lines of credit
      		211,676,000 213,920,000 214,914,000                               
        deferred taxes
      		21,509,000 18,029,000 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 
        asset retirement obligations
      		15,700,000 15,542,000 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
      		769,000 767,000 506,000 505,000 505,000 506,000 348,000 348,000 348,000 348,000 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
      		499,137,000 501,954,000 499,219,000 274,293,000 289,224,000 293,172,000 263,353,000 239,874,000 266,745,000 250,092,000 269,768,000 273,642,000 286,020,000 272,906,000 316,737,000 267,616,000 298,557,000 307,111,000 320,805,000 320,403,000 320,746,000 453,140,000 445,383,000 466,268,000 468,438,000 523,011,000 552,430,000 552,307,000 547,349,000 459,038,000 445,597,000 465,757,000 468,876,000 
        shareholders’ equity
      		                                 
        common stock
      		1,147,000 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 1,138,000 1,138,000 1,071,000 
        additional paid-in capital
      		400,505,000 385,594,000 385,594,000 385,594,000 385,594,000 385,594,000 385,594,000 385,594,000 385,594,000 385,594,000 385,594,000 385,594,000 381,788,000 381,788,000 381,788,000 381,788,000 381,788,000 381,788,000 381,788,000 381,788,000 381,788,000 381,788,000 381,788,000 381,788,000 381,788,000 381,788,000 381,904,000 381,904,000 381,904,000 381,904,000 381,904,000 381,904,000 381,975,000 
        retained earnings
      		575,680,000 590,211,000 640,064,000 645,355,000 594,424,000 627,699,000 637,972,000 605,847,000 654,037,000 631,458,000 586,818,000 643,332,000 641,396,000 576,510,000 566,455,000 534,450,000 608,230,000 608,528,000 613,351,000 624,020,000 644,757,000 573,050,000 536,721,000 515,620,000 473,154,000 611,039,000 597,434,000 597,451,000 575,477,000 564,160,000 521,712,000 535,415,000 563,780,000 
        accumulated other comprehensive loss
      		-1,570,000 -1,350,000 -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
      		-456,602,000 -452,164,000 -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
      		519,160,000 523,429,000 580,279,000 589,286,000 539,836,000 572,961,000 601,763,000 569,179,000 618,572,000 599,330,000 557,404,000 616,354,000 611,945,000 546,966,000 536,485,000 505,736,000 587,297,000 587,696,000 598,566,000 613,492,000 639,140,000 564,828,000 538,218,000 522,550,000 479,190,000 616,298,000 601,520,000 602,362,000 581,354,000 570,455,000 528,418,000 542,730,000 551,707,000 
        total liabilities and shareholders’ equity
      		1,018,297,000 1,025,383,000 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 
        goodwill
      		 52,568,000    52,496,000    53,530,000    53,513,000    53,547,000    53,596,000    40,040,000    40,052,000    
        other intangible assets
      		 23,674,000    22,820,000    23,230,000    23,037,000    23,463,000    24,065,000    27,349,000    28,114,000    
        losses and loss adjustment expenses
      		  18,502,000 17,203,000                              
        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                   
        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     
        1
      		                                 
        revenues
      		                                 
        restaurant operations
      		                         610,220,000    775,690,000    
        insurance premiums and other
      		                         30,083,000    27,628,000    
        oil and gas
      		                         24,436,000        
        media and licensing
      		                         4,099,000        
        cost and expenses
      		                                 
        restaurant cost of sales
      		                         500,949,000    636,456,000    
        insurance losses and underwriting expenses
      		                         22,269,000    20,831,000    
        oil and gas production costs
      		                         7,259,000        
        media and licensing cost
      		                         3,181,000        
        selling, general and administrative
      		                         100,150,000    132,909,000    
        impairments
      		                         8,186,000        
        depreciation and amortization
      		                         29,578,000    19,318,000    
        other income
      		                                 
        interest expense
      		                         -12,442,000    -11,677,000    
        interest on finance leases and obligations
      		                         -7,816,000        
        investment partnership gains
      		                         78,133,000    40,411,000    
        total other income
      		                         57,875,000    20,527,000    
        earnings before income taxes
      		                         55,141,000    16,755,000    
        income tax benefit
      		                         9,761,000    -2,637,000    
        net earnings
      		                         45,380,000    19,392,000    
        earnings per share
      		                                 
        net earnings per equivalent class a share *
      		                         131,640    55,710    
        media advertising and other
      		                             6,576,000    
        media cost of sales
      		                             4,152,000    
        interest on obligations under leases
      		                             -8,207,000    
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-06-30 2025-03-31 2024-12-31 2024-06-30 2024-03-31 2023-12-31 2023-06-30 2023-03-31 2022-12-31 2022-06-30 2022-03-31 2021-12-31 2021-06-30 2021-03-31 2020-12-31 2020-06-30 2020-03-31 2019-12-31 2019-06-30 2019-03-31 2018-12-31 2018-06-30 2018-03-31 
                                 
          operating activities
        		                         
          net earnings
        		-14,531,000 -49,853,000 17,656,000 -33,275,000 -10,273,000 -25,611,000 22,579,000 44,640,000 67,413,000 65,537,000 9,734,000 -74,078,000 -298,000 -4,823,000 50,970,000 71,707,000 36,329,000 -95,419,000 -137,885,000 13,605,000 31,792,000 9,818,000 42,448,000 -9,353,000 -1,814,000 
          adjustments to reconcile net earnings to operating cash flows:
        		                         
          depreciation and amortization
        		10,657,000   10,257,000   10,053,000       7,811,000 14,557,000 7,178,000 7,938,000 17,009,000 10,062,000  10,677,000 5,471,000 4,778,000 9,762,000 4,946,000 
          provision for deferred income taxes
        		3,501,000 -10,066,000 11,254,000 -9,156,000 -5,733,000 -11,656,000 3,877,000 12,498,000 16,842,000 18,450,000 6,707,000 -28,688,000 -4,750,000 -11,356,000 19,598,000 23,350,000 11,539,000 -25,062,000 -38,132,000 -2,643,000 -12,184,000 -7,415,000 10,174,000 -2,858,000 380,000 
          asset impairments and other non-cash expenses
        		274,000          3,500,000 20,000  4,076,000 696,000 435,000 2,091,000 18,607,000 10,548,000 1,008,000 3,442,000 2,139,000 5,235,000 714,000 239,000 
          losses on sale of assets
        		194,000                         
          investment and investment partnerships losses
        		14,741,000   51,177,000      -76,226,000                
          distributions from investment partnerships
        		13,020,000 2,000,000 35,000,000  9,000,000 1,000,000 1,000,000    19,500,000 4,500,000 4,500,000 7,750,000 158,070,000 150,570,000 1,000,000 83,830,000 42,300,000 65,000,000 2,490,000  21,960,000 7,700,000 5,200,000 
          changes in receivables and inventories
        		-2,477,000   1,606,000   -2,249,000         2,827,000 -2,950,000 7,860,000 7,465,000 -5,148,000 9,272,000 7,842,000 -3,367,000 4,817,000 3,861,000 
          changes in accounts payable and accrued expenses
        		-5,047,000 4,776,000 -7,023,000 4,246,000 -1,026,000 -3,642,000 8,887,000 -11,632,000 -6,112,000 1,030,000 -20,553,000 417,000 2,833,000 9,285,000 -8,171,000 -3,895,000 -1,395,000 -17,091,000 -15,896,000 -31,636,000 15,196,000 6,394,000 9,346,000 -17,408,000 -19,979,000 
          net cash from operating activities
        		20,332,000 17,771,000 57,942,000 15,795,000 17,995,000 20,910,000 19,125,000 24,326,000 31,518,000 19,923,000 28,071,000 34,204,000 21,092,000 17,522,000 187,208,000 165,298,000 11,189,000 98,685,000 50,477,000 53,824,000 -8,295,000 -10,037,000 26,262,000 -465,000 -9,445,000 
          investing activities
        		                         
          capital expenditures
        		-6,967,000 -11,403,000 -10,004,000 -7,300,000 -7,097,000 -16,429,000 -4,596,000 -6,495,000 -10,557,000 -5,929,000 -6,309,000 -16,413,000 -9,293,000 -18,063,000 -26,838,000 -7,447,000 -7,405,000 -10,040,000 -6,473,000 -9,322,000 -6,238,000 -3,564,000 -4,893,000 -7,218,000 -2,452,000 
          free cash flows
        		13,365,000 6,368,000 47,938,000 8,495,000 10,898,000 4,481,000 14,529,000 17,831,000 20,961,000 13,994,000 21,762,000 17,791,000 11,799,000 -541,000 160,370,000 157,851,000 3,784,000 88,645,000 44,004,000 44,502,000 -14,533,000 -13,601,000 21,369,000 -7,683,000 -11,897,000 
          proceeds from property and equipment disposals
        		138,000 3,011,000 12,477,000 9,559,000 3,726,000 21,820,000 920,000  9,670,000 2,140,000 3,117,000 109,000 109,000 7,352,000 2,749,000 2,749,000 501,000 1,824,000 1,824,000 3,762,000 390,000 320,000 80,000 2,476,000 1,524,000 
          purchases of interests in limited partnerships
        		-42,130,000 -44,150,000 -30,065,000 -17,320,000 -45,439,000 -22,924,000 -3,975,000 -3,500,000 -9,100,000 -2,700,000                
          purchases of investments
        		-53,414,000 -9,468,000 -31,479,000 -18,444,000 -11,262,000 -43,152,000 -20,856,000 -29,346,000 -58,926,000 -27,255,000 -23,614,000 -78,142,000 -50,086,000 -28,276,000 -60,123,000 -16,724,000 -59,599,000 -180,819,000 -105,430,000 -62,921,000 -56,321,000 -23,510,000 -8,502,000 -24,972,000 -18,340,000 
          sales of investments and redemptions of fixed maturity securities
        		7,230,000 32,740,000 31,910,000 13,611,000 7,600,000 41,099,000 17,265,000 25,263,000 45,826,000 21,009,000 20,723,000 81,013,000 46,193,000             
          net cash from investing activities
        		-95,143,000 -29,270,000 -27,161,000 -19,894,000 -52,472,000 -19,586,000 -11,242,000 -9,854,000 -28,474,000 -12,735,000 -34,141,000 -32,819,000 -16,077,000 -2,743,000 -32,839,000 -8,780,000 -17,406,000 -103,360,000 -65,574,000 -6,706,000 -8,619,000 -5,454,000 -27,511,000 -5,714,000 -1,776,000 
          financing activities
        		                         
          payments on line of credit
        		-6,000,000 0 -53,000,000 -9,600,000 -9,000,000 -6,000,000  -19,000,000 -11,400,000                 
          proceeds from line of credit
        		1,250,000 12,250,000 27,000,000 13,000,000 45,000,000 6,050,000  0 5,000,000                 
          debt issuance costs
        		-54,000                         
          payments on note payable
        		-2,250,000                         
          proceeds from issuance of common stock
        		14,920,000                         
          principal payments on direct financing lease obligations
        		-1,809,000 -1,447,000 -2,778,000 -1,398,000 -1,385,000 -2,741,000 -1,403,000 -1,514,000 -3,078,000 -1,550,000 -1,493,000 -3,134,000 -1,564,000 -1,571,000 -3,184,000 -2,609,000 -1,678,000 -2,417,000 -1,525,000 -1,457,000 -2,884,000 -1,418,000 -1,183,000 -2,749,000 -1,400,000 
          net cash from financing activities
        		6,057,000 7,811,000 -28,778,000 2,002,000 34,615,000 -2,691,000 -1,403,000 -20,514,000 -9,478,000 -5,050,000 -21,493,000 -3,134,000 -1,564,000 -1,571,000 -153,136,000 -152,561,000 -2,728,000 -24,156,000 -19,408,000 -2,007,000 -3,984,000 -1,968,000 -1,733,000 -3,932,000 -1,947,000 
          effects of foreign currency exchange rate changes
        		47,000   40,000   -10,000   8,000                
          increase in cash, cash equivalents and restricted cash
        		-68,707,000  2,045,000 -2,057,000   6,470,000   2,146,000  -1,837,000 3,428,000 13,229,000 1,209,000 3,935,000          
          cash, cash equivalents and restricted cash at beginning of year
        		269,493,000  31,432,000 31,432,000  29,654,000 29,654,000  38,805,000 38,805,000  43,687,000 43,687,000  29,666,000 29,666,000  70,696,000 70,696,000  55,010,000 55,010,000  67,230,000 67,230,000 
          cash, cash equivalents and restricted cash at end of first quarter
        		200,786,000   29,375,000   36,124,000   40,951,000   47,115,000   33,601,000   36,205,000   37,546,000   54,097,000 
          gains on sale of assets
        		 -1,565,000 -11,032,000 -9,060,000 -1,078,000 -19,618,000 -1,431,000 -2,850,000 -4,194,000 -1,590,000                
          investment gains
        		               -3,247,000          
          investment partnership losses
        		               -81,766,000 -46,244,000 116,494,000 175,742,000  -68,352,000 -34,154,000  4,846,000 -3,495,000 
          changes in other assets
        		               -903,000 -222,000 745,000 1,891,000 11,691,000 35,000 53,000 -47,000 1,212,000 1,121,000 
          purchases of noncontrolling interests
        		       0 -5,387,000                 
          proceeds from note payable
        		 0                        
          effect of exchange rate changes on cash
        		 -15,000 42,000  64,000 -7,000  115,000 98,000  188,000 -88,000 -23,000 21,000 -24,000 -22,000 23,000 -3,000 14,000 24,000 3,000 -5,000 -15,000 -55,000 35,000 
          increase in cash, cash equivalents, and restricted cash
        		                         
          cash, cash equivalents, and restricted cash at beginning of period
        		                         
          cash, cash equivalents, and restricted cash at end of period
        		                         
          depreciation, depletion, and amortization
        		  20,529,000   19,175,000   20,034,000 9,940,000  15,671,000 7,871,000             
          asset impairments
        		  1,251,000  0 1,107,000 107,000 1,566,000 1,629,000 776,000                
          investment and investment partnership gains and losses
        		  -10,252,000   58,921,000                    
          changes in receivables, inventories and other assets
        		  559,000   1,234,000   4,989,000 2,006,000  1,290,000 4,633,000  2,037,000           
          cash, cash equivalents and restricted cash at end of third quarter
        		                         
          cash, cash equivalents and restricted cash at end of second quarter
        		  33,477,000   28,280,000   32,469,000   41,850,000   30,875,000   41,862,000   34,115,000   57,064,000  
          investment losses
        		                 -1,509,000        
          acquisition of business, net of cash acquired
        		                -1,947,000 -34,240,000 -34,240,000 -5,000      
          decrease in cash, cash equivalents and restricted cash
        		     -1,374,000   -6,336,000         -28,834,000 -34,491,000  -20,895,000 -17,464,000  -10,166,000 -13,133,000 
          investment and investment partnerships gains
        		      -23,698,000                   
          repayments of borrowings
        		         -3,500,000                
          principal payments on long-term debt
        		             0 -149,952,000 -149,952,000 -550,000 -22,179,000 -17,933,000 -550,000 -1,100,000 -550,000 -550,000 -1,100,000 -550,000 
          investment and investment partnership losses
        		        -69,083,000   115,237,000 6,436,000             
          proceeds from property and equipment sales
        		                         
          acquisition of a business, net of cash acquired
        		                         
          losses on disposal of assets
        		                383,000   64,000 -663,000 -185,000    
          purchases of limited partner interests
        		          -24,683,000 -19,386,000 -3,000,000 -7,500,000 -4,800,000 -3,000,000 -800,000 -62,730,000 -30,100,000 0 -40,000,000 -40,000,000    
          gains on disposal of assets
        		           -165,000 -133,000  -592,000 -958,000  -1,066,000 -1,272,000       
          proceeds from revolving credit facility
        		                0 440,000 50,000       
          redemptions of fixed maturity securities
        		             43,744,000 56,173,000 15,642,000 51,844,000 182,645,000 108,845,000 61,780,000 53,550,000 21,300,000 6,967,000 24,000,000 17,492,000 
          payments on revolving credit facility
        		                      0 -132,000 -39,000 
          cash, cash equivalents and restricted cash at beginning of period
        		                         
          cash, cash equivalents and restricted cash at end of period
        		                         
          investment gains and investment partnership gains/losses
        		              -49,957,000           
          purchases of perpetual lease rights
        		                         
          proceeds for exercise of stock options
        		                         
          gain on debt extinguishment
        		                 -5,713,000 -4,346,000       
          investment partnership gains
        		                         
          depreciation, depletion and amortization
        		                         
          loss on disposal of assets
        		                       103,000 96,000 
          return of capital from investment partnerships
        		                         
          investments in investment partnerships
        		                         
          proceeds from exercise of stock options
        		                       49,000 42,000