Biglari Holdings Inc.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $395.3M | $362.1M | $365.3M | $368.2M | $366.1M | $433.7M | $668.8M | $809.9M |
| Cost of Revenue | $161.3M | $143.4M | $138.0M | $140.3M | $167.5M | $246.7M | $500.9M | $636.5M |
| Gross Profit | $233.9M | $218.7M | $227.3M | $228.0M | $198.6M | $187.0M | $167.9M | $173.4M |
| Gross Margin | 59.2% | 60.4% | 62.2% | 61.9% | 54.3% | 43.1% | 25.1% | 21.4% |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | $86.8M | $75.7M | $77.0M | $70.6M | $76.0M | $76.4M | $100.2M | $127.2M |
| Operating Income | $-39.5M | $-7.4M | $65.5M | $-42.6M | $43.4M | $-34.7M | $75.4M | $36.6M |
| Operating Margin | -10.0% | -2.0% | 17.9% | -11.6% | 11.9% | -8.0% | 11.3% | 4.5% |
| Interest Expense | $8.2M | $771.0K | $681.0K | $399.0K | $1.1M | $15.5M | $20.3M | $19.9M |
| Pretax Income | $-47.7M | $-8.2M | $64.8M | $-43.0M | $42.3M | $-50.2M | $55.1M | $16.8M |
| Income Tax Expense | $-10.2M | $-4.4M | $9.3M | $-10.7M | $6.8M | $-12.2M | $9.8M | $-2.6M |
| Net Income | $-37.5M | $-3.8M | $54.9M | $-32.0M | $35.5M | $-38.0M | $45.4M | $19.4M |
| Net Margin | -9.5% | -1.0% | 15.0% | -8.7% | 9.7% | -8.8% | 6.8% | 2.4% |
| EPS (Basic) | — | — | — | — | — | — | — | — |
| EPS (Diluted) | $-143.86 | $-13.45 | $189.49 | $-107.43 | $111.83 | $-110.05 | $131.64 | — |
| Shares Outstanding (Basic) | — | — | — | — | — | — | — | — |
| Shares Outstanding (Diluted) | — | — | — | — | — | — | — | — |
| Dividends Per Share | — | — | — | — | — | — | — | — |