Biglari Holdings Inc.

For the period ended Dec 31, 2025. Filed Mar 2, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 2, 2026

BH-A$1,806.75+14.8%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Cover page

Part I

Item 1. Business Item 1A. Risk Factors Item 1B. Unresolved Staff Comments Item 1C. Cybersecurity Item 2. Properties Item 3. Legal Proceedings

Item 4. Mine Safety Disclosures (no text here)

Part II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Item 6. [Reserved]Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 7A. Quantitative and Qualitative Disclosures about Market Risk (no text here)

Item 8. Financial Statements and Supplementary Data Consolidated Balance Sheets Consolidated Statements of Earnings Consolidated Statements of Comprehensive Income Item 8. Consolidated Statements of Cash Flows Consolidated Statements of Changes in Shareholders’ Equity Notes to Consolidated Financial Statements

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure (no text here)

Item 9A. Controls and Procedures Item 9B. Other Information

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections (no text here)

Part III

Item 10. Directors, Executive Officers and Corporate Governance (no text here)

Item 11. Executive Compensation (no text here)

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters (no text here)

Item 13. Certain Relationships and Related Transactions, and Director Independence (no text here)

Item 14. Principal Accountant Fees and Services

Part IV

Item 15. Exhibits and Financial Statement Schedules

Item 16. Form 10-K Summary

Signatures

Consolidated Statements of Earnings

(dollars in thousands except per-share amounts)

	Year Ended December 31,
	2025	2024	2023
Revenues
Restaurant operations	$280,870	$251,447	$250,857
Insurance premiums and other	76,463	72,693	67,272
Oil and gas	30,211	36,945	45,071
Licensing and media	7,717	1,029	2,118
Total revenues	395,261	362,114	365,318
Costs and expenses
Restaurant cost of sales	161,321	143,449	137,986
Insurance losses and underwriting expenses	62,937	61,371	52,771
Oil and gas production costs	12,548	16,636	17,365
Licensing and media costs	9,040	2,036	1,840
Selling, general and administrative	86,838	75,671	77,002
Gain on sale of oil and gas properties	(11,877)	(16,700)	(13,563)
Impairments	1,251	1,107	3,947
Depreciation, depletion, and amortization	40,779	39,843	38,979
Interest expense on leases	5,421	5,361	5,114
Interest expense on debt	8,221	771	681
Total cost and expenses	376,479	329,545	322,122
Other income
Investment gains	528	335	2,211
Investment partnership gains (losses)	(67,001)	(41,058)	19,440
Total other income (expenses)	(66,473)	(40,723)	21,651
Earnings (loss) before income taxes	(47,691)	(8,154)	64,847
Income tax expense (benefit)	(10,203)	(4,395)	9,308
Net earnings (loss)	(37,488)	(3,759)	55,539
Earnings (loss) attributable to noncontrolling interest	—	—	591
Net earnings (loss) attributable to Biglari Holdings Inc. shareholders	$(37,488)	$(3,759)	$54,948
Net earnings (loss) per equivalent Class A share *	$(143.86)	$(13.45)	$189.49

Net earnings (loss) per equivalent Class B share outstanding are one-fifth of the equivalent Class A share or $(28.77) for 2025, $(2.69) for 2024, and $37.90 for 2023.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.