Biglari Holdings Incinary Class B (BH) financials
Biglari Holdings Incinary revenue and earnings by year
Biglari Holdings Incinary's revenue was $395 million in the fiscal year to December 31, 2025, up 9.2% from the year before. Net income was -$37.5 million, -9.5% of revenue. Since the fiscal year to December 31, 2016, revenue has shrunk 8.2% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 395 | 362 | 365 | 368 | 366 | 434 | 669 | 810 | 840 | 850 |
| Revenue growth | 9.2% | -0.9% | -0.8% | 0.6% | -15.6% | -35.2% | -17.4% | -3.6% | -1.2% | — |
| Gross profit | 149 | 139 | 155 | 153 | 143 | 137 | 135 | 148 | 153 | 182 |
| Gross margin | 37.8% | 38.3% | 42.5% | 41.5% | 39.0% | 31.6% | 20.2% | 18.3% | 18.2% | 21.4% |
| Operating income | 32 | 39 | 49 | 42 | 32 | 5 | -3 | -4 | 0 | 32 |
| Operating margin | 8.2% | 10.7% | 13.4% | 11.5% | 8.8% | 1.1% | -0.4% | -0.5% | 0.0% | 3.7% |
| Net income | -37 | -4 | 55 | -32 | 35 | -38 | 45 | 19 | 50 | 99 |
| Net margin | -9.5% | -1.0% | 15.0% | -8.7% | 9.7% | -8.8% | 6.8% | 2.4% | 6.0% | 11.7% |
| Free cash flow | 98 | 48 | 72 | 103 | 174 | 101 | 81 | 8 | 19 | 56 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open BH in Markets.
See also: BH returns
No forecast, no recommendation. This page describes Biglari Holdings Incinary Class B from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.