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.

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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 Balance Sheets

	December 31,
	2025	2024
Assets
Current assets:
Cash and cash equivalents	$268,782	$30,709
Investments	69,050	102,975
Receivables	23,283	25,184
Inventories	3,769	4,031
Other current assets	13,642	7,716
Total current assets	378,526	170,615
Property and equipment	366,607	376,155
Operating lease assets	40,052	34,011
Goodwill	52,568	52,496
Other intangible assets	23,674	22,820
Investment partnerships	154,275	201,727
Other assets	9,681	8,309
Total assets	$1,025,383	$866,133
Liabilities and shareholders’ equity
Liabilities
Current liabilities:
Accounts payable and accrued expenses	$72,946	$63,381
Loss and loss adjustment expenses	18,220	17,250
Unearned premiums	17,813	17,236
Current portion of lease obligations	13,946	14,449
Current portion of note payable and lines of credit	33,070	35,000
Total current liabilities	155,995	147,316
Lease obligations	97,701	90,739
Note payable and lines of credit	213,920	10,000
Deferred taxes	18,029	29,393
Asset retirement obligations	15,542	15,218
Other liabilities	767	506
Total liabilities	501,954	293,172
Shareholders’ equity
Common stock	1,138	1,138
Additional paid-in capital	385,594	385,594
Retained earnings	590,211	627,699
Accumulated other comprehensive loss	(1,350)	(2,872)
Treasury stock, at cost	(452,164)	(438,598)
Biglari Holdings Inc. shareholders’ equity	523,429	572,961
Total liabilities and shareholders’ equity	$1,025,383	$866,133

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.