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 Statements of Changes in Shareholders’ Equity

	Biglari Holdings Inc. Shareholder’s Equity
Common Stock · Additional Paid-In Capital · RetainedEarnings · AccumulatedOtherComprehensiveIncome (Loss) · Treasury Stock · Non-controlling interest · Total
Balance at December 31, 2022	$1,138			$381,788			$576,510		$(2,790)		$(409,680)	$8,602	$555,568
Net earnings (loss)			54,948					591		55,539
Other comprehensive income, net					272				272
Adjustment for holdings in investment partnerships						(6,662)			(6,662)
Transactions with noncontrolling interests		3,806						(9,193)		(5,387)
Balance at December 31, 2023	$1,138			$385,594			$631,458		$(2,518)		$(416,342)	$—	$599,330
Net earnings (loss)			(3,759)						(3,759)
Other comprehensive income, net					(354)				(354)
Adjustment for holdings in investment partnerships						(22,256)			(22,256)
Balance at December 31, 2024	$1,138			$385,594			$627,699		$(2,872)		$(438,598)	$—	$572,961
Net earnings (loss)			(37,488)						(37,488)
Other comprehensive income, net					1,522				1,522
Adjustment for holdings in investment partnerships						(13,566)			(13,566)
Balance at December 31, 2025	$1,138			$385,594			$590,211		$(1,350)		$(452,164)	$—	$523,429

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.