← Biglari Holdings Inc.
| Annual Trend | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | $48.6m | $67.8m | $24.5m | $42.3m | $37.5m | $28.1m | $30.7m | $268.8m | |
| Receivables | $15.7m | $21.6m | $19.2m | $28.5m | $29.4m | $22.2m | $25.2m | $23.3m | |
| Inventories | $7.5m | $4.7m | $2.7m | $3.8m | $3.9m | $3.0m | $4.0m | $3.8m | |
| Other current assets | $9.2m | $6.4m | $6.5m | $7.1m | $10.5m | $7.4m | $7.7m | $13.6m | |
| Total current assets | $114.9m | $145.4m | $147.8m | $164.8m | $150.7m | $152.6m | $170.6m | $378.5m | |
| Property and equipment | $274.7m | $350.6m | $316.1m | $349.4m | $400.7m | $380.5m | $376.2m | $366.6m | |
| Goodwill | $40.1m | $40.0m | $53.6m | $53.5m | $53.5m | $53.5m | $52.5m | $52.6m | |
| Other intangible assets | $28.8m | $27.5m | $24.1m | $23.5m | $23.0m | $23.2m | $22.8m | $23.7m | |
| Other assets | $14.2m | $10.6m | $14.0m | $10.7m | $10.0m | $8.3m | $8.3m | $9.7m | |
| Investments | $33.9m | $44.9m | $94.9m | $83.1m | $69.5m | $91.9m | $103.0m | $69.0m | |
| Operating lease assets | $0 | $59.7m | $42.8m | $42.5m | $34.7m | $32.2m | $34.0m | $40.1m | |
| Investment partnerships | $557.5m | $505.5m | $419.6m | $250.4m | $155.8m | $199.1m | $201.7m | $154.3m | |
| Loss and loss adjustment expenses | — | — | $14.7m | $14.6m | $16.8m | $15.2m | $17.2m | $18.2m | |
| Unearned premiums | — | — | $13.3m | $11.7m | $12.5m | $14.3m | $17.2m | $17.8m | |
| Current portion of lease obligations | — | — | $17.4m | $16.9m | $17.0m | $14.9m | $14.4m | $13.9m | |
| Current portion of note payable and lines of credit | — | — | — | — | — | — | $35.0m | $33.1m | |
| Lease obligations | — | — | $111.6m | $104.5m | $91.8m | $86.4m | $90.7m | $97.7m | |
| Note payable and lines of credit | $240.0m | $263.2m | $75.2m | — | — | — | $10.0m | $213.9m | |
| Deferred taxes | — | $54.2m | $41.3m | $46.5m | $31.3m | $37.9m | $29.4m | $18.0m | |
| Asset retirement obligations | $0 | $10.4m | $10.0m | $10.4m | $14.1m | $14.3m | $15.2m | $15.5m | |
| Other liabilities | $9.2m | $2.1m | $1.7m | $2.1m | $754k | $348k | $506k | $767k | |
| Biglari Holdings Inc. shareholders’ equity | $570.5m | $616.3m | $564.8m | $587.7m | $547.0m | $599.3m | $573.0m | $523.4m | |
| Total assets | $1.3b | $1.5b | $1.0b | $894.8m | $828.5m | $849.4m | $866.1m | $1.0b | |
| Accounts payable and accrued expenses | $117.3m | $121.1m | $118.8m | $100.5m | $78.6m | $66.7m | $63.4m | $72.9m | |
| Total current liabilities | $123.0m | $139.8m | $288.4m | $143.6m | $134.9m | $111.1m | $147.3m | $156.0m | |
| Total liabilities | $459.0m | $523.0m | $453.1m | $307.1m | $272.9m | $250.1m | $293.2m | $502.0m | |
| Common stock | $1.1m | $1.1m | $1.1m | $1.1m | $1.1m | $1.1m | $1.1m | $1.1m | |
| Additional paid-in capital | $381.9m | $381.8m | $381.8m | $381.8m | $381.8m | $385.6m | $385.6m | $385.6m | |
| Retained earnings | $564.2m | $611.0m | $573.0m | $608.5m | $576.5m | $631.5m | $627.7m | $590.2m | |
| Accumulated other comprehensive loss | ($5.0m) | ($5.6m) | ($1.5m) | ($1.9m) | ($2.8m) | ($2.5m) | ($2.9m) | ($1.4m) | |
| Treasury stock, at cost | ($374.2m) | ($374.9m) | ($389.6m) | ($401.9m) | ($409.7m) | ($416.3m) | ($438.6m) | ($452.2m) | |
| Total liabilities and shareholders’ equity | $1.0b | $1.1b | $1.0b | $894.8m | $828.5m | $849.4m | $866.1m | $1.0b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.