BHHIGH SIGNALFINANCIAL10-K

BH experienced a substantial revenue decline coupled with a significant increase in total liabilities, creating a concerning financial profile shift.

The meaningful reduction in revenue alongside substantially higher liabilities suggests potential operational challenges or significant restructuring activity that warrants close investor scrutiny. The removal of specific ownership percentage language and insurance-related disclosures indicates possible corporate structure changes that may affect governance and business focus.

Comparing 2026-03-02 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

BH's financial position shows concerning deterioration with revenue declining meaningfully while total liabilities grew substantially by 71.2% to $502.0M. Despite total assets increasing modestly to $1.0B, the dramatic liability increase far outpaced asset growth, suggesting potential leverage concerns or significant new obligations. The combination of reduced revenue generation and higher financial obligations creates a more challenging operating environment that investors should monitor closely.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
+71.2%
$293.2M→$502.0M

Liabilities grew 71.2% — significant increase in debt or obligations, assess impact on financial flexibility.

Revenue
P&L
-35.2%
$668.8M→$433.7M

Revenue declined 35.2% — significant demand weakness or market share loss warrants investigation.

Interest Expense
P&L
-23.3%
$20.3M→$15.5M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Total Assets
Balance Sheet
+18.4%
$866.1M→$1.0B

Asset base grew 18.4% — expansion through organic growth, acquisitions, or capital deployment.

SG&A Expense
P&L
+14.8%
$75.7M→$86.8M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-03-03
ADDED
As of December 31, 2025, Steak n Shake had 131 company-operated restaurants, 179 franchise partner units, and 94 traditional franchise units.
Western Sizzlin had 3 company-operated restaurants and 28 franchise units.
Founded in 1934 in Normal, Illinois, on Route 66, Steak n Shake is a classic American brand serving Steakburgers, beef tallow fries, and milkshakes.
Maxim products are marketed under various registered brand names.
As of December 31, 2025, the fair value of the investment partnerships was $772.6 million.
Employees As of December 31, 2025, the Company employed 2,359 persons.
The ability of our insurance subsidiaries to pay dividends to Biglari Holdings is regulated by state insurance laws, which limit the amount of, and in certain circumstances may prohibit the payment of, cash dividends, and Steak n Shake s credit facility contains restrictions on its ability to pay dividends to Biglari Holdings.
The Company had five material weaknesses in internal controls over financial reporting during 2024.
Management has assessed the effectiveness of the Company s internal control over financial reporting as of December 31, 2025, and determined that the Company remediated four of the five 2024 material weaknesses.
We cannot be certain that the measures we may take in the future will be sufficient to remediate the final 2024 control deficiency or that they will prevent or avoid potential future material weaknesses.
REMOVED
Biglari beneficially owns shares of the Company that represent approximately 74.3% of the voting interest.
As of December 31, 2024, Steak n Shake had 146 company-operated restaurants, 173 franchise partner units, and 107 traditional franchise units.
Western Sizzlin had 3 company-operated restaurants and 29 franchise units.
Founded in 1934 in Normal, Illinois, on Route 66, Steak n Shake is a classic American brand serving premium burgers and milkshakes.
received its insurance license on July 31, 2024, from the Bermuda Monetary Authority.
Biglari Holdings insurance operations may be affected by extraordinary weather conditions or other factors, any of which may have a significant effect upon the frequency or severity of claims.
In 2022, the Company purchased 90% of Abraxas Petroleum for $80.0 million.
In 2023, the Company acquired the remaining 10% of Abraxas Petroleum for $5.4 million.
Maxim products are marketed under various registered brand names, including, but not limited to, MAXIM and Maxim .
As of December 31, 2024, the fair value of the investment partnerships was $656.3 million.
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