BH FINANCIAL STATEMENTS

Biglari Holdings Inc — balance sheet, income statement and cash flow trends

BHBiglari Holdings Inc

🇺🇸 USA · NYSE · Consumer Cyclical · Restaurants

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue397.7 M $+8.2%

Gross Profit121.6 M $-5.7%

Operating Income31.1 M $+3.9%

EBITDA30.5 M $—

Net Income-18.7 M $—

Peer Comparison· Restaurants

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
BH	8.2%	30.6%	7.7%	-4.7%
MTY	0.6%	27.9%	26.8%	13.1%
BIGCH	9.4%	21.2%	22.2%	0.1%
QSR	9.2%	37.5%	27.1%	10.0%
BYDNR	3.2%	10.9%	14.4%	-2.1%
CPG	-12.4%	-23.1%	10.3%	4.2%
Industry median	5.4%	27.2%	12.4%	3.0%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
BH	8.2%	30.6%	7.7%	-4.7%
BJRI	3.0%	58.1%	9.0%	3.1%
CBRL	-4.9%	34.1%	4.9%	0.8%
PZZA	-2.4%	23.3%	11.9%	1.4%
WEN	-1.8%	26.5%	23.3%	6.8%
SG	-1.5%	10.6%	13.8%	2.5%
Industry median	5.4%	27.2%	12.4%	3.0%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity519.2 M $51%
Current Liabilities144.3 M $14%
Long-term Liabilities354.8 M $35%

Key Figures

YoY change

Total Assets1 B $+22.8%

Total Liabilities499.1 M $+72.6%

Total Equity519.2 M $-3.8%

Cash & ST Investments314.3 M $+132.2%

Total Debt357.7 M $+134.1%

Net Debt157.6 M $+27.0%

Peer Comparison· Restaurants

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
BH	2.47	68.9%	1.42	51.0%
MTY	0.69	127.6%	3.29	34.7%
BIGCH	0.66	65.5%	0.70	39.7%
QSR	0.99	420.7%	5.65	15.0%
BYDNR	0.74	65.7%	1.32	46.6%
CPG	0.70	114.9%	1.67	26.7%
Industry median	0.72	83.1%	3.64	22.4%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
BH	2.47	68.9%	1.42	51.0%
BJRI	0.31	124.2%	3.49	37.3%
CBRL	0.50	235.2%	6.59	22.3%
PZZA	0.84	-212.1%	3.83	-54.0%
WEN	1.83	3,562.6%	7.18	2.3%
SG	1.61	72.8%	2.13	53.6%
Industry median	0.72	83.1%	3.64	22.4%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow111.5 M $+140.7%

Capital Expenditures30 M $-9.8%

Free Cash Flow81.5 M $+525.2%

Dividends Paid——

Peer Comparison· Restaurants

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
BH	28.0%	20.5%	7.5%	-594.8%
MTY	14.1%	12.9%	1.1%	107.1%
BIGCH	20.7%	8.0%	12.4%	19,882.5%
QSR	18.4%	15.7%	2.7%	184.8%
BYDNR	22.2%	-2.1%	27.8%	-1,057.9%
CPG	7.7%	6.4%	1.3%	185.7%
Industry median	11.3%	5.3%	5.0%	182.9%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
BH	28.0%	20.5%	7.5%	-594.8%
BJRI	10.6%	5.7%	4.9%	335.7%
CBRL	5.8%	1.8%	4.1%	742.5%
PZZA	5.1%	1.8%	3.3%	356.7%
WEN	14.5%	10.1%	4.4%	214.4%
SG	-2.5%	-17.9%	15.4%	-99.7%
Industry median	11.3%	5.3%	5.0%	182.9%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.