Product was Biglari Holdings’s largest product and service line in fiscal 2021, bringing in $375.83M of $724.21M (52%).
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 |
|---|---|---|---|---|---|---|
| Product | $1.48B | $1.16B | $613.15M | $375.83M | ||
| Operating Businesses | — | — | — | — | ||
| Insurance Premiums & Other | — | — | — | $117.22M | ||
| Underwriting: | — | — | $60.42M | $110.82M | ||
| Oil & Gas | — | $48.87M | $52.51M | $66.01M | ||
| Royalty | $61.93M | $46.72M | — | — | ||
| Gift Cards | — | $45.74M | $18.40M | $11.81M | ||
| Franchisor | $66.00K | $7.66M | $44.43M | — | ||
| Advertising | — | $15.63M | $10.39M | $13.66M | ||
| Other | $7.54M | $9.73M | $6.16M | $12.00M | ||
| Media & Licensing | — | $8.20M | — | — | ||
| Licensing & Media | — | — | $8.17M | $6.41M | ||
| Investment Income & Other | — | $2.67M | $6.92M | $6.40M | ||
| Franchise | $6.19M | $3.45M | $3.76M | $4.07M | ||
| Total | $1.56B | $1.35B | $824.30M | $724.21M |
Biglari Holdings brought in $724.21M from its 10 product and service lines in fiscal 2021, the year ended December 31, 2021. Biglari Holdings regrouped these lines after fiscal 2020, so the total does not compare directly with that year's $824.30M. Product was the largest at $375.83M (51.9%), ahead of Insurance Premiums & Other at $117.22M (16.2%) and Underwriting: at $110.82M (15.3%). The other seven lines brought in $120.34M combined.
Compared with fiscal 2020, Underwriting: grew fastest, up 83.4% to $110.82M, while Product fell the most, down 38.7% to $375.83M.
Biglari Holdings began breaking out Insurance Premiums & Other in fiscal 2021, Underwriting: in fiscal 2020, Oil & Gas in fiscal 2019 and Gift Cards in fiscal 2019. Biglari Holdings stopped reporting Royalty ($46.72M in fiscal 2019), Franchisor ($44.43M in fiscal 2020) and Media & Licensing ($8.20M in fiscal 2019) as separate lines.
Restaurant Operations was Biglari Holdings’s largest segment in fiscal 2021, bringing in $487.11M of $670.34M (73%).
| Statement Business Segments | FY 2018 | FY 2019 | FY 2020 | FY 2021 |
|---|---|---|---|---|
| Steak N Shake | $1.52B | — | — | — |
| Restaurant Operations | — | $1.16B | $619.32M | $487.11M |
| Insurance Premiums & Other | — | — | $67.34M | $110.82M |
| Insurance Operations | — | $60.17M | — | — |
| Oil & Gas Operations | — | — | $52.51M | $66.01M |
| Southern Oil | — | $48.87M | — | — |
| Western | $30.25M | — | — | — |
| Maxim | — | $8.20M | $8.17M | $6.41M |
| Total | $1.55B | $1.27B | $747.33M | $670.34M |
Biglari Holdings brought in $670.34M from its four segments in fiscal 2021, the year ended December 31, 2021. That is less than the $724.21M it reports by product and service, so these segments do not cover all of its revenue. Restaurant Operations was the largest at $487.11M (72.7%), ahead of Insurance Premiums & Other at $110.82M (16.5%) and Oil & Gas Operations at $66.01M (9.8%). The remaining segment, Maxim, brought in $6.41M.
Compared with fiscal 2020, Insurance Premiums & Other grew fastest, up 64.6% to $110.82M, while Restaurant Operations fell the most, down 21.3% to $487.11M.
Biglari Holdings began breaking out Restaurant Operations in fiscal 2019, Insurance Premiums & Other in fiscal 2020, Oil & Gas Operations in fiscal 2020 and Maxim in fiscal 2019. Biglari Holdings stopped reporting Steak N Shake ($1.52B in fiscal 2018), Insurance Operations ($60.17M in fiscal 2019), Southern Oil ($48.87M in fiscal 2019) and one other as separate segments.
Steak N Shake was Biglari Holdings’s largest segment in fiscal 2021, bringing in $526.27M of $719.41M (73%).
| Subsegments | FY 2019 | FY 2020 | FY 2021 |
|---|---|---|---|
| Steak N Shake | $1.19B | $688.61M | $526.27M |
| First Guard | $57.49M | $60.42M | $67.04M |
| Southern Oil | — | $52.51M | $66.01M |
| Southern Pioneer | — | $38.02M | $43.78M |
| Western Sizzlin | $30.43M | $12.72M | $16.31M |
| Total | $1.28B | $852.28M | $719.41M |
Biglari Holdings brought in $719.41M from its five segments in fiscal 2021, the year ended December 31, 2021. That was down 15.6% from $852.28M in fiscal 2020. Steak N Shake was the largest at $526.27M (73.2%), ahead of First Guard at $67.04M (9.3%) and Southern Oil at $66.01M (9.2%). The other two segments brought in $60.09M combined.
Compared with fiscal 2020, Western Sizzlin grew fastest, up 28.2% to $16.31M, while Steak N Shake fell the most, down 23.6% to $526.27M.
Biglari Holdings began breaking out Southern Oil in fiscal 2020 and Southern Pioneer in fiscal 2020.
Biglari Holdings (BH-A) reports its revenue by product and service, by statement business segments and by subsegments. In fiscal 2021, Product was its largest product and service line, bringing in $375.83M (51.9% of the total), followed by Insurance Premiums & Other at $117.22M (16.2%).
Product was Biglari Holdings' largest product and service line in fiscal 2021, bringing in $375.83M, or 51.9% of the $724.21M total across its 10 product and service lines.
Restaurant Operations was Biglari Holdings' largest segment in fiscal 2021, bringing in $487.11M, or 72.7% of the $670.34M total across its four segments.
Among Biglari Holdings' segments that make up at least 2% of revenue, Insurance Premiums & Other grew fastest in fiscal 2021, up 64.6% from $67.34M to $110.82M.
Every figure comes from Biglari Holdings' annual financial filings, as reported. Each line keeps the name Biglari Holdings gives it, and years follow its fiscal calendar.
Biglari Holdings' revenue by product and service goes back to fiscal 2016, with figures through fiscal 2021. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.