Product was Biglari Holdings’s largest product and service line in fiscal 2025, bringing in $181.88M of $395.26M (46%).
| Product and Service | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Product | $149.18M | $152.55M | $159.21M | $181.88M | |||
| Insurance Underwriting | $59.95M | $61.23M | $65.81M | $70.15M | |||
| Franchisor | $63.85M | $72.55M | $70.62M | $77.00M | |||
| Insurance Premiums & Other | — | — | — | — | |||
| Insurance Operations | — | — | — | — | |||
| Oil & Gas | $57.55M | $45.07M | $36.95M | $30.21M | |||
| Royalty | $19.68M | $16.44M | $13.63M | $13.59M | |||
| Product & Service Other | $8.85M | $9.32M | $7.99M | $8.40M | |||
| Media & Licensing | — | — | — | — | |||
| Licensing & Media | $4.58M | $2.12M | $1.03M | $7.72M | |||
| Other | $3.21M | $2.97M | $2.96M | $2.98M | |||
| Investment Income | $1.38M | $3.07M | $3.93M | $3.34M | |||
| Total | $368.23M | $365.32M | $362.11M | $395.26M |
Biglari Holdings brought in $395.26M from its nine product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 9.2% from $362.11M in fiscal 2024. Product was the largest at $181.88M (46.0%), ahead of Franchisor at $77.00M (19.5%) and Insurance Underwriting at $70.15M (17.7%). The other six lines brought in $66.23M combined.
Compared with fiscal 2024, Product grew fastest, up 14.2% to $181.88M, while Oil & Gas fell the most, down 18.2% to $30.21M. From fiscal 2022 to 2025, combined revenue from these lines grew from $368.23M to $395.26M, a compound annual growth rate of 2.4%. Product's share of the total rose from 40.5% to 46.0%.
Restaurant Operations was Biglari Holdings’s largest segment in fiscal 2025, bringing in $280.87M of $395.26M (71%).
| Segment | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Restaurant Operations | $241.57M | $250.86M | $251.45M | $280.87M | |||
| Insurance | $64.54M | $67.27M | $72.69M | $76.46M | |||
| Insurance Premiums & Other | — | — | — | — | |||
| Insurance Operations | — | — | — | — | |||
| Oil & Gas | $57.55M | $45.07M | $36.95M | $30.21M | |||
| Oil & Gas Operations | — | — | — | — | |||
| Southern Oil | — | — | — | — | |||
| Maxim | $4.58M | $2.12M | $1.03M | $7.72M | |||
| Total | $368.23M | $365.32M | $362.11M | $395.26M |
Biglari Holdings brought in $395.26M from its four segments in fiscal 2025, the year ended December 31, 2025. That was up 9.2% from $362.11M in fiscal 2024. Restaurant Operations was the largest at $280.87M (71.1%), ahead of Insurance at $76.46M (19.3%) and Oil & Gas at $30.21M (7.6%). The remaining segment, Maxim, brought in $7.72M.
Compared with fiscal 2024, Restaurant Operations grew fastest, up 11.7% to $280.87M, while Oil & Gas fell the most, down 18.2% to $30.21M. From fiscal 2022 to 2025, combined revenue from these segments grew from $368.23M to $395.26M, a compound annual growth rate of 2.4%. Restaurant Operations' share of the total rose from 65.6% to 71.1%.
Steaknshakemember was Biglari Holdings’s largest revenue line in fiscal 2016, bringing in $804.42M of $850.08M (95%).
| Income Statement Location | FY 2016 |
|---|---|
| Steaknshakemember | $804.42M |
| First Guard | $23.00M |
| Western | $13.49M |
| Maxim | $9.17M |
| Total | $850.08M |
Biglari Holdings brought in $850.08M from its four revenue lines in fiscal 2016, the year ended December 31, 2016. Steaknshakemember was the largest at $804.42M (94.6%), ahead of First Guard at $23.00M (2.7%) and Western at $13.49M (1.6%). The remaining revenue line, Maxim, brought in $9.17M.
Biglari Holdings (BH-A) reports its revenue by product and service, by segment and by income statement location. In fiscal 2025, Product was its largest product and service line, bringing in $181.88M (46.0% of the total), followed by Franchisor at $77.00M (19.5%).
Product was Biglari Holdings' largest product and service line in fiscal 2025, bringing in $181.88M, or 46.0% of the $395.26M total across its nine product and service lines.
Restaurant Operations was Biglari Holdings' largest segment in fiscal 2025, bringing in $280.87M, or 71.1% of the $395.26M total across its four segments.
Steaknshakemember was Biglari Holdings' largest revenue line in fiscal 2016, bringing in $804.42M, or 94.6% of the $850.08M total across its four revenue lines.
Among Biglari Holdings' product and service lines that make up at least 2% of revenue, Product grew fastest in fiscal 2025, up 14.2% from $159.21M to $181.88M.
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 2019, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.