Biglari Holdings Balance Sheet

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	272.49	30.71	28.07	37.47	42.35	24.5
Short-Term Investments	96.68	102.98	91.88	69.47	83.06	94.86
Cash & Short-Term Investments	369.17	133.68	119.95	106.93	125.41	119.36
Cash Growth	178.00%	11.45%	12.17%	-14.73%	5.07%	5.98%
Accounts Receivable	21.24	25.18	22.24	29.38	28.51	19.19
Other Receivables	-	1.14	1.02	1.45	3.22	3.49
Receivables	21.24	26.32	23.26	30.83	31.73	22.68
Inventory	3.93	4.03	2.98	3.85	3.8	2.74
Prepaid Expenses	-	5.5	5.59	4.34	3.87	3
Other Current Assets	9.8	1.08	0.77	4.7	-	-
Total Current Assets	404.15	170.62	152.55	150.65	164.81	147.78
Property, Plant & Equipment	407.73	410.17	412.71	435.46	391.89	358.95
Long-Term Investments	179.16	201.73	199.1	155.79	250.4	419.55
Goodwill	52.57	52.5	53.53	53.51	53.55	53.6
Other Intangible Assets	23.67	22.82	23.23	23.04	23.46	24.07
Other Long-Term Assets	12.22	8.31	8.3	10.01	10.7	14.03
Total Assets	1,079	866.13	849.42	828.47	894.81	1,018
Accounts Payable	27.81	28.54	22.45	28.43	36.68	26.54
Accrued Expenses	16.46	11.62	19.57	14.29	27.51	20.73
Current Portion of Long-Term Debt	20.92	35	-	10	-	152.26
Current Portion of Leases	14.33	14.45	14.86	16.98	16.9	17.37
Current Income Taxes Payable	13.95	8.13	11.05	14.9	11.39	10.92
Current Unearned Revenue	26.07	27.61	26.74	28.97	37.59	44.42
Other Current Liabilities	23.43	21.96	16.44	21.33	13.57	16.21
Total Current Liabilities	142.96	147.32	111.1	134.9	143.64	288.45
Long-Term Debt	214.91	10	-	-	-	-
Long-Term Leases	97.01	90.74	86.39	91.84	104.48	111.65
Long-Term Deferred Tax Liabilities	28.1	29.39	37.94	31.34	46.53	41.35
Other Long-Term Liabilities	16.24	15.72	14.66	14.82	12.46	11.7
Total Liabilities	499.22	293.17	250.09	272.91	307.11	453.14
Common Stock	1.14	1.14	1.14	1.14	1.14	1.14
Additional Paid-In Capital	385.59	385.59	385.59	381.79	381.79	381.79
Retained Earnings	640.06	627.7	631.46	576.51	608.53	573.05
Treasury Stock	-445.15	-438.6	-416.34	-409.68	-401.85	-389.62
Comprehensive Income & Other	-1.37	-2.87	-2.52	-2.79	-1.91	-1.53
Total Common Equity	580.28	572.96	599.33	546.97	587.7	564.83
Minority Interest	-	-	-	8.6	-	-
Shareholders' Equity	580.28	572.96	599.33	555.57	587.7	564.83
Total Liabilities & Equity	1,079	866.13	849.42	828.47	894.81	1,018
Total Debt	347.17	150.19	101.24	118.83	121.38	281.27
Net Cash (Debt)	22	-16.5	18.7	-11.89	4.03	-161.91
Net Cash Per Share	83.17	-59.07	64.49	-39.90	12.71	-469.03
Filing Date Shares Outstanding	0.62	0.62	0.62	0.62	0.62	0.62
Total Common Shares Outstanding	0.62	0.62	0.62	0.62	0.62	0.62
Working Capital	261.19	23.3	41.45	15.76	21.17	-140.67
Book Value Per Share	935.04	923.25	965.74	881.36	946.99	910.14
Tangible Book Value	504.04	497.65	522.57	470.42	510.69	487.17
Tangible Book Value Per Share	812.19	801.89	842.05	758.01	822.90	785.00
Land	131.93	134.74	139.9	143.31	144.61	142.6
Buildings	166.34	160.28	151.72	151.63	148.61	138.73
Machinery	212.74	213.8	212.42	222.66	224.58	192.74
Construction In Progress	2.45	0.67	1.63	2.24	2.82	1.03

Source: S&P Global Market Intelligence. Standard template. Financial Sources.