Biglari Holdings Inc. (BH.A)

Biglari Holdings Cash Flow Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-18.74	-37.49	-3.76	54.95	-32.02	35.48
Depreciation & Amortization	41.18	40.78	39.84	38.98	36.44	30.05
Loss (Gain) From Sale of Assets	-6.36	-15.62	-22.8	-21.24	-1.58	-0.03
Asset Writedown & Restructuring Costs	1.53	1.25	1.11	3.95	3.52	4.64
Loss (Gain) From Sale of Investments	30.04	66.47	40.72	-21.65	79.35	-17.17
Loss (Gain) on Equity Investments	69.02	56	10	14.5	70.7	180.17
Other Operating Activities	1.41	-11.25	-8.49	7.16	-15.87	5.41
Change in Accounts Receivable	-0.62	3.46	-5.24	5.78	3.34	-9.32
Change in Accounts Payable	0.87	10.16	0.37	-12.23	-24.58	-0.59
Change in Other Net Operating Assets	-6.81	-6.81	-2.09	2.81	8.52	0.14
Operating Cash Flow	111.5	106.96	49.66	73	127.83	228.77
Operating Cash Flow Growth	140.66%	115.38%	-31.97%	-42.89%	-44.12%	94.60%
Capital Expenditures	-30.02	-30.35	-30.59	-23.41	-29.75	-64.55
Sale of Property, Plant & Equipment	11.56	20.98	29.14	24.63	5.32	10.1
Cash Acquisitions	-	-	-	-5.39	-58.27	-
Investment in Securities	-122.26	-56.1	-85.93	-61.92	-53.9	-4.08
Investing Cash Flow	-140.72	-65.47	-87.39	-66.08	-136.61	-58.53
Long-Term Debt Issued	-	278.25	61.05	31.6	30	-
Long-Term Debt Repaid	-	-79.85	-21.57	-47.73	-26.14	-156.16
Total Debt Repaid	-78.91	-79.85	-21.57	-47.73	-26.14	-156.16
Net Debt Issued (Repaid)	187.59	198.4	39.48	-16.13	3.86	-156.16
Issuance of Common Stock	14.92	-	-	-	-	-
Other Financing Activities	-1.92	-1.87	-	-	-	-
Financing Cash Flow	200.59	196.53	39.48	-16.13	3.86	-156.16
Foreign Exchange Rate Adjustments	0.05	0.04	0.02	0.06	0.04	-0.06
Net Cash Flow	171.41	238.06	1.78	-9.15	-4.88	14.02
Free Cash Flow	81.48	76.61	19.07	49.6	98.08	164.22
Free Cash Flow Growth	525.20%	301.79%	-61.56%	-49.43%	-40.27%	69.55%
Free Cash Flow Margin	20.49%	19.38%	5.27%	13.58%	26.63%	44.86%
Free Cash Flow Per Share	313.53	293.98	68.24	171.03	329.09	517.63
Cash Interest Paid	11.65	11.65	5.89	5.82	5.85	7.03
Cash Income Tax Paid	2.74	2.74	5.94	5.68	1.09	4.53
Levered Free Cash Flow	10.71	22.87	17.16	36.01	8.45	-19.09
Unlevered Free Cash Flow	22.22	31.4	20.99	39.63	12.13	-14.62
Change in Working Capital	-6.57	6.8	-6.97	-3.64	-12.72	-9.78

Updated Mar 31, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q