Biglari Holdings Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-29.75	-37.49	-3.76	55.54	-82.53	35.48
Depreciation & Amortization	41.06	40.78	39.84	38.98	-	30.05
Other Adjustments	53.91	96.86	20.55	-17.88	10.24	173.02
Changes in Accounts Payable	-	-	-	-	0.01	-
Changes in Accrued Expenses	25.2	10.16	0.37	-12.23	0.14	-0.59
Changes in Other Operating Activities	-6.12	-3.35	-7.34	8.59	67.25	-9.19
Operating Cash Flow	84.3	106.96	49.66	73	-4.89	228.77
Operating Cash Flow Growth	-2.76%	115.38%	-31.97%	-	-	1410.10%
Capital Expenditures	-33.98	-30.35	-30.59	-23.41	-	-64.55
Sale of Property, Plant & Equipment	14.63	20.98	29.14	24.63	-	10.1
Purchases of Investments	-403.22	-146.96	-143.38	-152.9	-	-122.5
Proceeds from Sale of Investments	145.89	90.86	57.45	90.98	-	118.42
Cash Acquisitions	-	-	-	-5.39	-	-
Investing Cash Flow	-276.68	-65.47	-87.39	-66.08	-	-58.53
Short-Term Debt Issued	29.5	55.25	61.05	31.6	-	-
Short-Term Debt Repaid	-26	-73	-16.05	-41.6	-	-
Net Short-Term Debt Issued (Repaid)	3.5	-17.75	45	-10	-	-
Long-Term Debt Issued	223	223	-	-	-	-
Long-Term Debt Repaid	-	-1.13	-	-	-	-149.95
Net Long-Term Debt Issued (Repaid)	217.94	221.88	-	-	-	-149.95
Issuance of Common Stock	14.92	-	-	-	-	-
Net Common Stock Issued (Repurchased)	14.92	-	-	-	-	-
Other Financing Activities	-8.33	-7.59	-5.52	-6.13	-24.7	-6.21
Financing Cash Flow	228.03	196.53	39.48	-16.13	-24.7	-156.16
Foreign Exchange Rate Adjustments	-	0.04	0.02	0.06	-	-
Net Cash Flow	35.67	238.06	1.78	-9.15	-29.6	14.09
Free Cash Flow	50.32	76.61	19.07	49.6	-4.89	164.22
Free Cash Flow Growth	-19.52%	301.79%	-61.56%	-	-	984.01%
FCF Margin	12.40%	19.38%	5.27%	13.58%	-	44.86%
Free Cash Flow Per Share	195.37	293.98	68.24	171.03	-16.42	517.63
Levered Free Cash Flow	217.84	183.87	43.52	56.88	67.39	-158.75
Unlevered Free Cash Flow	21.66	13.32	1.9	25.7	67.39	-23.37

SEC Filings: 10-K · 10-Q