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	Mar '26 Mar 31, 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	-18.74	-37.49	-3.76	55.54	-82.53	35.48
Depreciation & Amortization	41.18	40.78	39.84	38.98	-	30.05
Other Adjustments	33.31	96.86	20.55	-17.88	10.24	173.02
Changes in Accounts Payable	-	-	-	-	0.01	-
Changes in Accrued Expenses	0.87	10.16	0.37	-12.23	0.14	-0.59
Changes in Other Operating Activities	-0.62	-3.35	-7.34	8.59	67.25	-9.19
Operating Cash Flow	111.5	106.96	49.66	73	-4.89	228.77
Operating Cash Flow Growth	140.66%	115.38%	-31.97%	-	-	1410.10%
Capital Expenditures	-30.02	-30.35	-30.59	-23.41	-	-64.55
Sale of Property, Plant & Equipment	11.56	20.98	29.14	24.63	-	10.1
Purchases of Investments	-206.74	-146.96	-143.38	-152.9	-	-122.5
Proceeds from Sale of Investments	84.48	90.86	57.45	90.98	-	118.42
Payments for Business Acquisitions	-	-	-	-5.39	-	-
Investing Cash Flow	-140.72	-65.47	-87.39	-66.08	-	-58.53
Short-Term Debt Issued	43.5	55.25	61.05	31.6	-	-
Short-Term Debt Repaid	-69.4	-73	-16.05	-41.6	-	-
Net Short-Term Debt Issued (Repaid)	-25.9	-17.75	45	-10	-	-
Long-Term Debt Issued	-	223	-	-	-	-
Long-Term Debt Repaid	-	-1.13	-	-	-	-149.95
Net Long-Term Debt Issued (Repaid)	-	221.88	-	-	-	-149.95
Issuance of Common Stock	14.92	-	-	-	-	-
Net Common Stock Issued (Repurchased)	14.92	-	-	-	-	-
Other Financing Activities	-6.14	-7.59	-5.52	-6.13	-24.7	-6.21
Financing Cash Flow	200.59	196.53	39.48	-16.13	-24.7	-156.16
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-	0.04	0.02	0.06	-	-
Net Cash Flow	171.37	238.06	1.78	-9.15	-29.6	14.09
Free Cash Flow	81.48	76.61	19.07	49.6	-4.89	164.22
Free Cash Flow Growth	6.36%	301.79%	-61.56%	-	-	984.01%
FCF Margin	20.49%	19.38%	5.27%	13.58%	-	44.86%
Free Cash Flow Per Share	313.52	293.98	68.24	171.03	-16.42	517.63
Levered Free Cash Flow	-33.24	183.87	43.52	56.88	67.39	-158.75
Unlevered Free Cash Flow	11.06	13.32	1.9	25.7	67.39	-23.37

SEC Filings: 10-K · 10-Q