Biglari Holdings Inc. (BH)

Biglari Holdings Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	2.09	-3.76	54.95	-32.02	35.48	-37.99
Depreciation & Amortization	40.16	39.84	38.98	36.44	30.05	32.22
Loss (Gain) From Sale of Assets	-15.13	-22.8	-21.24	-1.58	-0.03	-0.87
Asset Writedown & Restructuring Costs	1.25	1.11	3.95	3.52	4.64	23.65
Loss (Gain) From Sale of Investments	26.01	40.72	-21.65	79.35	-17.17	38.18
Loss (Gain) on Equity Investments	63	10	14.5	70.7	180.17	98.33
Other Operating Activities	-7.15	-8.49	7.16	-15.87	5.41	-11.23
Change in Accounts Receivable	-5.31	-5.24	5.78	3.34	-9.32	7.01
Change in Accounts Payable	4.36	0.37	-12.23	-24.58	-0.59	-32.48
Change in Other Net Operating Assets	-2.09	-2.09	2.81	8.52	0.14	0.73
Operating Cash Flow	107.18	49.66	73	127.83	228.77	117.56
Operating Cash Flow Growth	91.43%	-31.97%	-42.89%	-44.12%	94.60%	25.48%
Capital Expenditures	-26.05	-30.59	-23.41	-29.75	-64.55	-20.7
Sale of Property, Plant & Equipment	21.69	29.14	24.63	5.32	10.1	4.42
Cash Acquisitions	-	-	-5.39	-58.27	-	-36.19
Investment in Securities	-84.32	-85.93	-61.92	-53.9	-4.08	-77.01
Investing Cash Flow	-88.67	-87.39	-66.08	-136.61	-58.53	-129.49
Long-Term Debt Issued	-	61.05	31.6	30	-	0.5
Total Debt Issued	311	61.05	31.6	30	-	0.5
Long-Term Debt Repaid	-	-21.57	-47.73	-26.14	-156.16	-29.61
Total Debt Repaid	-87.66	-21.57	-47.73	-26.14	-156.16	-29.61
Net Debt Issued (Repaid)	223.34	39.48	-16.13	3.86	-156.16	-29.11
Financing Cash Flow	223.34	39.48	-16.13	3.86	-156.16	-29.11
Foreign Exchange Rate Adjustments	0.12	0.02	0.06	0.04	-0.06	0.01
Net Cash Flow	241.97	1.78	-9.15	-4.88	14.02	-41.03
Free Cash Flow	81.14	19.07	49.6	98.08	164.22	96.85
Free Cash Flow Growth	212.07%	-61.56%	-49.43%	-40.27%	69.55%	27.43%
Free Cash Flow Margin	20.99%	5.27%	13.58%	26.63%	44.86%	22.33%
Free Cash Flow Per Share	306.72	68.24	171.03	329.09	517.63	280.58
Cash Interest Paid	5.89	5.89	5.82	5.85	7.03	15.67
Cash Income Tax Paid	5.94	5.94	5.68	1.09	4.53	15.4
Levered Free Cash Flow	31.25	17.16	36.01	8.45	-19.09	21.63
Unlevered Free Cash Flow	36.54	20.99	39.63	12.13	-14.62	31.34
Change in Working Capital	-3.05	-6.97	-3.64	-12.72	-9.78	-24.74

Updated Nov 7, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q