Biglari Holdings Inc. (BH)

Biglari Holdings Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-37.49	-3.76	55.54	-82.53	35.48
Depreciation & Amortization	40.78	39.84	38.98	-	30.05
Other Adjustments	96.86	20.55	-17.88	10.24	173.02
Changes in Accounts Payable	-	-	-	0.01	-
Changes in Accrued Expenses	10.16	0.37	-12.23	0.14	-0.59
Changes in Other Operating Activities	-3.35	-7.34	8.59	67.25	-9.19
Operating Cash Flow	106.96	49.66	73	-4.89	228.77
Operating Cash Flow Growth	115.38%	-31.97%	-	-	1410.10%
Capital Expenditures	-30.35	-30.59	-23.41	-	-64.55
Sale of Property, Plant & Equipment	20.98	29.14	24.63	-	10.1
Purchases of Investments	-146.96	-143.38	-152.9	-	-122.5
Proceeds from Sale of Investments	90.86	57.45	90.98	-	118.42
Payments for Business Acquisitions	-	-	-5.39	-	-
Investing Cash Flow	-65.47	-87.39	-66.08	-	-58.53
Short-Term Debt Issued	55.25	61.05	31.6	-	-
Short-Term Debt Repaid	-73	-16.05	-41.6	-	-
Net Short-Term Debt Issued (Repaid)	-17.75	45	-10	-	-
Long-Term Debt Repaid	-	-	-	-	-149.95
Net Long-Term Debt Issued (Repaid)	-	-	-	-	-149.95
Other Financing Activities	-5.73	-5.52	-6.13	-24.7	-6.21
Financing Cash Flow	196.53	39.48	-16.13	-24.7	-156.16
Net Cash Flow	238.02	1.76	-9.21	-29.6	14.09
Free Cash Flow	76.61	19.07	49.6	-4.89	164.22
Free Cash Flow Growth	301.79%	-61.56%	-	-	984.01%
FCF Margin	19.38%	5.27%	13.58%	-	44.86%
Free Cash Flow Per Share	293.98	68.24	171.03	-16.42	517.63
Levered Free Cash Flow	-38.01	43.52	56.88	67.39	-158.75
Unlevered Free Cash Flow	13.32	1.9	25.7	67.39	-23.37

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q