Biglari Holdings Inc. (BH)
NYSE: BH · Real-Time Price · USD
362.31
-0.16 (-0.04%)
At close: Nov 12, 2026, 4:00 PM EST
365.31
+3.00 (0.83%)
After-hours: Nov 12, 2026, 7:30 PM EST
Biglari Holdings Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 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 | -23.44 | -37.49 | -3.76 | 54.95 | -32.02 | 35.48 |
Depreciation & Amortization | 41.64 | 40.78 | 39.84 | 38.98 | 36.44 | 30.05 |
Loss (Gain) From Sale of Assets | -6.86 | -15.62 | -22.8 | -21.24 | -1.58 | -0.03 |
Asset Writedown & Restructuring Costs | 0.78 | 1.25 | 1.11 | 3.95 | 3.52 | 4.64 |
Loss (Gain) From Sale of Investments | 40.19 | 66.47 | 40.72 | -21.65 | 79.35 | -17.17 |
Loss (Gain) on Equity Investments | 15.02 | 56 | 10 | 14.5 | 70.7 | 180.17 |
Other Operating Activities | -4.18 | -11.25 | -8.49 | 7.16 | -15.87 | 5.41 |
Change in Accounts Receivable | 2.02 | 3.46 | -5.24 | 5.78 | 3.34 | -9.32 |
Change in Accounts Payable | -2.08 | 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 | 56.26 | 106.96 | 49.66 | 73 | 127.83 | 228.77 |
Operating Cash Flow Growth | -47.51% | 115.38% | -31.97% | -42.89% | -44.12% | 94.60% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 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 |
Capital Expenditures | -31.44 | -30.35 | -30.59 | -23.41 | -29.75 | -64.55 |
Sale of Property, Plant & Equipment | 9.52 | 20.98 | 29.14 | 24.63 | 5.32 | 10.1 |
Cash Acquisitions | - | - | - | -5.39 | -58.27 | - |
Investment in Securities | -131.04 | -56.1 | -85.93 | -61.92 | -53.9 | -4.08 |
Investing Cash Flow | -152.97 | -65.47 | -87.39 | -66.08 | -136.61 | -58.53 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 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 |
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 | -40.2 | -79.85 | -21.57 | -47.73 | -26.14 | -156.16 |
Net Debt Issued (Repaid) | -26.7 | 198.4 | 39.48 | -16.13 | 3.86 | -156.16 |
Issuance of Common Stock | 66.54 | - | - | - | - | - |
Other Financing Activities | -2.7 | -1.87 | - | - | - | - |
Financing Cash Flow | 37.14 | 196.53 | 39.48 | -16.13 | 3.86 | -156.16 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 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 |
Foreign Exchange Rate Adjustments | -0.02 | 0.04 | 0.02 | 0.06 | 0.04 | -0.06 |
Net Cash Flow | -59.59 | 238.06 | 1.78 | -9.15 | -4.88 | 14.02 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 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 |
Free Cash Flow | 24.82 | 76.61 | 19.07 | 49.6 | 98.08 | 164.22 |
Free Cash Flow Growth | -69.42% | 301.79% | -61.56% | -49.43% | -40.27% | 69.55% |
Free Cash Flow Margin | 5.94% | 19.38% | 5.27% | 13.58% | 26.63% | 44.86% |
Free Cash Flow Per Share | 37.94 | 293.98 | 68.24 | 171.03 | 329.09 | 517.63 |
Levered Free Cash Flow | -1.27 | 22.87 | 17.16 | 36.01 | 8.45 | -19.09 |
Unlevered Free Cash Flow | 16 | 31.4 | 20.99 | 39.63 | 12.13 | -14.62 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 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 |
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 |
Change in Working Capital | -6.88 | 6.8 | -6.97 | -3.64 | -12.72 | -9.78 |