Biglari Holdings (BH) Cash Flow: Operating & Free Cash Flow

Biglari Holdings Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Biglari Holdings Inc. (BH) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	-37.49	-3.76	54.95	-32.31	35.48	-37.99	45.38	19.39	50.07
Depreciation & Amortization	40.78	39.84	38.98	36.44	30.05	32.22	29.58	19.32	21.45
Deferred Income Tax	-11.48	-8.49	6.57	-15.58	5.27	-12.22	-38.55	-2.15	-64.32
Change in Working Capital	6.80	-6.97	-3.64	-12.72	-9.78	-24.74	-2.13	-12.04	13.07
Change in Accounts Receivable	3.46	-5.24	5.78	3.34	-9.32	7.01	3.67	-0.36	-2.24
Change in Inventory	0.00	0.00	0.00	0.00	0.00	0.00	-3.67	0.00	0.00
Change in Accounts Payable	10.16	0.37	-12.23	-24.58	-0.59	-32.48	-16.25	-12.22	15.04
Change in Other Working Capital	-6.81	-7.34	2.81	8.52	0.14	0.73	14.12	0.18	13.07
Other Operating Activities	108.35	20.55	-23.85	151.99	167.75	160.27	59.40	-3.84	5.51
Net Cash from Operating Activities	106.96	49.66	73.00	127.83	228.77	117.56	93.68	20.68	25.78
Investing Activities
Capital Expenditures	-30.35	-30.59	-23.41	-29.75	-64.55	-20.70	-17.68	-17.80	-8.03
Acquisitions	-89.12	-75.94	-5.39	-106.84	-12.30	-106.32	-91.06	-39.04	1.00
Purchases of Investments	-57.84	-67.45	-107.87	-134.45	-110.20	-299.95	-154.85	-58.64	-46.36
Sales/Maturities of Investments	90.86	57.45	90.98	129.12	118.42	293.07	149.03	48.56	41.84
Other Investing Activities	20.98	-46.80	-20.40	5.32	10.10	4.42	44.58	41.63	1.00
Net Cash from Investing Activities	-65.47	-87.39	-66.08	-136.61	-58.53	-129.49	-69.98	-25.29	-11.55
Financing Activities
Debt Repayment	196.53	-21.57	-16.13	3.86	-156.16	-29.11	-8.01	-7.58	-23.03
Common Stock Issued	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.05	0.03
Other Financing Activities	0.00	-5.52	0.00	0.00	0.00	0.00	0.00	0.05	0.03
Net Cash from Financing Activities	196.53	39.48	-16.13	3.86	-156.16	-29.11	-8.01	-7.53	-23.00
Summary
Effect of Forex Changes on Cash	0.04	0.02	0.06	0.04	-0.06	0.01	0.00	-0.08	0.17
Net Change in Cash	238.06	1.78	-9.15	-4.88	14.02	-41.03	15.69	-12.22	-8.60
Cash at Beginning of Period	31.43	29.65	38.81	43.69	29.67	70.70	55.01	67.23	75.83
Cash at End of Period	269.49	31.43	29.65	38.81	43.69	29.67	70.70	55.01	67.23
Free Cash Flow	76.61	19.07	49.60	98.08	164.22	96.85	76.00	2.88	17.75
Supplemental Disclosures
Interest Paid	-	5.89	5.82	5.85	7.03	15.67	-	-	-
Income Taxes Paid	-	5.94	5.68	1.09	4.53	15.40	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Biglari Holdings Cash Flow

What is Biglari Holdings's free cash flow?

Biglari Holdings generated free cash flow of $76.61M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $106.96M minus $30.35M of capital expenditures. That was up 301.8% from $19.07M a year earlier. Free cash flow equaled 19.4% of revenue.

How much does Biglari Holdings spend on capital expenditures?

Biglari Holdings spent $30.35M on capital expenditures in fiscal 2025, compared with $30.59M a year earlier. That equals 28.4% of operating cash flow.

Does Biglari Holdings pay dividends or buy back shares?

Biglari Holdings's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition