Biglari Holdings Inc. (BH-A) Cash Flow Statement
Where BH-A’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $107.0M +115.4% vs 2024
- Capital expenditures
- $30.4M 7.7% of revenue
- Free cash flow
- $76.6M 19.4% margin
- Returned to shareholders
- —
- Change in cash
- $238.1M cash at year-end $269.5M
Cash from operations
$107.0M
Capital expenditures
−$30.4M
Investments (net)
+$33.0M
Acquisitions & other
−$68.1M
Net borrowing (repayment)
+$198.4M
Other financing
−$1.9M
Change in cash
$238.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
BH-A operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
BH-A cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $63.3M2016 | $107.0M2025 | +6.0%/yr | |
| Capital expenditures | $12.0M2016 | $30.4M2025 | +10.8%/yr | |
| Free cash flow | $51.3M2016 | $76.6M2025 | +4.6%/yr | |
| Free cash flow margin | 6.0%2016 | 19.4%2025 | +13.3 pts | |
| Operating cash flow / net income | 0.642016 | 1.332023 | +0.69 | |
| Dividends paid | $02016 | $02018 | — | |
| Share buybacks (net) | $02016 | $02018 | — | |
| Capex / revenue | 1.4%2016 | 7.7%2025 | +6.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BH-A cash flow by activity
OperatingInvestingFinancingChange in cash
BH-A net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BH-A cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$37.5M | −$3.8M | $54.9M | −$32.3M | $35.5M | −$38.0M | $45.4M | $19.4M | $50.1M | $99.5M |
| Depreciation & amortization | $40.8M | $39.8M | $39.0M | $36.4M | $30.1M | $32.2M | $29.6M | $19.3M | $21.4M | $22.9M |
| Stock-based compensation | — | — | $12.2M | — | — | — | — | — | — | — |
| Change in working capital | $6.8M | −$7.0M | −$3.6M | −$12.7M | −$9.8M | −$24.7M | −$2.1M | −$12.0M | $13.1M | $8.3M |
| Other non-cash items | $96.9M | $20.5M | −$29.5M | $136.4M | $173.0M | $148.1M | $20.9M | −$6.0M | −$58.8M | −$67.3M |
| Cash from operating activities | $107.0M | $49.7M | $73.0M | $127.8M | $228.8M | $117.6M | $93.7M | $20.7M | $25.8M | $63.3M |
| Investing activities | ||||||||||
| Capital expenditures | −$30.4M | −$30.6M | −$23.4M | −$29.7M | −$64.5M | −$20.7M | −$17.7M | −$17.8M | −$8.0M | −$12.0M |
| Investments (net) | $33.0M | −$87.4M | −$90.4M | −$136.6M | −$4.1M | −$6.9M | −$70.0M | −$25.3M | −$11.5M | −$28.8M |
| Acquisitions & other investing | −$68.1M | $30.6M | $47.7M | $29.7M | $10.1M | −$101.9M | $17.7M | $17.8M | $8.0M | $12.0M |
| Cash from investing activities | −$65.5M | −$87.4M | −$66.1M | −$136.6M | −$58.5M | −$129.5M | −$70.0M | −$25.3M | −$11.5M | −$28.8M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Net borrowing (repayment) | $198.4M | $39.5M | −$16.1M | $3.9M | −$156.2M | −$23.3M | −$8.0M | −$7.6M | −$23.0M | −$15.3M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.9M | $0 | $0 | $0 | $0 | −$5.8M | $0 | $49,000 | $30,000 | $64,000 |
| Cash from financing activities | $196.5M | $39.5M | −$16.1M | $3.9M | −$156.2M | −$29.1M | −$8.0M | −$7.5M | −$23.0M | −$15.2M |
| Summary | ||||||||||
| Net change in cash | $238.1M | $1.8M | −$9.2M | −$4.9M | $14.0M | −$41.0M | $15.7M | −$12.2M | −$8.6M | $19.3M |
| Cash at end of period | $269.5M | $31.4M | $29.7M | $38.8M | $43.7M | $29.7M | $70.7M | $55.0M | $67.2M | $75.8M |
| Free cash flow | $76.6M | $19.1M | $49.6M | $98.1M | $164.2M | $96.9M | $76.0M | $2.9M | $17.7M | $51.3M |
| Free cash flow margin | 19.4% | 5.3% | 13.6% | 26.6% | 44.9% | 22.3% | 11.4% | 0.4% | 2.1% | 6.0% |
| Capex / revenue | 7.7% | 8.4% | 6.4% | 8.1% | 17.6% | 4.8% | 2.6% | 2.2% | 1.0% | 1.4% |
| Operating cash flow / net income | — | — | 1.33 | — | 6.45 | — | 2.06 | 1.07 | 0.51 | 0.64 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $39.9M | −$14.5M | −$49.9M | −$5.3M | $50.9M | −$33.3M | −$10.3M | $32.1M | −$48.2M | $22.6M | $44.6M | −$56.5M |
| Depreciation & amortization | $10.1M | $10.7M | $10.7M | $9.5M | $10.3M | $10.3M | $10.1M | $10.6M | $9.1M | $10.1M | $9.3M | $9.6M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $29.6M | −$9.6M |
| Change in working capital | $13.3M | −$7.5M | $4.0M | $9.3M | −$12.3M | $5.9M | −$5.9M | $1.3M | −$9.0M | $6.6M | −$8.5M | $6.0M |
| Other non-cash items | −$48.8M | $31.7M | $52.9M | $17.7M | −$6.7M | $33.0M | $24.0M | −$33.3M | $49.9M | −$20.1M | −$50.8M | $67.7M |
| Cash from operating activities | $14.6M | $20.3M | $17.8M | $31.2M | $42.1M | $15.8M | $18.0M | $10.8M | $1.8M | $19.1M | $24.3M | $17.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$6.7M | −$7.0M | −$11.4M | −$8.9M | −$2.7M | −$7.3M | −$7.1M | −$7.1M | −$11.8M | −$4.6M | −$6.5M | −$6.4M |
| Investments (net) | −$149.8M | −$46.2M | $23.3M | −$9.0M | −$7.3M | −$19.9M | −$52.5M | −$15.3M | −$8.3M | −$11.2M | −$9.9M | −$27.8M |
| Acquisitions & other investing | $13.2M | −$42.0M | −$41.1M | $8.9M | $2.7M | $7.3M | $7.1M | $7.1M | $11.8M | $4.6M | $6.5M | $6.4M |
| Cash from investing activities | −$143.2M | −$95.1M | −$29.3M | −$9.0M | −$7.3M | −$19.9M | −$52.5M | −$15.3M | −$8.3M | −$11.2M | −$9.9M | −$27.8M |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | −$3.0M | −$8.8M | $9.7M | $217.5M | −$30.8M | $2.0M | $34.6M | $7.6M | — | — | — | $13.9M |
| Shares issued | $0 | $14.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $54,000 | −$54,000 | −$1.9M | $0 | $0 | $0 | $0 | $0 | −$1.3M | −$1.4M | −$20.5M | $0 |
| Cash from financing activities | −$3.0M | $6.1M | $7.8M | $217.5M | −$30.8M | $2.0M | $34.6M | $7.6M | −$1.3M | −$1.4M | −$20.5M | $13.9M |
| Summary | ||||||||||||
| Net change in cash | −$131.7M | −$68.7M | −$3.7M | $239.7M | $4.1M | −$2.1M | $202,000 | $3.0M | −$7.8M | $6.5M | −$5.9M | $3.1M |
| Cash at end of period | $69.1M | $200.8M | $269.5M | $273.2M | $32.8M | $29.4M | $31.4M | $31.2M | $28.3M | $34.5M | $28.1M | $35.6M |
| Free cash flow | $7.9M | $13.4M | $6.4M | $22.3M | $39.4M | $8.5M | $10.9M | $3.7M | −$10.0M | $14.5M | $17.8M | $10.8M |
| Free cash flow margin | 7.3% | 13.7% | 6.4% | 22.4% | 39.2% | 8.9% | 12.0% | 4.1% | −11.0% | 16.2% | 19.7% | 11.9% |
| Capex / revenue | 6.1% | 7.1% | 11.4% | 9.0% | 2.7% | 7.7% | 7.8% | 7.8% | 13.0% | 5.1% | 7.2% | 7.0% |
| Operating cash flow / net income | 0.37 | — | — | — | 0.83 | — | — | 0.33 | — | 0.85 | 0.54 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BH-A cash generation
In fiscal 2025 (ended December 31, 2025), Biglari Holdings generated $107.0 million of cash from operations (up 115.4%) and spent $30.4 million on capital expenditures, leaving free cash flow of $76.6 million, 19.4% of revenue. Cash and equivalents rose by $238.1 million over the year.
Related: BH-A income statement, BH-A balance sheet. See the BH-A stock overview for the latest quote and news.
BH-A cash flow FAQ
What is Biglari Holdings's free cash flow?
Biglari Holdings's free cash flow was $76.6 million in fiscal 2025: $107.0 million of operating cash flow minus $30.4 million of capital expenditures It was $19.1 million a year earlier..
How much cash does Biglari Holdings generate from operations?
Biglari Holdings generated $107.0 million of cash from operating activities in fiscal 2025.
How much does Biglari Holdings spend on capital expenditures?
Biglari Holdings spent $30.4 million on capital expenditures in fiscal 2025, 7.7% of revenue, compared with $30.6 million the year before.