Biglari Holdings Inc. (BH) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 20.33M | 17.77M | 31.25M | 42.15M | 15.79M | 18M | 10.76M | 1.78M | 19.13M | 24.33M | 17.16M | 11.6M | 19.92M | 28.07M | 65.55M | 13.11M | 21.09M | 17.52M | 24.04M | 21.91M |
| Operating CF Margin % | 20.86% | 17.79% | 31.33% | 41.89% | 16.62% | 19.75% | 11.9% | 1.96% | 21.38% | 26.83% | 18.87% | 12.4% | 22.09% | 28.51% | 71.22% | 14.2% | 24.71% | 17.71% | 29.28% | 24.13% |
| Operating CF Growth % | 28.72% | -1.24% | 190.53% | 2261.18% | -17.41% | -26.03% | -37.32% | -84.61% | -4.01% | -13.34% | -73.82% | -11.57% | -5.54% | 60.2% | 172.7% | -40.16% | -87.24% | 56.6% | 212.9% | -54.55% |
| Net Income | -14.53M | -49.85M | -5.29M | 50.93M | -33.27M | -10.27M | 32.13M | -48.19M | 22.58M | 44.64M | -56.51M | 1.94M | 65.54M | 9.73M | 32.04M | -73.78M | -298K | -4.82M | -10.67M | -20.74M |
| Depreciation & Amortization | 10.66M | 10.71M | 9.54M | 10.27M | 10.26M | 0 | 0 | 9.12M | 10.05M | 9.33M | 9.61M | 10.09M | 9.94M | 0 | 8.46M | 7.8M | 7.87M | 7.81M | 7.68M | 7.38M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 3.5M | -10.07M | -12.67M | 20.41M | -9.16M | -5.73M | 8.9M | -15.53M | 3.88M | 12.5M | -22.77M | -1.61M | 18.45M | 6.71M | 6.4M | -23.94M | -4.75M | -11.36M | -2.97M | -3.75M |
| Other Non-Cash Items | 28.23M | 62.99M | 30.39M | -27.15M | 42.12M | 39.86M | -31.57M | 65.43M | -24.02M | -33.67M | 80.87M | 5.33M | -77.04M | 27.56M | 17.15M | 108.79M | 10.8M | 29.4M | 30.13M | 43.18M |
| Working Capital Changes | -7.52M | 3.99M | 9.28M | -12.32M | 5.85M | -5.86M | 1.3M | -9.05M | 6.64M | -8.48M | 5.96M | -4.16M | 3.04M | -15.93M | 1.5M | -5.76M | 7.47M | -3.51M | -135K | -4.16M |
| Change in Receivables | -2.48M | 6.03M | -3.13M | -1.05M | 1.61M | -2.74M | -3.74M | 3.48M | -2.25M | 342K | 452K | 2.98M | 2.01M | -3.9M | 5.95M | -3.34M | 4.63M | -12.93M | 1.57M | -790K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -5.05M | 4.78M | 12.4M | -11.27M | 4.25M | -1.03M | 5.04M | -12.53M | 8.89M | -11.63M | 5.51M | -7.14M | 0 | 0 | -4.45M | -2.42M | 2.83M | 9.29M | -1.71M | -4.28M |
| Cash from Investing | -95.14M | -29.27M | -9.04M | -7.27M | -19.89M | -52.47M | -15.33M | -8.34M | -11.24M | -9.85M | -27.75M | -15.74M | -12.73M | -34.14M | -69.64M | -16.74M | -16.08M | -2.74M | -22.94M | -24.06M |
| Capital Expenditures | -6.97M | -11.4M | -8.95M | -2.7M | -7.3M | -7.1M | -7.07M | -11.83M | -4.6M | -6.5M | -6.35M | -4.63M | -5.93M | -6.31M | -7.02M | -7.12M | -9.29M | -18.06M | -19.65M | -19.39M |
| CapEx % of Revenue | 7.15% | 11.42% | 8.97% | 2.69% | 7.68% | 7.79% | 7.82% | 12.98% | 5.14% | 7.16% | 6.99% | 4.95% | 6.57% | 6.41% | 7.63% | 7.71% | 10.89% | 18.25% | 23.94% | 21.36% |
| Acquisitions | -41.99M | 32.49M | -14.9M | -9.83M | -7.76M | -45.44M | -7.58M | 1.95M | -3.06M | 724K | -32.43M | -11.79M | -2.7M | -28.06M | -59.4M | -16.39M | -3M | -7.5M | 19.65M | -1.8M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -73.63M | 5.49M | 0 | 0 | 3.73M | 3.59M | 0 | 0 | 0 | 10.73M | 7.53M | 2.14M | 3.12M | 2.09M | 0 | 109K | 7.35M | -19.65M | 0 |
| Cash from Financing | 6.06M | 7.81M | 217.5M | -30.78M | 2M | 34.62M | 7.56M | -1.29M | -1.4M | -20.51M | 13.86M | -4.43M | -5.05M | -21.49M | 28.49M | -1.57M | -1.56M | -1.57M | -1.45M | -575K |
| Debt Issued (Net) | -8.81M | -188.72M | 217.5M | -30.78M | 2M | 34.62M | 7.56M | -1.29M | -1.4M | -20.51M | 13.86M | -4.43M | -5.05M | -21.49M | 28.49M | -1.57M | -1.56M | -1.57M | -1.45M | -575K |
| Equity Issued (Net) | 14.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -54K | 196.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -68.71M | -3.7M | 239.72M | 4.1M | -2.06M | 202K | 2.95M | -7.84M | 6.47M | -5.93M | 3.11M | -8.48M | 2.15M | -27.38M | 24.33M | -5.26M | 3.43M | 13.23M | -417K | -2.73M |
| Free Cash Flow | 13.37M | 6.37M | 22.3M | 39.44M | 8.49M | 10.9M | 3.69M | -10.05M | 14.53M | 17.83M | 10.8M | 6.97M | 13.99M | 21.76M | 58.53M | 5.99M | 11.8M | -541K | 4.39M | 2.52M |
| FCF Margin % | 13.71% | 6.38% | 22.36% | 39.2% | 8.94% | 11.96% | 4.08% | -11.02% | 16.24% | 19.67% | 11.88% | 7.45% | 15.52% | 22.1% | 63.59% | 6.49% | 13.82% | -0.55% | 5.35% | 2.77% |
| FCF Growth % | 57.33% | -41.57% | 504.83% | 492.55% | -41.53% | -38.88% | -65.88% | -244.22% | 3.82% | -18.06% | -81.54% | 16.27% | 18.6% | 4122.55% | 1233.47% | 137.87% | -92.53% | -114.3% | -0.81% | -94.36% |
| FCF per Share | 4.26 | 2.05 | 7.19 | 12.71 | 3.73 | 7.79 | 2.63 | -7.17 | 10.24 | 12.45 | 7.48 | 4.78 | 9.59 | 14.72 | 39.91 | 3.97 | 7.75 | -0.35 | 2.78 | 1.56 |
| FCF Conversion (FCF/Net Income) | -1.40x | -0.36x | -5.91x | 0.83x | -0.47x | -1.75x | 0.33x | -0.04x | 0.85x | 0.54x | -0.30x | 5.99x | 0.31x | 2.79x | 2.05x | -0.18x | -70.78x | -3.63x | -2.25x | -1.06x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |