Biglari Holdings Inc.
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 2, 2026
BH-A$1,688.84-6.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities | |||
| Net earnings (loss) | $(37,488) | $(3,759) | $55,539 |
| Adjustments to reconcile net earnings (loss) to operating cash flows: | |||
| Depreciation and amortization | 40,779 | 39,843 | 38,979 |
| Provision for deferred income taxes | (11,483) | (8,489) | 6,567 |
| Asset impairments and other non-cash expenses | 1,489 | 1,107 | 3,947 |
| Gains on sale of assets | (15,615) | (22,796) | (21,241) |
| Investment gains | (528) | (335) | (2,211) |
| Investment partnership (gains) losses | 67,001 | 41,058 | (19,440) |
| Distributions from investment partnerships | 56,000 | 10,000 | 14,500 |
| Changes in receivables and inventories | 3,460 | (5,243) | 5,783 |
| Changes in other assets | (6,814) | (2,094) | 2,810 |
| Changes in accounts payable and accrued expenses | 10,158 | 368 | (12,231) |
| Net cash provided by operating activities | 106,959 | 49,660 | 73,002 |
| Investing activities | |||
| Capital expenditures | (30,353) | (30,594) | (23,405) |
| Proceeds from property and equipment disposals | 20,979 | 29,138 | 24,627 |
| Purchases of noncontrolling interests | — | — | (5,387) |
| Purchases of interests in limited partnerships | (89,115) | (75,938) | (45,030) |
| Purchases of investments | (57,843) | (67,445) | (107,866) |
| Sales of investments and redemptions of fixed maturity securities | 90,862 | 57,451 | 90,981 |
| Net cash used in investing activities | (65,470) | (87,388) | (66,080) |
| Financing activities | |||
| Payments on line of credit | (73,000) | (16,050) | (41,600) |
| Proceeds from line of credit | 55,250 | 61,050 | 31,600 |
| Debt issuance costs | (1,867) | — | — |
| Payments on note payable | (1,125) | — | — |
| Proceeds from note payable, net | 223,000 | — | — |
| Principal payments on direct financing lease obligations | (5,725) | (5,516) | (6,132) |
| Net cash provided by (used in) financing activities | 196,533 | 39,484 | (16,132) |
| Effect of exchange rate changes on cash | 39 | 22 | 59 |
| Increase (decrease) in cash, cash equivalents, and restricted cash | 238,061 | 1,778 | (9,151) |
| Cash, cash equivalents, and restricted cash at beginning of period | 31,432 | 29,654 | 38,805 |
| Cash, cash equivalents, and restricted cash at end of period | $269,493 | $31,432 | $29,654 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash and cash equivalents | $268,782 | $30,709 | $28,066 |
| Restricted cash included in other long-term assets | 711 | 723 | 1,588 |
| Cash, cash equivalents, and restricted cash at end of period | $269,493 | $31,432 | $29,654 |
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