Filing Flows

Filing Flows › Companies › Biglari Holdings › Cash flow

Biglari Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$3.2M in Q3 2026 · $24.8M over twelve months

Operating cash flow$3.2M
Capital spending−$6.4M
Free cash flow−$3.2M
Cash / net income3.2×
Cash conversion cycle-34 days

Analysis

In Q3 2026, Biglari Holdings generated $3.2M of operating cash flow and spent $6.4M on capital projects, leaving free cash flow of −$3.2M. That is $25.5M less than in Q3 2025 ($22.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was $56.3M; the largest uses were other investing ($131M), capital spending ($31.4M), net borrowing (+) / repaid (−) ($21.2M); besides operations, cash came from other financing ($58.3M), asset & business sales ($9.5M); the cash balance fell by $59.6M.

Operating cash flow was $3.2M against net income of $1.0M — 3.2× profit, cash ran ahead of reported earnings. The largest differences: payables −$14.9M, depreciation & amortization +$10.1M, gains on disposals −$418K.

Its cash conversion cycle was -34 days (receivables 21 + inventory 9 − payables 63): suppliers fund its working capital.

Free cash flow

Biglari Holdings: free cash flow by quarterBiglari Holdings: free cash flow by quarter$10.9MQ4 2024$8.5MQ1 2025$39.4MQ2 2025$22.3MQ3 2025$6.4MQ4 2025$13.4MQ1 2026$8.3MQ2 2026−$3.2MQ3 2026
Operating cash flow less capital spending.
Biglari Holdings: operating cash flow against capital spendingBiglari Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$18.0M$7.1MQ4 2024$15.8M$7.3MQ1 2025$42.1M$2.7MQ2 2025$31.2M$8.9MQ3 2025$17.8M$11.4MQ4 2025$20.3M$7.0MQ1 2026$14.9M$6.7MQ2 2026$3.2M$6.4MQ3 2026
Latest (Q3 2026): Operating cash flow $3.2M, Capital spending $6.4M.

Capital allocation, year by year

Biglari Holdings: where the cash came from (up) and went (down), by fiscal yearBiglari Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $229MFY2021: Net borrowing −$150MFY2021: Asset sales $10.1MFY2021: Capital spending −$64.5M$239MFY2021FY2022: Operating cash flow $128MFY2022: Net borrowing $10.0MFY2022: Asset sales $5.3MFY2022: Capital spending −$29.7MFY2022: Acquisitions −$58.3M$143MFY2022FY2023: Operating cash flow $73.0MFY2023: Net borrowing −$10.0MFY2023: Asset sales $24.6MFY2023: Capital spending −$23.4M$97.6MFY2023FY2024: Operating cash flow $49.7MFY2024: Net borrowing $45.0MFY2024: Asset sales $29.1MFY2024: Capital spending −$30.6M$124MFY2024FY2025: Operating cash flow $107MFY2025: Net borrowing $204MFY2025: Asset sales $21.0MFY2025: Capital spending −$30.4M$332MFY2025
Over these 5 years operating cash flow totalled $586M; the largest uses were capital spending ($179M) and net borrowing ($160M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$213M
Debt$215M
Net debt$1.7M

Biglari Holdings funds itself: free cash flow was $24.8M over the last twelve months, and $213M of cash and investments stands against $215M of debt.

Where the cash came from and went

Biglari Holdings: sources (+) and uses (−) of cash, Q3 2026Biglari Holdings: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$144MOther investing$121MShares issued$51.6MNet borrowing (+) / repaid (−)−$23.6MCapital spending−$6.4MOperating cash flow$3.2MOther financing−$1.4MAsset & business sales$375KExchange rates$9K
Biglari Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Biglari Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$131MCash drawn (+) / kept (−)$59.6MOther financing$58.3MOperating cash flow$56.3MCapital spending−$31.4MNet borrowing (+) / repaid (−)−$21.2MAsset & business sales$9.5MExchange rates−$24K

From profit to cash

Biglari Holdings: net income to operating cash flow, Q3 2026Biglari Holdings: net income to operating cash flow, Q3 2026Net income$1.0MDepreciation & amortization$10.1MGains on disposals−$418KPayables−$14.9MOperating cash flow$3.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202621963-34
Q2 202621869-40
Q1 202622980-49
Q4 202521868-39
Q3 202520959-30
Q2 2025201061-31
Q1 2025231067-35
Q4 2024241070-37

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$3.2M−$6.4M−$23.6M$51.6M−$144M−$3.2M
Q2 2026$14.9M−$6.7M−$1.7M—$132M$8.3M
Q1 2026$20.3M−$7.0M−$8.2M$14.9M$68.7M$13.4M
Q4 2025$17.8M−$11.4M$11.1M—$3.7M$6.4M
Q3 2025$31.2M−$8.9M−$4.0M—−$240M$22.3M
Q2 2025$42.1M−$2.7M−$29.4M—−$4.1M$39.4M
Q1 2025$15.8M−$7.3M$3.4M—$2.1M$8.5M
Q4 2024$18.0M−$7.1M$36.0M—−$202K$10.9M

Biglari Holdings: income statement and cash flow

Biglari Holdings, Q3 2026: revenue $112M (+12% year over year), operating margin 8.8%. The chart follows the revenue to costs, profit and cash.

Biglari Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.