{"filings":[{"id":95023,"accession_number":"0001628280-26-032884","cik":1726173,"company_name":"Biglari Holdings Inc.","ticker":"BH-A","form_type":"8-K","filed_at":"2026-05-08T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Biglari Holdings posts Q1 pre-tax operating loss of $4.1M vs profit of $10M year ago","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Pre-tax operating loss of $4.1M in Q1 2026 compared to profit of $10.0M in Q1 2025.","Net loss of $14.5M ($33.3M loss prior year) includes investment losses of $14.7M.","Book value per Class A equivalent share: $2,006.69 as of March 31, 2026.","Company says operating businesses are best analyzed before investment gains."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":97481000.0,"consensus_period":"2026-Q1","consensus_source":"xbrl_only","sentiment":"negative","materiality_score":0.6,"calibrated_materiality_score":0.6,"market_cap_usd":888071510.1482687,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":95022,"accession_number":"0001628280-26-024565","cik":1726173,"company_name":"Biglari Holdings Inc.","ticker":"BH-A","form_type":"8-K","filed_at":"2026-04-10T23:59:59+00:00","items":["5.07"],"status":"ready","headline":"Biglari Holdings shareholders elect all five director nominees and ratify Deloitte as auditor for 2026","summary_kind":"llm","event_type":"other","confidence":"high","bullets":["All five directors elected with votes for ranging from 168,605 to 171,200; broker non-votes 7,763.","Ratification of Deloitte & Touche as independent auditor for 2026 passed with 198,645 for, 1,261 against, 197 abstain.","Meeting held April 8, 2026; approximately 95% of outstanding Class A common shares voted.","No material changes to board composition or auditor; routine annual meeting outcome."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.1,"calibrated_materiality_score":0.1,"market_cap_usd":888071510.1482687,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":107798,"accession_number":"0001628280-26-012988","cik":1726173,"company_name":"Biglari Holdings Inc.","ticker":"BH-A","form_type":"8-K","filed_at":"2026-03-02T23:59:59+00:00","items":["2.02","7.01","9.01"],"status":"ready","headline":"Biglari Holdings posts Q4 pre-tax operating loss; full-year earnings down 42%","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Q4 2025 pre-tax operating loss of $1.7M vs profit $3.9M in Q4 2024; net loss attributable to shareholders $49.9M.","Full-year 2025 pre-tax operating earnings $18.8M, down from $32.6M in 2024; net loss $37.5M.","Book value per Class A equivalent share $2,059.32 at Dec 31, 2025.","Company downplays investment fluctuations, advises focusing on operating earnings before investment gains."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"market_cap_usd":888071510.1482687,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":124200,"accession_number":"0001628280-25-053527","cik":1726173,"company_name":"Biglari Holdings Inc.","ticker":"BH-A","form_type":"8-K","filed_at":"2025-11-21T23:59:59+00:00","items":["7.01"],"status":"ready","headline":"Biglari Holdings reports Steak 'n Shake same-store sales growth >15% in Q4 to date; book value $2,244.26/share","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Book value per Class A equivalent share $2,244.26 as of Sep 30, 2025 (Class B $448.85).","Stock trades at a discount to book value; affiliates may purchase additional shares.","Steak n Shake U.S. same-store sales growth exceeds 15% for fourth quarter to date (company-operated and franchise-partner stores)."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.6,"calibrated_materiality_score":0.6,"market_cap_usd":888071510.1482687,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":124199,"accession_number":"0001628280-25-050625","cik":1726173,"company_name":"Biglari Holdings Inc.","ticker":"BH-A","form_type":"8-K","filed_at":"2025-11-07T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Biglari Holdings reports Q3 net loss of $5.3M; operating earnings improve, Steak n Shake sales up 15%","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Q3 net loss of $5.3M vs net earnings of $32.1M a year ago, driven by $14.4M investment loss.","Pre-tax operating earnings rose to $6.9M from $3.3M YoY.","First nine months net earnings of $12.4M vs $6.5M; operating earnings down to $20.5M from $28.7M.","Steak n Shake domestic same-store sales increased 15.0% in Q3.","Book value per Class A equivalent share was $2,244.26 at Sep 30, 2025."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":295392000.0,"consensus_period":"2025-Q3","consensus_source":"xbrl_only","sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"market_cap_usd":888071510.1482687,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":124198,"accession_number":"0001628280-25-044299","cik":1726173,"company_name":"Biglari Holdings Inc.","ticker":"BH-A","form_type":"8-K","filed_at":"2025-10-06T23:59:59+00:00","items":["1.01","2.03"],"status":"ready","headline":"Biglari Holdings subsidiary Steak n Shake takes $225M loan at 8.80%, terminates $75M line","summary_kind":"llm","event_type":"debt","confidence":"high","bullets":["Steak n Shake borrowed $225M on Sept 30, 2025; 5-year term, fixed rate 8.80%.","Loan amortizes at 3% per annum; proceeds distributed to Biglari Holdings.","Biglari Holdings terminated a $75M line of credit on the same date."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.7,"calibrated_materiality_score":0.7,"market_cap_usd":888071510.1482687,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":124197,"accession_number":"0001628280-25-043276","cik":1726173,"company_name":"Biglari Holdings Inc.","ticker":"BH-A","form_type":"8-K","filed_at":"2025-10-01T23:59:59+00:00","items":["7.01"],"status":"ready","headline":"Steak n Shake reports ~15% same-store sales growth for Q3 fiscal 2025","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Same-store sales rose ~15% for U.S. operations (company-operated and franchise-partner stores) in the third fiscal quarter.","Metric disclosed by Steak n Shake (Biglari Holdings subsidiary) in a presentation to potential franchisees.","Positive momentum in core burger chain under Biglari's ownership."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.65,"calibrated_materiality_score":0.65,"market_cap_usd":888071510.1482687,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":140860,"accession_number":"0001628280-25-039268","cik":1726173,"company_name":"Biglari Holdings Inc.","ticker":"BH-A","form_type":"8-K","filed_at":"2025-08-08T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Biglari Holdings Q2 pre-tax operating earnings fall 81% to $3.7M; net profit of $50.9M vs loss","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Pre-tax operating earnings of $3.7M in Q2, down from $19.7M a year ago; H1 total $13.7M vs $25.4M.","Net earnings of $50.9M (Q2) and $17.7M (H1) driven by investment gains of $61.4M and $10.3M.","Steak n Shake same-store sales rose 10.7% for both company and franchise restaurants in Q2.","Management urges focus on operating earnings, not investment fluctuations, which are deemed not meaningful."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":195654000.0,"consensus_period":"2025-Q2","consensus_source":"xbrl_only","sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"market_cap_usd":888071510.1482687,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":158602,"accession_number":"0001726173-25-000032","cik":1726173,"company_name":"Biglari Holdings Inc.","ticker":"BH-A","form_type":"8-K","filed_at":"2025-05-09T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Biglari Holdings reports Q1 net loss of $33.3M on investment losses; operating earnings improve","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Pre-tax operating earnings rose to $9.99M from $5.70M in Q1 2024, up 75%.","Investment losses of $51.2M swung from $23.7M gains in prior year, driving net loss.","Net loss of $33.3M compared to net earnings of $22.6M a year earlier.","Company downplays quarterly investment fluctuations as not meaningful; focuses on operating results."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":95035000.0,"consensus_period":"2025-Q1","consensus_source":"xbrl_only","sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"market_cap_usd":888071510.1482687,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":158601,"accession_number":"0001726173-25-000023","cik":1726173,"company_name":"Biglari Holdings Inc.","ticker":"BH-A","form_type":"8-K","filed_at":"2025-04-17T23:59:59+00:00","items":["5.07"],"status":"ready","headline":"Biglari Holdings shareholders elect all directors, ratify Deloitte, approve say-on-pay every 3 years","summary_kind":"llm","event_type":"other","confidence":"high","bullets":["All 5 director nominees elected: Sardar Biglari (168,388 for), Cooley, Cooper, Cardwell, Person.","Deloitte & Touche ratified as auditor for 2025 with 197,431 for, 386 against.","Non-binding advisory vote on executive compensation passed 189,048 to 525.","Shareholders selected a triennial frequency for future advisory votes on executive compensation.","Board set next say-on-pay vote in 3 years based on the advisory vote result."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.25,"calibrated_materiality_score":0.15,"market_cap_usd":888071510.1482687,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":177007,"accession_number":"0001726173-25-000006","cik":1726173,"company_name":"Biglari Holdings Inc.","ticker":"BH-A","form_type":"8-K","filed_at":"2025-03-03T23:59:59+00:00","items":["2.02","7.01","9.01"],"status":"ready","headline":"Biglari Holdings reports Q4 net loss of $10.3M; full-year operating earnings fall 25%","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Q4 2024 pre-tax operating earnings $3.9M vs $3.8M in Q4 2023; full-year $32.6M down from $43.2M.","Net loss attributable to shareholders was $10.3M in Q4 and $3.8M for full year 2024.","Investment losses of $21.9M in Q4 and $40.7M for the year drove the net loss.","Annual letter from Sardar Biglari posted at www.biglariholdings.com alongside 10-K."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"market_cap_usd":888071510.1482687,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":193788,"accession_number":"0001726173-24-000042","cik":1726173,"company_name":"Biglari Holdings Inc.","ticker":"BH-A","form_type":"8-K","filed_at":"2024-11-08T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Biglari Holdings Q3 operating earnings drop 84% to $3.3M; net earnings swing to positive","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Pre-tax operating earnings of $3.27M in Q3 2024 vs $20.30M in Q3 2023, down 84%.","Net earnings attributable to shareholders of $32.1M in Q3 2024 vs loss of $56.5M in Q3 2023.","Nine-month pre-tax operating earnings of $28.7M vs $39.4M in prior-year period.","Investment gains of $40.1M in Q3 2024 reversed prior-year losses of $94.3M.","Company advises investors to review full 10-Q for complete results."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":270999000.0,"consensus_period":"2024-Q3","consensus_source":"xbrl_only","sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"market_cap_usd":888071510.1482687,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":210118,"accession_number":"0001726173-24-000036","cik":1726173,"company_name":"Biglari Holdings Inc.","ticker":"BH-A","form_type":"8-K","filed_at":"2024-08-09T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Biglari Holdings Q2 pre-tax operating earnings rise to $19.7M; net loss of $48.2M on investment losses","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Pre-tax operating earnings of $19.7M in Q2 2024 vs $10.0M in Q2 2023, up 96%.","Net loss attributable to shareholders of $48.2M in Q2 2024 vs net income of $1.9M in prior year.","First six months 2024: net loss of $25.6M, compared to net income of $66.8M in 2023.","Investment losses of $82.6M in Q2 2024 drove net loss; management advises focusing on operating earnings.","First six months operating earnings of $25.4M vs $19.1M in 2023, up 33%."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":180592000.0,"consensus_period":"2024-Q2","consensus_source":"xbrl_only","sentiment":"negative","materiality_score":0.65,"calibrated_materiality_score":0.65,"market_cap_usd":888071510.1482687,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":228358,"accession_number":"0001726173-24-000028","cik":1726173,"company_name":"Biglari Holdings Inc.","ticker":"BH-A","form_type":"8-K","filed_at":"2024-05-10T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Biglari Holdings Q1 net earnings fall to $22.6M from $64.9M YoY; operating earnings drop to $5.7M","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Pre-tax operating earnings of $5.7M, down from $9.0M in Q1 2023.","Investment gains of $23.7M, compared to $76.2M in prior-year quarter.","Net earnings attributable to shareholders of $22.6M, a 65% decline YoY.","Income taxes and noncontrolling interest totaled $6.8M.","Company advises shareholders to review 10-Q for full details."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":89451000.0,"consensus_period":"2024-Q1","consensus_source":"xbrl_only","sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"market_cap_usd":888071510.1482687,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":228357,"accession_number":"0001726173-24-000023","cik":1726173,"company_name":"Biglari Holdings Inc.","ticker":"BH-A","form_type":"8-K","filed_at":"2024-04-18T23:59:59+00:00","items":["5.07"],"status":"ready","headline":"Biglari Holdings shareholders re-elect all five directors, reject shareholder proposal","summary_kind":"llm","event_type":"other","confidence":"high","bullets":["All five director nominees elected: Sardar Biglari (163,353 for), Cooley, Cooper, Cardwell, Person.","Deloitte & Touche ratified as auditor: 193,897 for vs 1,754 against.","Shareholder proposal by The Accountability Board defeated: 2,161 for, 167,587 against.","Broker non-votes: 10,881 on director election and shareholder proposal."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.1,"calibrated_materiality_score":0.1,"market_cap_usd":888071510.1482687,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null}],"next_cursor":null}