{"schema_version":"secwatch.filing_event.v1","accession":"0001628280-25-039268","form_type":"8-K","ticker":"BH-A","cik":"0001726173","company_name":"Biglari Holdings Inc.","filed_at":"2025-08-08T23:59:59+00:00","discovered_at":"2026-05-14T18:02:44.812259+00:00","generated_at":"2026-05-17T16:41:43.442143+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"Biglari Holdings Q2 pre-tax operating earnings fall 81% to $3.7M; net profit of $50.9M vs loss","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."],"urls":{"canonical":"https://secwatch.observer/filing/0001628280-25-039268","json":"https://secwatch.observer/filing/0001628280-25-039268.json","markdown":"https://secwatch.observer/filing/0001628280-25-039268.md","text":"https://secwatch.observer/filing/0001628280-25-039268.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1726173/000162828025039268/0001628280-25-039268-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1726173/000162828025039268/bh-20250808.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T16:41:43.442143+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}