---
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"
generated_at: "2026-05-17T16:41:43.442143+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Biglari Holdings Q2 pre-tax operating earnings fall 81% to $3.7M; net profit of $50.9M vs loss

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-039268
- JSON: https://secwatch.observer/filing/0001628280-25-039268.json
- Plain text: https://secwatch.observer/filing/0001628280-25-039268.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.