---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-050625"
form_type: "8-K"
ticker: "BH-A"
cik: "0001726173"
company_name: "Biglari Holdings Inc."
filed_at: "2025-11-07T23:59:59+00:00"
generated_at: "2026-05-16T23:05:50.840147+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Biglari Holdings reports Q3 net loss of $5.3M; operating earnings improve, Steak n Shake sales up 15%

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-25-050625
- form_type: 8-K
- ticker: BH-A
- cik: 0001726173
- company_name: Biglari Holdings Inc.
- filed_at: 2025-11-07T23:59:59+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/1726173/000162828025050625/0001628280-25-050625-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1726173/000162828025050625/bh-20251107.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-050625
- JSON: https://secwatch.observer/filing/0001628280-25-050625.json
- Plain text: https://secwatch.observer/filing/0001628280-25-050625.txt

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