---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-26-012988"
form_type: "8-K"
ticker: "BH-A"
cik: "0001726173"
company_name: "Biglari Holdings Inc."
filed_at: "2026-03-02T23:59:59+00:00"
generated_at: "2026-05-15T22:41:36.659364+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Biglari Holdings posts Q4 pre-tax operating loss; full-year earnings down 42%

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-26-012988
- form_type: 8-K
- ticker: BH-A
- cik: 0001726173
- company_name: Biglari Holdings Inc.
- filed_at: 2026-03-02T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1726173/000162828026012988/0001628280-26-012988-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1726173/000162828026012988/bh-20260228.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-26-012988
- JSON: https://secwatch.observer/filing/0001628280-26-012988.json
- Plain text: https://secwatch.observer/filing/0001628280-26-012988.txt

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