---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-26-032884"
form_type: "8-K"
ticker: "BH-A"
cik: "0001726173"
company_name: "Biglari Holdings Inc."
filed_at: "2026-05-08T23:59:59+00:00"
generated_at: "2026-05-14T21:08:50.779262+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Biglari Holdings posts Q1 pre-tax operating loss of $4.1M vs profit of $10M year ago

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-26-032884
- form_type: 8-K
- ticker: BH-A
- cik: 0001726173
- company_name: Biglari Holdings Inc.
- filed_at: 2026-05-08T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1726173/000162828026032884/0001628280-26-032884-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1726173/000162828026032884/bh-20260508.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-26-032884
- JSON: https://secwatch.observer/filing/0001628280-26-032884.json
- Plain text: https://secwatch.observer/filing/0001628280-26-032884.txt

## Source-grounded claims
- claim_id: e9ce6a5e45194bba22445ef3e0f0f5ac96acd300
  claim: Biglari Holdings Inc. reported first quarter of 2026 results: net income $ (14,531).
  evidence_excerpt: in thousands) First Quarter 2026 2025 Pre-tax operating earnings $ (4,141) $ 9,994 Investment gains (losses) (14,741) (51,177) Income taxes 4,351 7,908 Net earnings (loss) $ (14,531) $ (33,275) Analysis of Results : Investments affect our reported quarterly earnings based on their carrying value. We do not regard the quarterly or annual fluctuations in our
  evidence_url: https://www.sec.gov/Archives/edgar/data/1726173/000162828026032884/0001628280-26-032884-index.htm

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