---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-26-054846"
form_type: "8-K"
ticker: "BH-A"
cik: "0001726173"
company_name: "Biglari Holdings Inc."
filed_at: "2026-08-07T20:15:38+00:00"
generated_at: "2026-08-07T20:17:22.119344+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Biglari Q2 net earnings $39.9M, down from $50.9M; Steak n Shake comps up 13.8%

## Summary
- Q2 pre-tax operating earnings $6.3M vs $3.7M year ago; six-month operating earnings $2.1M vs $13.7M.
- Q2 net earnings $39.9M vs $50.9M; six-month net earnings $25.4M vs $17.7M.
- Investment gains $45.3M in Q2 vs $61.4M prior year; six-month gains $30.6M vs $10.3M.
- Steak n Shake same-store sales up 13.8% in Q2 for company-operated and franchise restaurants.

## SEC filing metadata
- accession: 0001628280-26-054846
- form_type: 8-K
- ticker: BH-A
- cik: 0001726173
- company_name: Biglari Holdings Inc.
- filed_at: 2026-08-07T20:15:38+00:00
- event_type: earnings
- sentiment: neutral
- 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/1726173/000162828026054846/0001628280-26-054846-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1726173/000162828026054846/bh-20260807.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-26-054846
- JSON: https://secwatch.observer/filing/0001628280-26-054846.json
- Plain text: https://secwatch.observer/filing/0001628280-26-054846.txt

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