---
schema_version: "secwatch.filing_event.v1"
accession: "0001726173-21-000028"
form_type: "8-K"
ticker: "BH-A"
cik: "0001726173"
company_name: "Biglari Holdings Inc."
filed_at: "2021-08-06T23:59:59+00:00"
generated_at: "2026-06-29T20:44:36.893234+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Biglari Holdings Q2 operating earnings $8.4M; net loss $20.7M on investment losses

## Summary
- Pre-tax operating earnings for Q2 2021 were $8.4 million, compared to a loss of $3.5 million in Q2 2020.
- Net loss for Q2 2021 was $20.7 million, versus net earnings of $42.5 million a year ago, driven by investment losses.
- For first six months of 2021, pre-tax operating earnings were $17.3 million vs loss of $9.5 million in 2020.
- Six-month net earnings were $51.0 million compared to net loss of $95.4 million in 2020.
- The company cautions that quarterly fluctuations in investments are not meaningful; focus is on operating businesses.

## SEC filing metadata
- accession: 0001726173-21-000028
- form_type: 8-K
- ticker: BH-A
- cik: 0001726173
- company_name: Biglari Holdings Inc.
- filed_at: 2021-08-06T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- 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/1726173/000172617321000028/0001726173-21-000028-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1726173/000172617321000028/bh-20210806.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001726173-21-000028
- JSON: https://secwatch.observer/filing/0001726173-21-000028.json
- Plain text: https://secwatch.observer/filing/0001726173-21-000028.txt

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