---
schema_version: "secwatch.filing_event.v1"
accession: "0001726173-21-000034"
form_type: "8-K"
ticker: "BH-A"
cik: "0001726173"
company_name: "Biglari Holdings Inc."
filed_at: "2021-11-05T23:59:59+00:00"
generated_at: "2026-06-28T12:14:53.395934+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Biglari Holdings posts Q3 2021 pre-tax operating profit of $754K, net loss of $10.7M on investment losses

## Summary
- Pre-tax operating earnings improved to $754K in Q3 2021 from ($854K) loss a year ago.
- Net loss of $10.7M for Q3 due to $15.7M investment losses; nine-month net earnings $40.3M.
- First nine months pre-tax operating earnings $18.0M vs ($10.4M) loss in same period of 2020.
- Operating results are presented separately from investment gains, which company deems not meaningful for quarterly analysis.

## SEC filing metadata
- accession: 0001726173-21-000034
- form_type: 8-K
- ticker: BH-A
- cik: 0001726173
- company_name: Biglari Holdings Inc.
- filed_at: 2021-11-05T23:59:59+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/1726173/000172617321000034/0001726173-21-000034-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1726173/000172617321000034/bh-20211105.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001726173-21-000034
- JSON: https://secwatch.observer/filing/0001726173-21-000034.json
- Plain text: https://secwatch.observer/filing/0001726173-21-000034.txt

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