---
schema_version: "secwatch.filing_event.v1"
accession: "0001726173-22-000026"
form_type: "8-K"
ticker: "BH-A"
cik: "0001726173"
company_name: "Biglari Holdings Inc."
filed_at: "2022-08-05T23:59:59+00:00"
generated_at: "2026-06-24T03:24:39.677460+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Biglari Holdings reports Q2 net loss of $73.8M driven by $108.8M investment losses

## Summary
- Pre-tax operating earnings rose to $12.3M in Q2 2022 from $8.4M in Q2 2021.
- Investment losses of $108.8M resulted in net loss of $73.8M vs net loss of $20.7M a year ago.
- First-half 2022 net loss of $74.1M vs net earnings of $51.0M in 2021.
- Company says investment fluctuations are not meaningful for analyzing operating results.

## SEC filing metadata
- accession: 0001726173-22-000026
- form_type: 8-K
- ticker: BH-A
- cik: 0001726173
- company_name: Biglari Holdings Inc.
- filed_at: 2022-08-05T23:59:59+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/1726173/000172617322000026/0001726173-22-000026-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1726173/000172617322000026/bh-20220805.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001726173-22-000026
- JSON: https://secwatch.observer/filing/0001726173-22-000026.json
- Plain text: https://secwatch.observer/filing/0001726173-22-000026.txt

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