---
schema_version: "secwatch.filing_event.v1"
accession: "0001726173-22-000034"
form_type: "8-K"
ticker: "BH-A"
cik: "0001726173"
company_name: "Biglari Holdings Inc."
filed_at: "2022-11-04T23:59:59+00:00"
generated_at: "2026-06-22T07:10:00.638134+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Biglari Holdings Q3 operating earnings jump to $12.8M from $0.8M YoY; net earnings $32.0M

## Summary
- Q3 2022 pre-tax operating earnings $12.8M vs $0.8M in Q3 2021, a significant increase.
- Q3 2022 net earnings $32.0M vs net loss of $10.7M in prior-year quarter.
- First nine months 2022 operating earnings $31.1M vs $18.0M; net loss of $42.1M due to $86.4M investment losses.
- Company separates operating results from investment gains, calling quarterly fluctuations not meaningful.

## SEC filing metadata
- accession: 0001726173-22-000034
- form_type: 8-K
- ticker: BH-A
- cik: 0001726173
- company_name: Biglari Holdings Inc.
- filed_at: 2022-11-04T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1726173/000172617322000034/0001726173-22-000034-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1726173/000172617322000034/bh-20221104.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001726173-22-000034
- JSON: https://secwatch.observer/filing/0001726173-22-000034.json
- Plain text: https://secwatch.observer/filing/0001726173-22-000034.txt

## Key facts
- Earnings Releases
  Biglari Holdings Inc. reported third quarter ended September 30, 2022 results: net income $ 32,005.
  - Period: third quarter ended September 30, 2022
  - Net income: $ 32,005
  - Result: reported results
  source text: Net earnings (loss) attributable to Biglari Holdings shareholders $ 32,005 $ (10,669) $ (42,073) $ 40,301
  evidence_url: https://www.sec.gov/Archives/edgar/data/1726173/000172617322000034/0001726173-22-000034-index.htm
- Earnings Releases
  Biglari Holdings Inc. reported first nine months of 2022 results: net income $ (42,073).
  - Period: first nine months of 2022
  - Net income: $ (42,073)
  - Result: reported results
  source text: Net earnings (loss) attributable to Biglari Holdings shareholders $ 32,005 $ (10,669) $ (42,073) $ 40,301
  evidence_url: https://www.sec.gov/Archives/edgar/data/1726173/000172617322000034/0001726173-22-000034-index.htm

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