---
schema_version: "secwatch.filing_event.v1"
accession: "0001726173-23-000010"
form_type: "8-K"
ticker: "BH-A"
cik: "0001726173"
company_name: "Biglari Holdings Inc."
filed_at: "2023-02-27T23:59:59+00:00"
generated_at: "2026-06-18T23:48:57.949982+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Biglari Holdings reports Q4 net income of $10M; full-year net loss of $32M on investment losses

## Summary
- Q4 2022 pre-tax operating earnings $5.2M vs $6.9M in Q4 2021.
- Full-year 2022 pre-tax operating earnings $36.3M vs $24.9M in 2021.
- Full-year net loss attributable to shareholders $32.0M vs profit $35.5M in 2021.
- Investment losses of $79.3M in 2022 vs gains of $17.4M in 2021.
- Annual report posted at www.biglariholdings.com with Sardar Biglari's letter.

## SEC filing metadata
- accession: 0001726173-23-000010
- form_type: 8-K
- ticker: BH-A
- cik: 0001726173
- company_name: Biglari Holdings Inc.
- filed_at: 2023-02-27T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1726173/000172617323000010/0001726173-23-000010-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1726173/000172617323000010/bh-20230225.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001726173-23-000010
- JSON: https://secwatch.observer/filing/0001726173-23-000010.json
- Plain text: https://secwatch.observer/filing/0001726173-23-000010.txt

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