---
schema_version: "secwatch.filing_event.v1"
accession: "0001726173-23-000031"
form_type: "8-K"
ticker: "BH-A"
cik: "0001726173"
company_name: "Biglari Holdings Inc."
filed_at: "2023-05-05T23:59:59+00:00"
generated_at: "2026-06-15T17:11:57.153894+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Biglari Holdings Q1 net earnings $64.9M vs $0.3M loss a year ago; operating earnings up 52%

## Summary
- Pre-tax operating earnings of $9.0M in Q1 2023, up from $6.0M in Q1 2022.
- Net earnings attributable to shareholders of $64.9M, compared to a $0.3M loss in the prior year quarter.
- Investment gains of $76.2M in Q1 2023 versus a $6.4M loss in Q1 2022; company advises these fluctuations are not meaningful for operating analysis.
- Biglari Holdings released its 10-Q and urges shareholders to review it for full details.

## SEC filing metadata
- accession: 0001726173-23-000031
- form_type: 8-K
- ticker: BH-A
- cik: 0001726173
- company_name: Biglari Holdings Inc.
- filed_at: 2023-05-05T23:59:59+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/1726173/000172617323000031/0001726173-23-000031-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1726173/000172617323000031/bh-20230505.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001726173-23-000031
- JSON: https://secwatch.observer/filing/0001726173-23-000031.json
- Plain text: https://secwatch.observer/filing/0001726173-23-000031.txt

## Key facts
- Earnings Releases
  Biglari Holdings Inc. reported the first quarter of 2023 results: net income Net earnings (loss) attributable to Biglari Holdings shareholders $ 64,886.
  - Period: the first quarter of 2023
  - Net income: Net earnings (loss) attributable to Biglari Holdings shareholders $ 64,886
  - Result: reported results
  source text: Biglari Holdings Inc. announces its results for the first quarter of 2023. Biglari Holdings Inc.’s earnings for the first quarter of 2023 and 2022 are summarized below.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1726173/000172617323000031/0001726173-23-000031-index.htm

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