---
schema_version: "secwatch.filing_event.v1"
accession: "0001726173-23-000038"
form_type: "8-K"
ticker: "BH-A"
cik: "0001726173"
company_name: "Biglari Holdings Inc."
filed_at: "2023-08-04T23:59:59+00:00"
generated_at: "2026-06-12T06:09:28.608850+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Biglari Holdings Q2 operating earnings down 18.5% to $10.0M; net income swings to $1.9M on investment gains

## Summary
- Q2 pre-tax operating earnings $10.0M, down from $12.3M in Q2 2022 (-18.5%).
- Net earnings attributable to shareholders: $1.9M in Q2 vs $(73.8M) loss a year ago, driven by investment gains.
- First six months net earnings $66.8M vs $(74.1M) loss; investment gains of $69.1M drove the swing.
- Company directs focus to operating earnings before investment gains, which it views as not meaningful due to volatility.

## SEC filing metadata
- accession: 0001726173-23-000038
- form_type: 8-K
- ticker: BH-A
- cik: 0001726173
- company_name: Biglari Holdings Inc.
- filed_at: 2023-08-04T23:59:59+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/1726173/000172617323000038/0001726173-23-000038-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1726173/000172617323000038/bh-20230804.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001726173-23-000038
- JSON: https://secwatch.observer/filing/0001726173-23-000038.json
- Plain text: https://secwatch.observer/filing/0001726173-23-000038.txt

## Key facts
- Earnings Releases
  Biglari Holdings Inc. reported second quarter and first six months ended June 30, 2023 results: net income $1,936.
  - Period: second quarter and first six months ended June 30, 2023
  - Net income: $1,936
  - Result: reported results
  source text: Biglari Holdings Inc. announces its results for the second quarter and first six months of 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1726173/000172617323000038/0001726173-23-000038-index.htm

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