---
schema_version: "secwatch.filing_event.v1"
accession: "0001726173-23-000045"
form_type: "8-K"
ticker: "BH-A"
cik: "0001726173"
company_name: "Biglari Holdings Inc."
filed_at: "2023-11-03T23:59:59+00:00"
generated_at: "2026-06-08T22:34:43.820380+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Biglari Holdings Q3 pre-tax operating earnings up 58% to $20.3M; net loss of $56.5M on investment losses

## Summary
- Pre-tax operating earnings for Q3 2023: $20.3M, up 58% from $12.8M in Q3 2022.
- Net loss attributable to shareholders in Q3 2023: $56.5M, vs net earnings of $32.0M a year ago.
- Investment losses in Q3 2023 totaled $94.3M, compared with gains of $28.8M in Q3 2022.
- For first nine months 2023, pre-tax operating earnings $39.4M (up 27% from $31.1M).
- Nine-month net earnings attributable to shareholders: $10.3M, vs net loss of $42.1M in 2022.

## SEC filing metadata
- accession: 0001726173-23-000045
- form_type: 8-K
- ticker: BH-A
- cik: 0001726173
- company_name: Biglari Holdings Inc.
- filed_at: 2023-11-03T23:59:59+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/1726173/000172617323000045/0001726173-23-000045-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1726173/000172617323000045/bh-20231103.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001726173-23-000045
- JSON: https://secwatch.observer/filing/0001726173-23-000045.json
- Plain text: https://secwatch.observer/filing/0001726173-23-000045.txt

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