---
schema_version: "secwatch.filing_event.v1"
accession: "0001726173-24-000005"
form_type: "8-K"
ticker: "BH-A"
cik: "0001726173"
company_name: "Biglari Holdings Inc."
filed_at: "2024-02-26T23:59:59+00:00"
generated_at: "2026-06-05T15:22:54.110039+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Biglari Holdings Q4 operating earnings $3.8M; FY2023 operating earnings $43.2M (+19% YoY)

## Summary
- Q4 2023 pre-tax operating earnings $3.8M vs $5.2M in Q4 2022, a decline of 27%.
- Full-year 2023 pre-tax operating earnings $43.2M, up from $36.3M in 2022 (+19%).
- Q4 net earnings attributable to shareholders $44.6M ($10.1M in Q4 2022); full-year net earnings $54.9M vs loss of $32.0M.
- Investment gains were $46.9M in Q4 and $21.7M for the full year, reversing prior-year losses.

## SEC filing metadata
- accession: 0001726173-24-000005
- form_type: 8-K
- ticker: BH-A
- cik: 0001726173
- company_name: Biglari Holdings Inc.
- filed_at: 2024-02-26T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1726173/000172617324000005/0001726173-24-000005-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1726173/000172617324000005/bh-20240224.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001726173-24-000005
- JSON: https://secwatch.observer/filing/0001726173-24-000005.json
- Plain text: https://secwatch.observer/filing/0001726173-24-000005.txt

## Key facts
- Earnings Releases
  Biglari Holdings Inc. reported the fourth quarter and year ended December 31, 2023 results: net income $44,640.
  - Period: the fourth quarter and year ended December 31, 2023
  - Net income: $44,640
  - Result: reported results
  source text: On February 24, 2024, Biglari Holdings Inc. (the "Company") issued a press release announcing the Company’s earnings for the fourth quarter and year ended December 31, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1726173/000172617324000005/0001726173-24-000005-index.htm

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