---
schema_version: "secwatch.filing_event.v1"
accession: "0001726173-25-000032"
form_type: "8-K"
ticker: "BH-A"
cik: "0001726173"
company_name: "Biglari Holdings Inc."
filed_at: "2025-05-09T23:59:59+00:00"
generated_at: "2026-05-22T01:52:54.552503+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Biglari Holdings reports Q1 net loss of $33.3M on investment losses; operating earnings improve

## Summary
- Pre-tax operating earnings rose to $9.99M from $5.70M in Q1 2024, up 75%.
- Investment losses of $51.2M swung from $23.7M gains in prior year, driving net loss.
- Net loss of $33.3M compared to net earnings of $22.6M a year earlier.
- Company downplays quarterly investment fluctuations as not meaningful; focuses on operating results.

## SEC filing metadata
- accession: 0001726173-25-000032
- form_type: 8-K
- ticker: BH-A
- cik: 0001726173
- company_name: Biglari Holdings Inc.
- filed_at: 2025-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- 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/1726173/000172617325000032/0001726173-25-000032-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1726173/000172617325000032/bh-20250509.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001726173-25-000032
- JSON: https://secwatch.observer/filing/0001726173-25-000032.json
- Plain text: https://secwatch.observer/filing/0001726173-25-000032.txt

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