Recent 8-K filings for BH-A

• August 7, 2026, 4:15 PM ET earnings materiality 0.60 neutral item 2.02item 9.01

  Biglari Q2 net earnings $39.9M, down from $50.9M; Steak n Shake comps up 13.8%

  Q2 pre-tax operating earnings $6.3M vs $3.7M year ago; six-month operating earnings $2.1M vs $13.7M.

• May 8, 2026, 7:59 PM ET earnings materiality 0.60 negative item 2.02item 9.01 ◈ Earnings Releases

  Biglari Holdings posts Q1 pre-tax operating loss of $4.1M vs profit of $10M year ago

  Pre-tax operating loss of $4.1M in Q1 2026 compared to profit of $10.0M in Q1 2025.

• April 10, 2026, 7:59 PM ET other materiality 0.10 neutral item 5.07

  Biglari Holdings shareholders elect all five director nominees and ratify Deloitte as auditor for 2026

  All five directors elected with votes for ranging from 168,605 to 171,200; broker non-votes 7,763.

• March 2, 2026, 6:59 PM ET earnings materiality 0.70 negative item 2.02item 7.01item 9.01

  Biglari Holdings posts Q4 pre-tax operating loss; full-year earnings down 42%

  Q4 2025 pre-tax operating loss of $1.7M vs profit $3.9M in Q4 2024; net loss attributable to shareholders $49.9M.

• November 21, 2025, 6:59 PM ET other material materiality 0.60 positive item 7.01

  Biglari Holdings reports Steak 'n Shake same-store sales growth >15% in Q4 to date; book value $2,244.26/share

  Book value per Class A equivalent share $2,244.26 as of Sep 30, 2025 (Class B $448.85).

• November 7, 2025, 6:59 PM ET earnings materiality 0.70 negative item 2.02item 9.01

  Biglari Holdings reports Q3 net loss of $5.3M; operating earnings improve, Steak n Shake sales up 15%

  Q3 net loss of $5.3M vs net earnings of $32.1M a year ago, driven by $14.4M investment loss.

• October 6, 2025, 7:59 PM ET debt materiality 0.70 neutral item 1.01item 2.03 ◈ Debt Financings

  Biglari Holdings subsidiary Steak n Shake takes $225M loan at 8.80%, terminates $75M line

  Steak n Shake borrowed $225M on Sept 30, 2025; 5-year term, fixed rate 8.80%.

• October 1, 2025, 7:59 PM ET other material materiality 0.65 positive item 7.01

  Steak n Shake reports ~15% same-store sales growth for Q3 fiscal 2025

  Same-store sales rose ~15% for U.S. operations (company-operated and franchise-partner stores) in the third fiscal quarter.

• August 8, 2025, 7:59 PM ET earnings materiality 0.70 negative item 2.02item 9.01

  Biglari Holdings Q2 pre-tax operating earnings fall 81% to $3.7M; net profit of $50.9M vs loss

  Pre-tax operating earnings of $3.7M in Q2, down from $19.7M a year ago; H1 total $13.7M vs $25.4M.

• May 9, 2025, 7:59 PM ET earnings materiality 0.70 negative item 2.02item 9.01

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

  Pre-tax operating earnings rose to $9.99M from $5.70M in Q1 2024, up 75%.

• April 17, 2025, 7:59 PM ET other materiality 0.15 neutral item 5.07

  Biglari Holdings shareholders elect all directors, ratify Deloitte, approve say-on-pay every 3 years

  All 5 director nominees elected: Sardar Biglari (168,388 for), Cooley, Cooper, Cardwell, Person.

• March 3, 2025, 6:59 PM ET earnings materiality 0.70 negative item 2.02item 7.01item 9.01

  Biglari Holdings reports Q4 net loss of $10.3M; full-year operating earnings fall 25%

  Q4 2024 pre-tax operating earnings $3.9M vs $3.8M in Q4 2023; full-year $32.6M down from $43.2M.

• November 8, 2024, 6:59 PM ET earnings materiality 0.70 negative item 2.02item 9.01

  Biglari Holdings Q3 operating earnings drop 84% to $3.3M; net earnings swing to positive

  Pre-tax operating earnings of $3.27M in Q3 2024 vs $20.30M in Q3 2023, down 84%.

• August 9, 2024, 7:59 PM ET earnings materiality 0.65 negative item 2.02item 9.01

  Biglari Holdings Q2 pre-tax operating earnings rise to $19.7M; net loss of $48.2M on investment losses

  Pre-tax operating earnings of $19.7M in Q2 2024 vs $10.0M in Q2 2023, up 96%.

• May 10, 2024, 7:59 PM ET earnings materiality 0.70 negative item 2.02item 9.01 ◈ Earnings Releases

  Biglari Holdings Q1 net earnings fall to $22.6M from $64.9M YoY; operating earnings drop to $5.7M

  Pre-tax operating earnings of $5.7M, down from $9.0M in Q1 2023.

• April 18, 2024, 7:59 PM ET other materiality 0.10 neutral item 5.07 ◈ Shareholder Votes ×3

  Biglari Holdings shareholders re-elect all five directors, reject shareholder proposal

  All five director nominees elected: Sardar Biglari (163,353 for), Cooley, Cooper, Cardwell, Person.

• February 26, 2024, 6:59 PM ET earnings materiality 0.65 positive item 2.02item 7.01item 9.01 ◈ Earnings Releases

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

  Q4 2023 pre-tax operating earnings $3.8M vs $5.2M in Q4 2022, a decline of 27%.

• November 3, 2023, 7:59 PM ET earnings materiality 0.60 neutral item 2.02item 9.01

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

  Pre-tax operating earnings for Q3 2023: $20.3M, up 58% from $12.8M in Q3 2022.

• August 4, 2023, 7:59 PM ET earnings materiality 0.60 neutral item 2.02item 9.01 ◈ Earnings Releases

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

  Q2 pre-tax operating earnings $10.0M, down from $12.3M in Q2 2022 (-18.5%).

• May 5, 2023, 7:59 PM ET earnings materiality 0.70 positive item 2.02item 9.01 ◈ Earnings Releases

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

  Pre-tax operating earnings of $9.0M in Q1 2023, up from $6.0M in Q1 2022.

• April 21, 2023, 7:59 PM ET other materiality 0.10 neutral item 5.07 ◈ Shareholder Votes ×2

  Biglari Holdings shareholders elect all six directors and ratify Deloitte as auditor at 2023 annual meeting

  All six director nominees, including Sardar Biglari, received majority support; withheld votes ranged from 25,167 to 27,746.

• February 27, 2023, 6:59 PM ET earnings materiality 0.70 negative item 2.02item 7.01item 9.01

  Biglari Holdings reports Q4 net income of $10M; full-year net loss of $32M on investment losses

  Q4 2022 pre-tax operating earnings $5.2M vs $6.9M in Q4 2021.

• November 30, 2022, 6:59 PM ET M&A materiality 0.60 neutral item 9.01

  Biglari Holdings completes $80M purchase of Abraxas Preferred Stock; provides financials

  Biglari purchased 685,505 shares of Abraxas Series A Preferred Stock for $80 million on Sep 14, 2022.

• November 4, 2022, 7:59 PM ET earnings materiality 0.65 positive item 2.02item 9.01 ◈ Earnings Releases ×2

  Biglari Holdings Q3 operating earnings jump to $12.8M from $0.8M YoY; net earnings $32.0M

  Q3 2022 pre-tax operating earnings $12.8M vs $0.8M in Q3 2021, a significant increase.

• September 26, 2022, 7:59 PM ET M&A materiality 0.70 neutral item 2.01

  Biglari Holdings acquires $80M preferred shares of Abraxas, gains ~85% voting control

  Purchased 685,505 Series A Preferred Shares of Abraxas Petroleum for $80 million.

• August 5, 2022, 7:59 PM ET earnings materiality 0.60 negative item 2.02item 9.01

  Biglari Holdings reports Q2 net loss of $73.8M driven by $108.8M investment losses

  Pre-tax operating earnings rose to $12.3M in Q2 2022 from $8.4M in Q2 2021.

• May 27, 2022, 7:59 PM ET other materiality 0.15 neutral item 5.07

  Biglari Holdings shareholders elect all director nominees and ratify auditor at annual meeting

  All six director nominees elected: Sardar Biglari 152,569 for, 28,437 withheld; others similarly approved.

• May 6, 2022, 7:59 PM ET earnings materiality 0.65 negative item 2.02item 9.01

  Biglari Holdings Q1 net loss of $0.3M; operating earnings $6.0M, down 33% YoY

  Net loss of $0.3M for Q1 2022; compare to net income of $71.7M in Q1 2021 due to investment losses.

• February 28, 2022, 6:59 PM ET other materiality 0.10 neutral item 7.01

  Biglari Holdings posts 2021 annual report and shareholder letter online

  Annual report for 2021 has been posted on www.biglariholdings.com.

• November 5, 2021, 7:59 PM ET earnings materiality 0.60 neutral item 2.02item 9.01

  Biglari Holdings posts Q3 2021 pre-tax operating profit of $754K, net loss of $10.7M on investment losses

  Pre-tax operating earnings improved to $754K in Q3 2021 from ($854K) loss a year ago.

• August 6, 2021, 7:59 PM ET earnings materiality 0.70 positive item 2.02item 9.01

  Biglari Holdings Q2 operating earnings $8.4M; net loss $20.7M on investment losses

  Pre-tax operating earnings for Q2 2021 were $8.4 million, compared to a loss of $3.5 million in Q2 2020.

Earnings & guidance

Materiality & sentiment trend

Max materiality 0.70 · Median 0.65 · Most common event earnings

6 positive 12 negative 13 neutral

source · BH-A on sec.gov