Every 8-K that Biglari Holdings Inc. (BH) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow BH and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BH filings page.
Biglari Holdings Inc. reported financial results for the second quarter and first six months ended June 30, 2026. For the quarter, pre-tax operating earnings were $6,274 thousand, investment gains were $45,345 thousand, and net earnings were $39,926 thousand, all in dollars thousands.
For the first six months of 2026, net earnings totaled $25,395 thousand. Management highlights pre-tax operating earnings, which exclude investment gains and losses, as a way to evaluate the performance of operating businesses, noting that changes in investment values can cause sizable swings in reported earnings.
Within the restaurant operations, Steak n Shake’s same-store sales for domestic company-operated and franchise-partner-operated restaurants increased 13.8% in the second quarter of 2026. The company also reiterates its use of the non-GAAP measure pre-tax operating earnings and includes customary cautionary language regarding forward-looking statements.
Biglari Holdings Inc. reported a first-quarter 2026 net loss of $(14,531) (dollars in thousands), improving from a loss of $(33,275) in 2025. Pre-tax operating earnings were $(4,141) (dollars in thousands), compared with $9,994 a year earlier, reflecting weaker results from operating businesses.
Investment results showed a loss of $(14,741) (dollars in thousands) versus $(51,177) in the prior-year quarter, which the company notes can cause large quarterly fluctuations. At March 31, 2026, book value per Class A Equivalent share was $2,006.69. Management emphasizes pre-tax operating earnings as a key non-GAAP measure, excluding investment gains and losses.
Biglari Holdings Inc. held its Annual Meeting of Shareholders on April 8, 2026. A total of 200,129 Class A shares were voted, representing about 95% of the 211,176 shares outstanding and entitled to vote.
Shareholders elected five directors, with votes for Sardar Biglari at 169,573 and for other nominees ranging from 168,605 to 171,200, and there were 7,763 broker non-votes. Shareholders also ratified Deloitte & Touche LLP as independent registered public accounting firm for 2026 with 198,645 votes for, 1,261 against, and 197 abstentions.
Biglari Holdings Inc. reported a sharp swing to losses for the fourth quarter and full year 2025, driven largely by investment results, and posted its 2025 annual report online. Fourth-quarter net loss attributable to shareholders was $49,853 thousand, compared with a loss of $10,273 thousand in 2024. For the full year 2025, net loss attributable to shareholders was $37,488 thousand, versus a loss of $3,759 thousand in 2024. Pre-tax operating earnings from its underlying businesses were $18,782 thousand in 2025, down from $32,569 thousand in 2024, while investment losses widened. Management highlights pre-tax operating earnings as the key measure for its operating businesses. At December 31, 2025, book value per Class A Equivalent share was $2,059.32.
Biglari Holdings Inc. (BH) reported that its affiliates may purchase additional shares of its Class A and/or Class B common stock. The company highlighted that, as of September 30, 2025, book value per Class A equivalent share was $2,244.26 and book value per Class B equivalent share was $448.85, while its stock currently trades at a discount to these per share book values.
The company also noted strong operating performance at its wholly owned subsidiary Steak n Shake Inc., which is currently achieving same-store sales growth in excess of 15% for its U.S. operations in the fourth quarter to date, across both company-operated and franchise partner-operated stores.
Biglari Holdings Inc. filed a Form 8-K to report that it has released financial results for its third quarter and first nine months ended September 30, 2025. On November 7, 2025, the company issued a press release with these results, which is included as Exhibit 99.1 and incorporated by reference into the report. The 8-K clarifies that the information under the results of operations item, including the press release, is being furnished rather than filed under securities laws, meaning it is not automatically subject to certain liability provisions or incorporated into other SEC filings unless explicitly stated.
Biglari Holdings disclosed that its subsidiary Steak n Shake Inc. obtained a five-year loan of $225,000,000 on September 30, 2025 with interest fixed at 8.80% and amortization at 3.0% per annum. The loan is an obligation of Steak n Shake and the proceeds were distributed to Biglari Holdings. The company also terminated a $75,000,000 line of credit on the same date. The filing says the loan agreement will be filed as an exhibit to the quarterly report for the period ended September 30, 2025, and the brief description here is qualified by that full agreement.
Steak n Shake Inc., a wholly owned subsidiary of Biglari Holdings Inc., told potential franchisees that its U.S. same-store sales for the third fiscal quarter increased by approximately 15%. This disclosure covers both company-operated and franchise partner-operated stores and highlights stronger comparable sales performance in the quarter versus the prior-year period. The statement is limited to same-store sales growth and does not provide additional financial details, drivers, or geographic breakdowns.
Biglari Holdings Inc. furnished a press release announcing its financial results for the second quarter and the first six months ended June 30, 2025. The press release is attached as Exhibit 99.1 and an interactive cover page is included as Exhibit 104. The company explicitly states the material is being furnished and not filed, which means it is not subject to Section 18 liabilities and will not be incorporated by reference into other filings unless the company expressly says so.
The current report does not include the numerical revenue, earnings, or other financial figures within its text; investors and analysts must review Exhibit 99.1 for detailed results and metrics.