Welcome to our dedicated page for Biglari Holdings SEC filings (Ticker: BH), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The Biglari Holdings Inc. (BH, BH.A) SEC filings page on Stock Titan provides access to the company’s regulatory disclosures as filed with the U.S. Securities and Exchange Commission. Biglari Holdings is an Indiana corporation based in San Antonio, Texas, and its filings cover activities across restaurant, insurance, oil and gas, and Maxim segments.
Investors looking for quarterly reports (Form 10-Q) and annual reports (Form 10-K) can use this page to locate the documents referenced in Biglari Holdings’ news releases. Those releases repeatedly direct shareholders to the 10-Q and 10-K for full details on pre-tax operating earnings, investment gains or losses, and segment information. Stock Titan’s AI-powered tools summarize key sections of these lengthy filings, helping readers understand how operating businesses and investment results contribute to overall performance.
Frequent Form 8-K filings by Biglari Holdings report material events such as quarterly earnings announcements, loan agreements involving its Steak n Shake subsidiary, and Regulation FD disclosures. For example, one 8-K describes a loan obtained by Steak n Shake Inc., with proceeds distributed to Biglari Holdings, and another notes that the company’s stock was trading at a discount to book value while also disclosing book value per share. Other 8-K filings highlight same-store sales growth at Steak n Shake and provide updates on financial results.
This page can also be used to track information relevant to book value per share and other metrics that appear in Regulation FD disclosures. With real-time updates from EDGAR and AI-generated explanations, users can quickly review Biglari Holdings’ 10-K, 10-Q, and 8-K filings, understand the context of loans, segment performance, and investment results, and follow how these disclosures relate to BH stock.
Biglari Holdings disclosed that its subsidiary Steak n Shake Inc. obtained a five-year loan of
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.
Biglari Holdings Inc. reported a strong quarterly turnaround. Net earnings for the second quarter of 2025 were $50,931 thousand compared with a net loss of $(48,190) thousand in the second quarter of 2024, and year-to-date net earnings were $17,656 thousand versus a year-to-date loss of $(25,611) thousand in 2024. Total revenues rose to $100,619 thousand in the quarter from $91,141 thousand a year earlier, led by restaurant operations which increased to $72,011 thousand.
The primary driver of the swing to profitability was large investment partnership gains of $58,504 thousand in Q2 2025 (versus losses in the prior-year quarter). Operating improvements included a 10.7% same-store sales gain at Steak n Shake and higher franchise partner fees. Balance sheet highlights: total assets of $863,579 thousand, shareholders' equity of $589,286 thousand, total cash and investments of $857,153 thousand (carrying value on the balance sheet $340,200 thousand), and a deferred tax liability related to investment partnerships of $30,030 thousand. Management notes that disclosure controls were not effective due to previously identified material weaknesses that remain under remediation.