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.
Biglari Holdings Inc. filings document formal disclosures for a holding company with Class A and Class B common stock and subsidiaries across restaurant, insurance, oil and gas, and other operations. The company’s 8-K filings report results of operations, annual-report availability, Regulation FD updates, material agreements, and subsidiary financing matters, including debt obligations tied to Steak n Shake.
Proxy and annual meeting filings cover director elections, auditor ratification, shareholder voting results, board governance, and the company’s dual-class common-stock structure. The filing record also reflects recurring disclosure of operating earnings, investment gains and losses, book value measures, and subsidiary-level restaurant performance information.
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.