Every material Form 8-K Biglari Holdings Inc. has filed with the SEC since March 02, 2026, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Biglari Holdings reported third-quarter 2026 net earnings of $1.0 million, compared with a net loss of $5.3 million a year earlier. Pre-tax operating earnings rose to $9.9 million from $6.9 million, though the company said its investment gains and losses also affect reported results.
Q3 2026 pre-tax operating earnings were $9,874 thousand, up from $6,854 thousand in Q3 2025.
Nine-month 2026 net earnings were $26,409 thousand, up from $12,365 thousand in the same period of 2025.
Nine-month 2026 pre-tax operating earnings were $12,007 thousand, down from $20,521 thousand a year earlier.
Steak n Shake same-store sales rose 18.2% in Q3 2026 for domestic company-operated and franchise-partner-operated restaurants.
Biglari Holdings reported second-quarter 2026 net earnings of $39.9 million, down from $50.9 million in the second quarter of 2025, as investment gains fell to $45.3 million from $61.4 million. Pre-tax operating earnings rose to $6.3 million from $3.7 million, while first-half pre-tax operating earnings fell to $2.1 million from $13.7 million, so shareholders see mixed results across the periods.
Q2 2026 pre-tax operating earnings were $6.3 million, versus $3.7 million in Q2 2025.
Q2 2026 investment gains were $45.3 million, versus $61.4 million in Q2 2025.
First six months 2026 net earnings were $25.4 million, versus $17.7 million in the same period of 2025.
Steak n Shake same-store sales rose 13.8% in Q2 2026 for company-operated and franchise-partner-operated restaurants.
Biglari Holdings reported a first-quarter 2026 net loss of $14.5 million, smaller than the $33.3 million loss in the same quarter of 2025, as investment losses narrowed to $14.7 million from $51.2 million. Pre-tax operating earnings swung to a $4.1 million loss from $10.0 million of earnings a year earlier, and the release does not include guidance. Book value was $2,006.69 per Class A Equivalent share at March 31, 2026.
Net loss of $14.5 million in Q1 2026, versus a $33.3 million net loss in Q1 2025.
Pre-tax operating earnings were a $4.1 million loss, compared with $10.0 million of earnings in Q1 2025.
Investment losses were $14.7 million, compared with $51.2 million in Q1 2025.
Book value was $2,006.69 per Class A Equivalent share at March 31, 2026.
Biglari Holdings reported a fourth-quarter 2025 net loss attributable to shareholders of $49.9 million, compared with a $10.3 million loss a year earlier, and a full-year 2025 net loss of $37.5 million, compared with $3.8 million in 2024. The company said pre-tax operating earnings swung to a loss in the quarter, and investment losses drove most of the decline, which matters to shareholders because the reported results are weighed down by investment marks rather than operations alone.
Fourth-quarter 2025 pre-tax operating loss of $1.7 million, versus pre-tax operating earnings of $3.9 million in Q4 2024
Fourth-quarter investment losses of $62.3 million, versus $21.9 million a year earlier
Full-year 2025 pre-tax operating earnings of $18.8 million, down from $32.6 million in 2024
Book value per Class A equivalent share was $2,059.32 at December 31, 2025
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Biglari Holdings Inc. filing is on SEC EDGAR ↗. 8-K briefs of other companies →