# Biglari Holdings Inc. (BH) MD&A by fiscal year

Verbatim Item 7 Management's Discussion and Analysis sections from Biglari Holdings Inc.'s 10-K filings, one page per fiscal year. Extracted from SEC filings with the same bounded parser for every year. Filer text, not grepcent analysis or investment advice.

- [FY 2025 MD&A](/company/BH/mda/fy2025/): filed 2026-03-02; accession 0001628280-26-012987 (https://www.sec.gov/Archives/edgar/data/1726173/000162828026012987/bh-20251231.htm); latest 10-K
- [FY 2024 MD&A](/company/BH/mda/fy2024/): filed 2025-03-03; accession 0001726173-25-000003 (https://www.sec.gov/Archives/edgar/data/1726173/000172617325000003/bh-20241231.htm)
- [FY 2023 MD&A](/company/BH/mda/fy2023/): filed 2024-02-26; accession 0001726173-24-000004 (https://www.sec.gov/Archives/edgar/data/1726173/000172617324000004/bh-20231231.htm)
- [FY 2022 MD&A](/company/BH/mda/fy2022/): filed 2023-02-27; accession 0001726173-23-000009 (https://www.sec.gov/Archives/edgar/data/1726173/000172617323000009/bh-20221231.htm)
- [FY 2021 MD&A](/company/BH/mda/fy2021/): filed 2022-02-28; accession 0001726173-22-000004 (https://www.sec.gov/Archives/edgar/data/1726173/000172617322000004/bh-20211231.htm)

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