Biglari Holdings Inc
biglariholdings.comWhat Do They Do?
Operates and franchises restaurants serving steakburgers, fries and milkshakes to diners and franchisees. Also underwrites property and casualty insurance and reinsurance, licenses brands, and produces oil and gas.
10-K for FY2025, filed Mar 2, 2026Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and…View ↗
The Company’s restaurant operations are conducted through two subsidiaries: Steak n Shake Inc. (“Steak n Shake”) and Western Sizzlin…View ↗
Founded in 1934 in Normal, Illinois, on Route 66, Steak n Shake is a classic American brand serving Steakburgers, beef tallow fries, and…View ↗
Biglari Holdings’ insurance and reinsurance business activities are conducted through domestic and foreign-based insurance subsidiaries.…View ↗
The Company’s oil and gas operations are conducted through two entities, Southern Oil Company (“Southern Oil”) and Abraxas Petroleum…View ↗
Maxim’s business lies principally in brand licensing. Maxim is headquartered in New York, New York.View ↗
How Do They Make Money?
Diners pay for food at the point of sale. Franchise partners pay Biglari a share of sales and profits monthly as sales occur; traditional franchisees pay sales-based royalties weekly or monthly, while initial fees are spread over the franchise term.
10-K for FY2025, filed Mar 2, 2026Net sales are composed of retail sales of food through company-operated stores. Company-operated store revenues are recognized, net of…View ↗
Franchise partner fees are composed of up to 15% of sales as well as 50% of profits. We are therefore fully affected by the operating…View ↗
Franchise royalties and fees from Steak n Shake and Western Sizzlin franchisees are based upon a percentage of sales of the franchise…View ↗
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10-K for FY2025, filed Mar 2, 2026
FY2025 revenue by product or service ↗
$395.3M
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10-K for FY2025, filed Mar 2, 2026
$395.3M ↗
| Segment | Share | Revenue |
|---|---|---|
|
Restaurant operations
|
71%
FY2022: 66%
|
Restaurant operations, FY2025
$280.9M Sources
|
|
Insurance premiums and other
|
19%
FY2022: 18%
|
Insurance premiums and other, FY2025
$76.5M Sources
|
|
Oil and gas
|
7.6%
FY2022: 16%
|
Oil and gas, FY2025
$30.2M Sources
|
|
Licensing and media
|
2.0%
FY2022: 1.2%
|
Licensing and media, FY2025
$7.7M Sources
|
Who Are Their Customers?
Company-operated restaurants sell food to diners; franchisees operate the franchise locations. First Guard markets truck insurance directly online or by telephone, while the other insurer offers policies primarily through insurance agents.
10-K for FY2025, filed Mar 2, 2026For company-operated units, sales to the end customer are recorded as revenue generated by the Company, but for franchise partner units…View ↗
Net sales are composed of retail sales of food through company-operated stores. Company-operated store revenues are recognized, net of…View ↗
Steak n Shake offers a franchise partner program to transition company-operated restaurants to franchise partnerships. The franchise…View ↗
Restaurant operations’ traditional franchising program extends the brands to areas in which there are no current development plans for…View ↗
First Guard is a direct underwriter of commercial truck insurance, primarily selling physical damage and nontrucking liability insurance to…View ↗
Southern Pioneer underwrites garage liability and commercial property as well as homeowners and dwelling fire insurance on an admitted…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $37.5M in FY2025, but brought in more cash than it spent: $76.6M of free cash flow.
10-K for FY2025, filed Mar 2, 2026
$147.1MView ↗
10-K for FY2025, filed Mar 2, 2026
−$37.5MView ↗
10-K for FY2025, filed Mar 2, 2026
$76.6MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 7, 2026
Open tableView ↗
Flat. Revenue was $395.3M in FY2025, about the same as the $366.1M of FY2021.
Reinsurance added
The latest report includes reinsurance in the insurance business description and names Biglari Reinsurance among its insurance subsidiaries; the older report describes First Guard and a second insurance entity.
10-K for FY2022, filed Feb 27, 2023 10-K for FY2025, filed Mar 2, 2026Biglari Holdings’ insurance activities are conducted through two insurance entities, First Guard Insurance Company and its affiliated…View ↗
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