Biglari Holdings (NYSE: BH-A, NYSE Texas: BH) is a diversified holding company that operates restaurants, insurance, oil and gas production, and brand licensing businesses. Revenue comes from company-operated and franchised restaurants under the Steak n Shake and Western Sizzlin brands, insurance premiums written through First Guard Insurance Company and Southern Pioneer Property and Casualty Insurance Company, crude oil and natural gas production, and licensing of the Maxim brand. As of December 31, 2025, the restaurant network totaled company-operated, franchise partner, and traditional franchise locations across more than 20 U.S. states. Restaurant operations contributed $16.4M, insurance $10.5M, and oil and gas $10.9M to net earnings from operating businesses in FY2025 (year ended December 31, 2025). The company also holds interests in investment partnerships whose gains and losses flow through consolidated earnings. Biglari Holdings has never declared a dividend as of the filing dated March 2, 2026.

Revenue model

Multi-segment revenue: restaurant sales from company-operated Steak n Shake and Western Sizzlin locations, franchise royalties and fees from franchise partner and traditional franchise restaurants, insurance premiums from property and casualty policies written by First Guard and Southern Pioneer, oil and gas production revenue ($13.2M in FY2025), and brand licensing fees from the Maxim brand ($7.7M licensing and media revenue in FY2025). Investment partnership gains and losses also flow through reported earnings.

Products and services

Steak n Shake restaurants (company-operated and franchised), Western Sizzlin restaurants (company-operated and franchised), First Guard Insurance Company property and casualty insurance, Southern Pioneer Property and Casualty Insurance Company, Biglari Reinsurance Ltd., Maxim brand licensing and media, oil and gas production.

Customers and end markets

Restaurant consumers across more than 20 U.S. states. Commercial and personal lines insurance policyholders served by First Guard and Southern Pioneer on an admitted basis in multiple states. Oil and gas commodity buyers. Licensing partners for the Maxim brand.

Value-chain role

Holding company owning and operating restaurant chains directly and through franchise arrangements, underwriting property and casualty insurance through licensed subsidiaries, producing and selling crude oil and natural gas, and licensing a consumer media brand. Also invests through affiliated investment partnerships.

Geographic exposure

Primarily United States. Restaurant locations span more than 20 states including Florida (77 total locations), Illinois (56), Indiana (52), Ohio (42), and Missouri (37) as of December 31, 2025. First Guard is headquartered in Venice, Florida; Southern Pioneer in Jonesboro, Arkansas. Biglari Reinsurance Ltd. is foreign-based. Oil and gas operations are domestic.

Source: SEC 10-K, filed 2026-03-02

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