What Biglari Holdings Inc. does.

Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company.

Biglari Holdings’ management system combines decentralized operations with centralized financial decision-making. Operating decisions for the various business units are made by their respective managers. All major investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.

The Company’s restaurant operations are conducted through two subsidiaries: Steak n Shake Inc. (“Steak n Shake”) and Western Sizzlin Corporation (“Western Sizzlin”) for a combined 435 units. As of December 31, 2025, Steak n Shake had 131 company-operated restaurants, 179 franchise partner units, and 94 traditional franchise units. Western Sizzlin had 3 company-operated restaurants and 28 franchise units.

Revenue and profit, by fiscal year.

More on BH-A.

• Biglari Holdings Inc. summary
• Biglari Holdings Inc. financial statements
• Biglari Holdings Inc. key metrics
• Biglari Holdings Inc. health scores and style box
• Biglari Holdings Inc. earnings
• Biglari Holdings Inc. dividends
• Biglari Holdings Inc. valuation
• Biglari Holdings Inc. ownership and insiders
• Biglari Holdings Inc. peers

Figures from Biglari Holdings Inc.'s filings with the U.S. SEC, standardised automatically; prices are end-of-day closes. Not financial advice.