Biglari Holdings Inc.
Biglari Holdings Inc. (NYSE: BH.A and BH) operates as a diversified holding company engaged in property and casualty insurance, restaurant franchising and operations, oil and gas exploration, and brand licensing. The company maintains its website at biglariholdings.com and employs approximately 2,359 people across its… From the company’s description.
Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.
What Biglari Holdings Inc. does
In the company’s own words
Biglari Holdings Inc. (NYSE: BH.A and BH) operates as a diversified holding company engaged in property and casualty insurance, restaurant franchising and operations, oil and gas exploration, and brand licensing. The company maintains its website at biglariholdings.com and employs approximately 2,359 people across its operating subsidiaries.
The restaurant segment represents the company's largest operating division, comprising Steak n Shake and Western Sizzlin with a combined 435 units as of December 31, 2025. Steak n Shake, founded in 1934 and headquartered in Indianapolis, operates 131 company-operated restaurants, 179 franchise partner units, and 94 traditional franchise locations, serving steakburgers, beef tallow fries, and milkshakes. Western Sizzlin, established in 1962 and based in Roanoke, Virginia, operates 3 company-owned and 28 franchise units offering steak and buffet concepts. The restaurant operations generated revenue of $280.9 million in 2025.
The insurance and reinsurance business operates through First Guard Insurance Company, Southern Pioneer Property & Casualty Insurance Company, and Biglari Reinsurance Ltd., collectively generating $70.1 million in premiums earned during 2025. First Guard specializes in commercial truck insurance marketed through direct response channels, while Southern Pioneer underwrites garage liability, commercial property, homeowners, and dwelling fire insurance.
The oil and gas segment operates through Southern Oil Company, which develops offshore properties in Louisiana state waters, and Abraxas Petroleum Corporation, which operates wells in the Permian Basin. Oil and gas revenue totaled $30.2 million in 2025.
The brand licensing business operates through Maxim, headquartered in New York, which generates revenue through licensing agreements for the Maxim brand across various product categories.
Biglari Holdings maintains a significant investment portfolio including positions in The Lion Fund, L.P. and The Lion Fund II, L.P., with fair values of $772.6 million as of December 31, 2025, and marketable securities of $69.0 million. The company operates on a decentralized management structure where operating decisions rest with individual business unit managers while major investment and capital allocation decisions are centralized.
Company details
- Sector
- Consumer Discretionary
- Industry
- Restaurants
- Headquarters
- SAN ANTONIO, TX
- Fiscal year end
- December
- CIK
- 1726173
- SIC
- 5812
Financial performance, year by year
Fiscal 2013–2025 · USDThe full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.
Who owns Biglari Holdings Inc. — and what changed
Funds as of 2026Q2 · superinvestors as of 2026-06-30
Largest fund holders · Biglari Holdings Inc.’s weight in each
Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.
By share class
| Class | Held by funds | Funds | Shares out |
|---|---|---|---|
| BHClass B Common Stock, no par value | 10.6% | 136 | 2.1M |
| BH/AClass A Common Stock, no par value | 13.4% | 67 | 214.5K |
Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.
Recent filings
All filings →Each filing opens into its own statements and disclosures here.
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