Biglari Holdings Inc.
Biglari Holdings Inc. (NYSE: BH, BH-A) is a holding company with subsidiaries in restaurants, property and casualty insurance and reinsurance, oil and gas, and brand licensing, as well as investments. Its largest operating businesses are Steak n Shake and Western Sizzlin, which operate and franchise restaurants… From the company’s description.
Over the twelve months to Sep 30, 2026, Biglari Holdings Inc. reported revenue of $417.94M, up 8.1% from a year earlier, and a net loss of $23.44M. Its operating margin was 7.4%, and operations generated $56.26M in cash. In fiscal 2025, it reported revenue of $395.26M, up 9.2% from fiscal 2024, and a net loss of $37.49M.
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, BH-A) is a holding company with subsidiaries in restaurants, property and casualty insurance and reinsurance, oil and gas, and brand licensing, as well as investments. Its largest operating businesses are Steak n Shake and Western Sizzlin, which operate and franchise restaurants serving steakburgers, fries, milkshakes, steak dishes, and buffet offerings. Steak n Shake also runs a franchise partner program, while both chains offer traditional franchising. The insurance businesses include First Guard, which sells commercial truck insurance directly to truckers, and Southern Pioneer, which underwrites commercial and personal property coverage. Oil and gas operations are conducted by Southern Oil and Abraxas Petroleum; Maxim’s business is principally brand licensing. As of December 31, 2025, the restaurant operations comprised 435 company-operated and franchise locations, and the company employed 2,359 people. Steak n Shake dates to 1934, while Western Sizzlin was founded in 1962; the brands include Great American Steak & Buffet and Wood Grill Buffet. Its website is biglariholdings.com.
Company details
- Sector
- Consumer Discretionary
- Industry (SIC)
- Restaurants
- Headquarters
- SAN ANTONIO, TX
- Fiscal year end
- December
- CIK
- 1726173
- SIC
- 5812
Financial performance, year by year
Fiscal 2012–2025 · 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 | 10.2% | 136 | 2.2M |
| BH/AClass A Common Stock, no par value | 13.2% | 67 | 218.4K |
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.
Put this business in context.
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