The story
Founded by Sardar Biglari in 2008.1
BH-A on NYSE
Biglari Holdings Inc.
Logo: Biglari Holdings, Public domain, via Wikimedia Commons5
American holding company headquartered in San Antonio, Texas, US
Biglari Holdings Inc. is an American holding company headquartered in San Antonio, Texas, founded by entrepreneur Sardar Biglari. Its subsidiaries include Steak 'n Shake, Maxim magazine, First Guard Insurance, Southern Pioneer Insurance, Southern Oil, Abraxas Petroleum and Western Sizzlin'.3 Its shares trade on NYSE under the symbol BH-A.1 Wikipedia text CC BY-SA 4.0
Price unavailable
Last updated Oct 21, 2026.
Overview
Compare with El Pollo Loco, Noodles & Company or Ruth's Hospitality Group, or pick any stock.
- TickerBH-A on NYSE1
- IndustryRetail-Eating Places1
- HeadquartersSan Antonio1
- Websitewww.biglariholdings.com
- Incorporated inIN7
- Business address19100 Ridgewood Pkwy, Suite 1200, San Antonio, Tx 782597
- Filer categoryAccelerated filer7
- Legal formFor-Profit Corporation4
- LEI549300GLWWSODF8TM6824
- StatusActive4
- LEI statusLapsed (not renewed)4
- Registered addressC/O CORPORATION SERVICE COMPANY, 46204 Indianapolis, United States4
- Registered withBusiness Services Division (Secretary of State), 2017122112293334
See how the biggest companies compare on our leaderboards
Biglari Holdings Inc. is an American holding company headquartered in San Antonio, Texas, founded by entrepreneur Sardar Biglari. Its subsidiaries include Steak 'n Shake, Maxim magazine, First Guard Insurance, Southern Pioneer Insurance, Southern Oil, Abraxas Petroleum and Western Sizzlin'.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-9.5%Net margin6
9.2%Revenue growth, 20256
-7.2%Return on equity6
0.41×Debt to equity6
$76.6MFree cash flow6
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Restaurant Operations brought in 70% of the revenue Biglari Holdings Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Restaurant Operations | $250.9M | $251.4M | $280.9M |
| Insurance Operations | $67.3M | $72.7M | $76.5M |
| Oil and Gas | $45.1M | $36.9M | $30.2M |
| Licensing And Media | $2.1M | $1.0M | $7.7M |
| Gift Cards | $5.3M | $4.2M | $4.7M |
| Advertising | $4.5M | $3.3M | $3.4M |
| Franchise | $1.2M | $463.0K | $330.0K |
Business segments
Restaurant Operations brought in 42% of the revenue Biglari Holdings Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Restaurant Operations | $250.9M | $251.4M | $280.9M |
| Restaurant | $250.9M | $251.4M | $280.9M |
| Insurance | $67.3M | $72.7M | $76.5M |
| Oil And Gas | $45.1M | $36.9M | $30.2M |
| Maxim | $2.1M | $1.0M | $7.7M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue41¢$161.3M
- Selling, general and admin22¢$86.8M
- Other costs35¢$136.9M
- Income tax3¢$10.2M
Out of $395.3M in revenue.6 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending28¢$30.4M
- Kept or used elsewhere72¢$76.6M
Out of $107.0M of cash from operations.6
Financial statements
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $775.7M10 | $668.8M11 | $433.7M12 | $366.1M13 | $368.2M14 | $365.3M6 | $362.1M6 | $395.3M6 |
| Cost of revenue | $636.5M10 | $500.9M11 | $246.7M12 | $167.5M13 | $140.3M14 | $138.0M6 | $143.4M6 | $161.3M6 |
| Selling, general and admin | $100.2M11 | $76.4M12 | $76.0M13 | $70.6M14 | $77.0M6 | $75.7M6 | $86.8M6 | |
| Operating expenses | $341.2M13 | $331.9M14 | $322.1M6 | $329.5M6 | $376.5M6 | |||
| Interest | $19.9M10 | $20.3M10 | $15.5M10 | |||||
| Income before tax | $42.3M13 | -$43.0M14 | $64.8M6 | -$8.2M6 | -$47.7M6 | |||
| Income tax | -$2.6M10 | $9.8M11 | -$12.2M12 | $6.8M13 | -$10.7M14 | $9.3M6 | -$4.4M6 | -$10.2M6 |
| Net income | $19.4M10 | $45.4M11 | -$38.0M12 | $35.5M13 | -$32.0M14 | $54.9M6 | -$3.8M6 | -$37.5M6 |
| Earnings per share (diluted) | $131.6411 | -$110.0512 | $111.8313 | -$107.4314 | $189.496 | -$13.456 | -$143.866 |
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash | $48.6M10 | $67.8M11 | $24.5M12 | $42.3M13 | $37.5M14 | $28.1M6 | $30.7M6 | $268.8M6 |
| Receivables | $28.5M12 | $29.4M13 | $22.2M14 | $25.2M6 | $23.3M6 | |||
| Inventory | $3.8M12 | $3.9M13 | $3.0M14 | $4.0M6 | $3.8M6 | |||
| Current assets | $145.4M10 | $147.8M11 | $164.8M12 | $150.7M13 | $152.6M14 | $170.6M6 | $378.5M6 | |
| Property, plant and equipment | $349.4M12 | $400.7M13 | $380.5M14 | $376.2M6 | $366.6M6 | |||
| Goodwill | $53.5M13 | $53.5M14 | $52.5M6 | $52.5M6 | $52.6M6 | |||
| Intangible assets | $23.5M13 | $23.0M14 | $23.2M6 | $22.8M6 | $23.7M6 | |||
| Total assets | $1.1B10 | $1.0B11 | $894.8M12 | $828.5M13 | $849.4M14 | $866.1M6 | $1.0B6 | |
| Accounts payable | $36.7M12 | $28.4M13 | $22.4M14 | $28.5M6 | $34.2M6 | |||
| Short-term debt | $012 | $10.0M13 | $013 | $35.0M6 | $33.1M6 | |||
| Current liabilities | $139.8M10 | $288.4M11 | $143.6M12 | $134.9M13 | $111.1M14 | $147.3M6 | $156.0M6 | |
| Long-term debt | $263.2M10 | $111.6M11 | $104.5M11 | $10.0M6 | $213.9M6 | |||
| Total liabilities | $523.0M10 | $453.1M11 | $307.1M12 | $272.9M13 | $250.1M14 | $293.2M6 | $502.0M6 | |
| Retained earnings | $608.5M12 | $576.5M13 | $631.5M14 | $627.7M6 | $590.2M6 | |||
| Shareholders’ equity | $570.5M11 | $616.3M11 | $564.8M11 | $587.7M12 | $547.0M13 | $599.3M14 | $573.0M6 | $523.4M6 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | $20.7M10 | $93.7M11 | $117.6M12 | $228.8M13 | $127.8M14 | $73.0M6 | $49.7M6 | $107.0M6 |
| Depreciation and amortization | $30.1M13 | $36.4M14 | $39.0M6 | $39.8M6 | $40.8M6 | |||
| Capital spending | $15.3M10 | $17.7M11 | $20.7M12 | $64.5M13 | $29.7M14 | $23.4M6 | $30.6M6 | $30.4M6 |
| Free cash flow | $5.4M | $76.0M | $96.9M | $164.2M | $98.1M | $49.6M | $19.1M | $76.6M |
| Cash from investing | -$58.5M13 | -$136.6M14 | -$66.1M6 | -$87.4M6 | -$65.5M6 | |||
| Cash from financing | -$156.2M13 | $3.9M14 | -$16.1M6 | $39.5M6 | $196.5M6 |
Corporate structure
Biglari Holdings Inc. sits at the top of its group. 11 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Biglari Holdings Inc.
- GAMCO Investors Filed SCHEDULE 13D/A on Biglari Holdings Inc., latest Oct 21, 2025 (2 filings since Apr 5, 2022)
- LION FUND, L.P. Filed SCHEDULE 13D/A on Biglari Holdings Inc., latest Dec 20, 2024
- BIGLARI CAPITAL CORP. Filed SC 13D/A on Biglari Holdings Inc., latest Nov 15, 2024 (3 filings since Jun 13, 2022)
- Biglari Holdings Inc. San Antonio, Texas, United States
- ABRAXAS PETROLEUM CORP Stake · San Antonio, Texas, United States
- Jack in the Box Stake · San Diego, California, United States
- Abraxas Petroleum Corporation Subsidiary · Nevada, United States
- Biglari Reinsurance Ltd. Subsidiary · Bermuda
- First Guard Insurance Company Subsidiary · Arizona, United States
- Maxim Inc. Subsidiary · Delaware, United States
- Southern Oil Company Subsidiary · Delaware, United States
- Southern Pioneer Property & Casualty Insurance Company Subsidiary · Arkansas, United States
- Steak n Shake Inc. Subsidiary · Indiana, United States
- Western Sizzlin Corporation Subsidiary · Delaware, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (2 companies). Each entity in the chart links to its source.
What it owns
What Biglari Holdings Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Land | $133.5M6 Dec 31, 2025 | $134.7M6 Dec 31, 2024 | −0.9% |
| Buildings and improvements | $169.3M6 Dec 31, 2025 | $160.3M6 Dec 31, 2024 | +5.6% |
| Construction in progress | $2.2M6 Dec 31, 2025 | $672.0K6 Dec 31, 2024 | +226.6% |
| Property and equipment, before depreciation | $832.2M6 Dec 31, 2025 | $818.4M6 Dec 31, 2024 | +1.7% |
| Accumulated depreciation | $465.6M6 Dec 31, 2025 | $442.3M6 Dec 31, 2024 | +5.3% |
| Property and equipment, net | $366.6M6 Dec 31, 2025 | $376.2M6 Dec 31, 2024 | −2.5% |
| Operating-lease assets (leased space) | $40.1M6 Dec 31, 2025 | $34.0M6 Dec 31, 2024 | +17.8% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $268.8M6 Dec 31, 2025 | $30.7M6 Dec 31, 2024 | +775.3% |
| Stakes in other companies (equity method) | $154.3M6 Dec 31, 2025 | $201.7M6 Dec 31, 2024 | −23.5% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $52.6M6 Dec 31, 2025 | $52.5M6 Dec 31, 2024 | +0.1% |
| Intangible assets, net (excluding goodwill) | $23.7M6 Dec 31, 2025 | $22.8M6 Dec 31, 2024 | +3.7% |
Inventory
Properties, in its own words
Restaurant Properties
As of December 31, 2025, restaurant operations included 435 company-operated and franchise locations. Restaurant operations own the land and building for 138 restaurants. The following table lists the locations of the restaurants as of December 31, 2025.
The rest of Item 2
Steak n Shake · Western Sizzlin
CompanyOperated · FranchisePartner · TraditionalFranchise · CompanyOperated · Franchise · Total
Domestic:
Alabama · 1 · 1 · 2 · — · 4 · 8
Arkansas · — · — · 3 · — · 5 · 8
California · — · — · 2 · — · — · 2
Colorado · 1 · — · — · — · — · 1
Florida · 16 · 57 · 4 · — · — · 77
Georgia · 5 · 12 · 11 · — · 3 · 31
Illinois · 34 · 15 · 7 · — · — · 56
Indiana · 27 · 25 · — · — · — · 52
Iowa · 2 · 1 · 1 · — · — · 4
Kentucky · 2 · 10 · 5 · — · — · 17
Louisiana · — · — · 1 · — · — · 1
Maryland · — · — · — · — · 1 · 1
Michigan · 7 · 6 · 1 · — · — · 14
Mississippi · — · — · 4 · — · 1 · 5
Missouri · 5 · 14 · 18 · — · — · 37
Nebraska · — · — · 1 · — · — · 1
Nevada · — · — · 4 · — · — · 4
North Carolina · 1 · 5 · 1 · — · 6 · 13
Ohio · 22 · 18 · 1 · — · 1 · 42
Oklahoma · — · — · 1 · — · 1 · 2
Pennsylvania · 1 · — · — · — · — · 1
South Carolina · 1 · — · 2 · — · 1 · 4
Tennessee · — · 8 · 4 · — · 3 · 15
Texas · 1 · 7 · 3 · — · — · 11
Virginia · — · — · 4 · 2 · 2 · 8
West Virginia · — · — · 2 · 1 · — · 3
International:
France · 3 · — · 12 · — · — · 15
Monaco · 1 · — · — · — · — · 1
Spain · 1 · — · — · — · — · 1
Total · 131 · 179 · 94 · 3 · 28 · 435
As of December 31, 2025, seven of the 131 Steak n Shake company-operated stores were closed. Of the seven locations, Steak n Shake plans to reopen two locations and sell or lease five locations.
Other Properties
Southern Oil primarily operates oil and natural gas wells in Louisiana. Its operations are primarily offshore in Louisiana state waters.
Abraxas Petroleum operates oil and natural gas wells in the Permian Basin.
Through its subsidiaries, the Company owns Steak n Shake’s office building in Indianapolis, Indiana; First Guard’s office building in Venice, Florida; and Southern Pioneer’s office building in Jonesboro, Arkansas. In addition, the Company owns seven various locations that are being leased or are available to be leased by third parties, along with owning one undeveloped property in San Antonio, Texas.
Item 2 of the 10-K filed Mar 2, 2026.19
Stakes and holdings (Wikidata)
Things Wikidata records the company as owning, with the share when stated.1
Leadership
Who has led Biglari Holdings Inc., and when. Pick a name to see everywhere that person has worked.
- FounderSardar Biglari1
- Chief executive officerSardar Biglari Jun 7, 2018 to now20
- ChairSardar Biglari Dec 13, 2018 to now21
Board members and other officers (3)
- Board memberEdmund B. Campbell Iii. Jun 7, 2021 to Jun 7, 202122
- Board memberJohn Garrett Cardwell Nov 14, 2019 to Aug 13, 202123
- Board memberSardar Biglari Jun 7, 2018 to Jun 20, 201820
Products and brands
In September 2019, Biglari acquired Southern Oil of Louisiana Inc. for $51.5 million.
In 2022, Biglari acquired 90% of the voting power of San Antonio-based Abraxas Petroleum for $80 million.
From Wikipedia’s article on Biglari Holdings, shared under CC BY-SA 4.0.8
Subsidiaries and ownership
Subsidiaries
- Western Sizzlin'
- Steak 'n Shake since Aug 2008
- Maxim since 2014
Subsidiaries (Exhibit 21)
- Abraxas Petroleum Corporation Nevada9
- Biglari Reinsurance Ltd. Bermuda9
- First Guard Insurance Company Arizona9
- Maxim Inc. Delaware9
- Southern Oil Company Delaware9
- Southern Pioneer Property & Casualty Insurance Company Arkansas9
- Steak n Shake Inc. Indiana9
- Western Sizzlin Corporation Delaware9
From Wikidata.1 The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Acquisitions
- 2014Maxim became a subsidiary1
- Aug 2008Steak 'n Shake became a subsidiary1
Former names
- NBHSA Inc.Dec 22, 2017 to Apr 2, 20187
Timeline
- Aug 7, 20268-K Results of operations24
- May 8, 20268-K Results of operations25
- Apr 10, 20268-K Shareholder vote26
- Mar 2, 20268-K Results of operations; Regulation FD disclosure27
- Nov 21, 20258-K Regulation FD disclosure28
- Nov 7, 20258-K Results of operations29
- Oct 6, 20258-K Entered a material agreement; New debt or obligation30
- Oct 1, 20258-K Regulation FD disclosure31
- Aug 8, 20258-K Results of operations32
- May 9, 20258-K Results of operations33
- Apr 17, 20258-K Shareholder vote34
- Mar 3, 20258-K Results of operations; Regulation FD disclosure35
- Jun 7, 2018New chief executive Sardar Biglari becomes CEO20
- 2008Founded Founded1
- Feb 25, 1992Went public Listed on NYSE1
Calendar
Coming up
- Around Nov 6, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.
When it reported results
- Aug 7, 2026Reported quarterly or annual results24
- May 8, 2026Reported quarterly or annual results25
- Mar 2, 2026Reported quarterly or annual results27
- Nov 7, 2025Reported quarterly or annual results29
- Aug 8, 2025Reported quarterly or annual results32
- May 9, 2025Reported quarterly or annual results33
- Mar 3, 2025Reported quarterly or annual results35
- Nov 8, 2024Reported quarterly or annual results36
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
111 filings to the SEC since October 2021: 10 annual reports, 15 quarterly reports, 30 major events, 29 insider forms, 6 large holders, 21 other. The latest 20:
- Aug 7, 20268-K EDGAR
- Aug 7, 202610-Q EDGAR
- Jul 29, 2026144 EDGAR
- Jun 5, 20264 OWNERSHIP DOCUMENT EDGAR
- May 14, 20264 OWNERSHIP DOCUMENT EDGAR
- May 8, 20268-K EDGAR
- May 8, 202610-Q EDGAR
- Apr 10, 20268-K EDGAR
- Mar 31, 202610-K/A EDGAR
- Mar 13, 20264 OWNERSHIP DOCUMENT EDGAR
- Mar 11, 2026ARS EDGAR
- Mar 11, 2026DEF 14A EDGAR
- Mar 9, 20264 OWNERSHIP DOCUMENT EDGAR
- Mar 6, 20264 OWNERSHIP DOCUMENT EDGAR
- Mar 3, 20264 OWNERSHIP DOCUMENT EDGAR
- Mar 2, 20268-K EDGAR
- Mar 2, 202610-K EDGAR
- Jan 27, 2026UPLOAD EDGAR
- Jan 26, 2026EFFECT EDGAR
- Jan 22, 2026CORRESP EDGAR
The 111 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
58 open-market trades by officers, directors and large owners since October 2021: 58 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 5, 2026 | BIGLARI CAPITAL CORP.10% owner | Buy | 535 | $297.14 | $159.0K | Form 4 |
| Jun 4, 2026 | BIGLARI CAPITAL CORP.10% owner | Buy | 1,743 | $286.76 | $499.8K | Form 4 |
| May 14, 2026 | LION FUND, L.P.10% owner | Buy | 14,351 | $258.06 | $3.7M | Form 4 |
| May 13, 2026 | LION FUND, L.P.10% owner | Buy | 15,358 | $260.36 | $4.0M | Form 4 |
| May 12, 2026 | LION FUND, L.P.10% owner | Buy | 22,965 | $249.84 | $5.7M | Form 4 |
| Mar 13, 2026 | BIGLARI, SARDARChairman and CEO | Buy | 2,810 | $302.20 | $849.2K | Form 4 |
| Mar 9, 2026 | LION FUND, L.P.10% owner | Buy | 3,320 | $301.06 | $999.5K | Form 4 |
| Mar 6, 2026 | LION FUND, L.P.10% owner | Buy | 2,441 | $307.20 | $749.9K | Form 4 |
| Mar 3, 2026 | BIGLARI CAPITAL CORP.10% owner | Buy | 1,146 | $331.15 | $379.5K | Form 4 |
| Dec 17, 2025 | BIGLARI, SARDARChairman and CEO | Buy | 3,452 | $463.34 | $1.6M | Form 4 |
| Dec 16, 2025 | BIGLARI, SARDARChairman and CEO | Buy | 156 | $1,599.87 | $249.6K | Form 4 |
| Dec 15, 2025 | BIGLARI, SARDARChairman and CEO | Buy | 212 | $698.01 | $148.0K | Form 4 |
| Dec 12, 2025 | BIGLARI, SARDARChairman and CEO | Buy | 449 | $333.14 | $149.6K | Form 4 |
| Dec 10, 2025 | LION FUND, L.P.10% owner | Buy | 310 | $321.94 | $99.8K | Form 4 |
| Dec 9, 2025 | LION FUND, L.P.10% owner | Buy | 938 | $319.08 | $299.3K | Form 4 |
| Dec 8, 2025 | LION FUND, L.P.10% owner | Buy | 973 | $315.08 | $306.6K | Form 4 |
| Dec 5, 2025 | BIGLARI, SARDARChairman and CEO | Buy | 1,465 | $306.90 | $449.6K | Form 4 |
| Dec 4, 2025 | BIGLARI, SARDARChairman and CEO | Buy | 1,139 | $306.05 | $348.6K | Form 4 |
| Dec 3, 2025 | BIGLARI, SARDARChairman and CEO | Buy | 2,802 | $303.32 | $849.9K | Form 4 |
| Nov 24, 2025 | LION FUND, L.P.10% owner | Buy | 2,032 | $393.35 | $799.3K | Form 4 |
All 58 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- GAMCO InvestorsSCHEDULE 13D/A, 2 filings Apr 5, 2022 to Oct 21, 202537
- LION FUND, L.P.SCHEDULE 13D/A, 1 filing Dec 20, 202438
- BIGLARI CAPITAL CORP.SC 13D/A, 3 filings Jun 13, 2022 to Nov 15, 202439
Stakes it holds
Biglari Holdings Inc. has told the SEC it owns more than 5% of 2 companies, latest first (Schedules 13D and 13G).
- Jack in the BoxSCHEDULE 13D/A Feb 10, 2023 to Jan 14, 202640
- ABRAXAS PETROLEUM CORPSC 13D Oct 28, 202241
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 58. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Biglari Holdings Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARBiglari Holdings Inc.2
- CIK0001726173
- Employer ID (EIN)82-378494619
- Filer statusAccelerated filer not an emerging growth company; a smaller reporting company; not a shell company19
- Incorporated inIndiana19
- Fiscal year endsDecember 312
- Industry code (SIC)5812 Retail-Eating Places2
- SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
- Business address19100 Ridgewood Pkwy, Suite 1200, San Antonio, TX 782592
- Phone210-344-34002
- Shares outstanding211,176 Common Class A shares; 2,083,140 Common Class B shares as of Feb 26, 202619
- Public float$267.7M as of Jun 30, 202519
- AuditorDELOITTE & TOUCHE LLP, Austin, Texas PCAOB ID 34; it also attests to the company’s internal control over financial reporting19
- On EDGAR sinceDec 22, 20172
- Filings256 in all: 4 (81), 8-K (50), 10-Q (26), SC 13D/A (24), 10-K/A (9), 10-K (8), DEF 14A (8), CORRESP (6)2
All 28 form types
SCHEDULE 13D/A (5), UPLOAD (5), 3 (4), ARS (4), SC 13G/A (4), 8-K/A (3), S-4/A (3), SC 13G (3), EFFECT (2), 11-K (1), 144 (1), 424B3 (1), 8-A12B (1), 8-K12B (1), CERT (1), PX14A6G (1), S-3 (1), S-4 (1), SC 13D (1), SCHEDULE 13D (1)
- Latest filingsAnnual report (10-K) Mar 2, 2026
Quarterly report (10-Q) Aug 7, 2026
Proxy statement (DEF 14A) Mar 11, 2026
Latest 8-K (8-K) Aug 7, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A Common Stock, no par value | BH.A | New York Stock Exchange |
| Class B Common Stock, no par value | BH | New York Stock Exchange |
| Class A Common Stock, no par value | BH.A | CHX |
| Class B Common Stock, no par value | BH | CHX |
From the cover page of the 10-K filed Mar 2, 2026 (Section 12(b) of the Exchange Act).19
Risk factors and legal proceedings
The risks Biglari Holdings Inc. names in Item 1A of its 10-K filed Mar 2, 2026: 28 risks under these headings, as written.19
- Risks relating to Biglari Holdings
- We are dependent on our Chairman and CEO.
- Sardar Biglari, Chairman and CEO, beneficially owns over 50% of our outstanding shares of common stock, enabling Mr. Biglari to exert control over matters requiring shareholder approval.
- We are a “controlled company” within the meaning of the New York Stock Exchange rules and thus can rely on exemptions from certain corporate governance requirements.
- Biglari Holdings’ access to capital is subject to restrictions that may adversely affect its ability to satisfy its cash requirements.
- Competition and technology may result in lower earnings.
- Deterioration of general economic conditions may significantly reduce our operating earnings.
- Epidemics, pandemics, or other outbreaks could hurt our operating businesses and investments.
- Potential changes in laws or regulations may have a negative impact on our Class A common stock and Class B common stock.
- Litigation could have a material adverse effect on our financial position, cash flows, and results of operations.
- There can be no assurance that the fees paid to the Biglari Entities will be commensurate with the benefits received.
- We have identified a material weakness in our internal control over financial reporting.
The other 17 risks
- Future sales of our common stock may cause the market price of our common stock to decline.
- Risks Relating to Our Restaurant Operations
- Our restaurant operations face intense competition from a wide range of industry participants.
- Changes in economic conditions may have an adverse impact on our restaurant operations.
- Fluctuations in commodity and energy prices and the availability of commodities, including beef and dairy, could affect our restaurant business.
- Adverse weather conditions or losses due to casualties could negatively impact our operating performance.
- Changes in the availability of and the cost of labor could adversely affect our restaurant business.
- We are subject to health, employment, environmental, and other government regulations, and failure to comply with existing or future government regulations could expose us to litigation or penalties, damage our reputation, and lower profits.
- Risks Relating to Our Investment Activities
- The majority of our investment activities are conducted through outside investment partnerships, The Lion Fund, L.P., and The Lion Fund II, L.P., which are controlled by Mr. Biglari.
- Our investments may be concentrated, and fair values are subject to a loss in value.
- We are subject to the risk of possibly becoming an investment company under the Investment Company Act of 1940.
- Risks Relating to Our Insurance and Reinsurance Business
- Our success depends on our ability to underwrite risks accurately and to charge adequate rates to policyholders.
- Our insurance business is vulnerable to significant catastrophic property loss, which could have an adverse effect on its financial condition and results of operations.
- Our insurance business is subject to extensive existing state, local, and foreign governmental regulations that restrict its ability to do business and generate revenues.
- Risks Relating to Our Brand Licensing Business
- Licensing opportunities for the Maxim brand may be difficult to maintain.
- Risks Relating to Our Oil and Gas Business
- Our oil and gas business is exposed to the effects of volatile commodity prices.
- Our oil and gas business is subject to disruption by factors beyond its control.
- Our oil and gas business can be adversely affected by political or regulatory developments affecting our operations.
Legal proceedings
Refer to Commitments and Contingencies - Note 14 to the Consolidated Financial Statements included in Item 8 for a discussion of legal proceedings.
The opening of Item 3, Legal Proceedings.19
Links
- Websitewww.biglariholdings.com1
- LinkedInwww.linkedin.com/company/biglari-holdings-inc-1
- WikipediaBiglari Holdings
- WikidataQ4906978
- SEC EDGARCIK 1726173
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3WikipediaBiglari Holdings Inc. on Wikipedia
- 4
- 5Wikimedia CommonsBiglari Holdings Inc. logo by Biglari Holdings, Public domain
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21SEC EDGARSardar Biglari, Chair
- 22
- 23SEC EDGARJohn Garrett Cardwell, Board member
- 24SEC EDGARResults of operations
- 25SEC EDGARResults of operations
- 26SEC EDGARShareholder vote
- 27
- 28SEC EDGARRegulation FD disclosure
- 29SEC EDGARResults of operations
- 30
- 31SEC EDGARRegulation FD disclosure
- 32SEC EDGARResults of operations
- 33SEC EDGARResults of operations
- 34SEC EDGARShareholder vote
- 35
- 36
- 37
- 38
- 39
- 40
- 41
- 42