BH-A on NYSE

Biglari Holdings Inc.

Logo: Biglari Holdings, Public domain, via Wikimedia Commons4

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.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

$395.3MRevenue, fiscal 20255
-$37.5MNet income, fiscal 20255
2008Founded1

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  • TickerBH-A on NYSE1
  • IndustryRetail-Eating Places1
  • HeadquartersSan Antonio1
  • Websitewww.biglariholdings.com
  • Incorporated inIN6
  • Business address19100 Ridgewood Pkwy, Suite 1200, San Antonio, Tx 782596
  • Filer categoryAccelerated filer6

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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 margin5
9.2%Revenue growth, 20255
-7.2%Return on equity5
0.41×Debt to equity5
$76.6MFree cash flow5

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.

  1. Restaurant Operations$280.9M570%up 12% from 2024
  2. Insurance Operations$76.5M519%up 5% from 2024
  3. Oil and Gas$30.2M57%down 18% from 2024
  4. Licensing And Media$7.7M52%up 650% from 2024
  5. Gift Cards$4.7M51%up 10% from 2024
  6. Advertising$3.4M51%up 5% from 2024
  7. Franchise$330.0K50%down 29% from 2024
Products and services by year
Products and services202320242025
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.

  1. Restaurant Operations$280.9M542%up 12% from 2024
  2. Restaurant$280.9M542%up 12% from 2024
  3. Insurance$76.5M511%up 5% from 2024
  4. Oil And Gas$30.2M54%down 18% from 2024
  5. Maxim$7.7M51%up 650% from 2024
Business segments by year
Business segments202320242025
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.5 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.5

Financial statements

Revenue891011125$395.3M in 2025−49% since 2018
0$200.0M$400.0M$600.0M$800.0M2018: $775.7M$775.7M20182019: $668.8M$668.8M2019−14%2020: $433.7M$433.7M2020−35%2021: $366.1M$366.1M2021−16%2022: $368.2M$368.2M2022+1%2023: $365.3M$365.3M2023−1%2024: $362.1M$362.1M2024−1%2025: $395.3M$395.3M2025+9%
Net income891011125-$37.5M in 2025
-$50.0M-$25.0M0$25.0M$50.0M$75.0M2018: $19.4M$19.4M20182019: $45.4M$45.4M2019+134%2020: -$38.0M-$38.0M20202021: $35.5M$35.5M20212022: -$32.0M-$32.0M20222023: $54.9M$54.9M20232024: -$3.8M-$3.8M20242025: -$37.5M-$37.5M2025+897%
Fiscal year20182019202020212022202320242025
Revenue$775.7M8$668.8M9$433.7M10$366.1M11$368.2M12$365.3M5$362.1M5$395.3M5
Cost of revenue$636.5M8$500.9M9$246.7M10$167.5M11$140.3M12$138.0M5$143.4M5$161.3M5
Selling, general and admin$100.2M9$76.4M10$76.0M11$70.6M12$77.0M5$75.7M5$86.8M5
Interest$19.9M8$20.3M8$15.5M8
Income tax-$2.6M8$9.8M9-$12.2M10$6.8M11-$10.7M12$9.3M5-$4.4M5-$10.2M5
Net income$19.4M8$45.4M9-$38.0M10$35.5M11-$32.0M12$54.9M5-$3.8M5-$37.5M5
Earnings per share (diluted)$131.649-$110.0510$111.8311-$107.4312$189.495-$13.455-$143.865

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The story

Founded by Sardar Biglari in 2008.1

Leadership

Who has led Biglari Holdings Inc., and when. Pick a name to see everywhere that person has worked.

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 4.0.7

Subsidiaries and ownership

Subsidiaries

  • Western Sizzlin'
  • Steak 'n Shake since Aug 2008
  • Maxim since 2014

From Wikidata.1

Acquisitions

  1. 2014Maxim became a subsidiary1
  2. Aug 2008Steak 'n Shake became a subsidiary1

Former names

  • NBHSA Inc.Dec 22, 2017 to Apr 2, 20186

Timeline

  1. 2008Founded Founded1
  2. Feb 25, 1992Went public Listed on NYSE1

Recent filings

  1. Aug 11, 20264 OWNERSHIP DOCUMENT
  2. Aug 7, 202610-Q
  3. Aug 7, 20268-K
  4. Aug 5, 20264 OWNERSHIP DOCUMENT
  5. Jul 31, 20264 OWNERSHIP DOCUMENT
  6. Jul 29, 2026144
  7. Jul 21, 20264 OWNERSHIP DOCUMENT
  8. Jul 16, 20264 OWNERSHIP DOCUMENT
  9. Jul 14, 20264 OWNERSHIP DOCUMENT
  10. Jul 6, 20264 OWNERSHIP DOCUMENT
  11. Jun 30, 20264 OWNERSHIP DOCUMENT
  12. Jun 5, 20264 OWNERSHIP DOCUMENT
  13. May 14, 20264 OWNERSHIP DOCUMENT
  14. May 8, 202610-Q
  15. May 8, 20268-K

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2

Sources

The numbers on this page point here. Each one links to the record it came from.

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