Biglari Holdings, Inc. Class B (BH)

Biglari Holdings' stock price has been influenced by financial results and market trends. In Q1 2026, the company reported a net loss of $14.5 million. Shares declined in early May 2026 due to market selloffs and rising oil prices. Q2 2025 saw net earnings of $50.9 million, driven by investment gains, and Steak 'n Shake showed strong same-store sales growth. In Q4 2025, Steak 'n Shake achieved same-store sales growth exceeding 15% for its U.S. operations. Full year 2025 earnings reported a US$144 loss per share and a net loss of US$37.5 million. Q1 2025 pre-tax operating earnings increased to $9.994 million, but the company experienced substantial investment losses.

Restaurant operations experience higher sales in warmer months and during holidays. Oil and gas operations see increased demand for heating oil and natural gas in winter and gasoline in summer. Insurance operations are affected by weather events and renewal cycles. The magazine publishing market peaks in November and dips in May, leveraging holidays and back-to-school periods.

Biglari Holdings Inc. is a diversified holding company based in San Antonio, Texas, operating primarily in the Consumer Discretionary sector as a Conglomerate or Holding Company. Its restaurant operations include Steak 'n Shake (426 locations), Western Sizzlin' (32 units), and Max & Erma's. The company also engages in commercial truck insurance through First Guard Insurance Company, property and casualty insurance and reinsurance through Southern Pioneer Property & Casualty Insurance Company and Biglari Reinsurance Ltd. Additionally, it operates oil and natural gas properties through Southern Oil Company and Abraxas Petroleum Corporation, and publishes magazines under the MAXIM brand.

Biglari Holdings' restaurant operations are mainly in the United States, with some international locations. Its insurance operations cover select U.S. markets. Oil and natural gas operations are in Louisiana state waters and the Permian Basin. Maxim magazine has international distribution.

Information on Biglari Holdings' overall brand reputation is limited. A notable event was the FTC's $1.4 million fine in December 2021 for HSR Act violations. Recent strong same-store sales growth reported by Steak 'n Shake in Q2 and Q4 2025 could positively impact the brand's operational performance.

Biglari Holdings Inc. has a concentrated ownership structure, with Sardar Biglari maintaining a controlling interest, owning approximately 74.3% of the voting interest as of December 31, 2024. Major institutional shareholders include Biglari Capital Corp., Dimensional Fund Advisors Lp, and BlackRock, Inc.