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Biglari Holdings Inc's Business Segments
Biglari Holdings Inc's reported revenue by business segment and by geographic region, quarterly and annual, normalized against the consolidated income statement. Free below: the top 3 rows per table, this quarter and this fiscal year. Subscriber access adds the full segment history and operating income by segment.
Segment Data As of Q2 FY2026
Reportable Segments
5
Largest Segment
Restaurant operations
Total Revenue
$ 113
Regions Reported
-
Revenue Share by Reportable Segment - Q2 FY2026
- Restaurant operations66.2%
- Restaurant66.2%
- Insurance16.9%
- Oil and Gas10%
- Brand Licensing3.1%
Revenue by Reportable Segment - Q2 FY2026
| Segment | Revenue (Millions) | % of Total |
|---|---|---|
| Restaurant operations | $ 75 | 66.2% |
| Restaurant | $ 75 | 66.2% |
| Insurance | $ 19 | 16.9% |
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Revenue by Product & Service Category - Q2 FY2026
- Restaurant operations66.2%
- Product40.4%
- Franchisor20.5%
- Insurance Operations16.9%
- Insurance Underwriting15.7%
- Oil and Gas10%
- Licensing and Media3.1%
- Royalty3%
- Product and Service, Other2.3%
- Investment Income 10.6%
- Other0.5%
Revenue by Product & Service Category - Q2 FY2026
| Category | Revenue (Millions) | % of Total |
|---|---|---|
| Restaurant operations | $ 75 | 66.2% |
| Product | $ 46 | 40.4% |
| Franchisor | $ 23 | 20.5% |
Product and service categories are a supplemental disclosure and are not required to sum to consolidated revenue or to the reportable segments above.
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Description of Biglari Holdings Inc
Biglari Holdings Inc is a publicly traded holding company that was founded by its current CEO, Sardar Biglari, in 2008. The company is based in San Antonio, Texas and operates in a variety of industries, including restaurants, insurance, and media. The company is primarily known for its ownership of the Steak 'n Shake restaurant chain.
Steak 'n Shake is a fast food chain that specializes in burgers and milkshakes. The chain has over 500 locations in the United States and is known for its retro-style diner decor. Biglari Holdings acquired the chain in 2008 and has since made a number of changes to the business, including introducing new menu items and streamlining operations.
In addition to Steak 'n Shake, Biglari Holdings also owns a number of other businesses. These include Maxim magazine, Western Sizzlin, and First Guard Insurance Company. Maxim is a men's lifestyle magazine that was acquired by Biglari Holdings in 2014. Western Sizzlin is a family steakhouse chain with locations primarily in the southeastern United States. First Guard Insurance Company is an insurance provider that offers coverage for commercial trucks and other commercial vehicles.
Biglari Holdings has a unique corporate structure, with Sardar Biglari holding a significant portion of the company's shares. As of 2021, Biglari owned approximately 42% of the company's outstanding shares. This has led to some controversy, as some shareholders have criticized the company's governance and called for greater transparency and accountability.
Despite these concerns, Biglari Holdings has been successful in growing its business and increasing profitability. The company has reported strong earnings in recent years and has made a number of strategic acquisitions to expand its portfolio of businesses. As of 2021, the company had a market capitalization of approximately $1.6 billion.
Steak 'n Shake is a fast food chain that specializes in burgers and milkshakes. The chain has over 500 locations in the United States and is known for its retro-style diner decor. Biglari Holdings acquired the chain in 2008 and has since made a number of changes to the business, including introducing new menu items and streamlining operations.
In addition to Steak 'n Shake, Biglari Holdings also owns a number of other businesses. These include Maxim magazine, Western Sizzlin, and First Guard Insurance Company. Maxim is a men's lifestyle magazine that was acquired by Biglari Holdings in 2014. Western Sizzlin is a family steakhouse chain with locations primarily in the southeastern United States. First Guard Insurance Company is an insurance provider that offers coverage for commercial trucks and other commercial vehicles.
Biglari Holdings has a unique corporate structure, with Sardar Biglari holding a significant portion of the company's shares. As of 2021, Biglari owned approximately 42% of the company's outstanding shares. This has led to some controversy, as some shareholders have criticized the company's governance and called for greater transparency and accountability.
Despite these concerns, Biglari Holdings has been successful in growing its business and increasing profitability. The company has reported strong earnings in recent years and has made a number of strategic acquisitions to expand its portfolio of businesses. As of 2021, the company had a market capitalization of approximately $1.6 billion.
Biglari Holdings Inc. is a diversified holding company that operates through two main business segments: Restaurant Operations and Investment Management. Each segment encompasses a variety of products and services designed to appeal to distinct markets and customer bases.
Restaurant Operations
In this segment, Biglari Holdings Inc. owns and operates a number of well-known restaurant brands, focusing primarily on the casual dining and fast-casual sectors. The company emphasizes providing a wide range of menu items across its brands that cater to various tastes and dining preferences.
Brands and Offerings:
1. Steak n Shake:
- Flagship Brand: Steak n Shake serves as the hallmark of Biglari’s restaurant operations, renowned for its classic American diner experience.
- Menu Items: The menu features hand-dipped milkshakes, Steakburgers, crispy fries, and a variety of sandwiches, salads, and breakfast options.
- Locations: The chain operates over 500 locations across the United States, focusing on a combination of dine-in and drive-thru services.
2. Western Sizzlin:
- Specialization: This brand is known for its steak-centric offerings but also includes a diverse selection of seafood and chicken dishes.
- Dining Experience: Western Sizzlin restaurants typically provide a family-friendly atmosphere.
- Locations: With more than 40 operational sites in the U.S. the brand targets customers looking for hearty, home-cooked meals.
3. Ponderosa & Bonanza Steakhouses:
- Menu Variety: These establishments offer a wide array of steak options along with seafood and chicken, catering to diverse culinary preferences among families and groups.
- Buffet Style: Many locations feature buffet services, enhancing customer experience with a variety of dining choices.
- Locations: Ponderosa & Bonanza operates over 60 locations nationwide, providing accessible dining options in a casual setting.
Investment Management
Biglari Holdings Inc. pursues a strategy of identifying and investing in undervalued assets across a spectrum of investment avenues, primarily focusing on long-term value creation for shareholders.
Portfolio Components:
1. Public Equities:
- The company manages investments in publicly traded companies, targeting entities perceived to be undervalued or with substantial growth potential.
2. Private Companies:
- In addition to public equities, Biglari invests in private enterprises that offer opportunities for significant appreciation and strategic growth.
3. Notable Holdings:
- The investment portfolio includes stakes in well-known entities such as The Coca-Cola Company, which is recognized for its leading position in the beverage industry, Berkshire Hathaway, a conglomerate known for its diversified holdings and strong management, and Restaurant Brands International, which controls several prominent fast food chains.
Insurance Services
Beyond the restaurant and investment segments, Biglari Holdings Inc. offers specialized insurance services through its subsidiary, First Guard Insurance Company, which focuses on providing:
1. Commercial Trucking Insurance:
- Insurance products designed for businesses involved in commercial transportation, encompassing coverage that protects against risks associated with moving goods across various terrains.
2. Personal Automobile Insurance:
- Individual automobile insurance offerings that provide coverage for personal vehicles, addressing the needs of everyday consumers.
Summary
Overall, Biglari Holdings Inc. presents a diversified portfolio consisting of restaurant operations that emphasize a range of dining experiences, investment management targeting asset appreciation through strategic investments in various sectors, and insurance services tailored to meet the needs of both commercial and personal clients. Through this multifaceted approach, the company seeks to enhance shareholder value while providing quality products and services in the marketplace.
Restaurant Operations
In this segment, Biglari Holdings Inc. owns and operates a number of well-known restaurant brands, focusing primarily on the casual dining and fast-casual sectors. The company emphasizes providing a wide range of menu items across its brands that cater to various tastes and dining preferences.
Brands and Offerings:
1. Steak n Shake:
- Flagship Brand: Steak n Shake serves as the hallmark of Biglari’s restaurant operations, renowned for its classic American diner experience.
- Menu Items: The menu features hand-dipped milkshakes, Steakburgers, crispy fries, and a variety of sandwiches, salads, and breakfast options.
- Locations: The chain operates over 500 locations across the United States, focusing on a combination of dine-in and drive-thru services.
2. Western Sizzlin:
- Specialization: This brand is known for its steak-centric offerings but also includes a diverse selection of seafood and chicken dishes.
- Dining Experience: Western Sizzlin restaurants typically provide a family-friendly atmosphere.
- Locations: With more than 40 operational sites in the U.S. the brand targets customers looking for hearty, home-cooked meals.
3. Ponderosa & Bonanza Steakhouses:
- Menu Variety: These establishments offer a wide array of steak options along with seafood and chicken, catering to diverse culinary preferences among families and groups.
- Buffet Style: Many locations feature buffet services, enhancing customer experience with a variety of dining choices.
- Locations: Ponderosa & Bonanza operates over 60 locations nationwide, providing accessible dining options in a casual setting.
Investment Management
Biglari Holdings Inc. pursues a strategy of identifying and investing in undervalued assets across a spectrum of investment avenues, primarily focusing on long-term value creation for shareholders.
Portfolio Components:
1. Public Equities:
- The company manages investments in publicly traded companies, targeting entities perceived to be undervalued or with substantial growth potential.
2. Private Companies:
- In addition to public equities, Biglari invests in private enterprises that offer opportunities for significant appreciation and strategic growth.
3. Notable Holdings:
- The investment portfolio includes stakes in well-known entities such as The Coca-Cola Company, which is recognized for its leading position in the beverage industry, Berkshire Hathaway, a conglomerate known for its diversified holdings and strong management, and Restaurant Brands International, which controls several prominent fast food chains.
Insurance Services
Beyond the restaurant and investment segments, Biglari Holdings Inc. offers specialized insurance services through its subsidiary, First Guard Insurance Company, which focuses on providing:
1. Commercial Trucking Insurance:
- Insurance products designed for businesses involved in commercial transportation, encompassing coverage that protects against risks associated with moving goods across various terrains.
2. Personal Automobile Insurance:
- Individual automobile insurance offerings that provide coverage for personal vehicles, addressing the needs of everyday consumers.
Summary
Overall, Biglari Holdings Inc. presents a diversified portfolio consisting of restaurant operations that emphasize a range of dining experiences, investment management targeting asset appreciation through strategic investments in various sectors, and insurance services tailored to meet the needs of both commercial and personal clients. Through this multifaceted approach, the company seeks to enhance shareholder value while providing quality products and services in the marketplace.