Welcome to our dedicated page for Biglari Holdings SEC filings (Ticker: BH), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Biglari Holdings Inc. filings document formal disclosures for a holding company with Class A and Class B common stock and subsidiaries across restaurant, insurance, oil and gas, and other operations. The company’s 8-K filings report results of operations, annual-report availability, Regulation FD updates, material agreements, and subsidiary financing matters, including debt obligations tied to Steak n Shake.
Proxy and annual meeting filings cover director elections, auditor ratification, shareholder voting results, board governance, and the company’s dual-class common-stock structure. The filing record also reflects recurring disclosure of operating earnings, investment gains and losses, book value measures, and subsidiary-level restaurant performance information.
Biglari Holdings Inc. reported financial results for the second quarter and first six months ended June 30, 2026. For the quarter, pre-tax operating earnings were $6,274 thousand, investment gains were $45,345 thousand, and net earnings were $39,926 thousand, all in dollars thousands.
For the first six months of 2026, net earnings totaled $25,395 thousand. Management highlights pre-tax operating earnings, which exclude investment gains and losses, as a way to evaluate the performance of operating businesses, noting that changes in investment values can cause sizable swings in reported earnings.
Within the restaurant operations, Steak n Shake’s same-store sales for domestic company-operated and franchise-partner-operated restaurants increased 13.8% in the second quarter of 2026. The company also reiterates its use of the non-GAAP measure pre-tax operating earnings and includes customary cautionary language regarding forward-looking statements.
Biglari Holdings Inc. reported Q2 2026 net earnings of $39,926 on total revenues of $108,524 (dollars in thousands), compared with $50,931 on $100,619 a year earlier. Results were heavily influenced by investment partnership gains of $35,637 and investment gains of $9,708, which management treats as non‑operating.
Operating businesses contributed $9,695 to net earnings. Restaurants generated revenue of $74,727, supported by a Steak n Shake domestic same‑store sales increase of 11.9% and higher franchise partner fees, though food costs rose as a percentage of sales after quality enhancements. Insurance delivered a pre‑tax underwriting gain of $2,560, while oil and gas earned $7,078 before tax, including a $4,803 gain on property sales.
Cash and cash equivalents fell to $68,394 from $268,782 as capital was redeployed into $274,321 of securities and enlarged partnership interests whose fair value reached $986,368. Debt includes a Steak n Shake term loan of $219,937 at 8.8% and a Biglari Holdings credit line balance of $22,500. Management stated that disclosure controls and procedures remained not effective as of June 30, 2026 because of a previously identified material weakness, with remediation efforts ongoing.
Biglari Holdings Inc. insider entities associated with Chairman and CEO Sardar Biglari reported open-market purchases of Class B common stock. The Lion Fund, L.P. bought 1,743 shares on June 4 at a weighted average price of $286.76 per share and 535 shares on June 5 at a weighted average price of $297.14 per share. After these purchases, The Lion Fund, L.P. is shown holding 1,400,382 Class B shares. Additional indirect holdings through Biglari Capital Corp. and small direct positions in both Class A and Class B shares are also reported, highlighting that most exposure is held via investment entities rather than directly in Mr. Biglari’s name.
Biglari Holdings Inc. reported that entities affiliated with Chairman and CEO Sardar Biglari made open-market purchases of Class B common stock. Through The Lion Fund, L.P., they bought a total of 52,674 Class B shares on May 12–14 at weighted average prices reported as $249.84, $260.36 and $258.06 per share.
After these trades, The Lion Fund, L.P. is shown holding 1,398,104 Class B shares and 128,811.7 Class A shares indirectly. Biglari Capital Corp. is shown holding 71,855 Class B shares and 25,663.1 Class A shares indirectly, while Sardar Biglari also holds small direct positions in both classes. The filing notes that Mr. Biglari and Biglari Capital Corp. may be deemed to beneficially own the Lion Fund’s holdings.
Biglari Holdings Inc. reported a first-quarter 2026 net loss of $(14,531) (dollars in thousands), improving from a loss of $(33,275) in 2025. Pre-tax operating earnings were $(4,141) (dollars in thousands), compared with $9,994 a year earlier, reflecting weaker results from operating businesses.
Investment results showed a loss of $(14,741) (dollars in thousands) versus $(51,177) in the prior-year quarter, which the company notes can cause large quarterly fluctuations. At March 31, 2026, book value per Class A Equivalent share was $2,006.69. Management emphasizes pre-tax operating earnings as a key non-GAAP measure, excluding investment gains and losses.
Biglari Holdings Inc. reported a first‑quarter 2026 net loss of $14,531, improving from a loss of $33,275 a year earlier. Total revenues edged up to $97,481 from $95,035, but results were pressured by losses in investment partnerships and higher interest expense.
Operating businesses together earned $7,287 before tax, with restaurants, insurance, oil and gas, and brand licensing all profitable, though oil and gas fell sharply without prior‑year asset sale gains. Pre‑tax losses of $13,454 from investment partnerships and $5,651 of interest on debt drove the overall loss. Cash and investments remained sizable, and the company raised $14,920 through an at‑the‑market stock program while continuing to carry a $221,625 Steak n Shake term loan at 8.8%. Management disclosed that disclosure controls and procedures were still not effective due to a previously identified material weakness in internal control over financial reporting, with remediation efforts ongoing.
Biglari Holdings Inc. held its Annual Meeting of Shareholders on April 8, 2026. A total of 200,129 Class A shares were voted, representing about 95% of the 211,176 shares outstanding and entitled to vote.
Shareholders elected five directors, with votes for Sardar Biglari at 169,573 and for other nominees ranging from 168,605 to 171,200, and there were 7,763 broker non-votes. Shareholders also ratified Deloitte & Touche LLP as independent registered public accounting firm for 2026 with 198,645 votes for, 1,261 against, and 197 abstentions.
Biglari Holdings Inc. filed Amendment No. 1 to its annual report to add separate audited financial statements for its affiliate investment fund, The Lion Fund II, L.P., as required by Rule 3-09 of Regulation S-X. The audit by Deloitte & Touche LLP gave an unqualified opinion on the Fund’s 2025, 2024, and 2023 financial statements.
For 2025 the Lion Fund II reported partners’ capital of about $129.2 million, with investments in securities at fair value of about $291.1 million and margin debt due to broker of about $163.7 million. The Fund recorded a $63.4 million net decrease in partners’ capital from operations and a total return before performance reallocation of (35.75)% for 2025.
Biglari Holdings Inc. reported an insider open-market purchase of its Class B common stock. On March 13, 2026, The Lion Fund, L.P. purchased 2,810 shares of Class B common stock at a weighted average price of $302.20 per share, held indirectly. Following this transaction, The Lion Fund, L.P. holds 1,345,430 Class B shares. Related footnotes state that Biglari Capital Corp. is the general partner of The Lion Fund and that Sardar Biglari may be deemed a beneficial owner through his control of Biglari Capital Corp.
Biglari Holdings reports consolidated results for fiscal 2025 emphasizing investments and operating businesses. At year-end 2025 total investments (cash, marketable securities, and investments in The Lion Fund) were $1.1 billion at fair value. Investments per share were $1,936 while pre-tax operating earnings per share from businesses were $59.26. Consolidated net operating earnings were $14.153 million, but reported total net earnings were $(37.488) million after investment losses. Steak n Shake led operating performance with same-store sales growth of 10.2% and pre-tax operating earnings of $22.57 million; Steak n Shake operated 404 locations at year-end. The Lion Fund and other equity positions include a $202.3 million Ferrari holding. The company notes a $225 million intercompany distribution from Steak n Shake funded by its debt, with an interest rate slightly under 9% and a net spread cost of approximately $11 million annually.