Here are the 10-K annual reports from Biglari Holdings Inc. (BH) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow BH and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BH filings page.
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. is a diversified holding company spanning restaurants, property and casualty insurance, oil and gas, and brand licensing. In 2025 it generated total revenues of $395,261 thousand, with its largest operating contribution coming from the Steak n Shake and Western Sizzlin restaurant businesses.
Restaurant revenue rose as net sales climbed to $181,884 thousand, helped by a 10.5% same-store sales increase at company-operated Steak n Shake units. Insurance operations produced pre-tax underwriting gains of $7,210 thousand, while oil and gas contributed pre-tax earnings of $12,898 thousand, including an $11,877 thousand gain on oil and gas property sales.
Despite these operating profits, Biglari Holdings reported a net loss of $37,488 thousand, driven mainly by investment partnership losses of $67,001 thousand from related funds in which it holds limited partnership interests. The partnerships’ fair value was $772.6 million as of December 31, 2025, subject to a rolling five-year lock-up.
Liquidity increased, with cash, investments, and partnership interests totaling $1,110,417 thousand and balance-sheet cash and investments of $492,107 thousand. However, leverage rose after Steak n Shake obtained a $225,000 thousand, 5‑year note at 8.8% interest, secured by restaurant real estate and largely upstreamed to the parent.
The auditor issued an unqualified opinion on the financial statements but an adverse opinion on internal control over financial reporting due to a remaining material weakness in controls over insurance losses. The company highlights key risks including dependence on Chairman and CEO Sardar Biglari, concentrated related-party investments, competitive pressures across its industries, and the possibility of future economic or regulatory headwinds.