Biglari Holdings: Steak n Shake Reports ~15% Comparable Sales Increase

Rhea-AI Filing Summary

Steak n Shake Inc., a wholly owned subsidiary of Biglari Holdings Inc., told potential franchisees that its U.S. same-store sales for the third fiscal quarter increased by approximately 15%. This disclosure covers both company-operated and franchise partner-operated stores and highlights stronger comparable sales performance in the quarter versus the prior-year period. The statement is limited to same-store sales growth and does not provide additional financial details, drivers, or geographic breakdowns.

Positive

• Steak n Shake reported approximately 15% same-store sales growth in the U.S. for the third fiscal quarter.
• The disclosure covers both company-operated and franchise partner-operated stores, indicating broad comparable strength across operating models.

Negative

• None.

Insights

Retail/Foodservice Analyst

TL;DR Same-store sales growth of ~15% is a clear operational uplift for Steak n Shake but the filing lacks broader financial context.

The reported ~15% comparable sales gain for U.S. stores (company-operated and franchise partner-operated) signals tangible consumer demand improvement at Steak n Shake during the quarter. For investors, same-store sales are a key unit-level performance metric because they strip out expansion effects and show underlying traffic and ticket trends. However, this 8-K excerpt contains no revenue, margin, unit count changes, or regional performance to assess scale or sustainability. Without those figures, it is impossible to quantify the contribution to Biglari Holdings' consolidated results or forecast profit impact.

Corporate Governance / Investor Relations Specialist

TL;DR The disclosure is a positive operational datapoint but is incomplete for assessing material impact on the parent company.

Communicating ~15% same-store sales growth to potential franchisees is useful for franchise recruitment and brand positioning. From a governance and disclosure perspective, the item is narrowly focused and does not assert materiality to Biglari Holdings' consolidated financial statements. The 8-K does not include forward guidance, profit or cash flow effects, nor does it state whether the company considers this information material for broader investors. Additional, quantified disclosures would be required to evaluate investor impact.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): September 30, 2025

BIGLARI HOLDINGS INC.

(Exact Name of Registrant as Specified in Charter)

Indiana

001-38477

82-3784946

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

19100 Ridgewood Parkway,			Suite 1200
San Antonio,			Texas						78259
(Address of Principal Executive Offices)									(Zip Code)

Registrant’s telephone number, including area code: (210) 344-3400

Not Applicable

(Former Name or Former Address, if Changed Since Last Report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class			Trading Symbol(s)			Name of Each Exchange on Which Registered
Class A common stock			BH.A			New York Stock Exchange
Class B common stock			BH			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01.     Regulation FD Disclosure

In a presentation to potential franchisees, Steak n Shake Inc., a wholly owned subsidiary of Biglari Holdings Inc. (the “Company”), is disclosing that it achieved same-store sales growth of approximately 15% for its U.S. operations (company-operated and franchise partner-operated stores) for its third fiscal quarter.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

September 30, 2025			BIGLARI HOLDINGS INC.
			By:			/s/ Bruce Lewis
						Name:			Bruce Lewis
						Title:			Controller

FAQ

What did Biglari Holdings (BH) disclose about Steak n Shake's quarterly performance?

The 8-K states Steak n Shake achieved approximately 15% same-store sales growth in the U.S. for its third fiscal quarter, covering company-operated and franchise partner-operated stores.

Does the filing provide revenue or profit figures tied to the 15% same-store sales growth?

No. The disclosure only reports the approximate 15% same-store sales increase and does not include revenue, profit, margin, unit counts, or regional breakdowns.

Is the same-store sales figure presented as company-wide or limited to specific stores?

It applies to U.S. operations and explicitly includes both company-operated and franchise partner-operated stores.

Did the 8-K state whether this information is material to Biglari Holdings' consolidated results?

No. The filing does not state whether the same-store sales information is considered material to the parent company's consolidated financial statements.

Was any forward-looking guidance or explanation for the sales increase provided?

No. The 8-K excerpt contains no forward-looking guidance or explanations for the approximately 15% increase.