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 an insider purchase linked to Chairman and CEO Sardar Biglari through affiliated entities. On March 6, 2026, The Lion Fund, L.P. bought 2,441 shares of Biglari Holdings Class B common stock in an open-market transaction at a weighted average price of $307.20 per share. The Lion Fund’s post-transaction balance was 1,339,300 Class B shares and 128,811.7 Class A shares, while Biglari Capital Corp. held 25,663.1 Class A and 71,855 Class B shares, and Mr. Biglari held small direct positions in both classes.
Biglari Holdings Inc. insider entities reported an open-market purchase of Class B common stock. On March 3, 2026, The Lion Fund, L.P. bought 1,146 Class B shares at a weighted average price of $331.15 per share. The shares are owned directly by The Lion Fund, with Biglari Capital Corp. and Chairman and CEO Sardar Biglari potentially deemed beneficial owners through their control relationships.
Biglari Holdings Inc. reported a sharp swing to losses for the fourth quarter and full year 2025, driven largely by investment results, and posted its 2025 annual report online. Fourth-quarter net loss attributable to shareholders was $49,853 thousand, compared with a loss of $10,273 thousand in 2024. For the full year 2025, net loss attributable to shareholders was $37,488 thousand, versus a loss of $3,759 thousand in 2024. Pre-tax operating earnings from its underlying businesses were $18,782 thousand in 2025, down from $32,569 thousand in 2024, while investment losses widened. Management highlights pre-tax operating earnings as the key measure for its operating businesses. At December 31, 2025, book value per Class A Equivalent share was $2,059.32.
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.
Biglari Holdings Inc. has filed a shelf registration to offer up to $500,000,000 of Class A and Class B common stock, including an at-the-market program. The company entered a Sales Agreement with H.C. Wainwright & Co., LLC allowing it to sell shares on the NYSE and NYSE Texas from time to time, with the sales agent earning up to 3.0% of gross proceeds. Management plans to use any net proceeds to create a strategic reserve to support business and investment activities, strengthen capital at the holding company, fund acquisitions and augment the capital of insurance subsidiaries. As of January 15, 2026, 206,864 Class A shares and 2,068,640 Class B shares were outstanding, and the Chairman and CEO Sardar Biglari beneficially held about 74.7% of the voting interest.
Biglari Holdings and related entities filed an amended Schedule 13D updating their ownership and plans for Jack in the Box Inc.’s common stock. Sardar Biglari reports beneficial ownership of 1,884,269 shares, representing 9.98% of the company. Other affiliated entities, including Biglari Capital Corp. and the Lion Fund partnerships, each report their own share counts and percentages, with Biglari Capital Corp. listing 1,683,652 shares, or 8.9%.
The group has withdrawn its nomination of Douglas Thompson for the Jack in the Box board because he became Chief Operations Officer of CAVA. They state they still intend to discuss board composition with the company and may propose an alternate candidate, and they may pursue a withhold campaign against one or more incumbent directors at the upcoming annual meeting. The reporting persons also terminated a prior Joint Filing and Solicitation Agreement and entered into a new Joint Filing Agreement dated January 14, 2026.
Biglari Holdings Inc. chair and CEO Sardar Biglari, together with Biglari Capital Corp. and The Lion Fund, L.P., reported purchases of the company’s Class A and Class B common stock.
Through The Lion Fund, they bought 3,084 shares of Class B common stock at a weighted average price of $323.71 and 368 shares of Class A common stock at a weighted average price of $1,633.52 on 12/17/2025, with each group of shares acquired in multiple transactions within stated price ranges. After these transactions, The Lion Fund beneficially owned 1,335,713 shares of Class B and 128,811.7 shares of Class A, while Biglari Capital Corp. held 71,855 shares of Class B and 25,663.1 shares of Class A. The reporting persons state they may be deemed beneficial owners of these shares but disclaim beneficial ownership beyond their pecuniary interests.
Biglari Holdings Inc. insider Sardar Biglari reported several open-market purchases of the company’s Class A and Class B common stock through The Lion Fund, L.P. on 12/12/2025, 12/15/2025 and 12/16/2025.
The Lion Fund bought 449 and 152 Class B shares at weighted average prices of $333.14 and $328.00, and 60 and 156 Class A shares at weighted average prices of $1,635.37 and $1,599.87. After these transactions, it beneficially owned 1,332,629 Class B shares and 128,443.7 Class A shares. Biglari Capital Corp. held an additional 71,855 Class B shares and 25,663.1 Class A shares. The report is filed jointly by Mr. Biglari, Biglari Capital Corp. and The Lion Fund, each of which disclaims beneficial ownership beyond its pecuniary interest.
Biglari Holdings Inc. insider entities reported additional purchases of the company’s Class B common stock. A joint filing by Sardar Biglari, Biglari Capital Corp. and The Lion Fund, L.P. shows that The Lion Fund bought 973 Class B shares on 12/08/2025 at a weighted average price of $315.08, 938 shares on 12/09/2025 at a weighted average price of $319.08, and 310 shares on 12/10/2025 at a weighted average price of $321.94.
After these transactions, The Lion Fund is shown as indirectly holding over 1.33 million Class B shares. The filing notes that the reported prices reflect weighted averages for multiple trades within stated intraday price ranges, and the reporting persons undertake to provide full trade details upon request. Sardar Biglari is identified as a director, Chairman and Chief Executive Officer of Biglari Holdings and a 10% owner, and the filing explains his indirect beneficial ownership through Biglari Capital Corp. and The Lion Fund, subject to standard beneficial ownership disclaimers.