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 insider purchases of its Class B common stock by entities affiliated with Chairman and CEO Sardar Biglari. On 12/03/2025, The Lion Fund, L.P. bought 2,802 Class B shares at a weighted average price of $ 303.32. On 12/04/2025 it bought 1,139 shares at $ 306.05, and on 12/05/2025 it bought 1,465 shares at $ 306.9.
After these transactions, The Lion Fund, L.P. is shown as beneficially owning 1,329,807 Class B shares. Other reported holdings include Class A common stock of 25,663.1 shares indirectly through Biglari Capital Corp. and 128,227.7 shares indirectly through The Lion Fund, L.P., plus 71,855 Class B shares indirectly through Biglari Capital Corp. The form is filed jointly by Sardar Biglari, Biglari Capital Corp. and The Lion Fund, L.P., who may be deemed to share beneficial ownership based on their control relationships.
Biglari Holdings Inc. (BH) reported insider-related purchases of both Class A and Class B common stock. On 11/24/2025, The Lion Fund, L.P., which is indirectly controlled by Chairman and CEO Sardar Biglari, bought 213 shares of Class A at a weighted average price of $1,406.27 and 1,819 shares of Class B at a weighted average price of $274.74.
After these trades, The Lion Fund, L.P. beneficially owned 128,227.7 shares of Class A and 1,324,401 shares of Class B. Biglari Capital Corp., another entity controlled by Mr. Biglari, held 25,663.1 shares of Class A and 71,855 shares of Class B. The Form 4 is filed jointly by Mr. Biglari, Biglari Capital Corp., and The Lion Fund, L.P., and each disclaims beneficial ownership beyond his or its pecuniary interest.
Biglari Holdings Inc. (BH) reported that its affiliates may purchase additional shares of its Class A and/or Class B common stock. The company highlighted that, as of September 30, 2025, book value per Class A equivalent share was $2,244.26 and book value per Class B equivalent share was $448.85, while its stock currently trades at a discount to these per share book values.
The company also noted strong operating performance at its wholly owned subsidiary Steak n Shake Inc., which is currently achieving same-store sales growth in excess of 15% for its U.S. operations in the fourth quarter to date, across both company-operated and franchise partner-operated stores.
Biglari Holdings Inc. filed a Form 8-K to report that it has released financial results for its third quarter and first nine months ended September 30, 2025. On November 7, 2025, the company issued a press release with these results, which is included as Exhibit 99.1 and incorporated by reference into the report. The 8-K clarifies that the information under the results of operations item, including the press release, is being furnished rather than filed under securities laws, meaning it is not automatically subject to certain liability provisions or incorporated into other SEC filings unless explicitly stated.
Biglari Holdings Inc. filed its Q3 2025 report, showing a quarterly net loss of $5,291 and stronger year‑to‑date profitability. Third‑quarter revenue was $99,738, while revenue for the first nine months reached $295,392 with net earnings of $12,365.
Restaurants led growth: Steak n Shake and Western Sizzlin generated $71,741 in Q3 revenue, driven by a 15.6% same‑store sales increase at domestic company‑operated Steak n Shake units. Insurance earned $19,179 in Q3 revenue with improved underwriting, while oil and gas revenue was $7,372 amid lower commodity pricing, partially offset by gains on asset sales earlier in the year.
Liquidity and capital structure shifted meaningfully. Cash and cash equivalents rose to $272,485 from $30,709 at year‑end, supported by $89,188 in operating cash flow and financing inflows. On September 30, Steak n Shake obtained a $225,000 five‑year loan at 8.8% interest, amortized at 3.0% per year, secured by its real estate, with proceeds distributed to Biglari Holdings. Total debt rose, with note payable and lines of credit at $214,914 long‑term and $20,916 current. Investment partnership losses of $15,897 weighed on Q3 results.
GAMCO and affiliated Gabelli entities filed an amended Schedule 13D reporting beneficial ownership of 13,435 shares of Biglari Holdings Class A, equal to 6.49% of the 206,864 shares outstanding as reported in the company’s Form 10-Q for the quarter ended June 30, 2025.
The filing attributes 11,875 shares (5.74%) to GAMCO Asset Management Inc. and 1,560 shares (0.75%) to Gabelli Funds LLC, each with sole voting and dispositive power over their respective holdings. The group filed the long-form 13D because they may regularly communicate with management. Recent activity includes small sales, such as 200 shares on October 20, 2025 at $1,766.7842.
Biglari Holdings disclosed that its subsidiary Steak n Shake Inc. obtained a five-year loan of $225,000,000 on September 30, 2025 with interest fixed at 8.80% and amortization at 3.0% per annum. The loan is an obligation of Steak n Shake and the proceeds were distributed to Biglari Holdings. The company also terminated a $75,000,000 line of credit on the same date. The filing says the loan agreement will be filed as an exhibit to the quarterly report for the period ended September 30, 2025, and the brief description here is qualified by that full agreement.
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.
Biglari Holdings Inc. furnished a press release announcing its financial results for the second quarter and the first six months ended June 30, 2025. The press release is attached as Exhibit 99.1 and an interactive cover page is included as Exhibit 104. The company explicitly states the material is being furnished and not filed, which means it is not subject to Section 18 liabilities and will not be incorporated by reference into other filings unless the company expressly says so.
The current report does not include the numerical revenue, earnings, or other financial figures within its text; investors and analysts must review Exhibit 99.1 for detailed results and metrics.
Biglari Holdings Inc. reported a strong quarterly turnaround. Net earnings for the second quarter of 2025 were $50,931 thousand compared with a net loss of $(48,190) thousand in the second quarter of 2024, and year-to-date net earnings were $17,656 thousand versus a year-to-date loss of $(25,611) thousand in 2024. Total revenues rose to $100,619 thousand in the quarter from $91,141 thousand a year earlier, led by restaurant operations which increased to $72,011 thousand.
The primary driver of the swing to profitability was large investment partnership gains of $58,504 thousand in Q2 2025 (versus losses in the prior-year quarter). Operating improvements included a 10.7% same-store sales gain at Steak n Shake and higher franchise partner fees. Balance sheet highlights: total assets of $863,579 thousand, shareholders' equity of $589,286 thousand, total cash and investments of $857,153 thousand (carrying value on the balance sheet $340,200 thousand), and a deferred tax liability related to investment partnerships of $30,030 thousand. Management notes that disclosure controls were not effective due to previously identified material weaknesses that remain under remediation.