Biglari Holdings is a diversified holding company controlled by investor Sardar Biglari. Its best-known operating business is the Steak 'n Shake restaurant chain; it also has interests including Western Sizzlin and insurance and energy-related holdings. Strategy combines restaurant operations with a concentrated investment approach typical of a permanent capital vehicle rather than a pure-play restaurant operator.
| Quarter | Revenue | YoY % | Earnings | YoY % |
|---|---|---|---|---|
| Q2 2025 | 100.6 | — | 50.9 | — |
| Q3 2025 | 99.7 | — | -5.3 | — |
| Q4 2025 | 99.9 | — | -49.9 | — |
| Q1 2026 | 97.5 | — | -14.5 | — |
| Q2 2026 | 108.5 | 7.9% | 39.9 | -21.6% |
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