v3.26.1
Business Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segment Reporting Business Segment Reporting
Our reportable business segments are organized in a manner that reflects how management views those business activities. Biglari Holdings’ diverse businesses are managed on an unusually decentralized basis. Our restaurant operations include Steak n Shake and Western Sizzlin. Our insurance operations include First Guard, Southern Pioneer, and Biglari Reinsurance. Our oil and gas operations include Southern Oil and Abraxas Petroleum. The Company also reports segment information for Maxim. Other business activities not specifically identified with reportable business segments are presented under corporate and other. We report our earnings from investment partnerships separately. The Company’s chief operating decision maker is the Chief Executive Officer, who is ultimately responsible for significant capital allocation decisions, evaluating operating performance and selecting the chief executive to head each of the operating segments. The cost and expense information provided is based on the information regularly provided to the chief operating decision maker. Given the varied operating segments and differences in revenue streams and cost structures, there are wide variances in the form, content, and levels of such expense information significant to the business. With respect to insurance underwriting, the chief operating decision maker considers pre-tax underwriting earnings to allocate resources and capital, together with perceived risks and opportunities in the insurance markets that affect rates and risks of loss. There are no forecasted premiums. For most non-insurance businesses, pre-tax earnings are considered in allocating resources and capital. The chief operating decision-maker generally considers actual operating results, as well as unique perceived risks and opportunities associated with the individual operating businesses.
A disaggregation of our consolidated data for the second quarters and first six months of 2026 and 2025 is presented in the tables which follow.
Restaurant
Second Quarter
2026
Steak n ShakeWestern SizzlinTotal Restaurants
Revenue$72,098 $2,629 $74,727 
Cost and expenses:
Cost of food14,248 955 15,203 
Labor costs13,119 630 13,749 
Occupancy and other12,596 979 13,575 
Selling, general and administrative16,750 229 16,979 
Depreciation, amortization and impairment6,932 26 6,958 
Total costs and expenses63,645 2,819 66,464 
Earnings before income taxes$8,453 $(190)$8,263 
Second Quarter
2025
Steak n ShakeWestern SizzlinTotal Restaurants
Revenue$69,258 $2,753 $72,011 
Cost and expenses:
Cost of food13,241 926 14,167 
Labor costs13,366 654 14,020 
Occupancy and other11,985 1,107 13,092 
Selling, general and administrative16,390 44 16,434 
Depreciation, amortization and impairment7,844 19 7,863 
Total costs and expenses62,826 2,750 65,576 
Earnings before income taxes$6,432 $3 $6,435 
First Six Months
2026
Steak n ShakeWestern SizzlinTotal Restaurants
Revenue$135,864 $5,009 $140,873 
Cost and expenses:
Cost of food26,094 1,774 27,868 
Labor costs25,408 1,199 26,607 
Occupancy and other25,171 1,703 26,874 
Selling, general and administrative34,085 312 34,397 
Depreciation, amortization and impairment13,956 32 13,988 
Total costs and expenses124,714 5,020 129,734 
Earnings before income taxes$11,150 $(11)$11,139 

First Six Months
2025
Steak n ShakeWestern SizzlinTotal Restaurants
Revenue$131,174 $5,186 $136,360 
Cost and expenses:
Cost of food24,853 1,778 26,631 
Labor costs26,215 1,245 27,460 
Occupancy and other24,466 1,813 26,279 
Selling, general and administrative31,805 83 31,888 
Depreciation, amortization and impairment14,315 38 14,353 
Total costs and expenses121,654 4,957 126,611 
Earnings before income taxes$9,520 $229 $9,749 

Insurance
Second Quarter
2026
First GuardSouthern PioneerTotal UnderwritingInvestment IncomeOtherTotal Insurance
Revenue$9,195 $8,498 $17,693 $717 $620 $19,030 
Cost and expenses:
Insurance losses5,992 4,558 10,550 — — 10,550 
Underwriting expenses1,586 2,997 4,583 — — 4,583 
Other segment items— — — — 921 921 
Total costs and expenses7,578 7,555 15,133 — 921 16,054 
Earnings before income taxes$1,617 $943 $2,560 $717 $(301)$2,976 
Second Quarter
2025
First GuardSouthern PioneerTotal UnderwritingInvestment IncomeOtherTotal Insurance
Revenue$9,098 $8,068 $17,166 $839 $818 $18,823 
Cost and expenses:
Insurance losses4,624 7,048 11,672 — — 11,672 
Underwriting expenses2,383 1,877 4,260 — — 4,260 
Other segment items— — — — 1,098 1,098 
Total costs and expenses7,007 8,925 15,932 — 1,098 17,030 
Earnings before income taxes$2,091 $(857)$1,234 $839 $(280)$1,793 

First Six Months
2026
First GuardSouthern PioneerTotal UnderwritingInvestment IncomeOtherTotal Insurance
Revenue$18,241 $17,253 $35,494 $1,368 $1,106 $37,968 
Cost and expenses:
Insurance losses11,899 8,607 20,506 — — 20,506 
Underwriting expenses3,154 6,391 9,545 — (96)9,449 
Other segment items— — — — 1,796 1,796 
Total costs and expenses15,053 14,998 30,051 — 1,700 31,751 
Earnings before income taxes$3,188 $2,255 $5,443 $1,368 $(594)$6,217 

First Six Months
2025
First GuardSouthern PioneerTotal UnderwritingInvestment IncomeOtherTotal Insurance
Revenue$18,307 $16,624 $34,931 $1,676 $1,565 $38,172 
Cost and expenses:
Insurance losses10,906 12,771 23,677 — — 23,677 
Underwriting expenses4,095 5,212 9,307 — — 9,307 
Other segment items— — — — 1,858 1,858 
Total costs and expenses15,001 17,983 32,984 — 1,858 34,842 
Earnings before income taxes$3,306 $(1,359)$1,947 $1,676 $(293)$3,330 
Other segment items include general and administrative costs, depreciation, and other income.
Oil and GasSecond Quarter
2026
Abraxas PetroleumSouthern OilTotal
Oil and Gas
Revenue$7,296 $3,964 $11,260 
Cost and expenses:
Production costs2,321 1,826 4,147 
Depreciation, depletion and accretion821 1,570 2,391 
General and administrative1,788 659 2,447 
Total costs and expenses4,930 4,055 8,985 
Gains on sales of properties4,803 — 4,803 
Earnings before income taxes$7,169 $(91)$7,078 
Second Quarter
2025
Abraxas PetroleumSouthern OilTotal
Oil and Gas
Revenue$4,161 $3,337 $7,498 
Cost and expenses:
Production costs2,095 785 2,880 
Depreciation, depletion and accretion1,777 1,334 3,111 
General and administrative716 468 1,184 
Total costs and expenses4,588 2,587 7,175 
Gains on sales of properties794 — 794 
Earnings before income taxes$367 $750 $1,117 

First Six Months
2026
Abraxas PetroleumSouthern OilTotal
Oil and Gas
Revenue$13,422 $6,974 $20,396 
Cost and expenses:
Production costs5,055 3,016 8,071 
Depreciation, depletion and accretion2,120 3,145 5,265 
General and administrative2,376 1,396 3,772 
Total costs and expenses9,551 7,557 17,108 
Gains on sales of properties4,803 — 4,803 
Earnings before income taxes$8,674 $(583)$8,091 
First Six Months
2025
Abraxas PetroleumSouthern OilTotal
Oil and Gas
Revenue$10,051 $7,377 $17,428 
Cost and expenses:
Production costs4,541 2,385 6,926 
Depreciation, depletion and accretion3,710 2,657 6,367 
General and administrative1,365 1,122 2,487 
Total costs and expenses9,616 6,164 15,780 
Gains on sales of properties10,117 — 10,117 
Earnings before income taxes$10,552 $1,213 $11,765 

Brand LicensingMaxim
Second QuarterFirst Six Months
2026202520262025
Revenue$3,507 $2,287 $6,768 $3,694 
Cost and expenses:
Licensing and media cost3,335 2,421 6,209 4,072 
General and administrative28 33 67 76 
Depreciation and amortization228 100 419 170 
Total costs and expenses3,591 2,554 6,695 4,318 
Earnings before income taxes$(84)$(267)$73 $(624)

Reconciliation of revenues and earnings (loss) before income taxes of our business segments to the consolidated amounts for each of the three months and six months ended June 30 follows.
Second Quarter
RevenuesEarnings (losses) before income taxes
2026202520262025
Total operating businesses$108,524 $100,619 $18,233 $9,078 
Investment partnership gains (losses)— — 35,637 58,504 
Investment gains (losses)— — 9,708 2,925 
Interest expenses not allocated to segments— — (5,532)(852)
Corporate and other— — (6,427)(4,553)
$108,524 $100,619 $51,619 $65,102 
First Six Months
RevenuesEarnings (losses) before income taxes
2026202520262025
Total operating businesses$206,005 $195,654 $25,520 $24,220 
Investment partnership gains (losses)— — 22,183 8,912 
Investment gains (losses)— — 8,421 1,340 
Interest expenses not allocated to segments— — (11,183)(1,752)
Corporate and other— — (12,204)(8,801)
$206,005 $195,654 $32,737 $23,919