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Business Segment Reporting | 6 Months Ended
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Jun. 30, 2025
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. Typically, there are no budgeted or forecasted premiums. For most non-insurance businesses, pre-tax earnings are considered in allocating resources and capital. A disaggregation of our consolidated data for the second quarters and first six months of 2025 and 2024 is presented in the tables which follow.
Restaurant |  |  |  |  |
| Second Quarter
| 2025
| Steak n Shake |  | Western Sizzlin |  | Total Restaurants
Revenue | $ | 69,258 |  |  | $ | 2,753 |  |  | $ | 72,011 |
Cost and expenses: |  |  |  |  |
Cost of food | 13,241 |  |  | 926 |  |  | 14,167 |
Labor costs | 13,366 |  |  | 654 |  |  | 14,020 |
Occupancy and other | 11,985 |  |  | 1,107 |  |  | 13,092 |
Selling, general and administrative | 16,390 |  |  | 44 |  |  | 16,434 |
Depreciation, amortization and impairment | 7,844 |  |  | 19 |  |  | 7,863 |
Total costs and expenses | 62,826 |  |  | 2,750 |  |  | 65,576 |
Earnings before income taxes | $ | 6,432 |  |  | $ | 3 |  |  | $ | 6,435 |
| Second Quarter
| 2024
| Steak n Shake |  | Western Sizzlin |  | Total Restaurants
Revenue | $ | 61,711 |  |  | $ | 2,764 |  |  | $ | 64,475 |
Cost and expenses: |  |  |  |  |
Cost of food | 11,457 |  |  | 900 |  |  | 12,357 |
Labor costs | 12,078 |  |  | 914 |  |  | 12,992 |
Occupancy and other | 12,330 |  |  | 556 |  |  | 12,886 |
Selling, general and administrative | 13,544 |  |  | 121 |  |  | 13,665 |
Depreciation, amortization and impairment | 6,793 |  |  | 17 |  |  | 6,810 |
Total costs and expenses | 56,202 |  |  | 2,508 |  |  | 58,710 |
Earnings before income taxes | $ | 5,509 |  |  | $ | 256 |  |  | $ | 5,765 |
| First Six Months
| 2025
| Steak n Shake |  | Western Sizzlin |  | Total Restaurants
Revenue | $ | 131,174 |  |  | $ | 5,186 |  |  | $ | 136,360 |
Cost and expenses: |  |  |  |  |
Cost of food | 24,853 |  |  | 1,778 |  |  | 26,631 |
Labor costs | 26,215 |  |  | 1,245 |  |  | 27,460 |
Occupancy and other | 24,466 |  |  | 1,813 |  |  | 26,279 |
Selling, general and administrative | 31,805 |  |  | 83 |  |  | 31,888 |
Depreciation, amortization and impairment | 14,315 |  |  | 38 |  |  | 14,353 |
Total costs and expenses | 121,654 |  |  | 4,957 |  |  | 126,611 |
Earnings before income taxes | $ | 9,520 |  |  | $ | 229 |  |  | $ | 9,749 |
| First Six Months
| 2024
| Steak n Shake |  | Western Sizzlin |  | Total Restaurants
Revenue | $ | 121,065 |  |  | $ | 5,406 |  |  | $ | 126,471 |
Cost and expenses: |  |  |  |  |
Cost of food | 21,570 |  |  | 1,761 |  |  | 23,331 |
Labor costs | 23,775 |  |  | 1,761 |  |  | 25,536 |
Occupancy and other | 24,025 |  |  | 1,078 |  |  | 25,103 |
Selling, general and administrative | 28,231 |  |  | (125) |  |  | 28,106 |
Depreciation, amortization and impairment | 13,718 |  |  | 34 |  |  | 13,752 |
Total costs and expenses | 111,319 |  |  | 4,509 |  |  | 115,828 |
Earnings before income taxes | $ | 9,746 |  |  | $ | 897 |  |  | $ | 10,643 |
Insurance |  |  |  |  |  |  |  |  |  |  |
| Second Quarter
| 2025
| First Guard |  | Southern Pioneer |  | Total Underwriting |  | Investment Income |  | Other |  | Total Insurance
Revenue | $ | 9,098 |  |  | $ | 8,068 |  |  | $ | 17,166 |  |  | $ | 839 |  |  | $ | 818 |  |  | $ | 18,823 |
Cost and expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance losses | 4,624 |  |  | 7,048 |  |  | 11,672 |  |  | — |  |  | — |  |  | 11,672 |
Underwriting expenses | 2,383 |  |  | 1,877 |  |  | 4,260 |  |  | — |  |  | — |  |  | 4,260 |
Other segment items | — |  |  | — |  |  | — |  |  | — |  |  | 1,098 |  |  | 1,098 |
Total costs and expenses | 7,007 |  |  | 8,925 |  |  | 15,932 |  |  | — |  |  | 1,098 |  |  | 17,030 |
Earnings before income taxes | $ | 2,091 |  |  | $ | (857) |  |  | $ | 1,234 |  |  | $ | 839 |  |  | $ | (280) |  |  | $ | 1,793 |
| Second Quarter
| 2024
| First Guard |  | Southern Pioneer |  | Total Underwriting |  | Investment Income |  | Other |  | Total Insurance
Revenue | $ | 9,494 |  |  | $ | 6,797 |  |  | $ | 16,291 |  |  | $ | 955 |  |  | $ | 448 |  |  | $ | 17,694 |
Cost and expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance losses | 6,161 |  |  | 4,801 |  |  | 10,962 |  |  | — |  |  | — |  |  | 10,962 |
Underwriting expenses | 2,002 |  |  | 2,781 |  |  | 4,783 |  |  | — |  |  | — |  |  | 4,783 |
Other segment items | — |  |  | — |  |  | — |  |  | — |  |  | 99 |  |  | 99 |
Total costs and expenses | 8,163 |  |  | 7,582 |  |  | 15,745 |  |  | — |  |  | 99 |  |  | 15,844 |
Earnings before income taxes | $ | 1,331 |  |  | $ | (785) |  |  | $ | 546 |  |  | $ | 955 |  |  | $ | 349 |  |  | $ | 1,850 |
| First Six Months
| 2025
| First Guard |  | Southern Pioneer |  | Total Underwriting |  | Investment Income |  | Other |  | Total Insurance
Revenue | $ | 18,307 |  |  | $ | 16,624 |  |  | $ | 34,931 |  |  | $ | 1,676 |  |  | $ | 1,565 |  |  | $ | 38,172 |
Cost and expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance losses | 10,906 |  |  | 12,771 |  |  | 23,677 |  |  | — |  |  | — |  |  | 23,677 |
Underwriting expenses | 4,095 |  |  | 5,212 |  |  | 9,307 |  |  | — |  |  | — |  |  | 9,307 |
Other segment items | — |  |  | — |  |  | — |  |  | — |  |  | 1,858 |  |  | 1,858 |
Total costs and expenses | 15,001 |  |  | 17,983 |  |  | 32,984 |  |  | — |  |  | 1,858 |  |  | 34,842 |
Earnings before income taxes | $ | 3,306 |  |  | $ | (1,359) |  |  | $ | 1,947 |  |  | $ | 1,676 |  |  | $ | (293) |  |  | $ | 3,330 |
| First Six Months
| 2024
| First Guard |  | Southern Pioneer |  | Total Underwriting |  | Investment Income |  | Other |  | Total Insurance
Revenue | $ | 18,804 |  |  | $ | 13,409 |  |  | $ | 32,213 |  |  | $ | 1,870 |  |  | $ | 1,344 |  |  | $ | 35,427 |
Cost and expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance losses | 12,936 |  |  | 8,904 |  |  | 21,840 |  |  | — |  |  | — |  |  | 21,840 |
Underwriting expenses | 3,737 |  |  | 5,231 |  |  | 8,968 |  |  | — |  |  | — |  |  | 8,968 |
Other segment items | — |  |  | — |  |  | — |  |  | — |  |  | 523 |  |  | 523 |
Total costs and expenses | 16,673 |  |  | 14,135 |  |  | 30,808 |  |  | — |  |  | 523 |  |  | 31,331 |
Earnings before income taxes | $ | 2,131 |  |  | $ | (726) |  |  | $ | 1,405 |  |  | $ | 1,870 |  |  | $ | 821 |  |  | $ | 4,096 |
Other segment items include general and administrative costs, depreciation, and other income.
Oil and Gas | Second Quarter
| 2025
| Abraxas Petroleum |  | Southern Oil |  | Total Oil and Gas
Revenue | $ | 4,161 |  |  | $ | 3,337 |  |  | $ | 7,498 |
Cost and expenses: |  |  |  |  |
Production costs | 2,095 |  |  | 785 |  |  | 2,880 |
Depreciation, depletion and accretion | 1,777 |  |  | 1,334 |  |  | 3,111 |
General and administrative | 716 |  |  | 468 |  |  | 1,184 |
Total costs and expenses | 4,588 |  |  | 2,587 |  |  | 7,175 |
Gains on sales of properties | 794 |  |  | — |  |  | 794 |
Earnings before income taxes | $ | 367 |  |  | $ | 750 |  |  | $ | 1,117 |
| Second Quarter
| 2024
| Abraxas Petroleum |  | Southern Oil |  | Total Oil and Gas
Revenue | $ | 4,992 |  |  | $ | 3,679 |  |  | $ | 8,671 |
Cost and expenses: |  |  |  |  |
Production costs | 2,266 |  |  | 2,016 |  |  | 4,282 |
Depreciation, depletion and accretion | 781 |  |  | 1,097 |  |  | 1,878 |
General and administrative | 696 |  |  | 629 |  |  | 1,325 |
Total costs and expenses | 3,743 |  |  | 3,742 |  |  | 7,485 |
Gains on sales of properties | 16,165 |  |  | — |  |  | 16,165 |
Earnings before income taxes | $ | 17,414 |  |  | $ | (63) |  |  | $ | 17,351 |
| First Six Months
| 2025
| Abraxas Petroleum |  | Southern Oil |  | Total Oil and Gas
Revenue | $ | 10,051 |  |  | $ | 7,377 |  |  | $ | 17,428 |
Cost and expenses: |  |  |  |  |
Production costs | 4,541 |  |  | 2,385 |  |  | 6,926 |
Depreciation, depletion and accretion | 3,710 |  |  | 2,657 |  |  | 6,367 |
General and administrative | 1,365 |  |  | 1,122 |  |  | 2,487 |
Total costs and expenses | 9,616 |  |  | 6,164 |  |  | 15,780 |
Gains on sales of properties | 10,117 |  |  | — |  |  | 10,117 |
Earnings before income taxes | $ | 10,552 |  |  | $ | 1,213 |  |  | $ | 11,765 |
| First Six Months
| 2024
| Abraxas Petroleum |  | Southern Oil |  | Total Oil and Gas
Revenue | $ | 10,860 |  |  | $ | 7,321 |  |  | $ | 18,181 |
Cost and expenses: |  |  |  |  |
Production costs | 5,085 |  |  | 3,696 |  |  | 8,781 |
Depreciation, depletion and accretion | 2,328 |  |  | 2,342 |  |  | 4,670 |
General and administrative | 1,292 |  |  | 1,267 |  |  | 2,559 |
Total costs and expenses | 8,705 |  |  | 7,305 |  |  | 16,010 |
Gains on sales of properties | 16,646 |  |  | — |  |  | 16,646 |
Earnings before income taxes | $ | 18,801 |  |  | $ | 16 |  |  | $ | 18,817 |
Brand Licensing | Maxim
| Second Quarter |  | First Six Months
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenue | $ | 2,287 |  |  | $ | 301 |  |  | $ | 3,694 |  |  | $ | 513 |
Cost and expenses: |  |  |  |  |  |  |
Licensing and media cost | 2,421 |  |  | 523 |  |  | 4,072 |  |  | 1,026 |
General and administrative | 33 |  |  | 33 |  |  | 76 |  |  | 96 |
Depreciation and amortization | 100 |  |  | — |  |  | 170 |  |  | — |
Total costs and expenses | 2,554 |  |  | 556 |  |  | 4,318 |  |  | 1,122 |
Earnings before income taxes | $ | (267) |  |  | $ | (255) |  |  | $ | (624) |  |  | $ | (609) |
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
| Revenues |  | Earnings (losses) before income taxes
| 2025 |  | 2024 |  | 2025 |  | 2024
Total operating businesses | $ | 100,619 |  |  | $ | 91,141 |  |  | $ | 9,078 |  |  | $ | 24,711 |
Investment partnership gains (losses) | — |  |  | — |  |  | 58,504 |  |  | (79,890) |
Investment gains (losses) | — |  |  | — |  |  | 2,925 |  |  | (2,729) |
Interest expenses not allocated to segments | — |  |  | — |  |  | (852) |  |  | (42) |
Corporate and other | — |  |  | — |  |  | (4,553) |  |  | (4,965) |
| $ | 100,619 |  |  | $ | 91,141 |  |  | $ | 65,102 |  |  | $ | (62,915) |
| First Six Months
| Revenues |  | Earnings (losses) before income taxes
| 2025 |  | 2024 |  | 2025 |  | 2024
Total operating businesses | $ | 195,654 |  |  | $ | 180,592 |  |  | $ | 24,220 |  |  | $ | 32,947 |
Investment partnership gains (losses) | — |  |  | — |  |  | 8,912 |  |  | (57,905) |
Investment gains (losses) | — |  |  | — |  |  | 1,340 |  |  | (1,016) |
Interest expenses not allocated to segments | — |  |  | — |  |  | (1,752) |  |  | (42) |
Corporate and other | — |  |  | — |  |  | (8,801) |  |  | (7,504) |
| $ | 195,654 |  |  | $ | 180,592 |  |  | $ | 23,919 |  |  | $ | (33,520) |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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