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Business Segment Reporting
 6 Months Ended
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 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 
Second Quarter
2024
Steak n ShakeWestern SizzlinTotal Restaurants
Revenue$61,711 $2,764 $64,475 
Cost and expenses:
Cost of food11,457 900 12,357 
Labor costs12,078 914 12,992 
Occupancy and other12,330 556 12,886 
Selling, general and administrative13,544 121 13,665 
Depreciation, amortization and impairment6,793 17 6,810 
Total costs and expenses56,202 2,508 58,710 
Earnings before income taxes$5,509 $256 $5,765 
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 

First Six Months
2024
Steak n ShakeWestern SizzlinTotal Restaurants
Revenue$121,065 $5,406 $126,471 
Cost and expenses:
Cost of food21,570 1,761 23,331 
Labor costs23,775 1,761 25,536 
Occupancy and other24,025 1,078 25,103 
Selling, general and administrative28,231 (125)28,106 
Depreciation, amortization and impairment13,718 34 13,752 
Total costs and expenses111,319 4,509 115,828 
Earnings before income taxes$9,746 $897 $10,643 

Insurance
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 
Second Quarter
2024
First GuardSouthern PioneerTotal UnderwritingInvestment IncomeOtherTotal Insurance
Revenue$9,494 $6,797 $16,291 $955 $448 $17,694 
Cost and expenses:
Insurance losses6,161 4,801 10,962 — — 10,962 
Underwriting expenses2,002 2,781 4,783 — — 4,783 
Other segment items— — — — 99 99 
Total costs and expenses8,163 7,582 15,745 — 99 15,844 
Earnings before income taxes$1,331 $(785)$546 $955 $349 $1,850 

First Six Months
2025
First 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 

First Six Months
2024
First GuardSouthern PioneerTotal UnderwritingInvestment IncomeOtherTotal Insurance
Revenue$18,804 $13,409 $32,213 $1,870 $1,344 $35,427 
Cost and expenses:
Insurance losses12,936 8,904 21,840 — — 21,840 
Underwriting expenses3,737 5,231 8,968 — — 8,968 
Other segment items— — — — 523 523 
Total costs and expenses16,673 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 GasSecond 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 
Second Quarter
2024
Abraxas PetroleumSouthern OilTotal
Oil and Gas
Revenue$4,992 $3,679 $8,671 
Cost and expenses:
Production costs2,266 2,016 4,282 
Depreciation, depletion and accretion781 1,097 1,878 
General and administrative696 629 1,325 
Total costs and expenses3,743 3,742 7,485 
Gains on sales of properties16,165 — 16,165 
Earnings before income taxes$17,414 $(63)$17,351 

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 
First Six Months
2024
Abraxas PetroleumSouthern OilTotal
Oil and Gas
Revenue$10,860 $7,321 $18,181 
Cost and expenses:
Production costs5,085 3,696 8,781 
Depreciation, depletion and accretion2,328 2,342 4,670 
General and administrative1,292 1,267 2,559 
Total costs and expenses8,705 7,305 16,010 
Gains on sales of properties16,646 — 16,646 
Earnings before income taxes$18,801 $16 $18,817 

Brand LicensingMaxim
Second QuarterFirst Six Months
2025202420252024
Revenue$2,287 $301 $3,694 $513 
Cost and expenses:
Licensing and media cost2,421 523 4,072 1,026 
General and administrative33 33 76 96 
Depreciation and amortization100 — 170 — 
Total costs and expenses2,554 556 4,318 1,122 
Earnings before income taxes$(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
RevenuesEarnings (losses) before income taxes
2025202420252024
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
RevenuesEarnings (losses) before income taxes
2025202420252024
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)