Who owns Steak n Shake?
Steak n Shake is owned by Biglari Holdings (the United States, NYSE: BH).[1]
Evidence: Biglari Holdings Inc. Annual Report on Form 10-K filed 2026-03-02, SEC EDGAR, 2 March 2026. Verified from filings; last checked .
Key facts
- Current owner
- Biglari Holdings Inc. verified
- Owner HQ
- 🇺🇸 United States, San Antonio, Texas
- Origin
- 🇺🇸 United States, Normal, Illinois
- Founded
- 1934
- Category
- Restaurants & foodservice › Quick-service restaurants › Burger & chicken chains
- Parent ticker
- NYSE: BH NYSE: BH.A
- Last verified
- · 1 sources
About Steak n Shake
Steak n Shake was founded in 1934 in Normal, Illinois, on Route 66, and serves Steakburgers, fries cooked in beef tallow and milkshakes. At the end of 2025 it had 131 company-operated restaurants, 179 franchise partner units and 94 traditional franchise units. Its franchise partner scheme converts company stores to owner-operators, with Biglari taking up to 15 per cent of sales and half the profit.
What Biglari Holdings's annual report says about Steak n Shake
Sentences about Steak n Shake from Biglari Holdings's latest annual filing[1], copied word for word.
Restaurant Operations The Company's restaurant operations are conducted through two subsidiaries: Steak n Shake Inc. ("Steak n Shake") and Western Sizzlin Corporation ("Western Sizzlin") for a combined 435 units.
As of December 31, 2025, Steak n Shake had 131 company-operated restaurants, 179 franchise partner units, and 94 traditional franchise units.
Founded in 1934 in Normal, Illinois, on Route 66, Steak n Shake is a classic American brand serving Steakburgers, beef tallow fries, and milkshakes.
How often Biglari Holdings names Steak n Shake in its annual report
A plain count of the times the name appears in the text of each annual report, not counting the start of a sentence. A brand that an owner writes about more is usually one it treats as central. The brand is named more often than it was three years earlier.
Ownership timeline of Steak n Shake
- Current owner Biglari Holdings [1] verified
Where Steak n Shake sits in Biglari Holdings
Controlling ownership as of . Brands grouped under the entity that owns them; large groups are collapsed.
Open the full Biglari Holdings ownership tree →
See the full Biglari Holdings brand portfolio (2) →
Other brands owned by Biglari Holdings
Biglari Holdings controls 2 brands on Brandtree, 2 of them in restaurants & foodservice.
Also in restaurants & foodservice
- Western Sizzlin (1962)
Other brands in burger & chicken chains, and who owns them
The 37 brands in burger & chicken chains on Brandtree belong to 22 owners. The largest is Jollibee Group, with 5.
| Brand | Owner | Owner based in |
|---|---|---|
| Chowking | Jollibee Group | 🇵🇭 Philippines |
| Arby's | Inspire Brands | 🇺🇸 United States |
| KFC | Yum! Brands | 🇺🇸 United States |
| Chester's | CP Foods | 🇹🇭 Thailand |
| Burger King | Restaurant Brands International | 🇨🇦 Canada |
| Papa Murphy's | MTY Group | 🇨🇦 Canada |
| Wimpy (Middle East) | Americana Restaurants | 🇦🇪 United Arab Emirates |
| Choppies Fried Chicken | Choppies | 🇧🇼 Botswana |
About the owner: Biglari Holdings
Biglari Holdings is a publicly listed company headquartered in San Antonio, Texas, United States. Brandtree records 2 brands under its control, and it is listed as NYSE: BH and NYSE: BH.A.
Biglari Holdings is a holding company led by its founder, Chairman and chief executive Sardar Biglari, with subsidiaries in insurance and reinsurance, licensing and media, restaurants and oil and gas. Its largest operating subsidiaries run and franchise restaurants through Steak n Shake and Western Sizzlin, 435 units combined at the end of 2025, while its oil and gas operations sit in Southern Oil Company and Abraxas Petroleum Corporation.
Biglari Holdings: full profile, brands and acquisition history →
🇺🇸 Steak n Shake and other American brands
Brandtree records a controlling owner for 2,399 brands that began in the United States. 461 of them (19%) are now controlled by a company headquartered in another country; Steak n Shake is not one of them.
- Applebee's — Dine Brands 🇺🇸
- Arby's — Inspire Brands 🇺🇸
- Baja Fresh — MTY Group 🇨🇦
- Bonefish Grill — Bloomin' Brands 🇺🇸
- Burger King — Restaurant Brands International 🇨🇦
- Caribou Coffee — Panera Brands 🇺🇸
Frequently asked questions
Who is the parent company of Steak n Shake?
The parent company of Steak n Shake is Biglari Holdings, a publicly listed company headquartered in the United States.
Is Steak n Shake American?
Yes. Steak n Shake originated in the United States in 1934 and its owner, Biglari Holdings, is also headquartered in the United States.
Is Steak n Shake still owned by Biglari Holdings?
Yes. As of 10 October 2026, Steak n Shake is still owned by Biglari Holdings. The ownership record was last checked against primary sources on that date.
Sources (1) & corrections
Last verified . Every ownership fact above is backed by one of these primary documents. Numbers in brackets in the text refer to this list.
- [1] Biglari Holdings Inc. Annual Report on Form 10-K filed 2026-03-02 — SEC EDGAR, SEC Form 10-K, published 2 March 2026; retrieved 7 October 2026.
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