Biglari Capital Corp.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Biglari Capital Corp. reported 12 stock positions worth $932.7 million. Its top holding was Biglari Class B (BH) at 50.2% of the portfolio, followed by Biglari Class A (BH.A, 28.8%) and Ferrari (RACE, 8.9%). Compared with Q3 2025, it added to 3. The biggest buy was Biglari Class A (BH.A, shares +1%).
- Most Recent 13F
- Q2 2026
- Location
- San Antonio, TX
- CIK
- 0001334429
- Portfolio Value
- $932.7M (Q4 2025)
- SEC Filing
- 0000921895-26-000460 ↗ filed Feb 17, 2026
Holdings Value
Holdings 12 stocks · $932.7M
| BH Biglari Holdings Inc. Class B | 50.17% | 1,407,568 | $467.9M | Add +0.9% |
| BH.A Biglari Holdings Inc. Class A | 28.82% | 154,474 | $268.8M | Add +0.5% |
| RACE Ferrari NV | 8.94% | 225,581 | $83.4M | Add +8.7% |
| LOCO El Pollo Loco Holdings Inc. | 4.49% | 4,000,000 | $41.8M | No change |
| JACK Jack in the Box Inc. | 3.42% | 1,683,652 | $31.9M | No change |
| WYNN WYNN Resorts Ltd. | 1.86% | 143,801 | $17.3M | No change |
| CBRL Cracker Barrel Old Country | 1.59% | 585,000 | $14.9M | No change |
| KMX Carmax Inc. | 0.52% | 125,420 | $4.8M | No change |
| BRK.A Berkshire Hathaway Inc. Class A | 0.16% | 2 | $1.5M | No change |
| BHC Bausch Health Cos Inc. | 0.03% | 41,070 | $285K | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.00% | 100 | $30K | No change |
| KO The Coca-Cola Co. | 0.00% | 120 | $8K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| None this quarter. | |||
Portfolio Buys Q3 2025 → Q4 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 12 | $1.2B | BH, BH.A, RACE, LOCO, JACK |
| Q1 2026 | 12 | $929.4M | BH, BH.A, RACE, LOCO, JACK |
| Q4 2025 | 12 | $932.7M | BH, BH.A, RACE, LOCO, JACK |
| Q3 2025 | 12 | $913.2M | BH, BH.A, RACE, LOCO, JACK |
| Q2 2025 | 12 | $865.1M | BH, BH.A, RACE, CBRL, LOCO |
| Q1 2025 | 13 | $709.0M | BH, BH.A, CBRL, RACE, LOCO |
| Q4 2024 | 13 | $838.8M | BH, BH.A, CBRL, RACE, LOCO |
| Q3 2024 | 13 | $651.4M | BH, BH.A, CBRL, RACE, LOCO |
| Q2 2024 | 12 | $657.0M | BH, BH.A, CBRL, RACE, JACK |
| Q1 2024 | 12 | $746.3M | BH, CBRL, BH.A, JACK, RACE |