Skip to main content Changes at Steak n Shake result in short-term pain for chain owned by S.A's Biglari Holdings FacebookTwitterEmail 1of2 In a letter to shareholders released Saturday, Biglari Holdings Inc. Chairman and CEO Sardar Biglari, left, expressed confidence that Steak n Shake’s conversion to a “bona fide quick-service restaurant chain” will return it to profitability this year. The restaurant chain is San Antonio-based Biglari Holdings’ largest subsidiary.Staff file photoShow MoreShow Less 2of2 Steak n Shake reported $344.3 million in revenue last year, a nearly 55 percent drop from 2018 when it posted $760.5 million in revenue. It generated $595 million in revenue in 2019. Steak n Shake has a location at San Antonio International Airport.Staff file photoShow MoreShow Less