BIGLARI CAPITAL CORP.
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| BIGLARI HLDGS INC | BH | $627.2M | 1,472,237 | +2.24pp | 31q | +3.9%+$23.4M | |
| BIGLARI HLDGS INC | BHA | $325.1M | 154,474 | -1.75pp | 31q | HELD | |
| FERRARI N V | RACE | $129.2M | 346,981 | +0.18pp | 16q | +18.8%+$20.5M | |
| EL POLLO LOCO HLDGS INC | LOCO | $64.1M | 3,777,400 | -0.60pp | 13q | -5.6%-$3.8M | |
| JACK IN THE BOX INC | JACK | $26.6M | 1,683,652 | +0.48pp | 19q | HELD | |
| WYNN RESORTS LTD | WYNN | $14.0M | 143,801 | -0.40pp | 8q | HELD | |
| CARMAX INC | KMX | $6.6M | 125,420 | -0.01pp | 16q | HELD | |
| BERKSHIRE HATHAWAY INC DEL | BRKA | $1.5M | 2 | -0.03pp | 31q | HELD | |
| BAUSCH HEALTH COS INC | BHC | $202.5K | 41,070 | -0.01pp | 31q | HELD | |
| CRACKER BARREL OLD CTRY STOR | CBRL | $106.6K | 2,000 | -0.10pp | 31q | -94.4%-$1.8M | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $47.8K | 100 | flat | 19q | HELD | |
| COCA COLA CO | KO | $9.8K | 120 | flat | 17q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Retail & Consumer | $1.0B | 87.9% |
| Autos & Aerospace | $129.2M | 10.8% |
| Other sectors | $15.7M | 1.3% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $1.2B | 12 | 0 | 2 | 2 | 0 | 100.0% | 45 |
| Q1 2026 | $929.4M | 12 | 0 | 2 | 1 | 0 | 100.0% | 45 |
| Q4 2025 | $932.7M | 12 | 0 | 3 | 0 | 0 | 100.0% | 48 |
| Q3 2025 | $913.2M | 12 | 0 | 1 | 1 | 0 | 100.0% | 45 |
| Q2 2025 | $865.1M | 12 | 0 | 3 | 2 | 1 | 100.0% | 45 |
| Q1 2025 | $709.0M | 13 | 0 | 0 | 1 | 0 | 99.9% | 45 |
| Q4 2024 | $838.8M | 13 | 0 | 2 | 2 | 0 | 99.9% | 45 |
| Q3 2024 | $651.4M | 13 | 1 | 0 | 1 | 0 | 99.8% | 45 |
| Q2 2024 | $657.0M | 12 | 0 | 0 | 4 | 0 | 100.0% | 45 |
| Q1 2024 | $746.3M | 12 | 0 | 4 | 1 | 0 | 100.0% | 45 |
| Q4 2023 | $678.7M | 12 | 0 | 4 | 0 | 0 | 99.8% | 45 |
| Q3 2023 | $640.3M | 12 | 0 | 1 | 0 | 0 | 99.8% | 45 |
| Q2 2023 | $754.9M | 12 | 1 | 0 | 0 | 1 | 99.9% | 45 |
| Q1 2023 | $718.4M | 12 | 0 | 2 | 0 | 0 | 99.9% | 45 |
| Q4 2022 | $583.0M | 12 | 1 | 2 | 1 | 0 | 99.9% | 45 |
| Q3 2022 | $528.7M | 11 | 2 | 1 | 0 | 0 | 100.0% | 45 |
| Q2 2022 | $476.6M | 9 | 1 | 0 | 3 | 1 | 100.0% | 46 |
| Q1 2022 | $670.6M | 9 | 0 | 2 | 1 | 2 | 100.0% | 46 |
| Q4 2021 | $660.4M | 11 | 2 | 2 | 1 | 3 | 99.7% | 45 |
| Q3 2021 | $727.3M | 12 | 2 | 2 | 2 | 0 | 99.9% | 46 |
| Q2 2021 | $705.9M | 10 | 0 | 2 | 3 | 0 | 100.0% | 47 |
| Q1 2021 | $699.2M | 10 | 0 | 1 | 0 | 1 | 100.0% | 47 |
| Q4 2020 | $562.9M | 11 | 2 | 4 | 1 | 1 | 99.9% | 47 |
| Q3 2020 | $497.5M | 10 | 1 | 3 | 1 | 0 | 100.0% | 47 |
| Q2 2020 | $426.3M | 9 | 0 | 1 | 0 | 1 | 100.0% | 45 |
| Q1 2020 | $295.0M | 10 | 1 | 0 | 1 | 1 | 100.0% | 45 |
| Q4 2019 | $586.5M | 10 | 1 | 2 | 0 | 3 | 100.0% | 45 |
| Q3 2019 | $569.7M | 12 | 1 | 0 | 3 | 0 | 99.9% | 45 |
| Q2 2019 | $746.3M | 11 | 1 | 3 | 3 | 0 | 100.0% | 45 |
| Q1 2019 | $874.9M | 10 | 0 | 2 | 2 | 1 | 100.0% | 45 |
| Q4 2018 | $910.3M | 11 | 0 | 0 | 0 | 0 | 99.9% | 45 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.