Steak ‘n Shake’s fiscal 2025 was its best same-store sales run since 1992. The brand imparted a host of changes leading up, including stripping table service for kiosks, and, more recently, amplifying a “MAHA” stance that’s spotlighted tallow-cooked fries, tots (the switch from seed oils was announced in March 2025), Grade A Wisconsin butter, A2 whole milk, cane-sugar bottled Coca-Cola (August), and the elimination of microwaves (February).
It claims to be working on a better bun, too.
Steak ‘n Shake in April appointed a Chief MAHA Officer in Michael Boes, who helped develop the 2025–2023 Dietary Guidelines for Americans and previously advised the Office of the Assistant Secretary of Health. Additionally, last October, the brand said it would install the “largest and biggest American flag” local governments allowed at each site.
Then, to start June, Steak ‘n Shake moved to beef from pasture-raised cattle, stating the product would be 100 percent grass-fed and finished, “making us the only American burger joint serving the healthiest kind of beef.”
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Steak ‘n Shake previously required suppliers to meet a certain list of standards, such as humane treatment of cattle, no added hormones, and no animal by-products in feed, but didn’t require grass-fed. The company did not share where the new beef supply is sourcing from.
Carl’s Jr. once featured a “All-Natural Burger” in 2014–2015 that touted grass-fed, free-range beef. It marketed at the time as the first such fast-food offering at scale. It was later discontinued.
Without much discourse, though, these transformation points for Steak ‘n Shake gave it defined marketing hooks after years of tepid sales. And it doesn’t appear to be losing ground.
The brand began Q1 2026 with domestic same-store sales growth of 10 percent. Its revenue was up slightly to $63.7 million versus $61.9 million a year ago.
Store count wise, Steak ‘n Shake ended Q1 with 128 company units, 182 “franchise partner” (the single-store model approach unveiled in 2018), and 96 traditional franchised.
Compared to December 31, 2025, Steak ‘n Shake transitioned three company restaurants to the franchise partner setup and lifted by two traditional franchises.
In late December 2024, there were 146 company, 173 franchise partner, and 107 traditional franchised.
Overall, Steak ‘n Shake’s system covers 406 restaurants today. Seven of its 128 company-operated restaurants are closed as well, with two expected to reopened and five slated to be sold or leased.
That compares to 422 a year ago; 404 last December; and 426 in December 2024.
The inch upward of two franchised units from year-end 2025 to Q1 2026 is the first upward tick in a good while for the brand. Steak ‘n Shake steadily expanded from 2011 (489 restaurants) to 2018 (626) before the company saw its operating earnings swing negative for the first calendar since 2008, ending a stretch of nine straight years of positive performance.
In 2017, the company went from $34.7 million in earnings to $431,000. Back-to-back yearly loses followed in 2018 and 2019 and Steak ‘n Shake’s transformation agenda kicked off. As did store closures, seen below.
But, like noted before, Steak ‘n Shake has started to collect momentum. Its same-store sales grew 10.2 percent in 2025. The company said on social media comps sales lifted by more than 12 percent in May.
The Q1 result of 10 percent built off the prior year’s 3.9 percent, giving Steak ‘n Shake a two-year stack of 13.9 percent, although traffic declined at corporate restaurants that quarter (the brand did not break out traffic in its latest Q1).
Changing frying oil to 100 percent beef tallow resulted in increased costs. The cost of food at corporate restaurants in Q1 was $12.6 million, or 31.4 percent of net sales versus $12.5 million or 30 percent a year ago.
The operating transformation toward franchise-partner run restaurants remains a work in progress, but one with green shoots. Steak ‘n Shake said these locations posted same-store sales growth of about 13 percent in the quarter.
The following chart concerns just this model.
Returning to larger changes, Steak ‘n Shake began structurally adjusting in 2020. It spent roughly $50 million to remodel units, shedding servers and adding a new point-of-sale. It cut operating hours and trimmed menus.
The owner-operator system was developed in the shadow of brands like Chick-fil-A, where store-level leaders own a stake in their success and require direct focus instead of portfolio building. Steak ‘n Shake asks for $10,000 upfront and takes care of the site (most are company run swapping over) and assesses a fee of up to 15 percent of sales as well as 50 percent of profits. So, it’s generating revenue more from profit sharing than deal sales.
This took time to settle before MAHA directives popped in January 2025. The announcement to move forward with beef tallow stood up billboards, social battles with competitors, and grabbed attention from Robert F. Kennedy Jr., who stopped by a store last March. That visit remains Steak ‘n Shake’s pinned post on X, garnerning more than 156,000 likes, 4,200 comments and 10,000-plus retweets.
There were some bumps. A year or so before Steak ‘n Shake’s 2025 report, the brand posted same-store sales growth at company restaurants of 6.4 percent. However, profit levels and return on capital employed weren’t up to standard, the company said, as it failed to maintain operating margins. Net sales in Q4 2024 were $159,213 compared to $152,545 the prior year.
Those “shortcomings” led to an overhaul of senior management, from ops to finance to franchising and supply chain.
Biglari Holdings chairman Sardar Biglari called 2025 a year of “new energy” and pace that allowed it to focus on becoming relatable to a fresh generation “that is itself faster paced, more mobile, and [has a] keen interest in quality.” Additionally, Steak ‘n Shake started taking Bitcoin payments. In March 2026, hourly employees began earning a bitcoin bonus of 21 cents per hour. Funds are designed to vest after two years.
Steak ‘n Shake said bitcoin payments go into a “Strategic Bitcoin Reserve” that funds the extra pay.
Biglari in Q4 noted the brand’s bet on quality resonated. It admitted previously straying from core principles (Steak ‘n Shake was created in 1934 in Normal, Illinois). That meant failing to invest in equipment capable of serving volume. Hospitality wasn’t fast, or friendly. And products weren’t improving, either.
The $50 million investment took just under 18 months to pay back. Meanwhile, it led to triple-digit percentage gains in productivity, such as output per hour of employment, the company said, which enabled Steak ‘n Shake to provide higher wages and quality.
Again, a key part was handing corporate-store keys to “enterprising operators.” There were 411 company-run restaurants in 2018. Now, there are 128, well under the 182 franchise-partner number.
Ultimately, Steak ‘n Shake’s goal will be for all corporate restaurants to be placed in the hands of owner-operators.
And also akin to Chick-fil-A, Biglari said Steak ‘n Shake is picking operators based on managerial skills and service backgrounds. They are responsible for day-to-day operations, wage setting, and driving traffic.
Year-end 2025, Biglari said company stores not transitioned were the brand’s lowest-volume units remaining, which was making it difficult to attract operators. But that’s started to turn amid buzz and improved performance.
Franchise partners in 2025 collectively generated about 70 percent of Steak ‘n Shake’s store-level cash flows.
Alongside Steak ‘n Shake’s grass-fed change and upcoming bun switch, the brand picked a few venues to test a “retro-futuristic” look and plans to plot Supercharger stations through a partnership with Tesla. It also hinted “robotics and robotaxis” were coming.
The traditional franchised arm of the business was in decline for six years until improvements, too. That, Biglari added, owes to operators buying into the larger changes.
A couple of weeks ago, the chain said it would add cane-sugar Sprite and Dr. Pepper to join Coca-Cola and wouldn’t offer Poppi following a poll it listed on social. It’s also selling 100 percent grass-fed beef tallow for $9 in stores and Wagyu beef for $12.
“Essentially,” Biglari said in Q4, “we want to combine tradition stemming from our founding in 1934 with a look toward 2034.”
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