Steak 'n Shake

What Steak 'n Shake does

Steak 'n Shake is a U.S. fast-casual burger chain founded in 1934 on Route 66 by Gus Belt, currently operating approximately 391 company-owned and franchised locations concentrated in the Midwest with national distribution through dine-in, drive-thru, and takeout. The chain's core offering is made-to-order Steakburgers, beef tallow fries, and hand-dipped milkshakes, prepared without microwaves. It is a wholly-owned subsidiary of Biglari Holdings Inc. (NYSE: BH), a diversified holding company; Sardar Biglari serves as CEO of both entities.

The business has executed a coordinated strategic pivot around two pillars. The first is MAHA-aligned ingredient quality: 100% beef tallow frying, elimination of seed oils from buns and fried products, grass-fed grass-finished beef by June 2026, Grade A Wisconsin butter, a2 Milk, and cane-sugar Coca-Cola products, supported by an industry-first Chief MAHA Officer hired in April 2026. The second is cryptocurrency integration: Bitcoin accepted as payment across all locations since May 2025, with receipts routed to a Strategic Bitcoin Reserve (~161.6 BTC, ~$11M as of February 2026) that funds a $0.21/hour Bitcoin bonus for 10,000+ hourly employees through a partnership with Fold Holdings.

Revenue is generated through in-restaurant and drive-thru food and beverage sales, franchise fees and royalties, third-party delivery commissions (Uber Eats, Grubhub, DoorDash), digital ordering via Olo, and a rewards/loyalty program. The chain also pursues strategic partnerships with Tesla (Supercharger installations at 100+ sites), PopID and J.P. Morgan Payments (facial-recognition payment pilots at 300+ locations), and announced expansion into El Salvador as its first international market. The Biglari parent secured a $225 million term loan at 8.8% in September 2025 to fund continued growth investment.

Name

Steak 'n Shake

Legal name

Steak n Shake Enterprises, Inc.

Website

https://steaknshake.com

Company type

Private

Founded year

1934

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Steak 'n Shake is a U.S. fast-casual burger chain founded in 1934, operating approximately 391 locations nationwide. A subsidiary of Biglari Holdings, it sells made-to-order Steakburgers, beef tallow fries, and hand-dipped milkshakes to mainstream, crypto-native, and health-conscious consumers.

Ownership category

akta.pro rank

Product category

Fast Casual Restaurants

NAICS

Limited-Service Restaurants (722513)

SIC

Food And Kindred Products (2000)

akta.pro primary industry

Burger Fast Casual (THAFABAA)

Keywords

• Fast casual restaurants
• Burger restaurant chain
• Franchise food service
• Online food ordering
• Catering services

Headquarters

HQ city

Indianapolis

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Restaurant Food and Beverage Sales: Steak 'n Shake generates the majority of its revenue through in-restaurant and drive-through sales of made-to-order steakburgers, fries, milkshakes, and other menu items at company-owned and franchised locations across the United States.
2. Franchise Fees and Royalties: Steak 'n Shake operates a franchise program (www.steaknshakefranchise.com) generating franchise fees and ongoing royalties from franchisees.
3. Digital Ordering and Delivery Commissions: Revenue from online ordering via the Steak 'n Shake website and mobile app (powered by Olo), as well as commissions from third-party delivery platforms including Uber Eats, Grubhub, and DoorDash.
4. Loyalty/Rewards Program: Steak 'n Shake operates a loyalty rewards program (Steak 'n Shake Rewards) where members earn 1 point per $1 spent and redeem $5 rewards at 50 points. The program drives repeat purchase behavior and customer data collection.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

Steak 'n Shake operates a chain of fast-casual restaurants serving made-to-order Steakburgers, hand-dipped milkshakes, and sides cooked in 100% beef tallow at company-owned and franchised U.S. locations. The company also accepts Bitcoin as a payment method at all locations, operates an online ordering and mobile loyalty platform, and provides catering, gift cards, and limited-edition themed menu items aligned with its MAHA-focused ingredient strategy.

Product overview

Steak 'n Shake is a classic American fast-casual burger chain founded in 1934, operating approximately 390 locations. The company offers a unified product portfolio centered on its signature Steakburger and Beef Tallow Fries as core offerings, complemented by handmade milkshakes, chicken tenders, and various sides. The company has positioned itself around food quality differentiation through MAHA-aligned initiatives including grass-fed beef, beef tallow cooking (eliminating seed oils), Wisconsin butter, a2 Milk, and Cane Sugar Coke alternatives. Digital products include a mobile app with online ordering (via Olo), loyalty rewards, and Bitcoin payment acceptance. Recent innovations include Bitcoin-themed products (Steakburger, Milkshake), employee Bitcoin bonuses via Fold Business, and facial recognition payments through PopID at 300+ locations. The company operates under Biglari Holdings and accepts cryptocurrency payments routed to a Strategic Bitcoin Reserve.

Differentiator

Problem solved

Functional benefit

Brands

• Steak 'n Shake Rewards: Loyalty rewards program allowing members to earn points on purchases and redeem for rewards.
• Steak 'n Shake Mobile App

Products and services

• Steakburger The signature burger of Steak 'n Shake, served fresh and made-to-order since 1934. Premium beef patties prepared with quality ingredients and available with various toppings and cheese options.
• Beef Tallow Fries French fries cooked in 100% pure beef tallow, trademarked as a Steak 'n Shake signature product. Traditional cooking method creates a crisp texture and rich flavor with no seed oils.
• Handmade Milkshakes Hand-dipped old-fashioned style milkshakes made with real ice cream. Available in classic flavors like Oreo and M&M, plus seasonal limited editions such as the Patriot Milkshake and Bitcoin Milkshake.
• Beef Tallow Tots Tater tots cooked in 100% beef tallow, offering a traditional preparation method with crisp texture and no seed oils.
• Bitcoin Steakburger Specialty burger featuring a BTC logo emblazoned on the bun, celebrating Steak 'n Shake's Bitcoin payment adoption as part of its crypto-native branding and Strategic Bitcoin Reserve initiative.
• Bitcoin Milkshake Bitcoin-themed milkshake launched to coincide with Bitcoin Conference 2026, expanding the chain's crypto-native branding beyond payments into experiential marketing.
• Patriot Milkshake Chocolate-themed milkshake featuring a dark chocolate Statue of Liberty decoration, launched for America's 250th anniversary and tied to patriotic World Cup and milestone promotions.
• Beef Tallow Retail Products Retail line of beef tallow products sold directly to consumers through a dedicated e-commerce site (beeftallow.steaknshake.com) for home cooking use.
• Gift Cards Physical and electronic gift cards available for purchase online or in-person at locations. E-gift cards deliver instantly via email with optional future delivery scheduling. Cards reloadable at participating locations.
• Catering Service Catering service for events and groups, with online ordering through a dedicated catering portal. Menu options include Steakburgers, fries, and shakes for large orders.
• Steak 'n Shake Rewards Loyalty rewards program enabling members to earn 1 point per $1 spent on qualifying purchases. At 50 points, members earn a $5 reward. Includes referral bonuses of 20 points for each friend who joins and makes a purchase.
• Steak 'n Shake Mobile App Mobile application for iOS and Android enabling online ordering, mobile payment via stored credit/debit cards, rewards tracking, location finding, and push notification offers. Integrated with Olo for order fulfillment.

Quantifiable outcome

• 15% same-store sales growth in Q3 2025, 11% in Q2 2025 — outpacing McDonald's, Domino's, and Taco Bell
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Fold Holdings Inc.coreTechnology or Integration · 23 April 2026Steak 'n Shake is Fold Holdings' flagship partner for the Bitcoin Bonus Program, a B2B bitcoin financial platform that enables Steak 'n Shake to distribute recurring BTC bonuses to its 10,000+ hourly employees through existing payroll systems without modifying payroll infrastructure. Fold handles conversion, custody, vesting, and delivery. The program was expanded from the initial $0.21/hour Bitcoin bonus announced in March 2026.
• TeslaminorStrategic or Co-development PartnerTesla partnered with Steak 'n Shake to install over 100 Supercharger EV charging stations at Steak 'n Shake restaurant locations across North America, making Steak 'n Shake an EV-friendly dining destination. This collaboration is part of Tesla's broader Supercharger network expansion strategy.
• OlocoreTechnology or IntegrationSteak 'n Shake uses Olo as its primary online ordering platform integration. Olo facilitates the restaurant chain's digital ordering process through cookies and other technologies, enabling website ordering, mobile app ordering, and POS integration.
• PunchhcoreTechnology or IntegrationPunchh provides marketing services for Steak 'n Shake, including loyalty program management and customer data analytics. Punchh processes usage information collected from the website and restaurant operations.
• Uber EatscoreChannel Partner/ Reseller/ DistributorUber Eats serves as a delivery partner for Steak 'n Shake, enabling food delivery from restaurant locations across the United States through the Uber Eats platform.
• GrubhubcoreChannel Partner/ Reseller/ DistributorGrubhub serves as a delivery partner for Steak 'n Shake, enabling food delivery from restaurant locations across the United States through the Grubhub platform.
• DoorDashcoreChannel Partner/ Reseller/ DistributorDoorDash serves as a delivery partner for Steak 'n Shake, enabling food delivery from restaurant locations across the United States through the DoorDash platform.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Shake Shack: Premium fast-casual burger and milkshake chain with a similar made-to-order, no-microwave positioning. Most directly comparable peer on quality-burger and milkshake core menu, urban/suburban footprint, and digital loyalty engagement.
• Five Guys: Fast-casual burger chain competing on fresh, made-to-order preparation and customizable toppings. Closely comparable on premium-ingredient positioning, dine-in/counter-service hybrid model, and presence in the same value-to-premium burger segment.
• Culver's: Midwest-anchored fast-casual chain known for ButterBurgers and frozen custard. Directly comparable on regional Midwest density, burger-plus-dessert menu structure, and family/value-oriented positioning.
• In-N-Out Burger: West-coast regional fast-casual burger chain known for fresh, never-frozen beef and made-to-order cooking. Directly comparable on quality-burger and ingredient-transparency positioning, though with a regional rather than national footprint.
• Whataburger: Regional fast-casual burger chain in the South and Southwest with a strong loyalty program. Directly comparable on made-to-order burgers, regional density, and recent tech pilots (also a PopID/J.P. Morgan biometric partner with Steak 'n Shake).
• Wendy's: National burger QSR chain competing in the same everyday burger value segment. Comparable on scale, beef-focused menu, and drive-thru distribution; positioned as a broad incumbent against Steak 'n Shake's premium-burger niche.
• Burger King: One of the largest global burger QSR chains. Comparable on burger-led menu, value pricing tactics, and franchise-heavy distribution; functions as a scale incumbent rather than direct niche competitor.
• McDonald's: Largest global QSR and burger category benchmark. Steak 'n Shake explicitly compares its 15% Q3 2025 same-store sales growth against McDonald's underperformance; comparable on burger-led menu, drive-thru, and value-tier customer.
• Jack in the Box: West-coast burger QSR chain where Biglari has an activist position. Comparable on burger-led limited-service model and franchise mix; relevant as a fellow Biglari-affiliated comparable rather than a direct daily competitor.

Broad incumbents

• White Castle: Iconic American slider QSR with a long heritage. Comparable on historic U.S. brand recognition and slider-format burger expertise, but operates a different daypart and product format from Steak 'n Shake's full steakburger menu.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/steaknshake
• YouTubeyoutube.com/steaknshake
• Facebookfacebook.com/steaknshake
• Instagraminstagram.com/steaknshake

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Steak 'n Shake