Steak N Shake

Steak 'n Shake is a long-standing American restaurant chain known for its steakburgers and hand-dipped milkshakes. The company was founded in 1934 by Gus Belt in Normal, Illinois, who built the brand’s reputation by preparing burgers from whole cuts of steak in front of customers, emphasizing transparency and quality from the start. Over the decades, Steak 'n Shake has maintained its focus on these signature menu items, while adapting its operations to meet changing consumer preferences and industry trends.

A significant milestone in the company’s evolution came in 2018, when Steak 'n Shake shifted from primarily company-owned restaurants to a franchise-partner model. This approach allowed third-party operators to take over both existing and new locations, reducing the company’s capital requirements and enabling a more flexible, growth-oriented structure. As part of this strategic realignment, the company streamlined its portfolio, moving from 628 locations in 2018 to 426 as of December 2024. Today, Steak 'n Shake operates in 26 states and Washington, D.C., and has established a selective international presence in France, Italy, Portugal, and Monaco.

Recent years have brought further modernization to the brand’s operations. Steak 'n Shake has introduced self-serve ordering kiosks and a simplified menu to enhance efficiency and support franchisee profitability. Most locations feature drive-thru service, a format that continues to be essential for quick-service restaurant performance. The company has also demonstrated a willingness to innovate, launching fries cooked exclusively in beef tallow in early 2025 and accepting Bitcoin payments at all U.S. locations starting in May 2025.

With a workforce of over 20,000 employees and annual revenue in the $500 million to $1 billion range, Steak 'n Shake remains a substantial player in the quick-service segment. Its ongoing franchise expansion, operational updates, and focus on drive-thru accessibility position the brand as a credible and adaptable tenant for a variety of retail environments. Backed by Biglari Holdings, Steak 'n Shake continues to evolve while staying true to its heritage as a destination for steakburgers and milkshakes.