Gaming & Lodging
Biglari Holdings Executive Compensation (FY25)
BH · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025 ◇ Sardar Biglari | Latest say-on-pay support = April 16, 2025 |
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Data as of October 28, 2026Latest filing (DEF 14A): March 11, 2026
3 filings cited on this page
Method: intel.velarion.ai/methodology
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Published by Velarion Company Intelligence
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35 figures on this page: 34 cited to the filing that reported them, 1 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Sardar Biglari: $1,354,596 → $900,000 (33.6% lower)
Frequently asked questions
Answers drawn from the data on this page.
Who is Biglari Holdings' chief executive and what were they paid?
Sardar Biglari was paid $900,000 in total compensation as Chairman / Chief Executive Officer for fiscal 2025. Compared with the $1,354,596 reported for fiscal 2024, Biglari's total was 33.6% lower.
What was Biglari Holdings' say-on-pay result?
For fiscal 2024, the say-on-pay proposal drew 99.7% support at the meeting held April 16, 2025.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Bruce Lewis Controller | ◇ | ◇ | — | — | — | — | — | ◇ |
Sardar Biglari Chairman / Chief Executive Officer | ◇ | — | — | — | — | — | — | ◇ |
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Sardar Biglari Chairman / Chief Executive Officer | ◇ | — | — | — | ◇ | — | — | ◇ |
Bruce Lewis Controller | ◇ | — | — | — | — | — | — | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Sardar Biglari Chairman / Chief Executive Officer | ◇ | — | — | — | ◇ | — | — | ◇ |
Bruce Lewis Controller | ◇ | — | — | — | — | — | — | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Bruce Lewis Controller | ◇ | — | — | — | — | — | — | ◇ |
Sardar Biglari Chairman / Chief Executive Officer | ◇ | — | — | — | — | — | — | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Philip L. Cooley | ◇ | — | — | — | — | — | ◇ |
Kenneth R. Cooper | ◇ | — | — | — | — | — | ◇ |
John G. Cardwell | ◇ | — | — | — | — | — | ◇ |
Ruth J. Person | ◇ | — | — | — | — | — | ◇ |
Sardar Biglari served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Board cash retainer | ◇ |
| Total board retainer | ◇ |
| Audit committee chair | ◇ |
| Compensation committee chair | ◇ |
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2024 | April 16, 2025 | = | ◇ | ◇ | ◇ |
Ask our research desk — $99, 24h, every figure cited to its filing.
Sample answer — “What is the CEO’s total compensation?”
- Sardar Biglari (Chairman / Chief Executive Officer), FY2025 total compensation $900,000 (base salary $900,000) [exec_comp, SEC accession 0001628280-26-016859, filed 2026-03-11]What this page does not include
Everything above is a fact Biglari Holdings disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
35 figures on this page: 34 cited to the filing that reported them, 1 calculated from figures it prints.
34 cited to the filing
1 calculated from the filing
Documents cited
- 0001628280-26-016859
- 0001726173-25-000023Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001726173-23-000016
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Biglari Holdings executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/BH (accessed 2026).
Short form: data: Velarion
The Biglari Holdings brief, $1,500
Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
3 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Gaming & Lodging rankings
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Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}