Hamburgers

Steak N Shake Trad

Indianapolis, IN · Founded 1939 · SNST

SNS Enterprises offers franchises for the establishment and operation of Steak n Shake By Biglari restaurants, which are quick-service and non-traditional format restaurants serving premium burgers and milk shakes, operating under a standardized system with distinctive architectural design, menu, and operating procedures.

Read the 2026 FDD ↗http://www.steaknshakefranchise.com ↗

2026 Franchise 500

Unranked

272

units (2025)

-4.2%

year over year

Units by Year

348

2022

312

2023

284

2024

272

2025

Total outlets at year end, from FDD Item 20.

The Investment

Initial investment

$1,207,909 – $2,656,425

FDD Item 7

Franchise fee

$25,000

FDD Item 5

Ad fund

FDD Item 6

Financial performance

Yes

FDD Item 19 disclosure

Royalty

5% of Gross Receipts

Leadership

Sardar Biglari
Chairman & Chief Executive Officer
Steven L. May
Chief Administrative Officer
Daniel Edwards
Chief Operations Officer

On File

FDD years

2026 2022

Select a year to open the FDD

Franchisee records

219

Current roster rows

Signed, not open

—

FDD Item 20, Table 5

Franchising for

35 yrs

Franchise Disclosure Documents

PDFSteak N Shake Trad FDD 2026Most recent · opens in a new tab PDFSteak N Shake Trad FDD 2022Opens in a new tab

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Read from this brand's Franchise Disclosure Documents. FDD library maintained by AskTy; figures are as filed by the franchisor.