Before you even get to the parking lot, you notice something when you pull off Interstate 80 close to Schererville, Indiana. Above a Steak ‘n Shake restaurant, an enormous American flag, wide enough to cover two school buses arranged end to end, snaps in the wind. The Coca-Cola bottles inside have a subtle but intentional detail: they are sweetened with cane sugar rather than high-fructose corn syrup. When you order fries, they are cooked in beef tallow and arrive golden. You can pay with Bitcoin if you’d like. When you arrive in a Tesla, you are given a gold box containing an enormous upgrade. It’s a fast-food establishment. In some way, it’s also a political statement.
This is the current appearance of Steak ‘n Shake, and it wasn’t an accident. Over the past year and a half, the Indianapolis-based chain has engineered one of the most bizarre brand pivots in recent American restaurant history, openly aligning itself with the MAHA food philosophy, the MAGA movement, and a loose coalition of Tesla supporters, cryptocurrency enthusiasts, and skeptics of seed oil. Depending on what you had for lunch today, you may find it inspiring or ridiculous.
The 48-year-old CEO and activist investor who runs the chain through Biglari Holdings, Sardar Biglari, has always operated outside the bounds of traditional restaurant philosophy. He is the type of executive who launches public Twitter campaigns against competing chains and justifies a corporate jet as a business necessity. He shifted his focus inward in 2025 and completely redesigned Steak ‘n Shake from the fryer up. A billboard was erected close to Cracker Barrel’s Nashville headquarters, $20 red hats bearing the words “Fire Cracker Barrel CEO” were sold, and the chain’s social media accounts publicly denounced Cracker Barrel’s “destruction of shareholder value” for a full week. A few days later, Cracker Barrel discreetly reverted to its new logo. It’s difficult to ignore Biglari’s apparent genuine enjoyment of this.
However, the MAHA ingredients pivot is more than just a showpiece. Chefs actually prefer beef tallow because it produces a noticeably richer fry and can withstand high heat better than most vegetable oils. In blind tests, cane sugar does taste cleaner than high-fructose corn syrup. The entire business has gained an odd sort of political legitimacy thanks to Robert F. Kennedy Jr., who appeared on Fox News eating Steak ‘n Shake’s shoestring fries and effectively blessed the chain on national television. In February 2026, the chain’s chief operations officer told Fox News, “We RFK’d our fries,” a statement that would have been utterly incomprehensible three years prior.
However, there seems to be a limit to the scope of the health argument. Beef tallow-cooked fries are still fries. A sugar soda made from cane is still a soda. In April 2026, the chain appointed Michael Boes, a former HHS adviser, as its first Chief MAHA Officer, indicating either a sincere dedication to ingredient transparency or a very astute press release strategy. Maybe both. It’s really hard to tell where one ends and the other starts.
The financial picture is evident and presents a complex narrative. Since 2018, Steak ‘n Shake has closed about 200 locations, which is a major reduction for a chain that formerly exuded true Midwestern nostalgia. Even as the MAGA pivot attracted media attention, customer traffic continued to decline. Nevertheless, the most recent quarterly report showed a 3.9% increase in same-store sales. Spending more per visit, but fewer customers. At this specific cultural moment, when eating has somehow become a statement of values, that is the financial power of identity marketing.
As you observe this from the outside, you can’t help but wonder if this is a last act or a lifeline. The chain’s most outspoken detractors contend that the structural math of closing locations and dwindling foot traffic cannot be overcome by beef tallow and enormous flags. The same-store sales figures are cited by supporters, who genuinely exist, who contend that Biglari has discovered a niche in the fast food industry that no one else is willing to pursue. Perhaps the most honest thing you can say about it is that both positions make some sort of sense.
There is no doubt that the fast food industry, which is already struggling with inflation and changing consumer preferences, has never seen a risk quite like this one. Not only is Steak ‘n Shake altering its menu. It’s altering the definition of a burger chain in American society and wagering, with real money and real locations, that enough people will pay more for fries that align with their political beliefs at this specific time.
Depending on who is asking, that may or may not be visionary or desperate. In any case, the flag outside Schererville continues to fly.
FAQs
1. Why did Steak ‘n Shake switch to beef tallow for its fries?
It handles high heat better and produces a richer, better-tasting fry.
2. What is the MAHA movement that Steak ‘n Shake has aligned with?
It’s RFK Jr.’s “Make America Healthy Again” push for cleaner food ingredients.
3. Has the MAGA strategy actually improved Steak ‘n Shake’s financial performance?
Same-store sales rose 3.9%, despite overall customer traffic continuing to decline.
4. Who is Sardar Biglari and what role does he play at Steak ‘n Shake?
He’s the CEO and activist investor who engineered the chain’s entire political rebrand.
5. Is Steak ‘n Shake becoming a genuinely healthier fast food option?
No — beef tallow fries and cane sugar soda are still fundamentally junk food.
