Winmark Corporation (WINA) SEC Filings & Earnings Calls
EquiReason read 12 Winmark Corporation SEC filings in the last 12 months. Latest: 10-Q on 2026-10-14 — Winmark reported Q3 2026 results with royalty growth but operating margin compression from new ad fund and software fees..
Source: SEC EDGAR filings · figures as of 2026-09-26 · read by EquiReason
- Market cap
- 995.5M
- P/E TTM
- 25.0
- Dividend yield
- 1.4%
- 52-week
- —
- Next earnings
- 16 Feb, in 115 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
14 Oct 202610-QWinmark reported Q3 2026 results with royalty growth but operating margin compression from new ad fund and software fees.earningsopen
Figures in the filing · each found in the filing text
| Royalties · Franchising · Q3-2026 | $22M | +4% y/y |
| Total Revenue · Q3-2026 | $28M | +23% y/y |
| Franchised Stores · 2026-09-26 | 1,398 | |
| Selling, General and Administrative Expenses · Q3-2026 | $7M | +4% y/y |
| Cash, Cash Equivalents and Restricted Cash · 2026-09-26 | $28M | -30% y/y |
| Operating Cash Flow · 9M-2026 | $36M | -2% y/y |
| Dividends Paid · 9M-2026 | $11M | |
| Share Repurchases · 9M-2026 | $8M |
Risks flagged
Franchisee relationship risk from new fees
“The Company’s implementation of a monthly Software Fee and the introduction of North American Advertising Funds for its Plato’s Closet, Once Upon A Child, and Play It Again Sports brands may adversely affect franchisee relationships and system performance.” · word for word
14 Oct 20268-K · 2.02, 7.01, 8.01Winmark declares quarterly dividend of $1.02/share and special dividend of $4.00/share (~$14.2M total), plus announces North American Ad Funds for two brands, increasing franchisee marketing spend from 5% to 6% of sales.open
Figures in the filing · each found in the filing text
| net income · Q3-2026 | $12M | +6% y/y |
| diluted earnings per share · Q3-2026 | $3.21 | +6% y/y |
| net income · 9M-2026 | $31M | -1% y/y |
| diluted earnings per share · 9M-2026 | $8.51 | -1% y/y |
| franchise count · 2026-09-26 | 1,398 | |
| available territories · 2026-09-26 | 2,800 | |
| awarded but not open franchises · 2026-09-26 | 79 | |
| cash and cash equivalents · 2026-09-26 | $28M | |
| total assets · 2026-09-26 | $45M |
Risks flagged
Franchisee cost increase may strain franchisee relations or profitability.
“Franchisees required to increase marketing spend from 5% to 6% of sales, with 2% contributed to Ad Funds.”
15 Jul 202610-QWinmark reported Q2 2026 results with royalty revenue up 7.8% YoY, but operating margin declined due to higher SG&A.earningsopen
Figures in the filing · each found in the filing text
| Royalties · Franchising · H1-2026 | $39M | +8% y/y |
| Total Revenue · H1-2026 | $43M | +1% y/y |
| Net Income · H1-2026 | $20M | -4% y/y |
| Franchised Stores · 2026-06-27 | 1,389 | |
| Cash and Cash Equivalents · 2026-06-27 | $26M | -10% y/y |
Risks flagged
Franchisee relationship risk from new fees
“The Company’s implementation of a monthly Software Fee and the introduction of a North American Ad Fund for its Plato’s Closet brand may adversely affect franchisee relationships and system performance.” · word for word
SG&A cost growth outpacing revenue
“Selling, general and administrative expenses increased 9.6% to $15.4 million in the first six months of 2026 compared to $14.0 million in the same period of 2025.” · word for word
15 Jul 20268-K · 2.02, 7.01, 8.01Revenue $22M (+8% y/y); net income $10M (-2% y/y); earnings per share diluted $2.81 (-3% y/y)earningsopen
Figures in the filing · each found in the filing text
| revenue · Q2-2026 | $22M | +8% y/y |
| net_income · Q2-2026 | $10M | -2% y/y |
| earnings_per_share_diluted · Q2-2026 | $2.81 | -3% y/y |
| dividend_per_share · Q3-2026 | $1.02 | |
| franchises_in_operation · Q2-2026 | 1,389 |
15 Apr 202610-QTotal revenue $21M (-5% y/y); Royalties $19M (+8% y/y); Franchised stores 1,383open
Figures in the filing · each found in the filing text
| Total revenue · Q1-2026 | $21M | -5% y/y |
| Royalties · Franchising · Q1-2026 | $19M | +8% y/y |
| Franchised stores · Q1-2026 | 1,383 | |
| Operating cash flow · Q1-2026 | $12M | -21% y/y |
| Dividends paid · Q1-2026 | $3M |
Risks flagged
Franchisee relationship risk from new fees
“The Company is implementing a monthly Software Fee for all locations as well as a North American Ad Fund for all Plato’s Closet locations.” · word for word
Revenue concentration in royalties
“Royalties represent 92.4% of total revenue in Q1 2026.”
16 Mar 20268-K · 8.01Software Fee monthly aggregate $400,000.00; Ad Fund size if in place for fiscal 2025 $14Mopen
Figures in the filing · each found in the filing text
| Software Fee monthly aggregate · Q3-2026 | $400000.00 | |
| Ad Fund size if in place for fiscal 2025 · Plato's Closet · FY2025 | $14M |
Risks flagged
Franchisee pushback risk; new fees may strain relationships.
“Company added risk factor: implementation may adversely affect franchisee relationships and system performance.”
4 Mar 2026DEF 14AWinmark filed its 2026 proxy statement, disclosing executive compensation structure, pay-for-performance alignment, and shareholder engagement results.open
Figures in the filing · each found in the filing text
| New Franchise Agreements Signed · FY2025 | 63 | |
| Return on Assets · FY2025 | 161.0% |
Risks flagged
CEO compensation below peer median may lead to retention risk
“The Committee determined that Winmark's Chief Executive Officer had a base salary, bonus potential, equity compensation and total compensation that was 68%, 31%, 26% and 37% of the peer group median.” · word for word
25 Feb 202610-KFranchises in operation 1,378; Available territories 2,800; Canadian revenue $8M (+7% y/y)open
Figures in the filing · each found in the filing text
| Franchises in operation · FY2025 | 1,378 | |
| Available territories · FY2025 | 2,800 | |
| Canadian revenue · FY2025 | $8M | +7% y/y |
Risks flagged
Franchise renewal concentration
“As of December 27, 2025 each of our five brands have the following number of franchise agreements that will expire over the next three years: 2026 110, 2027 103, 2028 92.” · word for word
POS modernization execution risk
“We are pursuing a strategic initiative to modernize our POS platform to address legacy constraints and improve the franchisee and in-store experience. ... Implementation challenges could result in system instability, workflow interruptions, data or reporting inconsistencies, or other operational disruptions during development, rollout, or post-deployment sta” · word for word
Used merchandise supply dependency
“Supply of used merchandise comes from the general public and may not be regular or highly reliable.” · word for word
18 Feb 20268-K · 2.02, 7.01Net income $42M (+4% y/y); Total revenue $86M (+6% y/y); Royalty revenue $76M (+6% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net income · FY2025 | $42M | +4% y/y |
| Total revenue · FY2025 | $86M | +6% y/y |
| Royalty revenue · Royalties · FY2025 | $76M | +6% y/y |
| Earnings per share - diluted · FY2025 | $11.30 | +4% y/y |
| Franchises in operation · FY2025 | 1,378 |
Risks flagged
Significant debt load with $30M line of credit and $29.96M notes payable
“Line of credit/Term loan of $30,000,000 and Notes payable, net of $29,961,000”
Negative shareholders' equity of $53.68M
“Total shareholders' equity (deficit) of $(53,682,400)”
28 Jan 20268-K · 7.01, 8.01System-wide sales $1.70Bopen
Figures in the filing · each found in the filing text
| System-wide sales · FY2025 | $1.70B |
Winmark Corporation — questions
- What did Winmark Corporation file recently?
- 12 SEC filings in the last 12 months. Latest: 10-Q on 2026-10-14 — Winmark reported Q3 2026 results with royalty growth but operating margin compression from new ad fund and software fees.
Every figure on this page comes from Winmark Corporation's own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.