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First Trust Portfolios L.P., First Trust Advisors L.P. and The Charger Corporation report beneficial ownership of Winmark Corporation common stock. They collectively report beneficial ownership of 190,157 shares, representing 5.32% of the class.
The reporting persons have shared power to vote 188,438 shares and shared power to dispose 190,157 shares, with no sole voting or dispositive power. The shares are primarily held in unit investment trusts sponsored by First Trust Portfolios L.P., for which First Trust Advisors L.P. acts as portfolio supervisor. Voting of these shares is generally carried out by the trustee to mirror outside shareholders, and each reporting person disclaims beneficial ownership of the Winmark shares referenced.
Winmark Corporation reported Q2 2026 revenue of $21,966,000, up from $20,416,800, driven mainly by royalty income of $20,117,000. Net income was $10,394,800 (basic EPS $2.90). For the first six months, revenue was $42,815,700 and net income $19,649,600, versus $42,336,400 and $20,557,600 a year earlier.
The business is now almost entirely franchising after completing the leasing portfolio run‑off; royalties represented 92.0% of year‑to‑date revenue. The company had 1,389 franchised stores and renewed 50 of 50 expiring agreements. Cash, cash equivalents and restricted cash totaled $25,984,500. Debt consisted of $30.0 million of delayed draw term loans and $30.0 million of Series C notes, with no revolving borrowings. Operating cash flow was $22,607,100 in the first half, funding $7,087,400 of dividends and $2,265,200 of capital expenditures and capitalized software, while remaining in compliance with all debt covenants. A new risk factor notes that recently introduced software and advertising fees could pressure franchisee relationships if perceived as burdensome.
Winmark Corporation reported net income of $10,394,800 for the quarter ended June 27, 2026, or $2.81 per diluted share, compared with $10,601,200, or $2.89 per diluted share, for the comparable 2025 quarter. Total revenue was $21,966,000 versus $20,416,800 a year earlier. Royalties increased to $20,117,000 from $18,662,100, and franchise fees rose to $419,500 from $338,400. For the six-month period, net income was $19,649,600, or $5.31 per diluted share, compared with $20,557,600, or $5.60, in 2025; prior-year results included $2.2 million of leasing income from a customer litigation settlement.
Cash, cash equivalents and restricted cash totaled $25,984,500 at period end. Total assets were $43,190,200, and shareholders’ equity remained a deficit at $(37,622,700), an improvement from $(53,682,400) at December 27, 2025. Net cash provided by operating activities was $22,607,100, while investing used $2,265,200 and financing used $4,818,100. The board approved a quarterly cash dividend of $1.02 per share, payable September 1, 2026 to shareholders of record on August 12, 2026. As of June 27, 2026, Winmark operated 1,389 franchises, with over 2,800 available territories and 87 additional awarded franchises not yet open.
A Form 144 filing by Jenele Grassle covers a proposed sale of 1,390 shares of common stock, with aggregate market value 524,752.80, expected around 07/14/2026 through Charles Schwab Corp. on NASDAQ. It also notes a prior sale of 1,500 shares for 549,881.85 on 05/07/2026 and lists stock option exercises from 2022–2024 (660, 465, 190 and 75 shares) as equity compensation that produced the shares.
WINMARK CORP director Percy C. Tomlinson Jr reported exercising stock options to acquire a total of 3,700 shares of common stock. The Form 4 shows two option exercises coded "M": 200 shares at an exercise price of $197.80 per share and 3,500 shares at $242.58 per share. Following these transactions, individual line items report direct common stock holdings of 4,500 shares in one entry and 4,300 shares in another. The filing also lists multiple remaining non-employee stock option awards on WINMARK CORP common stock with exercise prices generally between $238.60 and $446.68 per share, expiring between 2032 and 2036, which vest at a rate of 25% per year for four years.
WINMARK CORP director Lawrence A. Barbetta reported a new compensation award of stock options. On 2026-06-01, he received a grant of 356 Non-Employee Director Stock Options to buy Winmark common stock at an exercise price of $378.57 per share, vesting 25% per year for four years and expiring on 2036-06-01. After this filing, he directly holds 649 shares of common stock and multiple option awards with various exercise prices and expiration dates.
WINMARK CORP director Amy C. Becker reported a new stock option grant and updated her existing option holdings. On 2026-06-01, she received a non-employee stock option covering 356 shares of common stock at an exercise price of $378.57 per share. The option becomes exercisable starting 2027-06-01 and expires on 2036-06-01, and a footnote states it vests 25% per year for four years.
The filing also lists previously granted non-employee stock options she continues to hold, including grants exercisable at $248.64 for 5,500 underlying shares expiring on 2032-11-15, and at $238.60 for 620 underlying shares expiring on 2032-12-12. The transactions disclosed are compensation-related option awards and holdings, with no open‑market purchases or sales of common stock reported.
Winmark Corp director Philip Irving Smith reported a new stock option grant and his existing option holdings. On the reported date, he received a non-employee stock option covering 356 shares of common stock at an exercise price of $378.57 per share, exercisable from June 1, 2027 until June 1, 2036. A footnote states these options vest 25% per year for four years, indicating a long-term incentive structure. The filing also lists several other non-employee stock options he holds directly, with exercise prices between $291.01 and $446.68 and individual grants ranging from 240 to 4,500 underlying shares, showing a meaningful ongoing equity-based compensation position.
Winmark Corp director Gina DeCaro Sprenger reported a new equity award. She received 356 Non-Employee Stock Options to buy Winmark common stock at an exercise price of $378.57 per share, vesting 25% per year for four years and expiring on June 1, 2036.
Following this filing, she directly holds 250 shares of common stock and multiple outstanding option grants, including one covering 10,000 underlying shares at an exercise price of $182.21 per share expiring on January 13, 2031. The transactions disclosed are compensation-related awards and holdings rather than open-market purchases or sales.
WINMARK CORP director Percy C. Tomlinson Jr. received a grant of 356 Non-Employee Stock Options to buy common stock at an exercise price of $378.57 per share. According to the footnote, the options vest 25% per year for four years starting on June 1, 2027.
After this grant, he holds 800 common shares directly and multiple outstanding option awards, including an option covering 5,400 underlying shares at a $242.58 exercise price expiring on December 14, 2031.