Winmark posts Q2 2026 profit and dividend

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.

Rhea-AI Filing Summary

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.

Filing Explained

At June 27, 2026, the balance sheet shows a $30,000,000 line of credit/term loan and $29,970,200 of notes payable; the first balance was unchanged and the second was nearly unchanged from December 27, 2025.

8-K Event Classification

4 items: 2.02, 7.01, 8.01, 9.01

4 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Q2 2026 net income: $10,394,800 Q2 2026 diluted EPS: $2.81 Q2 2026 total revenue: $21,966,000 +5 more

8 metrics

Q2 2026 net income $10,394,800 Quarter ended June 27, 2026; compared with $10,601,200 in 2025

Q2 2026 diluted EPS $2.81 Quarter ended June 27, 2026; prior-year quarter $2.89

Q2 2026 total revenue $21,966,000 Quarter ended June 27, 2026; prior-year quarter $20,416,800

Cash, cash equivalents and restricted cash $25,984,500 As of June 27, 2026

Quarterly dividend per share $1.02 Payable September 1, 2026 to shareholders of record August 12, 2026

Franchises in operation 1,389 As of June 27, 2026

Total assets $43,190,200 As of June 27, 2026

Net cash from operating activities $22,607,100 Period ended June 27, 2026; prior-period $24,123,300

Key Terms

Deferred revenue, Operating lease right of use asset, Capitalized software, Weighted average shares outstanding - diluted, +1 more

5 terms

Deferred revenue financial

"Deferred revenue | ​ | ​ | 1,669,100 | ​ | ​ | 1,667,300"

Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.

Operating lease right of use asset financial

"Operating lease right of use asset | ​ | ​ | 1,577,700"

Capitalized software financial

"Capitalized software | ​ | ​ | 2,210,300 | ​ | ​ | —"

Weighted average shares outstanding - diluted financial

"Weighted average shares outstanding - diluted | ​ | ​ | 3,696,010"

Restricted cash financial

"Restricted cash | ​ | ​ | 150,000 | ​ | ​ | 165,000"

Cash that a company holds but cannot use for day-to-day operations because it is set aside for a specific purpose—such as meeting loan covenants, serving as collateral, funding an escrow, or complying with regulations. Like money in a locked savings account earmarked for a bill, restricted cash reduces the cash available to run the business and pay dividends or debts, so investors treat it differently when assessing a company’s true short-term financial strength.

Earnings Snapshot

Net income: $10,394,800

Quarter ended June 27, 2026

Net income $10,394,800 compared to $10,601,200 for the quarter ended June 28, 2025

Diluted EPS $2.81 compared to $2.89 for the prior-year quarter

Total revenue $21,966,000 compared to $20,416,800 for the prior-year quarter

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Winmark (WINA) Q2 2026 net income and EPS?

Winmark reported net income of $10,394,800 for the quarter ended June 27, 2026, equal to $2.81 per diluted share. In the comparable 2025 quarter, net income was $10,601,200 and diluted earnings per share were $2.89.

How did Winmark (WINA) revenue perform in Q2 2026?

Total revenue for the quarter ended June 27, 2026 was $21,966,000, up from $20,416,800 a year earlier. Royalties grew to $20,117,000 from $18,662,100, and franchise fees increased to $419,500 from $338,400.

What dividend did Winmark (WINA) declare in July 2026?

The board approved a quarterly cash dividend of $1.02 per share. It will be paid on September 1, 2026 to shareholders of record at the close of business on August 12, 2026, with future dividends subject to board approval.

What is Winmark (WINA)'s cash position as of June 27, 2026?

Cash, cash equivalents and restricted cash totaled $25,984,500 at period end. Cash and cash equivalents were $25,834,500 and restricted cash was $150,000, compared with combined cash of $28,930,200 at the end of the prior-year period.

How many franchises does Winmark (WINA) operate and what is its growth pipeline?

As of June 27, 2026, Winmark had 1,389 franchises in operation. It also reported over 2,800 available territories and 87 additional franchises that had been awarded but were not yet open.

What were Winmark (WINA)'s operating cash flows for the period ended June 27, 2026?

Net cash provided by operating activities was $22,607,100, compared with $24,123,300 in the prior-year period. Investing activities used $2,265,200, and financing activities used $4,818,100, including $7,087,400 of dividends paid and $2,269,300 of option exercise proceeds.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/15/2026 - 11:29 AM EDT Learn about SEC filing dates

0000908315false00009083152026-07-152026-07-15

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K

CURRENT REPORT

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Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

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Date of report (Date of earliest event reported): July 15, 2026

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Winmark Corporation

(Exact Name of Registrant as Specified in Its Charter)

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Minnesota

(State or Other Jurisdiction of Incorporation)

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000-22012	41-1622691
(Commission File Number)	(I.R.S. Employer Identification Number)

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605 Highway 169 North, Suite 400, Minneapolis, Minnesota 55441

(Address of Principal Executive Offices) (Zip Code)

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(763) 520-8500

(Registrant’s Telephone Number, Including Area Code)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class:	Trading Symbol	Name of each exchange on which registered:
Common Stock, no par value per share	WINA	Nasdaq Global Market

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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Emerging growth company ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02Results of Operations and Financial Condition

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On July 15, 2026, Winmark Corporation (the “Company”) announced in a press release its results of operations and financial condition for the second quarter ended June 27, 2026. A copy of the press release is attached as Exhibit 99.1 of this Current Report on Form 8-K.

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Item 7.01Regulation FD Disclosure

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On July 15, 2026, the Company announced in a press release its results of operations and financial condition for the second quarter ended June 27, 2026. A copy of the press release is attached as Exhibit 99.1 of this Current Report on Form 8-K.

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On July 15, 2026, the Company announced in a press release that its Board of Directors has approved the payment of a cash dividend to its shareholders. The quarterly dividend of $1.02 per share will be paid on September 1, 2026 to shareholders of record on the close of business on August 12, 2026. Future dividends will be subject to Board approval. A copy of the press release is attached as Exhibit 99.2 of this Current Report of Form 8-K.

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Item 8.01Other Events

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On July 15, 2026, the Company announced in a press release that its Board of Directors has approved the payment of a cash dividend to its shareholders. The quarterly dividend of $1.02 per share will be paid on September 1, 2026 to shareholders of record on the close of business on August 12, 2026. Future dividends will be subject to Board approval. A copy of the press release is attached as Exhibit 99.2 of this Current Report of Form 8-K.

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Item 9.01Financial Statements and Exhibits

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(d)Exhibits

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c	​	​
99.1 ​ ​	​	Second Quarter Results Press Release dated July 15, 2026
99.2 ​	​	Quarterly Cash Dividend Press Release dated July 15, 2026
104	​	Cover Page Interactive Data File (embedded within the Inline XBRL Document and incorporated as Exhibit 101)

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SIGNATURES

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Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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co	​	​
​	WINMARK CORPORATION
​	​
Date: July 15, 2026	By:	/s/ Anthony D. Ishaug
​	Anthony D. Ishaug
​	Chief Financial Officer and Treasurer

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Exhibit 99.1

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Contact:Anthony D. Ishaug

763/520-8500

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FOR IMMEDIATE RELEASE

​

WINMARK CORPORATION ANNOUNCES

SECOND QUARTER RESULTS

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Minneapolis, MN (July 15, 2026)  -  Winmark Corporation (Nasdaq: WINA) announced today net income for the quarter ended June 27, 2026 of $10,394,800 or $2.81 per share diluted compared to net income of $10,601,200 or $2.89 per share diluted in 2025. For the six months ended June 27, 2026, net income was $19,649,600 or $5.31 per share diluted compared to net income of $20,557,600 or $5.60 per share diluted for the same period last year.  2025 year-to-date results included $2.2 million of leasing income from the settlement of customer litigation.

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“Winmark has continued to make investments in advance of the Plato’s Closet North American Ad Fund launch and in support of technology and innovation initiatives across our network,” noted Brett D. Heffes, Chair and Chief Executive Officer

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Winmark - the Resale Company®, is a nationally recognized franchisor focused on sustainability and small business formation.  We champion and guide entrepreneurs interested in operating one of our award winning resale franchises: Plato’s Closet®, Once Upon A Child®, Play It Again Sports®, Style Encore® and Music Go Round®.  At June 27, 2026, there were 1,389 franchises in operation and over 2,800 available territories.  An additional 87 franchises have been awarded but are not open.  

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This press release contains forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), relating to future events or the future financial performance of the Company.  Such forward-looking statements are only predictions or statements of intention subject to risks and uncertainties and actual events or results could differ materially from those anticipated.  Because actual result may differ, shareholders and prospective investors are cautioned not to place undue reliance on such forward-looking statements.

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WINMARK CORPORATION

CONDENSED BALANCE SHEETS

(Unaudited)

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​	​	​	​	​	​	​
​	​ ​ ​	June 27, 2026		​ ​ ​	December 27, 2025
ASSETS
Current Assets:	​	​	​ ​ ​	​	​	​
Cash and cash equivalents	​	$	25,834,500	​	$	10,295,700
Restricted cash	​	​	150,000	​	​	165,000
Receivables, net	​	​	1,843,400	​	​	1,483,500
Income tax receivable	​	​	436,800	​	​	463,600
Inventories	​	​	656,900	​	​	362,500
Prepaid expenses	​	​	1,846,100	​	​	1,325,700
Total current assets	​	​	30,767,700	​	​	14,096,000
​	​	​	​	​	​	​
Property and equipment, net	​	​	1,086,300	​	​	1,219,000
Operating lease right of use asset	​	​	1,577,700	​	​	1,761,500
Intangible assets, net	​	​	2,109,300	​	​	2,286,300
Capitalized software	​	​	2,210,300	​	​	—
Goodwill	​	​	607,500	​	​	607,500
Other assets	​	​	526,600	​	​	506,400
Deferred income taxes	​	​	4,304,800	​	​	4,407,400
​	​	$	43,190,200	​	$	24,884,100
​	​	​	​	​	​	​
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current Liabilities:	​	​	​	​	​	​
Accounts payable	​	$	2,113,100	​	$	1,673,900
Accrued liabilities	​	​	4,422,500	​	​	2,324,800
Deferred revenue	​	​	1,669,100	​	​	1,667,300
Total current liabilities	​	​	8,204,700	​	​	5,666,000
Long-Term Liabilities:	​	​	​	​	​	​
Line of credit/Term loan	​	​	30,000,000	​	​	30,000,000
Notes payable, net	​	​	29,970,200	​	​	29,961,000
Deferred revenue	​	​	8,417,400	​	​	8,350,100
Operating lease liabilities	​	​	2,054,800	​	​	2,414,200
Other liabilities	​	​	2,165,800	​	​	2,175,200
Total long-term liabilities	​	​	72,608,200	​	​	72,900,500
Shareholders’ Equity (Deficit):	​	​	​	​	​	​
Common stock, no par, 10,000,000 shares authorized, 3,587,079 and 3,571,861 shares issued and outstanding	​	​	23,110,400	​	​	19,612,800
Retained earnings (accumulated deficit)	​	​	(60,733,100)	​	​	(73,295,200)
Total shareholders’ equity (deficit)	​	​	(37,622,700)	​	​	(53,682,400)
​	​	$	43,190,200	​	$	24,884,100

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2

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Winmark Corporation

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

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Three Months Ended

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Six Months Ended

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June 27, 2026

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June 28, 2025

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June 27, 2026

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June 28, 2025

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Revenue:

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Royalties

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$

20,117,000

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$

18,662,100

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$

39,379,800

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$

36,436,700

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Leasing income

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—

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46,600

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—

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2,354,500

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Merchandise sales

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859,300

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803,600

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1,513,200

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1,744,900

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Franchise fees

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419,500

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338,400

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762,400

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670,400

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Other

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570,200

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566,100

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1,160,300

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1,129,900

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Total revenue

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21,966,000

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20,416,800

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42,815,700

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42,336,400

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Cost of merchandise sold

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818,500

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766,500

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1,437,000

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1,654,800

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Selling, general and administrative expenses

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7,506,400

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6,589,200

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15,376,000

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14,024,000

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Income from operations

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13,641,100

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13,061,100

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26,002,700

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26,657,600

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Interest expense

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(609,800)

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(609,800)

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(1,223,700)

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(1,223,600)

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Interest and other income

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155,600

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254,600

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274,400

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404,400

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Income before income taxes

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13,186,900

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12,705,900

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25,053,400

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25,838,400

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Provision for income taxes

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(2,792,100)

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(2,104,700)

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(5,403,800)

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(5,280,800)

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Net income

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$

10,394,800

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$

10,601,200

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$

19,649,600

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$

20,557,600

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Earnings per share - basic

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$

2.90

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$

3.00

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$

5.49

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$

5.81

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Earnings per share - diluted

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$

2.81

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$

2.89

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$

5.31

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$

5.60

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Weighted average shares outstanding - basic

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3,582,087

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3,539,437

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3,577,169

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3,539,042

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Weighted average shares outstanding - diluted

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3,696,010

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3,673,135

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3,701,516

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3,673,039

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Winmark Corporation

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

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​	​	Three Months Ended					​
​	​ ​ ​	June 27, 2026		​	June 28, 2025		​ ​ ​
OPERATING ACTIVITIES:	​	​	​	​	​	​	​
Net income	​	$	19,649,600	​	$	20,557,600	​
Adjustments to reconcile net income to net cash provided by operating activities:	​	​	​	​	​	​	​
Depreciation of property and equipment	​		187,600	​		196,300	​
Amortization of intangible assets	​	​	177,000	​	​	177,000	​
Compensation expense related to stock options	​		1,228,300	​		1,065,600	​
Deferred income taxes	​		102,600	​		86,400	​
Operating lease right of use asset amortization	​	​	183,800	​	​	166,400	​
Tax benefits on exercised stock options	​		742,800	​		971,200	​
Change in operating assets and liabilities:	​	​	​	​	​	​	​
Receivables	​		(359,900)	​		(371,500)	​
Income tax receivable/payable	​		(716,000)	​		(1,341,400)	​
Inventories	​		(294,400)	​		35,500	​
Prepaid expenses	​		(520,400)	​		472,500	​
Other assets	​	​	(20,200)	​	​	(14,300)	​
Accounts payable	​		439,200	​		(371,700)	​
Accrued and other liabilities	​		1,737,900	​		2,178,000	​
Deferred revenue	​		69,200	​		315,700	​
Net cash provided by operating activities	​		22,607,100	​		24,123,300	​
INVESTING ACTIVITIES:	​	​	​	​	​	​	​
Capitalized software	​	​	(2,210,300)	​	​	—	​
Purchase of property and equipment	​		(54,900)	​		(105,900)	​
Net cash used for investing activities	​		(2,265,200)	​		(105,900)	​
FINANCING ACTIVITIES:	​	​	​	​	​	​	​
Repurchases of common stock	​		—	​		(2,418,700)	​
Proceeds from exercises of stock options	​		2,269,300	​		1,586,300	​
Dividends paid	​		(7,087,400)	​		(6,584,600)	​
Net cash used for financing activities	​		(4,818,100)	​		(7,417,000)	​
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	​		15,523,800	​		16,600,400	​
Cash, cash equivalents and restricted cash, beginning of period	​		10,460,700	​		12,329,800	​
Cash, cash equivalents and restricted cash, end of period	​	$	25,984,500	​	$	28,930,200	​
SUPPLEMENTAL DISCLOSURES:	​	​	​	​	​	​	​
Cash paid for interest	​	$	1,207,800	​	$	1,207,800	​
Cash paid for income taxes	​	$	5,253,000	​	$	5,368,500	​
​	​	​	​	​	​	​	​
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Condensed Balance Sheets to the total of the same amounts shown above:
​	​	Six Months Ended					​
​	​ ​ ​	June 27, 2026		​	June 28, 2025		​ ​ ​
Cash and cash equivalents	​	$	25,834,500	​	$	28,765,200	​
Restricted cash	​		150,000	​		165,000	​
Total cash, cash equivalents and restricted cash	​	$	25,984,500	​	$	28,930,200	​

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4

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Exhibit 99.2

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Contact:Anthony D. Ishaug

763/520-8500

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FOR IMMEDIATE RELEASE

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WINMARK CORPORATION ANNOUNCES

QUARTERLY CASH DIVIDEND

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Minneapolis, MN (July 15, 2026)  -  Winmark Corporation (Nasdaq: WINA) announced today that its Board of Directors has approved the payment of a quarterly cash dividend to shareholders. The quarterly dividend of $1.02 per share will be paid on September 1, 2026 to shareholders of record on the close of business on August 12, 2026. Future dividends will be subject to Board approval.

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Winmark - the Resale Company®, is a nationally recognized franchisor focused on sustainability and small business formation.  We champion and guide entrepreneurs interested in operating one of our award winning resale franchises: Plato’s Closet®, Once Upon A Child®, Play It Again Sports®, Style Encore® and Music Go Round®.  At June 27, 2026, there were 1,389 franchises in operation and over 2,800 available territories.  An additional 87 franchises have been awarded but are not open.  

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 231.5 KB
• EX-99.2 EX-99.2 5.6 KB

Other Documents

• EX-101 EX-101.SCH 2.9 KB
• EX-101 EX-101.LAB 15.6 KB
• EX-101 EX-101.PRE 10.6 KB