Short answer
WINMARK CORP (WINA) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $86M (+5.9% year over year) and net income of $42M.
- Top risk flagged: No specific regulatory or legal risk identified in the filing
FY2025 key financial metrics · XBRL
- Revenue
- $86M
- +5.9% YoY
- Net income
- $42M
- +4.3% YoY
- Operating margin
- 63.4%
- −1.7 pp YoY
- EPS (diluted)
- $11.30
- +3.8% YoY
- ROE
- -77.6%
- +0.7 pp YoY
- Operating cash flow
- $45M
- +6.5% YoY
Source: XBRL data from the WINMARK CORP (WINA) FY2025 10-K on SEC EDGAR. USD.
WINMARK CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: franchisor of resale retail brands specializing in gently used apparel, toys, sports goods, musical instruments
- Emphasis on sustainability and small business formation through franchising of five resale brands
- Multi-channel retail evolution focus, enhancing franchise technology, tools, and training for expansion
- Franchise count at 1,378 units across US and Canada, with 2,800+ territories available as of Dec 2025
- Canadian franchise revenues grew to $7.8M in 2025 from $7.3M in 2024 and $6.8M in 2023
Management Discussion & Analysis
- Royalties revenue $76.4M, up $4.2M or 5.8% YoY in 2025
- Selling, general & administrative expense $28.3M, up $3.4M or 13.7% YoY
- Plato’s Closet largest segment with 526 stores, net growth +11 stores, 98% renewal rate
- Music Go Round smallest segment with 35 stores, 100% renewal, net growth +1 store
- 116 new stores opened, 98% franchise renewal rate, 10-year agreements maintained
Risk Factors
- No specific regulatory or legal risk identified in the filing
- No geopolitical or macroeconomic threat with concrete exposure detailed
- Royalty receivable concentration $1,279,600 as of Dec 27, 2025 risks cash flow timing
- Deferred franchise fee revenue $7,929,600 could impact revenue recognition and financial results
- No competitive, market disruption, or financial leverage risk explicitly disclosed
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