WINMARK CORP (WINA) FY2025 10-K Annual Report
WINMARK CORP (WINA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
WINMARK CORP FY2025 10-K Analysis
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
WINMARK CORP FY2025 Key Financial MetricsXBRL
Revenue
$86M
▲ +5.9% YoY
Net Income
$42M
▲ +4.3% YoY
Operating Margin
63.4%
▼ -167bp YoY
Net Margin
48.4%
▼ -75bp YoY
ROE
-77.6%
▲ +68bp YoY
Total Assets
$25M
▼ -7.3% YoY
EPS (Diluted)
$11.30
▲ +3.8% YoY
Operating Cash Flow
$45M
▲ +6.5% YoY
Source: XBRL data from WINMARK CORP FY2025 10-K filing on SEC EDGAR. All figures in USD.
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