$WINA

WINMARK CORP

CIK:0000908315|SEC Filings

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 27, 2026	Jun. 28, 2025	Jun. 27, 2026	Jun. 28, 2025
Revenue:
Leasing income		$ 46,600		$ 2,354,500
Total revenue	$ 21,966,000	20,416,800	$ 42,815,700	42,336,400
Selling, general and administrative expenses	7,506,400	6,589,200	15,376,000	14,024,000
Income from operations	13,641,100	13,061,100	26,002,700	26,657,600
Interest expense	(609,800)	(609,800)	(1,223,700)	(1,223,600)
Interest and other income	155,600	254,600	274,400	404,400
Income before income taxes	13,186,900	12,705,900	25,053,400	25,838,400
Provision for income taxes	(2,792,100)	(2,104,700)	(5,403,800)	(5,280,800)
Net income	$ 10,394,800	$ 10,601,200	$ 19,649,600	$ 20,557,600
Earnings per share - basic (in dollars per share)	$ 2.9	$ 3	$ 5.49	$ 5.81
Earnings per share - diluted (in dollars per share)	$ 2.81	$ 2.89	$ 5.31	$ 5.6
Weighted average shares outstanding - basic	3,582,087	3,539,437	3,577,169	3,539,042
Weighted average shares outstanding - diluted	3,696,010	3,673,135	3,701,516	3,673,039
Royalties
Revenue:
Revenue	$ 20,117,000	$ 18,662,100	$ 39,379,800	$ 36,436,700
Merchandise sales
Revenue:
Revenue	859,300	803,600	1,513,200	1,744,900
Cost of merchandise sold	818,500	766,500	1,437,000	1,654,800
Franchise fees
Revenue:
Revenue	419,500	338,400	762,400	670,400
Other
Revenue:
Revenue	$ 570,200	$ 566,100	$ 1,160,300	$ 1,129,900

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 27, 2026	Jun. 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 INCREASE 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

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($)	Jun. 27, 2026	Dec. 27, 2025
Current Assets:
Cash and cash equivalents	$ 25,834,500	$ 10,295,700
Restricted cash	150,000	165,000
Receivables, less allowance for credit losses of $500 and $500	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:
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
Total assets	43,190,200	24,884,100
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 of unamortized debt issuance costs of $29,800 and $39,000	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 value, 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)
Total liabilities and shareholders' equity (deficit)	$ 43,190,200	$ 24,884,100