WINMARK CORP

Listed Company

WINACIK 0000908315NasdaqLarge AcceleratedRetail-Miscellaneous RetailMinnesotaFY ends Dec 26

Period

FY 2025

Revenue

$86.06M

Net Income

$41.65M

Total Assets

$24.88M

Equity

$-53.68M

Shares Out

3.58M

Op. Cash Flow

$44.90M

Business

WINMARK CORP is a franchisor that develops, markets and supports resale retail brands focused on sustainability and small business formation. It offers retail businesses that buy and sell gently used merchandise and a limited amount of new goods, including teen and young adult apparel, children’s clothing and gear, sporting goods, women’s apparel and musical instruments. Its operations are organized around five franchised brands—Plato’s Closet, Once Upon A Child, Play It Again Sports, Style Encore and Music Go Round—and a leasing runoff business. The company sells through franchised store locations across the United States and Canada and supports multi-channel sales via proprietary e-commerce listings, social media and third‑party marketplaces.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Leasing income	3	2	5	7	11
Total revenue	86	81	83	81	78
Cost of merchandise sold	3	3	4	4	3
Leasing expense	—	36,600	398,300	984,700	2
Provisions for credit losses	—	−1,500	−5,600	−57,900	−206,600
Selling, general and administrative expenses	28	25	25	23	22
Income from operations	55	53	53	54	51
Interest expense	−2	−3	−3	−3	—
Interest and other income	988,500	1	1	85,600	−15,000
Income before income taxes	53	51	51	51	50
Provision for income taxes	−11	−11	−11	−11	−10
Net income	42	40	40	39	40
Earnings per share - basic (in dollars per share)	11.73	11.36	11.55	11.3	10.87
Earnings per share - diluted (in dollars per share)	11.3	10.89	11.04	10.97	10.48
Weighted average shares outstanding - basic	4	4	3	3	4
Weighted average shares outstanding - diluted	4	4	4	4	4

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	10	12	13	14	11
Restricted cash	165,000	140,000	25,000	65,000	30,000
Receivables, less allowance for credit losses of $500 and $500	1	1	1	1	1
Income tax receivable	463,600	96,400	31,400	558,700	667,500
Inventories	362,500	397,600	386,100	770,600	325,200
Prepaid expenses	1	1	1	1	1
Total current assets	14	15	17	18	17
Furniture and equipment	3	3	4	3	3
Building and building improvements	3	3	3	3	3
Less - accumulated depreciation and amortization	−5	−4	−5	−5	−4
Property and equipment, net	1	1	2	2	2
Operating lease right of use asset	2	2	2	3	3
Intangible assets, net	2	3	3	3	—
Goodwill	600,000	600,000	600,000	600,000	607,500
Other assets	506,400	491,200	471,300	429,700	418,300
Deferred income taxes	4	4	4	4	3
Total assets	25	27	29	30	27
Accounts payable	2	2	2	2	2
Accrued liabilities	2	2	3	3	2
Deferred revenue	2	2	2	2	2
Total current liabilities	6	5	10	11	10
Line of credit/Term loan	30	30	30	30	—
Notes payable, net of unamortized debt issuance costs of $39,000 and $57,200	30	30	35	39	43
Deferred revenue	8	8	8	7	7
Operating lease liabilities	2	3	4	4	5
Other liabilities	2	2	1	1	954,800
Total long-term liabilities	73	73	78	81	56
Common stock, no par value, 10,000,000 shares authorized, 3,571,861 and 3,539,744 shares issued and outstanding	20	15	8	2	—
Retained earnings (accumulated deficit)	−73	−66	−67	−63	−39
Total shareholders' equity (deficit)	−54	−51	−59	−62	−39
Total liabilities and shareholders' equity (deficit)	25	27	29	30	27

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation of property and equipment	392,700	445,300	418,700	411,400	430,600
Amortization of intangible assets	354,000	354,000	354,000	191,700	—
Compensation expense related to stock options	2	2	2	2	1
Deferred income taxes	−195,600	−159,400	−512,000	−287,700	−1
Operating lease right of use asset amortization	347,300	317,100	290,100	266,000	244,300
Tax benefits on exercised stock options	2	1	1	858,300	2
Receivables	−147,100	138,900	−36,700	−335,200	478,500
Principal collections on lease receivables	—	104,700	556,000	4	10
Income tax receivable/payable	−2	−1	−611,200	−749,500	−3
Inventories	35,100	−11,500	384,500	−445,400	−218,600
Prepaid expenses	−120,300	186,700	−81,700	−301,800	−13,400
Other assets	−15,200	−19,900	−41,600	−11,400	17,600
Accounts payable	111,800	−157,400	−402,600	23,000	329,400
Accrued and other liabilities	233,900	−1	−16,900	222,800	−948,500
Rents received in advance and security deposits	—	−28,000	−275,200	−819,200	−1
Deferred revenue	330,100	363,700	705,500	109,600	−199,800
Net cash provided by operating activities	45	42	44	44	48
Purchase of property and equipment	−192,300	−194,900	−383,900	−139,100	−74,700
Net cash used for investing activities	−192,300	−194,900	−383,900	−4	−283,100
Payments on notes payable	—	−9	−4	−4	−4
Repurchases of common stock	−2	—	—	−49	−44
Proceeds from exercises of stock options	5	5	4	5	8
Dividends paid	−49	−39	−44	−19	−33
Net cash used for financing activities	−47	−43	−44	−38	−43
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	−2	−1	−294,100	2	5

Filings

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