Winmark (WINA) financial statements
Winmark reported revenue of $86M in fiscal 2025, up 2.9% a year over 9 years.
Net income was $42M and the operating margin 63.4%, against 57.4% in 2016.
Free cash flow was $45M, and the company returned $49M in dividends and $2M in net buybacks.
The diluted share count fell 15% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Winmark's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $67M | $70M | $73M | $73M | $1M | $1M | $81M | $83M | $81M | $86M |
| Cost of revenue | $2M | $2M | $3M | $2M | $2M | $3M | $4M | $4M | $3M | $3M |
| Gross profit | $64M | $67M | $70M | $71M | -$803,900 | -$2M | $78M | $79M | $78M | $83M |
| Selling, general and admin | $24M | $25M | $26M | $26M | $21M | $22M | $23M | $25M | $25M | $28M |
| Operating income | $38M | $39M | $42M | $43M | $40M | $51M | $54M | $53M | $53M | $55M |
| Interest expense | $2M | $2M | $2M | $2M | $2M | $1M | $3M | $3M | $3M | $2M |
| Pre-tax income | $36M | $36M | $39M | $41M | $39M | $50M | $51M | $51M | $51M | $53M |
| Income tax | $14M | $12M | $9M | $9M | $9M | $10M | $11M | $11M | $11M | $11M |
| Net income | $22M | $25M | $30M | $32M | $30M | $40M | $39M | $40M | $40M | $42M |
| EPS (diluted) | $5.11 | $5.66 | $7.26 | $7.84 | $7.72 | $10.48 | $10.97 | $11.04 | $10.89 | $11.30 |
| Diluted shares | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M |
| Gross margin | 96.8% | 96.5% | 96.2% | 96.6% | -61.8% | -126.2% | 95.4% | 94.6% | 95.8% | 96.4% |
| Operating margin | 57.4% | 55.6% | 57.6% | 58.8% | 3093.2% | 3948.9% | 65.9% | 64.0% | 65.1% | 63.4% |
| Net margin | 33.3% | 35.2% | 41.5% | 43.9% | 2294.1% | 3070.8% | 48.4% | 48.3% | 49.2% | 48.4% |
Balance sheet
Fiscal years, from Winmark's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1M | $1M | $2M | $25M | $7M | $11M | $14M | $13M | $12M | $10M |
| Receivables | $1M | $2M | $2M | $2M | $2M | $1M | $1M | $1M | $1M | $1M |
| Inventory | $87,500 | $97,100 | $107,600 | $86,000 | $106,600 | $325,200 | $770,600 | $386,100 | $397,600 | $362,500 |
| Total current assets | $23M | $21M | $24M | $41M | $18M | $17M | $18M | $17M | $15M | $14M |
| Property, plant and equipment | $769,600 | $486,800 | $866,200 | $3M | $2M | $2M | $2M | $2M | $1M | $1M |
| Goodwill | $607,500 | $607,500 | $607,500 | $607,500 | $607,500 | $607,500 | $607,500 | $607,500 | $607,500 | $607,500 |
| Total assets | $49M | $49M | $47M | $62M | $31M | $27M | $30M | $29M | $27M | $25M |
| Total current liabilities | $7M | $9M | $12M | $12M | $11M | $10M | $11M | $10M | $5M | $6M |
| Total liabilities | $61M | $85M | $51M | $49M | $43M | $66M | $92M | $88M | $78M | $79M |
| Shareholders' equity | -$13M | -$36M | -$5M | $12M | -$11M | -$39M | -$62M | -$59M | -$51M | -$54M |
| Net debt | -$1M | -$1M | -$2M | -$25M | -$7M | -$11M | -$14M | -$13M | -$12M | -$10M |
Cash flow
Fiscal years, from Winmark's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $26M | $25M | $35M | $51M | $43M | $48M | $44M | $44M | $42M | $45M |
| Capital spending | $68,600 | $72,600 | $693,500 | $169,400 | $45,100 | $74,700 | $139,100 | $383,900 | $194,900 | $192,300 |
| Free cash flow | $26M | $25M | $34M | $50M | $43M | $48M | $44M | $44M | $42M | $45M |
| Stock-based compensation | $2M | $2M | $2M | $2M | $1M | $1M | $2M | $2M | $2M | $2M |
| Dividends paid | $2M | $2M | $2M | $3M | $14M | $33M | $19M | $44M | $39M | $49M |
| Share buybacks (net) | -$2M | -$50M | -$2M | -$24M | -$49M | -$44M | -$49M | — | — | -$2M |
| Free cash flow margin | 39.4% | 36.0% | 47.2% | 68.9% | 3321.2% | 3713.2% | 53.6% | 52.4% | 51.6% | 51.9% |
| Dividends per share | $0.35 | $0.41 | $0.52 | $0.84 | $3.68 | $8.70 | $5.36 | $11.99 | $10.60 | $13.33 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for WINA.
Open WINA in InvestinglyQuestions
What was Winmark's revenue in 2025?
$86M in fiscal 2025, from its 10-K filing.
How much free cash flow does Winmark generate?
$45M in fiscal 2025 (operating cash flow minus capital spending).
From Winmark's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.