WINA earnings analysis
What we found in WINA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Winmark Corporation reported Q2 2026 earnings with revenue of $21.97 million and diluted EPS of $2.81, slightly above analyst estimates of $21.77 million and $2.69 respectively. Year-to-date, revenue reached $42.82 million, marking a modest increase compared to $42.34 million in the same period last year. However, net income experienced a slight decline to $10.39 million from $10.60 million year-over-year, primarily driven by increased operating expenses and the completion of the leasing portfolio.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 2.7% YoY
- Total revenue increased to $21.97 million, up from $20.42 million in Q2 2025.
- Slight EPS Increase
- Diluted EPS was reported at $2.81, slightly above the $2.69 consensus estimate.
- Steady Cash Position
- Cash and cash equivalents increased to $25.83 million from $10.30 million as of December 2025.
- Consistent Operating Income
- Operating income was $13.64 million, growing from $13.06 million year-over-year.
- Renewal Success in Franchises
- All 50 franchise agreements scheduled for renewal were successfully renewed.
- Reduction in Cost of Goods Sold
- COGS from merchandise sales decreased to $818.5K from $766.5K in Q2 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decreasing Net Income Trend
- Net income fell to $10.39 million from $10.60 million in Q2 2025.
- Decline in Franchise Fees
- Franchise fees remained virtually unchanged at $0.42 million compared to $0.34 million in Q2 2025.
- Increased Operating Expenses
- Selling, general and administrative expenses rose by 13.9% to $7.51 million compared to the prior year.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.81
- Segment
- Franchising: $21.97 million
- Segment
- Other: $0
What they said about what is next.
Expectations for Q3 remain uncertain with no numeric guidance provided.
The filing reads about the same as the one before it.
What came before.
- 10-Q · April 15, 2026
- Winmark reported Q1 revenues of $20,849,700 (down from $21,919,700 a year ago) and diluted EPS of $2.50 (down from $2.71). Royalties were a bright spot, rising 8.4% to $19,262,800, while operating margin compressed to…
- 10-K · February 25, 2026
- Winmark describes a franchise-led growth strategy centered on five resale brands and a multi-channel push (e-commerce for select brands). System‑wide sales rose to $1,682.0 million in 2025 and the company ended the year…
- 10-Q · October 15, 2025
- Winmark reported Q3 revenue of $22,632,900 and diluted EPS of $3.02 for the three months ended September 27, 2025. Revenue and operating income were modestly higher year-over-year with very strong margins, cash balances…
- 10-Q · April 16, 2025
- Winmark reported q1 revenue of $21,919,700 (up $1,810,200 vs. $20,109,500 a year ago) and diluted EPS of $2.71 (up $0.30 vs. $2.41). Operating income strengthened to 62.0% of revenue and the company generated strong…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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