Winmark (WINA) Annual Income Statement

Income Statement Summary

Winmark (WINA) annual income statement covering fiscal 2020 through 2025, as reported to the SEC.

Winmark reported total revenue of $86.06M in fiscal 2025, up 5.9% from $81.29M in fiscal 2024.
Income from operations was $54.59M, up 3.1% from $52.93M. Operating margin was 63.4%.
Net income was $41.65M, up 4.3% from $39.95M. Net margin was 48.4%.
Diluted earnings per share was $11.30, up 3.8% from $10.89.
Selling, general and administrative expenses took 33% of total revenue.

Total revenue has grown 5.4% a year on average since fiscal 2020, from $66.06M to $86.06M.

An income statement shows what a company sold and what it cost to run the business, ending with the profit left over.

Figures in USD thousands, except per share data

						Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20
Revenue:
Revenue
-	-	-	-	-	1,300	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Revenue						-	-	-	-	-	1,300	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Leasing income
2,631	1,811	4,766	6,937	11,148	14,484	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Leasing income						2,631	1,811	4,766	6,937	11,148	14,484	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total revenue
86,055	81,289	83,243	81,410	78,216	66,061	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total revenue						86,055	81,289	83,243	81,410	78,216	66,061	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Leasing expense
-	36	398	984	1,850	2,622	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Leasing expense						-	36	398	984	1,850	2,622	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Provisions for credit losses
-	-1	-5	-57	-206	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Provisions for credit losses						-	-1	-5	-57	-206	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Provisions for credit losses
-	-	-	-	-	-79	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Provisions for credit losses						-	-	-	-	-	-79	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Selling, general and administrative expenses
28,357	24,944	25,108	23,158	22,295	21,203	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Selling, general and administrative expenses						28,357	24,944	25,108	23,158	22,295	21,203	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income from operations
54,593	52,930	53,280	53,612	51,336	40,211	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income from operations						54,593	52,930	53,280	53,612	51,336	40,211	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest expense
2,446	2,856	3,091	2,914	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest expense						2,446	2,856	3,091	2,914	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
LOSS FROM EQUITY INVESTMENTS
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
LOSS FROM EQUITY INVESTMENTS						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
IMPAIRMENT OF INVESTMENT IN NOTES
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
IMPAIRMENT OF INVESTMENT IN NOTES						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest expense
-	-	-	-	1,453	1,737	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest expense						-	-	-	-	1,453	1,737	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest and other income
988	1,150	1,171	85	-15	43	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest and other income						988	1,150	1,171	85	-15	43	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income before income taxes
53,135	51,224	51,361	50,783	49,867	38,517	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income before income taxes						53,135	51,224	51,361	50,783	49,867	38,517	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Provision for income taxes
11,481	11,269	11,183	11,358	9,947	8,694	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Provision for income taxes						11,481	11,269	11,183	11,358	9,947	8,694	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net income
41,654	39,954	40,178	39,424	39,919	29,823	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net income						41,654	39,954	40,178	39,424	39,919	29,823	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Earnings per share - basic (in dollars per share)
11.73	11.36	11.55	11.30	10.87	8.02	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Earnings per share - basic (in dollars per share)						11.73	11.36	11.55	11.30	10.87	8.02	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Earnings per share - diluted (in dollars per share)
11.30	10.89	11.04	10.97	10.48	7.72	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Earnings per share - diluted (in dollars per share)						11.30	10.89	11.04	10.97	10.48	7.72	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average shares outstanding - basic
3,549	3,516	3,479	3,487	3,671	3,719	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average shares outstanding - basic						3,549	3,516	3,479	3,487	3,671	3,719	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average shares outstanding - diluted
3,685	3,667	3,640	3,592	3,810	3,863	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average shares outstanding - diluted						3,685	3,667	3,640	3,592	3,810	3,863	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Royalties
Revenue
76,352	72,198	70,230	67,148	60,779	46,286	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Revenue						76,352	72,198	70,230	67,148	60,779	46,286	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Franchise fees
Revenue
1,525	1,545	1,512	1,575	1,496	1,444	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Revenue						1,525	1,545	1,512	1,575	1,496	1,444	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Merchandise sales
Revenue
3,282	3,601	4,761	3,921	3,100	2,215	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Revenue						3,282	3,601	4,761	3,921	3,100	2,215	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cost of merchandise and services sold
3,104	3,379	4,461	3,712	2,940	2,103	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cost of merchandise and services sold						3,104	3,379	4,461	3,712	2,940	2,103	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other
Revenue
2,262	2,131	1,973	1,828	1,691	1,631	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Revenue						2,262	2,131	1,973	1,828	1,691	1,631	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx