Monitor franchisee adoption of the new Ad Fund and POS system—these investments should support long-term royalty growth but will pressure near-term margins. The consistent dividend and strong operating cash flow ($22.6M YTD) provide a floor, but the lack of earnings growth may cap upside until investments show ROI.
Price Chart
Executive Summary
Winmark reported Q2 2026 revenue of $21.97M (+7.6% YoY) driven by royalty growth, but diluted EPS fell to $2.81 from $2.89 a year ago as SG&A increased 14% due to investments in the Platos Closet Ad Fund and technology. The Board declared a quarterly dividend of $1.02/share, consistent with prior quarters. The earnings decline is modest and partly reflects the absence of $2.2M in prior-year leasing income from litigation settlement.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $21,966,000 vs $20,416,800 YoY (+7.6%)
- Q2 2026 diluted EPS $2.81 vs $2.89 YoY (-2.8%)
- Royalty revenue grew 7.8% to $20,117,000
- SG&A increased 14% to $7,506,400 reflecting Ad Fund and technology investments
- Quarterly dividend of $1.02/share declared, payable Sept 1, 2026
- Franchise count at quarter end: 1,389 operating, 87 awarded not yet open
Financial Impact
Revenue growth of ~$1.55M YoY offset by $0.92M SG&A increase and absence of $2.2M prior-year leasing income; net income down ~$206K
Risk Factors
- SG&A growth outpacing revenue growth could compress margins further
- Franchisee churn or slower territory sales could reduce royalty stream
- Consumer discretionary spending slowdown could impact resale franchise traffic
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000908315-26-000027 |
| Document: wina-20260715x8k.htm | 0000908315-26-000027 |
| Document: wina-20260715xex99d2.htm | 0000908315-26-000027 |
| Document: 0000908315-26-000027-index-headers.html | 0000908315-26-000027 |
| Document: 0000908315-26-000027-index.html | 0000908315-26-000027 |
| Document: 0000908315-26-000027.txt | 0000908315-26-000027 |
| 8-K Data (Synthetic) | 0000908315-26-000027 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 15, 2026 11w ago | 8-K | $376.76 $345.59 | ▼ −8.27% | ▼ −10.62% | $297.69 (−20.99%) |
May 6, 2026 21w ago | 8-K | $371.53 $375.70 | ▲ +1.12% | ▼ −1.66% | $297.69 (−19.87%) |
Apr 15, 2026 24w ago | 8-K | $379.21 $360.36 | ▲ +4.97% | ▲ +11.01% | $297.69 (+21.50%) |
Mar 3, 2026 30w ago | Insider Cluster | $480.67 $427.55 | ▲ +11.05% | ▲ +6.65% | $297.69 (+38.07%) |
US Market Status
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