Filing Flows › Winmark (WINA) › Q1 2026
Winmark (WINA) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 15, 2026
Winmark (WINA) reported revenue of $20.8M for the first quarter 2026 (Q1 2026), -5% from a year earlier and -1% from the quarter before. Operating margin was 59.3%, net earnings $9.3M (44.4% of revenue).
Winmark, Q1 2026: revenue $20.8M (-5% year over year), operating margin 59.3%, net earnings $9.3M, operating cash flow $11.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $20.8M | -1% | -5% |
| Operating profit | $12.4M | -5% | -9% |
| Net earnings | $9.3M | -7% | -7% |
| Operating cash flow | $11.9M | +39% | -21% |
| Free cash flow | $11.9M | +40% | -21% |
What changed
Revenue was $20.8M in Q1 2026, down 5% year over year and down 1% from the previous quarter. Royalties was the largest line at 92% of revenue. Merchandise sales lost $287K year over year (down 31%), 27% of the total change.
Operating profit was $12.4M, a 59.3% margin (down 2.7 points year over year). Total costs grew 2% against a revenue fall of 5%. Net earnings were $9.3M, down 7% year over year. The effective tax rate was 22.0%.
Operating cash flow was $11.9M (down 21% year over year), 128% of net earnings. Non-cash charges added back $184K of depreciation and amortization and $614K of share-based compensation. Working capital and other items added $1.8M. Capital expenditures of $15K left free cash flow of $11.9M.
Questions
What was Winmark's revenue in the first quarter 2026?
Winmark (WINA) reported revenue of $20.8M for the first quarter 2026 (Q1 2026), -5% from a year earlier and -1% from the quarter before.
Was Winmark profitable in the first quarter 2026?
Operating profit was $12.4M (59.3% of revenue) and net earnings $9.3M.
Source: Winmark 10-Q on SEC EDGAR.