Filing Flows › Winmark (WINA) › Q2 2025
Winmark (WINA) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 15, 2025
Winmark (WINA) reported revenue of $20.4M for the second quarter 2025 (Q2 2025), +1% from a year earlier and -7% from the quarter before. Operating margin was 64.0%, net earnings $10.6M (51.9% of revenue).
Winmark, Q2 2025: revenue $20.4M (+2% year over year), operating margin 64.0%, net earnings $10.6M, operating cash flow $9.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $20.4M | -7% | +1% |
| Operating profit | $13.1M | -4% | +0.3% |
| Net earnings | $10.6M | +6% | +2% |
| Operating cash flow | $9.0M | -40% | +10% |
| Free cash flow | $9.0M | -40% | +11% |
What changed
Revenue was $20.4M in Q2 2025, up 1% year over year and down 7% from the previous quarter. Royalties was the largest line at 91% of revenue. Royalties added $888K year over year (up 5%), 300% of the total change. Merchandise sales declined 13%.
Operating profit was $13.1M, a 64.0% margin (down 0.7 points year over year). Of the extra revenue versus a year earlier, 15% reached operating profit, below the 65% margin then. Total costs grew 4% against revenue growth of 1%. Net earnings were $10.6M, up 2% year over year. The effective tax rate was 16.6%.
Operating cash flow was $9.0M (up 10% year over year), 85% of net earnings. Non-cash charges added back $188K of depreciation and amortization and $529K of share-based compensation. Working capital and other items used $2.3M. Capital expenditures of $55K left free cash flow of $9.0M.
Questions
What was Winmark's revenue in the second quarter 2025?
Winmark (WINA) reported revenue of $20.4M for the second quarter 2025 (Q2 2025), +1% from a year earlier and -7% from the quarter before.
Was Winmark profitable in the second quarter 2025?
Operating profit was $13.1M (64.0% of revenue) and net earnings $10.6M.
Source: Winmark 10-Q on SEC EDGAR.