Filing Flows › Winmark (WINA) › Q3 2025
Winmark (WINA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 15, 2025
Winmark (WINA) reported revenue of $22.6M for the third quarter 2025 (Q3 2025), +5% from a year earlier and +11% from the quarter before. Operating margin was 65.9%, net earnings $11.1M (49.2% of revenue).
Winmark, Q3 2025: revenue $22.6M (+5% year over year), operating margin 65.9%, net earnings $11.1M, operating cash flow $12.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $22.6M | +11% | +5% |
| Operating profit | $14.9M | +14% | 0% |
| Net earnings | $11.1M | +5% | +0.1% |
| Operating cash flow | $12.3M | +35% | +1% |
| Free cash flow | $12.2M | +36% | +0.6% |
What changed
Revenue was $22.6M in Q3 2025, up 5% year over year and up 11% from the previous quarter. Royalties was the largest line at 92% of revenue. Royalties added $1.4M year over year (up 7%), 125% of the total change. Franchise fees declined 7%.
Operating profit was $14.9M, a 65.9% margin (down 3.5 points year over year). Operating profit fell $5K even though revenue rose $1.1M versus a year earlier, so costs grew faster than sales. Total costs grew 17% against revenue growth of 5%. The fastest-growing cost line was SG&A (+19%). Net earnings were $11.1M, roughly flat year over year. The effective tax rate was 23.8%.
Operating cash flow was $12.3M (up 1% year over year), 110% of net earnings. Non-cash charges added back $188K of depreciation and amortization and $601K of share-based compensation. Capital expenditures of $67K left free cash flow of $12.2M.
Questions
What was Winmark's revenue in the third quarter 2025?
Winmark (WINA) reported revenue of $22.6M for the third quarter 2025 (Q3 2025), +5% from a year earlier and +11% from the quarter before.
Was Winmark profitable in the third quarter 2025?
Operating profit was $14.9M (65.9% of revenue) and net earnings $11.1M.
Source: Winmark 10-Q on SEC EDGAR.