Filing Flows › Winmark (WINA) › Q4 2025
Winmark (WINA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Winmark (WINA) reported revenue of $21.1M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and -7% from the quarter before. Operating margin was 61.7%, net earnings $10.0M (47.2% of revenue).
Winmark, Q4 2025: revenue $21.1M (+8% year over year), operating margin 61.7%, net earnings $10.0M, operating cash flow $8.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $21.1M | -7% | +8% |
| Operating profit | $13.0M | -13% | +2% |
| Net earnings | $10.0M | -11% | +4% |
| Operating cash flow | $8.5M | -30% | +0.8% |
| Free cash flow | $8.5M | -30% | +0.5% |
What changed
Revenue was $21.1M in Q4 2025, up 8% year over year and down 7% from the previous quarter.
Operating profit was $13.0M, a 61.7% margin (down 3.6 points year over year). Of the extra revenue versus a year earlier, 16% reached operating profit, below the 65% margin then. Total costs grew 19% against revenue growth of 8%. The fastest-growing cost line was SG&A (+22%). Net earnings were $10.0M, up 4% year over year. The effective tax rate was 21.4%.
Operating cash flow was $8.5M (up 1% year over year), 86% of net earnings. Non-cash charges added back $186K of depreciation and amortization and $616K of share-based compensation. Working capital and other items used $2.2M. Capital expenditures of $20K left free cash flow of $8.5M.
Questions
What was Winmark's revenue in the fourth quarter 2025?
Winmark (WINA) reported revenue of $21.1M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and -7% from the quarter before.
Was Winmark profitable in the fourth quarter 2025?
Operating profit was $13.0M (61.7% of revenue) and net earnings $10.0M.
Source: Winmark 10-K on SEC EDGAR.