Filing Flows › Winmark (WINA) › How it makes money
How Winmark (WINA) makes money
Winmark (WINA) made $27.9M of revenue in the third quarter 2026 (Q3 2026), +23% from a year earlier. Royalties brought in $21.7M (78%); North American advertising fund brought in $3.8M (14%); Merchandise sales brought in $1.0M (4%). Of every dollar of revenue, 57¢ was left as operating profit, 42¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Royalties | $21.7M | 77.9% | — | +4% |
| North American advertising fund | $3.8M | 13.6% | — | — |
| Merchandise sales | $1.0M | 3.7% | — | +49% |
| Other | $499K | 1.8% | — | +6% |
| Software | $497K | 1.8% | — | +434% |
| Franchise fees | $330K | 1.2% | — | -21% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $27.9M | 100.0% |
| Operating profit | $15.8M | 56.7% |
| Income tax | $3.6M | 12.9% |
| Net earnings | $11.8M | 42.4% |
| Operating cash flow | $12.9M | 46.4% |
| Free cash flow | $12.7M | 45.6% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $27.9M | +23% |
| Q2 2026 | $22.0M | +8% |
| Q1 2026 | $20.8M | -5% |
| Q4 2025 | $21.1M | +8% |
| Q3 2025 | $22.6M | +5% |
| Q2 2025 | $20.4M | +2% |
| Q1 2025 | $21.9M | +9% |
From Winmark's 10-Q filed Oct 14, 2026 (on EDGAR).
Questions
How does Winmark make money?
Winmark (WINA) made $27.9M of revenue in the third quarter 2026 (Q3 2026), +23% from a year earlier. Royalties brought in $21.7M (78%); North American advertising fund brought in $3.8M (14%); Merchandise sales brought in $1.0M (4%). Of every dollar of revenue, 57¢ was left as operating profit, 42¢ was left as net earnings.
What is Winmark's biggest business?
Royalties: $21.7M in the third quarter 2026, 78% of revenue, +4% from a year earlier.
What is Winmark's profit margin?
Net earnings were $11.8M, 42.4% of revenue, in the third quarter 2026; the operating margin was 56.7%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.