Form 8-K

8-K — WINMARK CORP

Accession: 0000908315-26-000027

Filed: 2026-07-15

Period: 2026-07-15

CIK: 0000908315

SIC: 5900 (RETAIL-MISCELLANEOUS RETAIL)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — wina-20260715x8k.htm (Primary)

EX-99.1 (wina-20260715xex99d1.htm)

EX-99.2 (wina-20260715xex99d2.htm)

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8-K

8-K (Primary)

Filename: wina-20260715x8k.htm · Sequence: 1

Winmark Corporation_ July 15, 2026

0000908315false00009083152026-07-152026-07-15

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 15, 2026

Winmark Corporation

(Exact Name of Registrant as Specified in Its Charter)

Minnesota

(State or Other Jurisdiction of Incorporation)

000-22012

41-1622691

(Commission File Number)

(I.R.S. Employer Identification Number)

605 Highway 169 North, Suite 400, Minneapolis, Minnesota 55441

(Address of Principal Executive Offices) (Zip Code)

(763) 520-8500

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading Symbol

Name of each exchange on which registered:

Common Stock, no par value per share

WINA

Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02Results of Operations and Financial Condition

On July 15, 2026, Winmark Corporation (the “Company”) announced in a press release its results of operations and financial condition for the second quarter ended June 27, 2026. A copy of the press release is attached as Exhibit 99.1 of this Current Report on Form 8-K.

Item 7.01Regulation FD Disclosure

On July 15, 2026, the Company announced in a press release its results of operations and financial condition for the second quarter ended June 27, 2026. A copy of the press release is attached as Exhibit 99.1 of this Current Report on Form 8-K.

On July 15, 2026, the Company announced in a press release that its Board of Directors has approved the payment of a cash dividend to its shareholders. The quarterly dividend of $1.02 per share will be paid on September 1, 2026 to shareholders of record on the close of business on August 12, 2026. Future dividends will be subject to Board approval. A copy of the press release is attached as Exhibit 99.2 of this Current Report of Form 8-K.

Item 8.01Other Events

Item 9.01Financial Statements and Exhibits

(d)Exhibits

99.1

Second Quarter Results Press Release dated July 15, 2026

99.2

Quarterly Cash Dividend Press Release dated July 15, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL Document and incorporated as Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

WINMARK CORPORATION

Date: July 15, 2026

By:

/s/ Anthony D. Ishaug

Anthony D. Ishaug

Chief Financial Officer and Treasurer

EX-99.1

Filename: wina-20260715xex99d1.htm · Sequence: 2

2020 2nd Qtr Results (00022559).DOCX

Exhibit 99.1

Contact:Anthony D. Ishaug

763/520-8500

FOR IMMEDIATE RELEASE

WINMARK CORPORATION ANNOUNCES

SECOND QUARTER RESULTS

Minneapolis, MN (July 15, 2026) - Winmark Corporation (Nasdaq: WINA) announced today net income for the quarter ended June 27, 2026 of $10,394,800 or $2.81 per share diluted compared to net income of $10,601,200 or $2.89 per share diluted in 2025. For the six months ended June 27, 2026, net income was $19,649,600 or $5.31 per share diluted compared to net income of $20,557,600 or $5.60 per share diluted for the same period last year. 2025 year-to-date results included $2.2 million of leasing income from the settlement of customer litigation.

“Winmark has continued to make investments in advance of the Plato’s Closet North American Ad Fund launch and in support of technology and innovation initiatives across our network,” noted Brett D. Heffes, Chair and Chief Executive Officer

Winmark - the Resale Company®, is a nationally recognized franchisor focused on sustainability and small business formation. We champion and guide entrepreneurs interested in operating one of our award winning resale franchises: Plato’s Closet®, Once Upon A Child®, Play It Again Sports®, Style Encore® and Music Go Round®. At June 27, 2026, there were 1,389 franchises in operation and over 2,800 available territories. An additional 87 franchises have been awarded but are not open.

This press release contains forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), relating to future events or the future financial performance of the Company. Such forward-looking statements are only predictions or statements of intention subject to risks and uncertainties and actual events or results could differ materially from those anticipated. Because actual result may differ, shareholders and prospective investors are cautioned not to place undue reliance on such forward-looking statements.

WINMARK CORPORATION

CONDENSED BALANCE SHEETS

(Unaudited)

June 27, 2026

December 27, 2025

ASSETS

Current Assets:

Cash and cash equivalents

25,834,500

10,295,700

Restricted cash

150,000

165,000

Receivables, net

1,843,400

1,483,500

Income tax receivable

436,800

463,600

Inventories

656,900

362,500

Prepaid expenses

1,846,100

1,325,700

Total current assets

30,767,700

14,096,000

Property and equipment, net

1,086,300

1,219,000

Operating lease right of use asset

1,577,700

1,761,500

Intangible assets, net

2,109,300

2,286,300

Capitalized software

2,210,300

—

Goodwill

607,500

Other assets

526,600

506,400

Deferred income taxes

4,304,800

4,407,400

43,190,200

24,884,100

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

Current Liabilities:

Accounts payable

2,113,100

1,673,900

Accrued liabilities

4,422,500

2,324,800

Deferred revenue

1,669,100

1,667,300

Total current liabilities

8,204,700

5,666,000

Long-Term Liabilities:

Line of credit/Term loan

30,000,000

Notes payable, net

29,970,200

29,961,000

Deferred revenue

8,417,400

8,350,100

Operating lease liabilities

2,054,800

2,414,200

Other liabilities

2,165,800

2,175,200

Total long-term liabilities

72,608,200

72,900,500

Shareholders’ Equity (Deficit):

Common stock, no par, 10,000,000 shares authorized, 3,587,079 and

3,571,861 shares issued and outstanding

23,110,400

19,612,800

Retained earnings (accumulated deficit)

(60,733,100)

(73,295,200)

Total shareholders’ equity (deficit)

(37,622,700)

(53,682,400)

43,190,200

24,884,100

Winmark Corporation

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

Six Months Ended

June 27, 2026

June 28, 2025

June 27, 2026

June 28, 2025

Revenue:

Royalties

20,117,000

18,662,100

39,379,800

36,436,700

Leasing income

—

46,600

—

2,354,500

Merchandise sales

859,300

803,600

1,513,200

1,744,900

Franchise fees

419,500

338,400

762,400

670,400

Other

570,200

566,100

1,160,300

1,129,900

Total revenue

21,966,000

20,416,800

42,815,700

42,336,400

Cost of merchandise sold

818,500

766,500

1,437,000

1,654,800

Selling, general and administrative expenses

7,506,400

6,589,200

15,376,000

14,024,000

Income from operations

13,641,100

13,061,100

26,002,700

26,657,600

Interest expense

(609,800)

(1,223,700)

(1,223,600)

Interest and other income

155,600

254,600

274,400

404,400

Income before income taxes

13,186,900

12,705,900

25,053,400

25,838,400

Provision for income taxes

(2,792,100)

(2,104,700)

(5,403,800)

(5,280,800)

Net income

10,394,800

10,601,200

19,649,600

20,557,600

Earnings per share - basic

2.90

3.00

5.49

5.81

Earnings per share - diluted

2.81

2.89

5.31

5.60

Weighted average shares outstanding - basic

3,582,087

3,539,437

3,577,169

3,539,042

Weighted average shares outstanding - diluted

3,696,010

3,673,135

3,701,516

3,673,039

Winmark Corporation

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

June 27, 2026

June 28, 2025

OPERATING ACTIVITIES:

Net income

19,649,600

20,557,600

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation of property and equipment

187,600

196,300

Amortization of intangible assets

177,000

Compensation expense related to stock options

1,228,300

1,065,600

Deferred income taxes

102,600

86,400

Operating lease right of use asset amortization

183,800

166,400

Tax benefits on exercised stock options

742,800

971,200

Change in operating assets and liabilities:

Receivables

(359,900)

(371,500)

Income tax receivable/payable

(716,000)

(1,341,400)

Inventories

(294,400)

35,500

Prepaid expenses

(520,400)

472,500

Other assets

(20,200)

(14,300)

Accounts payable

439,200

(371,700)

Accrued and other liabilities

1,737,900

2,178,000

Deferred revenue

69,200

315,700

Net cash provided by operating activities

22,607,100

24,123,300

INVESTING ACTIVITIES:

Capitalized software

(2,210,300)

—

Purchase of property and equipment

(54,900)

(105,900)

Net cash used for investing activities

(2,265,200)

(105,900)

FINANCING ACTIVITIES:

Repurchases of common stock

—

(2,418,700)

Proceeds from exercises of stock options

2,269,300

1,586,300

Dividends paid

(7,087,400)

(6,584,600)

Net cash used for financing activities

(4,818,100)

(7,417,000)

NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

15,523,800

16,600,400

Cash, cash equivalents and restricted cash, beginning of period

10,460,700

12,329,800

Cash, cash equivalents and restricted cash, end of period

25,984,500

28,930,200

SUPPLEMENTAL DISCLOSURES:

Cash paid for interest

1,207,800

Cash paid for income taxes

5,253,000

5,368,500

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Condensed Balance Sheets to the total of the same amounts shown above:

Six Months Ended

June 27, 2026

June 28, 2025

Cash and cash equivalents

25,834,500

28,765,200

Restricted cash

150,000

165,000

Total cash, cash equivalents and restricted cash

25,984,500

28,930,200

EX-99.2

Filename: wina-20260715xex99d2.htm · Sequence: 3

Ex_99.1_2017_2nd_Qtr_Dividend.DOCX

Exhibit 99.2

Contact:Anthony D. Ishaug

763/520-8500

FOR IMMEDIATE RELEASE

WINMARK CORPORATION ANNOUNCES

QUARTERLY CASH DIVIDEND

Minneapolis, MN (July 15, 2026) - Winmark Corporation (Nasdaq: WINA) announced today that its Board of Directors has approved the payment of a quarterly cash dividend to shareholders. The quarterly dividend of $1.02 per share will be paid on September 1, 2026 to shareholders of record on the close of business on August 12, 2026. Future dividends will be subject to Board approval.

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