Form 8-K

8-K — WINMARK CORP

Accession: 0000908315-26-000016

Filed: 2026-04-15

Period: 2026-04-15

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-20260415x8k.htm (Primary)

EX-99.1 (wina-20260415xex99d1.htm)

EX-99.2 (wina-20260415xex99d2.htm)

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8-K

8-K (Primary)

Filename: wina-20260415x8k.htm · Sequence: 1

Winmark Corporation_ April 15, 2026

0000908315false00009083152026-04-152026-04-15

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): April 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 April 15, 2026, Winmark Corporation (the “Company”) announced in a press release its results of operations and financial condition for the first quarter ended March 28, 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 April 15, 2026, the Company announced in a press release its results of operations and financial condition for the first quarter ended March 28, 2026. A copy of the press release is attached as Exhibit 99.1 of this Current Report on Form 8-K.

On April 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 June 1, 2026 to shareholders of record on the close of business on May 13, 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

First Quarter Results Press Release dated April 15, 2026

99.2

Quarterly Cash Dividend Press Release dated April 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: April 15, 2026

By:

/s/ Anthony D. Ishaug

Anthony D. Ishaug

Chief Financial Officer and Treasurer

EX-99.1

Filename: wina-20260415xex99d1.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

FIRST QUARTER RESULTS

Minneapolis, MN (April 15, 2026) - Winmark Corporation (Nasdaq: WINA) announced today net income for the quarter ended March 28, 2026 of $9,254,700 or $2.50 per share diluted compared to net income of $9,956,400 or $2.71 per share diluted in 2025. First quarter 2025 results included $2.2 million of leasing income from the settlement of customer litigation.

“During the quarter we introduced two significant enhancements to our business model in partnership with our franchisees,” noted Brett D. Heffes, Chair and Chief Executive Officer. “We are launching a North American Ad Fund for Plato’s Closet as well as modernizing the point-of-sale offering for our franchisees. These two improvements are intended to provide permanent vehicles to fund ongoing reinvestment in marketing, technology and innovation initiatives on behalf of our franchisees.” For additional details on these announcements, please refer to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 16, 2026.

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 March 28, 2026, there were 1,383 franchises in operation and over 2,800 available territories. An additional 79 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)

March 28, 2026

December 27, 2025

ASSETS

Current Assets:

Cash and cash equivalents

19,828,300

10,295,700

Restricted cash

100,000

165,000

Receivables, net

2,002,500

1,483,500

Income tax receivable

—

463,600

Inventories

421,400

362,500

Prepaid expenses

2,698,800

1,325,700

Total current assets

25,051,000

14,096,000

Property and equipment, net

1,138,400

1,219,000

Operating lease right of use asset

1,670,700

1,761,500

Intangible assets, net

2,197,800

2,286,300

Goodwill

607,500

Other assets

525,400

506,400

Deferred income taxes

4,407,400

35,598,200

24,884,100

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

Current Liabilities:

Accounts payable

1,057,500

1,673,900

Income tax payable

1,919,100

—

Accrued liabilities

4,496,800

2,324,800

Deferred revenue

1,654,700

1,667,300

Total current liabilities

9,128,100

5,666,000

Long-Term Liabilities:

Line of credit/Term loan

30,000,000

Notes payable, net

29,965,600

29,961,000

Deferred revenue

8,307,000

8,350,100

Operating lease liabilities

2,235,800

2,414,200

Other liabilities

2,170,400

2,175,200

Total long-term liabilities

72,678,800

72,900,500

Shareholders’ Equity (Deficit):

Common stock, no par, 10,000,000 shares authorized, 3,577,671 and

3,571,861 shares issued and outstanding

21,260,800

19,612,800

Retained earnings (accumulated deficit)

(67,469,500)

(73,295,200)

Total shareholders’ equity (deficit)

(46,208,700)

(53,682,400)

35,598,200

24,884,100

Winmark Corporation

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

March 28, 2026

March 29, 2025

Revenue:

Royalties

19,262,800

17,774,700

Leasing income

—

2,307,800

Merchandise sales

653,900

941,300

Franchise fees

342,900

332,100

Other

590,100

563,800

Total revenue

20,849,700

21,919,700

Cost of merchandise sold

618,500

888,300

Selling, general and administrative expenses

7,869,600

7,434,800

Income from operations

12,361,600

13,596,600

Interest expense

(613,900)

Interest and other income

118,700

149,900

Income before income taxes

11,866,400

13,132,600

Provision for income taxes

(2,611,700)

(3,176,200)

Net income

9,254,700

9,956,400

Earnings per share - basic

2.59

2.81

Earnings per share - diluted

2.50

2.71

Weighted average shares outstanding - basic

3,573,767

3,538,647

Weighted average shares outstanding - diluted

3,708,538

3,672,943

Winmark Corporation

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

March 28, 2026

March 29, 2025

OPERATING ACTIVITIES:

Net income

9,254,700

9,956,400

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

Depreciation of property and equipment

95,200

97,200

Amortization of intangible assets

88,500

Compensation expense related to stock options

614,100

536,600

Operating lease right of use asset amortization

90,800

82,200

Tax benefits on exercised stock options

302,800

—

Change in operating assets and liabilities:

Receivables

(519,000)

(1,250,000)

Income tax receivable/payable

2,079,900

2,980,000

Inventories

(58,900)

59,400

Prepaid expenses

(1,373,100)

323,700

Other assets

(19,000)

(25,200)

Accounts payable

(616,400)

(18,000)

Accrued and other liabilities

1,993,500

2,018,300

Deferred revenue

(55,800)

229,300

Net cash provided by operating activities

11,877,300

15,078,400

INVESTING ACTIVITIES:

Purchase of property and equipment

(14,600)

(51,200)

Net cash used for investing activities

(14,600)

(51,200)

FINANCING ACTIVITIES:

Repurchases of common stock

—

(2,249,900)

Proceeds from exercises of stock options

1,033,900

47,700

Dividends paid

(3,429,000)

(3,186,000)

Net cash used for financing activities

(2,395,100)

(5,388,200)

NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

9,467,600

9,639,000

Cash, cash equivalents and restricted cash, beginning of period

10,460,700

12,329,800

Cash, cash equivalents and restricted cash, end of period

19,928,300

21,968,800

SUPPLEMENTAL DISCLOSURES:

Cash paid for interest

604,000

Cash paid for income taxes

207,600

196,200

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:

Three Months Ended

March 27, 2026

March 29, 2025

Cash and cash equivalents

19,828,300

21,828,800

Restricted cash

100,000

140,000

Total cash, cash equivalents and restricted cash

19,928,300

21,968,800

EX-99.2

Filename: wina-20260415xex99d2.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 (April 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 June 1, 2026 to shareholders of record on the close of business on May 13, 2026. Future dividends will be subject to Board approval.

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