WINMARK CORP

For the period ended Dec 27, 2025. Filed Feb 25, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 25, 2026

WINA$271.87-1.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows


· · Year Ended
· · December 27, 2025 · · December 28, 2024 · · December 30, 2023
OPERATING ACTIVITIES:
Net income		$41,654,100		$39,954,200	$40,178,100
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment		392,700		445,300	418,700
Amortization of intangible assets		354,000		354,000	354,000
Provision for credit losses		—		(1,500)	(5,600)
Compensation expense related to stock options		2,283,200		1,988,000	1,952,400
Deferred income taxes		(195,600)		(159,400)	(512,000)
Operating lease right of use asset amortization		347,300		317,100	290,100
Tax benefits on exercised stock options		1,619,000		1,307,700	1,138,500
Change in operating assets and liabilities:
Receivables		(147,100)		138,900	(36,700)
Principal collections on lease receivables		—		104,700	556,000
Income tax receivable/payable		(1,986,200)		(1,372,800)	(611,200)
Inventories		35,100		(11,500)	384,500
Prepaid expenses		(120,300)		186,700	(81,700)
Other assets		(15,200)		(19,900)	(41,600)
Accounts payable		111,800		(157,400)	(402,600)
Accrued and other liabilities		233,900		(1,251,900)	(16,900)
Rents received in advance and security deposits		—		(28,000)	(275,200)
Deferred revenue		330,100		363,700	705,500
Net cash provided by operating activities		44,896,800		42,157,900	43,994,300
INVESTING ACTIVITIES:
Purchase of property and equipment		(192,300)		(194,900)	(383,900)
Net cash used for investing activities		(192,300)		(194,900)	(383,900)
FINANCING ACTIVITIES:
Payments on notes payable		—		(9,187,500)	(4,250,000)
Repurchases of common stock		(2,418,700)		—	—
Proceeds from exercises of stock options		4,957,800		5,033,700	4,009,700
Dividends paid		(49,112,700)		(38,865,900)	(43,664,200)
Net cash used for financing activities		(46,573,600)		(43,019,700)	(43,904,500)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(1,869,100)		(1,056,700)	(294,100)
Cash, cash equivalents and restricted cash, beginning of period		12,329,800		13,386,500	13,680,600
Cash, cash equivalents and restricted cash, end of period		$10,460,700		$12,329,800	$13,386,500
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest		$2,415,700		$2,851,000	$3,049,400
Cash paid for income taxes		$11,814,700		$11,168,700	$10,874,300

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the same amounts shown above:
	Year Ended
	December 27, 2025		December 28, 2024	December 30, 2023
Cash and cash equivalents		$10,295,700		$12,189,800	$13,361,500
Restricted cash		165,000		140,000	25,000
Total cash, cash equivalents and restricted cash		$10,460,700		$12,329,800	$13,386,500

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.