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Winmark (WINA) investor relations material
Winmark Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for Q2 2025 was $20.4M, up from $20.1M in Q2 2024, driven by higher royalties and franchise expansion.
Net income for Q2 2025 was $10.6M ($2.89/share diluted), up from $10.4M ($2.85/share) in Q2 2024; six-month net income was $20.6M ($5.60/share), up from $19.3M ($5.26/share) year-over-year.
Franchising remains the core business, with 1,371 stores at quarter-end and a 98% franchise renewal rate; 77 new franchises awarded but not yet open.
Franchise sales performance increased across all brands during the quarter.
Financial highlights
Royalties increased 5% year-over-year to $18.7M in Q2 2025; six-month royalties rose 4% to $36.4M.
Leasing income for Q2 2025 dropped to $46.6K from $524.4K in Q2 2024; six-month leasing income rose to $2.4M due to a litigation settlement.
Merchandise sales for Q2 2025 were $0.8M, down from $0.9M year-over-year; cost of merchandise sold also decreased.
Operating income for Q2 2025 was $13.1M, nearly flat year-over-year; six-month operating income was $26.7M, up from $25.2M.
Diluted EPS for Q2 2025 was $2.89, up from $2.85 in Q2 2024; six-month diluted EPS was $5.60, up from $5.26.
Outlook and guidance
Management expects lower leasing income for the remainder of 2025 as the leasing portfolio run-off is nearly complete.
Cash on hand, operating cash flow, and available credit are expected to fund operations through 2026.
Continued investments in operations, technology, marketing, and innovation to strengthen industry leadership.
Management highlights a dynamic period for the resale industry and ongoing commitment to growth.
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