WINMARK CORP — Form 8-K
Filed October 14, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 42/100
What the filing says
Winmark reported Q3 2026 net income of $11.8M ($3.21/share diluted) vs. $11.1M ($3.02/share) in Q3 2025, a 6.1% increase. Nine-month 2026 net income was $31.5M ($8.51/share) vs. $31.7M ($8.61/share) in 2025, essentially flat after excluding $2.2M prior-year one-time litigation settlement. The Board approved a regular quarterly dividend of $1.02/share and a special dividend of $4.00/share (~$14.2M total), both payable December 1, 2026. CEO cited need to retain cash for upcoming $60M debt maturities over 30 months and share repurchase flexibility. 1,398 franchises operated at period end.
Why this rating
Modest earnings growth (6% YoY, flat 9M YoY) is routine. Special dividend ~1.6% of market cap and $14.2M represents ~38% of 9-month net income—material shareholder return but finite, not transformational. Debt maturity obligations noted but manageable given strong cash generation ($35.5M operating CF). No major deal/leadership/restatement. Business trajectory unchanged.
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