# EDGAR Filing Document

**Accession Number:** 0000908315
**File Stem:** 0000908315-25-000026
**Filing Date:** 2025-7
**Character Count:** 20435
**Document Hash:** 2fc5b5facc193723588a6f063e3df966
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000908315-25-000026.hdr.sgml**: 20250715

**ACCESSION NUMBER**: 0000908315-25-000026

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250715

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250715

**DATE AS OF CHANGE**: 20250715

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WINMARK CORP
- **CENTRAL INDEX KEY:** 0000908315
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS RETAIL [5900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 411622691
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1227

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-22012
- **FILM NUMBER:** 251123751

**BUSINESS ADDRESS:**
- **STREET 1:** 605 HIGHWAY 169 N SUITE 400
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55441
- **BUSINESS PHONE:** 763-520-8500

**MAIL ADDRESS:**
- **STREET 1:** 605 HIGHWAY 169 N SUITE 400
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55441

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GROW BIZ INTERNATIONAL INC
- **DATE OF NAME CHANGE:** 19930629

?xml version='1.0' encoding='ASCII'? Form 8-K 2017 2nd Qtr.DOCX (00015283).DOCX

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, 2025

**Winmark Corporation**

(Exact Name of Registrant as Specified in Its Charter)

**Minnesota**

(State or Other Jurisdiction of Incorporation)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**000-22012** | &nbsp;&nbsp;**41-1622691** |
| &nbsp;&nbsp;(Commission File Number) | &nbsp;&nbsp;(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:

<u>Title of each class:</u> <u>Trading Symbol</u> <u>Name of each exchange on which registered:</u> <br> <u>Common Stock, no par value per share</u> <u>WINA</u> <u>Nasdaq Global Market</u>

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, 2025, Winmark Corporation (the "Company") announced in a press release its results of operations and financial condition for the second quarter ended June 28, 2025. 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, 2025, the Company announced in a press release its results of operations and financial condition for the second quarter ended June 28, 2025. A copy of the press release is attached as Exhibit 99.1 of this Current Report on Form 8-K.

On July 15, 2025, the Company also 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 $0.96 per share will be paid on September 2, 2025 to shareholders of record on the close of business on August 13, 2025. 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

On July 15, 2025, 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 $0.96 per share will be paid on September 2, 2025 to shareholders of record on the close of business on August 13, 2025. 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 9.01Financial Statements and Exhibits

(d)Exhibits

---

| | |
|:---|:---|
| c<br>|  |
| 99.1<br>| [Second Quarter Results Press Release dated July 15, 2025](wina-20250715xex99d1.htm) |
| 99.2 | [Quarterly Cash Dividend Press Release dated July 15, 2025](wina-20250715xex99d2.htm)<br>|
| 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.

---

| | | |
|:---|:---|:---|
| co<br>|  |  |
|  | WINMARK CORPORATION | WINMARK CORPORATION |
| Date: July 15, 2025 | By: | /s/ Anthony D. Ishaug |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anthony D. Ishaug | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anthony D. Ishaug |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer and Treasurer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

#### Exhibit 99.1
![Graphic](wina-20250715xex99d1001.jpg)

Contact:Anthony D. Ishaug

763/520-8500

FOR IMMEDIATE RELEASE

**WINMARK CORPORATION ANNOUNCES SECOND QUARTER RESULTS**

Minneapolis, MN (July 15, 2025) - Winmark Corporation (Nasdaq: WINA) announced today net income for the quarter ended June 28, 2025 of $10,601,200 or $2.89 per share diluted compared to net income of $10,431,400 or $2.85 per share diluted in 2024. For the six months ended June 28, 2025, net income was $20,557,600 or $5.60 per share diluted compared to net income of $19,250,400 or $5.26 per share diluted for the same period last year.

"Sales performance for our franchise partners across all brands increased during the quarter," stated Brett D. Heffes, Chair and Chief Executive Officer. "It is a dynamic time for the resale industry. Winmark has and will continue to make significant investments in operations, technology, marketing and innovation to enhance our leadership position in the industry."

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 28, 2025, there were 1,371 franchises in operation and over 2,800 available territories. An additional 77 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 28, 2025 | December 28, 2024 |
| **ASSETS** | **ASSETS** | **ASSETS** |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $28765200 | $12189800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 165000 | 140000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables, net | 1707900 | 1336400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable | 466600 | 96400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 362100 | 397600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses  | 732800 | 1205400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 32199600 | 15365600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 1329000 | 1419400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right of use asset | 1942400 | 2108700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 2463300 | 2640300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 607500 | 607500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 505500 | 491200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 4125400 | 4211800 |
|  | $43172700 | $26844500 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)** | **LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)** | **LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)** |
| Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $1190300 | $1562000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 4148600 | 1866200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 1668300 | 1659700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 7007200 | 5087900 |
| Long-Term Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Line of credit/Term loan | 30000000 | 30000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable, net | 29951900 | 29942800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 8334700 | 8027600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 2763800 | 3092800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 1955000 | 1739500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities | 73005400 | 72802700 |
| Shareholders' Equity (Deficit): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, no par, 10,000,000 shares authorized,<br>3,548,458 and 3,539,744 shares issued and outstanding | 15023600 | 14790500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (51863500) | (65836600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity (deficit) | (36839900) | (51046100) |
|  | $43172700 | $26844500 |

---

------

#### Winmark Corporation
**CONDENSED STATEMENTS OF OPERATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
|  | June 28, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024 |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalties  | $18662100 | $17774500 | $36436700 | $35043200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leasing income | 46600 | 524400 | 2354500 | 1361200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchandise sales | 803600 | 925500 | 1744900 | 2036000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franchise fees | 338400 | 366900 | 670400 | 731500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 566100 | 529200 | 1129900 | 1058300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 20416800 | 20120500 | 42336400 | 40230200 |
| Cost of merchandise sold | 766500 | 861100 | 1654800 | 1900100 |
| Leasing expense |  |  |  | 36600 |
| Provision for credit losses |  |  |  | (1500) |
| Selling, general and administrative expenses | 6589200 | 6241800 | 14024000 | 13059200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from operations | 13061100 | 13017600 | 26657600 | 25235800 |
| Interest expense | (609800) | (721400) | (1223600) | (1459200) |
| Interest and other income | 254600 | 280800 | 404400 | 468800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 12705900 | 12577000 | 25838400 | 24245400 |
| Provision for income taxes | (2104700) | (2145600) | (5280800) | (4995000) |
| Net income | $10601200 | $10431400 | $20557600 | $19250400 |
| Earnings per share - basic | $3.00 | $2.97 | $5.81 | $5.49 |
| Earnings per share - diluted | $2.89 | $2.85 | $5.60 | $5.26 |
| Weighted average shares outstanding - basic | 3539437 | 3513788 | 3539042 | 3505526 |
| Weighted average shares outstanding - diluted | 3673135 | 3657439 | 3673039 | 3659405 |

---

------

**CONDENSED STATEMENTS OF CASH FLOWS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |
|  | **June 28, 2025** | **June 29, 2024** |
| OPERATING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $20557600 | $19250400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property and equipment | 196300 | 224300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 177000 | 177000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses |  | (1500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation expense related to stock options | 1065600 | 940500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes  | 86400 | 135100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right of use asset amortization | 166400 | 150300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax benefits on exercised stock options  | 971200 | 943400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables | (371500) | (136100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal collections on lease receivables |  | 96300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable/payable | (1341400) | (1567800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 35500 | 117900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 472500 | 371300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (14300) | (8200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (371700) | (240700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued and other liabilities | 2178000 | 940300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rents received in advance and security deposits |  | (19700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 315700 | 213200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 24123300 | 21586000 |
| INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment | (105900) | (190600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for investing activities | (105900) | (190600) |
| FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on notes payable |  | (2125000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (2418700) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercises of stock options  | 1586300 | 2704200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (6584600) | (5963700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for financing activities | (7417000) | (5384500) |
| NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 16600400 | 16010900 |
| Cash, cash equivalents and restricted cash, beginning of period | 12329800 | 13386500 |
| Cash, cash equivalents and restricted cash, end of period | $28930200 | $29397400 |
| SUPPLEMENTAL DISCLOSURES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $1207800 | $1448400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for income taxes | $5368500 | $5484400 |
| The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Balance Sheets to the total of the same amounts shown above: | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Balance Sheets to the total of the same amounts shown above: | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Balance Sheets to the total of the same amounts shown above: |
|  | **Six Months Ended** | **Six Months Ended** |
|  | **June 28, 2025** | **June 29, 2024** |
| Cash and cash equivalents | $28765200 | $29397400 |
| Restricted cash | 165000 |  |
| Total cash, cash equivalents and restricted cash | $28930200 | $29397400 |

---

------

## Exhibit 99.2

Exhibit 99.2

![Graphic](wina-20250715xex99d2001.jpg)

Contact:Anthony D. Ishaug

763/520-8500

FOR IMMEDIATE RELEASE

**WINMARK CORPORATION ANNOUNCES**

**QUARTERLY CASH DIVIDEND**

Minneapolis, MN (July 15, 2025) - 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 $0.96 per share will be paid September 2, 2025 to shareholders of record on the close of business on August 13, 2025. Future dividends will be subject to Board approval.

Winmark - the Resale Company®, is a nationally recognized franchising business 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 28, 2025, there were 1,371 franchises in operation and over 2,800 available territories. An additional 77 franchises have been awarded but are not open.

------