Winmark Corporation announced today its third‑quarter 2025 results, reporting net income of $11.14 million and earnings per share of $3.02. Total revenue for the quarter was $22.63 million, up 5.3% year‑over‑year, driven primarily by a 7.1% increase in royalty revenue to $20.91 million.
Royalties remained the dominant revenue source, while leasing income fell sharply to $46.6 thousand from $316.6 thousand a year earlier. Other revenue components included merchandise sales of $693.6 thousand, franchise fees of $417.6 thousand, and other income of $563.8 thousand.
Operating income for the quarter was $14.92 million, giving an operating margin of roughly 66%, virtually unchanged from the $14.93 million reported in the same period last year. The company’s core royalty‑driven model continued to generate strong profitability despite the decline in leasing income.
No forward guidance was provided in the release, but the stable earnings and robust royalty growth underscore Winmark’s resilient business model and its focus on sustaining high‑margin franchise operations.
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