Winmark (WINA) Cash Flow: Operating & Free Cash Flow

Winmark (WINA) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Winmark generated $44.90M of operating cash flow and spent $192.30K on capital expenditures. That left free cash flow of $44.70M, up 6.5% from $41.96M a year earlier, or 51.9% of revenue. It returned $51.53M to shareholders through $49.11M in dividends and $2.42M in share buybacks.

Winmark Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Winmark Corporation (WINA) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	41.65	39.95	40.18	39.42	39.92	29.82	32.15	30.13	24.57
Depreciation & Amortization	0.75	1.12	1.06	0.60	0.67	0.85	0.75	0.31	0.36
Deferred Income Tax	-0.20	-0.16	-0.51	-0.29	-1.36	-1.22	-1.82	0.83	-1.38
Stock Based Compensation	2.28	1.99	1.95	1.65	1.44	1.32	1.67	1.98	1.96
Change in Working Capital	-1.56	-2.05	0.18	1.34	5.39	-3.26	-3.12	1.57	-1.24
Change in Accounts Receivable	-0.15	0.14	0.52	-0.34	10.39	0.09	-0.12	0.24	-0.32
Change in Inventory	0.04	-0.01	0.38	-0.45	-0.22	-0.02	0.02	-0.01	-0.01
Change in Accounts Payable	0.11	-0.16	-0.40	0.02	0.33	0.75	-0.34	-0.72	0.38
Change in Other Working Capital	-1.56	-2.02	-0.32	3.33	0.02	-4.08	-2.69	2.06	-1.29
Other Operating Activities	1.97	1.62	1.13	0.77	0.02	15.71	21.02	0.12	0.89
Net Cash from Operating Activities	44.90	42.16	43.99	43.79	48.35	43.22	50.65	34.94	25.16
Investing Activities
Capital Expenditures	-0.19	-0.19	-0.38	-0.14	-0.28	-4.16	-9.18	-23.80	-25.48
Acquisitions	0.00	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	0.00	0.00	0.00	-3.54	0.00	0.00	0.00	215.80	0.22
Other Investing Activities	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-191.55	25.34
Net Cash from Investing Activities	-0.19	-0.19	-0.38	-3.67	-0.28	-4.16	-9.18	0.45	0.09
Financing Activities
Debt Repayment	0.00	-9.19	-4.25	-7.95	-4.25	-2.59	-2.31	-32.78	23.94
Common Stock Issued	4.96	5.03	4.01	4.75	0.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	-2.42	0.00	0.00	-49.12	-44.22	-48.99	-24.03	-1.85	-49.90
Dividends Paid	-49.11	-38.87	-43.66	-19.26	-33.16	-14.23	-3.45	-2.17	-1.77
Other Financing Activities	0.00	0.00	0.00	4.75	8.32	8.25	10.92	2.82	2.31
Net Cash from Financing Activities	-46.57	-43.02	-43.90	-37.88	-43.31	-57.56	-18.86	-33.98	-25.42
Summary
Net Change in Cash	-1.87	-1.06	-0.29	2.24	4.75	-18.50	22.60	1.41	-0.18
Cash at Beginning of Period	12.33	13.39	13.68	11.44	6.68	25.18	2.58	1.16	1.25
Cash at End of Period	10.46	12.33	13.39	13.68	11.44	6.68	25.18	2.58	1.07
Free Cash Flow	44.70	41.96	43.61	43.65	48.06	39.06	41.47	11.14	-0.32
Supplemental Disclosures
Interest Paid	2.42	2.85	3.05	2.72	1.39	-	-	-	-
Income Taxes Paid	11.81	11.17	10.87	11.31	11.56	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Sep 26, 2026. Data sources and methodology

Frequently Asked Questions About Winmark Cash Flow

What is Winmark's free cash flow?

Winmark generated free cash flow of $44.70M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $44.90M minus $192.30K of capital expenditures. That was up 6.5% from $41.96M a year earlier. Free cash flow equaled 51.9% of revenue.

How much does Winmark spend on capital expenditures?

Winmark spent $192.30K on capital expenditures in fiscal 2025, compared with $194.90K a year earlier. That equals 0.4% of operating cash flow.

Does Winmark pay dividends or buy back shares?

Yes. In fiscal 2025 Winmark returned $49.11M in dividends and $2.42M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition