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Walker & Dunlop (WD) Financials

Walker & Dunlop logo
$37.84 -0.63 (-1.62%)
Closing price 09/18/2026 03:59 PM Eastern
Extended Trading
$38.24 +0.40 (+1.06%)
As of 09/18/2026 07:30 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Walker & Dunlop

Annual Income Statements for Walker & Dunlop

This table shows Walker & Dunlop's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 82 114 211 161 174 246 266 214 107 108 56
Consolidated Net Income / (Loss)		 83 114 212 161 173 246 266 209 103 101 57
Net Income / (Loss) Continuing Operations		 83 114 212 161 173 246 266 209 103 101 57
Total Pre-Tax Income 		135 186 234 213 230 330 352 265 138 132 79
Total Revenue		 468 575 712 725 817 0.00 0.00 0.00 0.00 0.00 0.00
Net Interest Income / (Expense)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Non-Interest Income		 468 575 712 725 817 0.00 0.00 0.00 0.00 0.00 0.00
Total Non-Interest Expense		 333 389 478 512 587 -330 -352 -265 -138 -132 -79
Salaries and Employee Benefits		 185 227 289 297 346 469 603 607 514 559 648
Other Operating Expenses		 40 41 48 62 67 -1,014 -1,167 -1,116 -937 -992 -1,032
Depreciation Expense		 98 111 131 142 152 169 210 235 227 238 239
Impairment Charge		 - - - - - - 0.00 0.00 62 33 0.00
Restructuring Charge		 - - - - - - 6.89 -14 -63 -50 -8.24
Other Special Charges		 9.92 9.85 9.50 11 22 46 -5.31 22 58 81 74
Income Tax Expense		 53 71 22 52 57 84 86 56 35 31 22
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.47 0.41 0.71 -0.50 -0.14 -0.22 -0.13 -4.89 -4.19 -7.21 0.74
Basic Earnings per Share		 $2.76 $3.66 $6.72 $5.15 $5.61 $7.85 $8.27 $6.43 $3.20 $3.19 $1.65
Weighted Average Basic Shares Outstanding		 29.75M 29.77M 30.18M 30.20M 29.91M 30.44M 31.08M 32.33M 32.70M 33.12M 33.35M
Diluted Earnings per Share		 $2.65 $3.57 $6.47 $4.96 $5.45 $7.69 $8.15 $6.36 $3.18 $3.19 $1.64
Weighted Average Diluted Shares Outstanding		 30.95M 30.54M 31.39M 31.38M 30.82M 31.08M 31.53M 32.69M 32.88M 33.16M 33.37M
Weighted Average Basic & Diluted Shares Outstanding		 30.92M 30.82M 30.79M 30.26M 30.95M 31.54M 32.89M 33.05M 33.52M 33.80M 34.06M
Cash Dividends to Common per Share		 - $0.00 - $1.00 $1.20 $1.44 $2.00 $2.40 $2.52 $2.60 $2.68

Quarterly Income Statements for Walker & Dunlop

This table shows Walker & Dunlop's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 32 12 23 29 45 2.75 34 33 -14 16 3.01
Consolidated Net Income / (Loss)		 29 11 20 29 41 2.73 34 33 -13 18 2.84
Net Income / (Loss) Continuing Operations		 29 11 20 29 41 2.73 34 33 -13 18 2.84
Total Pre-Tax Income 		39 14 28 38 52 5.24 46 46 -19 26 2.07
Total Revenue		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Net Interest Income / (Expense)		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Interest Income		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Interest Expense		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Non-Interest Income		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Non-Interest Expense		 -39 -14 -28 -38 -52 -5.24 -46 -46 19 -26 -2.07
Salaries and Employee Benefits		 126 111 133 146 169 121 162 177 187 153 163
Other Operating Expenses		 -240 -199 -238 -260 -294 -203 -286 -301 -241 -261 -262
Depreciation Expense		 56 56 56 58 68 58 59 60 62 63 61
Other Special Charges		 19 18 21 21 20 19 19 17 19 19 36
Income Tax Expense		 10 2.86 7.90 8.82 11 2.52 12 13 -5.45 8.02 -0.76
Net Income / (Loss) Attributable to Noncontrolling Interest		 -2.56 -1.05 -2.37 -0.12 -3.67 -0.03 -0.00 -0.03 0.80 2.06 -0.17
Basic Earnings per Share		 $0.94 $0.35 $0.67 $0.85 $1.32 $0.08 $1.00 $0.98 ($0.41) $0.46 $0.09
Weighted Average Basic Shares Outstanding		 32.70M 32.98M 33.12M 33.17M 33.12M 33.26M 33.36M 33.38M 33.35M 33.39M 33.26M
Diluted Earnings per Share		 $0.93 $0.35 $0.67 $0.85 $1.32 $0.08 $0.99 $0.98 ($0.41) $0.46 $0.09
Weighted Average Diluted Shares Outstanding		 32.88M 33.05M 33.15M 33.20M 33.16M 33.30M 33.37M 33.40M 33.37M 33.41M 33.28M
Weighted Average Basic & Diluted Shares Outstanding		 33.52M 33.72M 33.75M 33.77M 33.80M 33.98M 34.07M 34.06M 34.06M 34.33M 34.33M

Annual Cash Flow Statements for Walker & Dunlop

This table details how cash moves in and out of Walker & Dunlop's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 20 -0.92 75 -166 16 221 35 -135 133 -64 16
Net Cash From Operating Activities		 -1,339 759 1,068 64 428 -1,411 870 1,583 -0.52 129 -664
Net Cash From Continuing Operating Activities		 -1,339 759 1,068 64 428 -1,414 864 1,583 -0.52 129 -664
Net Income / (Loss) Continuing Operations		 83 114 212 161 173 246 266 209 103 101 57
Consolidated Net Income / (Loss)		 83 114 212 161 173 246 266 209 103 101 57
Provision For Loan Losses		 1.64 -0.61 -0.24 0.81 7.27 37 -13 -12 -10 11 9.59
Depreciation Expense		 98 111 131 142 152 169 210 235 227 238 239
Non-Cash Adjustments to Reconcile Net Income		 -1,526 507 722 -238 126 -1,927 429 1,192 -292 -162 -952
Changes in Operating Assets and Liabilities, net		 2.96 23 0.66 -7.51 -30 61 -28 -41 -28 -59 -17
Net Cash From Investing Activities		 -27 -67 97 -552 -80 115 -378 -134 127 -38 -77
Net Cash From Continuing Investing Activities		 -27 -67 97 -552 -80 115 -378 -134 127 -38 -77
Purchase of Investment Securities		 -187 -486 -221 -744 -457 -253 -699 -156 -44 -103 -104
Sale and/or Maturity of Investments		 172 426 339 249 384 415 742 136 171 65 27
Net Cash From Financing Activities		 1,386 -694 -1,089 322 -332 1,518 -458 -1,584 6.77 -155 758
Net Cash From Continuing Financing Activities		 1,386 -694 -1,089 322 -332 1,518 -458 -1,584 6.77 -155 758
Issuance of Debt		 137 326 140 514 180 64 865 36 196 0.00 399
Repayment of Debt		 1,289 -1,010 -1,198 -95 -443 1,543 -1,245 -1,471 -58 -2.34 477
Repurchase of Common Equity		 -50 -13 -35 -69 -31 -46 -19 -42 -21 -12 -10
Payment of Dividends		 - 0.00 0.00 -31 -37 -45 -64 -80 -85 -89 -92
Other Financing Activities, Net		 1.41 -0.01 0.00 -5.15 -6.45 -12 0.00 -27 -26 -51 -15
Cash Interest Paid		 33 39 56 56 64 46 38 77 114 105 107
Cash Income Taxes Paid		 35 34 46 46 40 30 43 59 31 32 23

Quarterly Cash Flow Statements for Walker & Dunlop

This table details how cash moves in and out of Walker & Dunlop's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 91 -111 0.89 -15 61 -98 63 45 6.51 -110 -31
Net Cash From Operating Activities		 332 38 -238 -202 531 -281 -238 -948 803 -1,144 1,169
Net Cash From Continuing Operating Activities		 332 38 -238 -202 531 -281 -238 -948 803 -1,144 1,169
Net Income / (Loss) Continuing Operations		 29 11 20 29 41 2.73 34 33 -13 18 2.84
Consolidated Net Income / (Loss)		 29 11 20 29 41 2.73 34 33 -13 18 2.84
Provision For Loan Losses		 0.64 0.52 2.94 2.85 4.53 3.71 1.82 0.95 3.11 4.12 21
Depreciation Expense		 56 56 56 58 68 58 59 60 62 63 61
Non-Cash Adjustments to Reconcile Net Income		 270 -29 -317 -291 475 -345 -333 -1,043 768 -1,229 1,085
Net Cash From Investing Activities		 -20 -25 -4.56 -7.53 -0.99 -39 -23 -2.91 -13 -40 -4.90
Net Cash From Continuing Investing Activities		 -20 -25 -4.56 -7.53 -0.99 -39 -23 -2.91 -13 -40 -4.90
Purchase of Investment Securities		 -21 -28 -21 -26 -41 -42 -25 -10 -27 -43 -7.93
Sale and/or Maturity of Investments		 0.90 3.06 16 4.66 40 2.41 2.14 7.15 15 3.34 3.03
Net Cash From Financing Activities		 -221 -124 243 195 -469 222 324 996 -784 1,074 -1,195
Net Cash From Continuing Financing Activities		 -221 -124 243 195 -469 222 324 996 -784 1,074 -1,195
Repayment of Debt		 -199 -77 284 228 -432 -143 357 1,020 -758 1,117 -1,162
Repurchase of Common Equity		 -1.58 -9.79 -0.81 -1.41 -0.37 -8.59 -0.65 -1.04 -0.18 -19 -0.30
Payment of Dividends		 -21 -22 -22 -22 -22 -23 -23 -23 -23 -24 -24
Other Financing Activities, Net		 0.81 -16 -16 -10 -13 -2.55 -9.35 0.15 -3.42 0.05 -8.81
Cash Interest Paid		 27 18 26 29 32 15 20 24 48 0.00 64
Cash Income Taxes Paid		 4.25 -0.60 18 12 3.26 -0.08 16 5.62 1.10 0.07 21

Annual Balance Sheets for Walker & Dunlop

This table presents Walker & Dunlop's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 3,515 3,052 2,208 2,782 2,675 4,651 5,206 4,045 4,052 4,382 5,059
Cash and Due from Banks		 137 119 191 90 121 321 306 226 329 279 299
Restricted Cash		 5.31 9.86 6.68 21 8.68 19 43 18 21 25 23
Trading Account Securities		 2,583 2,005 1,060 1,226 924 2,636 1,961 554 779 988 1,661
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill		 - - - - - 249 699 960 902 869 869
Intangible Assets		 91 97 125 177 183 1.88 184 199 182 157 142
Other Assets		 467 601 759 771 895 1,063 2,014 2,090 1,839 2,064 2,066
Total Liabilities & Shareholders' Equity		 3,515 3,052 2,208 2,782 2,675 4,651 5,206 4,045 4,052 4,382 5,059
Total Liabilities		 3,023 2,437 1,393 1,875 1,633 3,455 3,628 2,329 2,306 2,622 3,314
Long-Term Debt		 164 164 164 296 294 292 740 704 773 1,550 2,249
Other Long-Term Liabilities		 204 273 285 397 425 632 946 1,087 937 1,072 1,064
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - - - - - 0.00 -1.04
Total Equity & Noncontrolling Interests		 492 615 815 907 1,042 1,196 1,578 1,717 1,746 1,760 1,747
Total Preferred & Common Equity		 488 610 809 902 1,036 1,196 1,550 1,689 1,724 1,748 1,735
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 488 610 809 902 1,036 1,196 1,550 1,689 1,724 1,748 1,735
Common Stock		 216 229 229 235 238 241 393 413 426 429 451
Retained Earnings		 272 381 580 667 797 953 1,154 1,278 1,298 1,318 1,282
Accumulated Other Comprehensive Income / (Loss)		 - - 0.09 -0.08 0.74 1.97 2.56 -1.57 -0.48 0.59 1.88
Noncontrolling Interest		 4.45 4.86 5.57 5.07 6.60 0.00 28 27 22 12 12

Quarterly Balance Sheets for Walker & Dunlop

This table presents Walker & Dunlop's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 4,493 4,807 4,278 3,826 4,175 4,579 4,512 4,675 5,797 6,165 4,894
Cash and Due from Banks		 188 228 236 217 208 180 181 234 275 193 161
Restricted Cash		 21 22 18 21 35 40 32 41 44 34 26
Trading Account Securities		 1,100 1,474 936 689 1,013 1,229 1,161 1,396 2,419 2,776 1,617
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill		 960 964 950 902 902 902 869 869 869 869 869
Intangible Assets		 194 190 186 178 174 171 153 149 146 138 134
Other Assets		 2,030 1,930 1,952 1,820 1,843 2,058 2,116 1,986 2,044 2,156 2,086
Total Liabilities & Shareholders' Equity		 4,493 4,807 4,278 3,826 4,175 4,579 4,512 4,675 5,797 6,165 4,894
Total Liabilities		 2,778 3,083 2,547 2,090 2,442 2,833 2,768 2,913 4,020 4,432 3,173
Long-Term Debt		 777 776 775 772 771 769 1,757 1,986 3,005 3,361 2,205
Other Long-Term Liabilities		 969 965 981 796 861 1,044 1,011 927 1,015 1,071 968
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - - - - - 0.75 0.91
Total Equity & Noncontrolling Interests		 1,715 1,724 1,731 1,736 1,734 1,746 1,744 1,762 1,777 1,733 1,720
Total Preferred & Common Equity		 1,685 1,698 1,706 1,715 1,697 1,710 1,732 1,750 1,766 1,720 1,707
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,685 1,698 1,706 1,715 1,697 1,710 1,732 1,750 1,766 1,720 1,707
Common Stock		 406 413 420 428 408 413 433 438 444 455 463
Retained Earnings		 1,281 1,287 1,288 1,288 1,289 1,295 1,298 1,309 1,319 1,264 1,244
Accumulated Other Comprehensive Income / (Loss)		 -1.62 -1.47 -1.86 -0.49 0.42 1.47 1.30 2.76 1.83 1.20 0.61
Noncontrolling Interest		 30 26 25 21 37 37 12 12 12 13 13

Annual Metrics And Ratios for Walker & Dunlop

This table displays calculated financial ratios and metrics derived from Walker & Dunlop's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $7.85 $8.27 $6.43 $3.20 $3.19 $1.65
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 30.44M 31.08M 32.33M 32.70M 33.12M 33.35M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $7.69 $8.15 $6.36 $3.18 $3.19 $1.64
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 31.08M 31.53M 32.69M 32.88M 33.16M 33.37M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 31.54M 32.89M 33.05M 33.52M 33.80M 34.06M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Walker & Dunlop

This table displays calculated financial ratios and metrics derived from Walker & Dunlop's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 34,060,397.00 34,331,241.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 34,060,397.00 34,331,241.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.53 0.08
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
EBITDA Growth		 -9.25% -24.03% -8.74% 10.94% 25.99% -9.64% 25.01% 11.48% - 41.44% -40.39%
EBIT Growth		 -16.55% -60.47% -21.70% 32.94% 32.40% -61.66% 64.46% 22.48% - 394.85% -95.53%
NOPAT Growth		 -22.85% -60.63% -20.48% 35.66% 41.77% -74.80% 67.28% 16.52% - 557.91% -91.64%
Net Income Growth		 -22.85% -60.63% -20.48% 35.66% 41.77% -74.80% 67.28% 16.52% - 557.91% -91.64%
EPS Growth		 -24.39% -55.70% -18.29% 32.81% 41.94% -77.14% 47.76% 15.29% - 475.00% -90.91%
Operating Cash Flow Growth		 -83.81% 107.02% 28.87% -136.82% 59.94% -832.11% -0.25% -369.34% - -306.93% 590.45%
Free Cash Flow Firm Growth		 -109.57% 342.34% 278.91% -112.56% -19.21% -192.75% -172.79% -476.54% - -236.81% 56.04%
Invested Capital Growth		 5.31% -14.01% -13.74% 7.26% 6.22% 15.54% 13.07% 35.27% - 45.54% 4.76%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
EBITDA Q/Q Growth		 11.31% -27.06% 21.09% 12.85% 26.41% -47.69% 67.52% 0.63% - 104.27% -29.40%
EBIT Q/Q Growth		 39.54% -65.25% 106.13% 33.01% 38.97% -89.94% 784.32% -0.94% - 239.84% -92.01%
NOPAT Q/Q Growth		 37.33% -62.75% 87.66% 41.33% 43.52% -93.38% 1,145.83% -1.56% - 238.01% -84.17%
Net Income Q/Q Growth		 37.33% -62.75% 87.66% 41.33% 43.52% -93.38% 1,145.83% -1.56% - 236.75% -84.17%
EPS Q/Q Growth		 45.31% -62.37% 91.43% 26.87% 55.29% -93.94% 1,137.50% -1.01% - 212.20% -80.43%
Operating Cash Flow Q/Q Growth		 -39.50% -88.43% -719.44% 15.07% 362.77% -152.96% 15.17% -297.61% - -242.39% 202.24%
Free Cash Flow Firm Q/Q Growth		 -107.65% 493.69% 8.68% -138.38% 27.41% -206.32% 14.72% -204.05% - -125.59% 88.87%
Invested Capital Q/Q Growth		 -5.48% -2.75% 9.40% 6.67% -6.39% 5.77% 7.06% 27.61% - 27.52% -22.94%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Tax Burden Percent		 73.76% 79.06% 71.98% 76.48% 78.98% 51.96% 73.21% 72.75% - 69.09% 136.84%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00% 100.00%
Effective Tax Rate		 26.24% 20.94% 28.02% 23.52% 21.02% 48.04% 26.79% 27.25% - 30.91% -36.84%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Return on Equity (ROE)		 5.96% 5.01% 4.70% 5.11% 5.76% 5.34% 6.09% 6.31% - 4.15% 2.36%
Cash Return on Invested Capital (CROIC)		 -1.78% 17.71% 17.03% -4.40% -2.89% -11.57% -9.25% -27.31% - -35.41% -3.58%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Return on Common Equity (ROCE)		 5.87% 4.94% 4.62% 5.02% 5.70% 5.29% 6.01% 6.23% - 4.12% 2.34%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 5.04% 4.79% 5.20% 0.00% 5.36% 6.09% 6.30% - 4.20% 2.41%
Net Operating Profit after Tax (NOPAT)		 29 11 20 29 41 2.73 34 33 - 18 2.84
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 39 14 28 38 52 5.24 46 46 - 26 2.07
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 95 70 84 95 120 63 105 106 - 89 63
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.09 1.95 1.94 2.24 1.88 1.67 1.37 1.61 - 0.88 1.10
Price to Tangible Book Value (P/TBV)		 5.62 5.25 5.30 6.01 4.54 4.06 3.27 3.79 - 2.12 2.67
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Price to Earnings (P/E)		 33.48 36.06 37.57 40.38 30.35 29.13 21.71 24.77 - 21.79 48.88
Dividend Yield		 2.93% 3.83% 3.94% 3.40% 3.34% 3.07% 3.75% 3.18% - 6.06% 4.94%
Earnings Yield		 2.99% 2.77% 2.66% 2.48% 3.30% 3.43% 4.61% 4.04% - 4.59% 2.05%
Enterprise Value to Invested Capital (EV/IC)		 1.49 1.46 1.41 1.54 1.37 1.27 1.10 1.16 - 0.91 1.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 12.70 12.87 13.93 15.80 12.30 12.25 10.74 14.07 - 13.56 12.98
Enterprise Value to EBIT (EV/EBIT)		 33.55 37.64 42.62 45.81 34.52 36.08 29.15 37.06 - 46.73 70.58
Enterprise Value to NOPAT (EV/NOPAT)		 44.93 51.03 57.38 61.24 44.97 47.81 38.66 49.85 - 64.54 95.19
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 7.55 6.85 0.00 35.09 0.00 0.00 0.00 - 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 7.61 7.65 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.78 0.75 0.91 1.02 0.88 1.01 1.13 1.69 - 1.94 1.28
Long-Term Debt to Equity		 0.44 0.44 0.44 0.44 0.44 1.01 1.13 1.69 - 1.94 1.28
Financial Leverage		 0.75 0.90 1.07 0.96 0.83 0.88 1.02 1.36 - 1.47 1.20
Leverage Ratio		 2.34 2.41 2.60 2.55 2.41 2.40 2.53 2.94 - 3.07 2.75
Compound Leverage Factor		 2.34 2.41 2.60 2.55 2.41 2.40 2.53 2.94 - 3.07 2.75
Debt to Total Capital		 43.96% 42.71% 47.69% 50.61% 46.83% 50.18% 52.99% 62.83% - 65.97% 56.17%
Short-Term Debt to Total Capital		 19.13% 17.23% 24.44% 28.85% 23.62% 0.00% 0.00% 0.00% - 0.00% 0.00%
Long-Term Debt to Total Capital		 24.82% 25.48% 23.25% 21.76% 23.21% 50.18% 52.99% 62.83% - 65.97% 56.17%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.72% 0.68% 1.11% 1.03% 0.36% 0.34% 0.31% 0.25% - 0.27% 0.35%
Common Equity to Total Capital		 55.33% 56.61% 51.19% 48.36% 52.81% 49.48% 46.70% 36.92% - 33.76% 43.48%
Debt to EBITDA		 3.75 3.77 4.72 5.20 4.20 4.85 5.18 7.62 - 9.78 7.32
Net Debt to EBITDA		 2.79 3.08 3.99 4.56 3.37 4.26 4.46 6.81 - 9.12 6.70
Long-Term Debt to EBITDA		 2.12 2.25 2.30 2.23 2.08 4.85 5.18 7.62 - 9.78 7.32
Debt to NOPAT		 13.27 14.96 19.45 20.14 15.35 18.91 18.64 27.01 - 46.56 53.69
Net Debt to NOPAT		 9.88 12.21 16.45 17.67 12.34 16.62 16.06 24.14 - 43.42 49.14
Long-Term Debt to NOPAT		 7.50 8.92 9.48 8.66 7.61 18.91 18.64 27.01 - 46.56 53.69
Noncontrolling Interest Sharing Ratio		 1.44% 1.46% 1.82% 1.76% 0.98% 0.93% 1.39% 1.37% - 0.73% 0.73%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -128 505 548 -210 -153 -468 -399 -1,214 - -1,576 -175
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,116 3,030 3,315 3,536 3,310 3,501 3,748 4,783 - 5,095 3,926
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Increase / (Decrease) in Invested Capital		 157 -494 -528 239 194 471 433 1,247 - 1,594 178
Enterprise Value (EV)		 4,636 4,414 4,665 5,440 4,540 4,440 4,118 5,547 - 4,659 3,910
Market Capitalization		 3,594 3,338 3,290 3,834 3,282 2,885 2,395 2,849 - 1,512 1,878
Book Value per Share		 $51.53 $52.01 $50.33 $50.66 $51.76 $51.25 $51.50 $51.82 - $50.50 $49.72
Tangible Book Value per Share		 $19.13 $19.27 $18.41 $18.89 $21.39 $21.02 $21.54 $22.05 - $20.94 $20.51
Total Capital		 3,116 3,030 3,315 3,536 3,310 3,501 3,748 4,783 - 5,095 3,926
Total Debt		 1,370 1,294 1,581 1,789 1,550 1,757 1,986 3,005 - 3,361 2,205
Total Long-Term Debt		 773 772 771 769 768 1,757 1,986 3,005 - 3,361 2,205
Net Debt		 1,019 1,056 1,337 1,570 1,245 1,543 1,711 2,686 - 3,134 2,019
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Net Nonoperating Obligations (NNO)		 1,370 1,294 1,581 1,789 1,550 1,757 1,986 3,005 - 3,361 2,205
Total Depreciation and Amortization (D&A)		 56 56 56 58 68 58 59 60 - 63 61
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.94 $0.35 $0.67 $0.85 $1.32 $0.08 $1.00 $0.98 ($0.41) $0.46 $0.09
Adjusted Weighted Average Basic Shares Outstanding		 32.70M 32.98M 33.12M 33.17M 33.12M 33.26M 33.36M 33.38M 33.35M 33.39M 33.26M
Adjusted Diluted Earnings per Share		 $0.93 $0.35 $0.67 $0.85 $1.32 $0.08 $0.99 $0.98 ($0.41) $0.46 $0.09
Adjusted Weighted Average Diluted Shares Outstanding		 32.88M 33.05M 33.15M 33.20M 33.16M 33.30M 33.37M 33.40M 33.37M 33.41M 33.28M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 33.52M 33.72M 33.75M 33.77M 33.80M 33.98M 34.07M 34.06M 34.06M 34.33M 34.33M
Normalized Net Operating Profit after Tax (NOPAT)		 43 25 35 44 57 13 48 46 - 31 27
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 82.23% 98.92% 106.59% 98.59% 87.79% 96.49% 84.75% 81.95% - 128.10% 226.65%
Augmented Payout Ratio		 102.11% 113.83% 122.65% 113.90% 100.06% 108.52% 95.09% 91.51% - 157.14% 276.84%

Financials Breakdown Chart

Key Financial Trends

Walker & Dunlop’s recent financial results show a business with improving balance-sheet positioning but highly volatile quarterly earnings and cash flows. The most recent Q2 2026 data should be interpreted cautiously because the income statement reports zero revenue and zero interest and non-interest income, while still reporting expenses and net income. That suggests the standardized income-statement data may be incomplete or improperly mapped.

Profitability has been inconsistent. Reported net income attributable to common shareholders increased from $11.9 million in Q1 2024 to $15.9 million in Q1 2025 and $15.9 million in Q1 2026. However, Q2 results deteriorated sharply: common earnings fell from $22.7 million in Q2 2024 and $34.0 million in Q2 2025 to only $3.0 million in Q2 2026. Diluted EPS followed the same pattern, declining from $0.67 to $0.99 and then $0.09. Q4 2025 also produced a $13.9 million common-stockholder loss, compared with profits in Q4 2023 and Q4 2024.

Expense trends have been mixed. Salaries and employee benefits increased from $111.5 million in Q1 2024 to $152.8 million in Q1 2025 and $162.9 million in Q2 2026, although Q2 2026 was below Q2 2025’s $187.1 million. Special charges remained material, reaching $36.2 million in Q2 2026, up from $18.6 million in Q2 2025. These charges can create significant swings in quarterly earnings.

Cash flow improved dramatically in the latest quarter. Operating cash flow was negative in Q1 2025, Q2 2025, Q3 2025 and Q1 2026, including a $1.14 billion operating cash outflow in Q1 2026. It turned positive at $1.17 billion in Q2 2026. The improvement was driven primarily by $1.08 billion of non-cash adjustments, so investors should determine whether this represents a sustainable working-capital improvement or a timing-related reversal. Investing cash flow remained modestly negative at $4.9 million in Q2 2026.

The balance sheet contracted substantially during Q2 2026. Total assets declined to $4.89 billion from $6.17 billion in Q1 2026, largely because trading account securities fell from $2.78 billion to $1.62 billion. Long-term debt declined to $2.21 billion from $3.36 billion, while total liabilities fell to $3.17 billion from $4.43 billion. This deleveraging is favorable, although the company still had approximately $2.21 billion of debt against $1.72 billion of common equity.

Cash resources also weakened during the quarter. Cash and restricted cash totaled approximately $183.4 million at June 30, 2026, down from $226.9 million at March 31, 2026. The company paid $23.6 million in dividends and recorded a $1.16 billion debt repayment in Q2 2026, producing a $30.5 million decline in cash despite strong reported operating cash flow.

  • Operating cash flow rebounded: Q2 2026 operating cash flow was $1.17 billion after several quarters of negative operating cash flow.
  • Debt declined sharply: Long-term debt fell by approximately $1.16 billion from Q1 2026 to Q2 2026, and total liabilities declined by roughly $1.26 billion.
  • Trading securities remain a significant asset base: The company held $1.62 billion of trading account securities at June 30, 2026, providing financial-market assets that could support liquidity and business activity.
  • Share count has remained relatively stable: Diluted weighted-average shares were about 33.3 million in Q2 2026, broadly consistent with the prior two years and limiting dilution pressure.
  • Dividends have continued: Quarterly cash dividends increased from $0.60 per share in Q3 2022 to $0.68 per share in Q1 2026, indicating continued shareholder distributions despite earnings volatility.
  • Cash flow remains timing-sensitive: Operating cash flow swung from negative $1.14 billion in Q1 2026 to positive $1.17 billion in Q2 2026, making a single quarter a weak indicator of normalized cash generation.
  • Restatements reduce comparability: Several 2023–2025 income-statement and cash-flow periods are marked as restated, so historical comparisons may change as reported figures are revised.
  • Q2 2026 profitability deteriorated materially: Common-stockholder earnings fell to $3.0 million from $34.0 million in Q2 2025, while diluted EPS dropped to $0.09 from $0.99.
  • Special charges remain elevated: Other special charges reached $36.2 million in Q2 2026, potentially obscuring underlying operating performance and contributing to earnings volatility.
  • Liquidity declined despite debt repayment: Cash and restricted cash fell by approximately $43.5 million sequentially, and Q2 2026 ended with a $30.5 million net decrease in cash.

Overall, the strongest positive development is the sharp reduction in debt and liabilities during Q2 2026. The primary risks are the collapse in reported quarterly earnings, recurring large non-cash adjustments, special charges and inconsistent cash generation. Investors may want to focus on normalized revenue, core fee production, recurring expenses and the sustainability of operating cash flow once complete and consistently reported income-statement data becomes available.

09/20/26 04:29 PM ETAI Generated. May Contain Errors.

Walker & Dunlop Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Walker & Dunlop's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Walker & Dunlop's net income were at $56.99 million at the end of 2025, a 43.6% decrease from 2024, and a 31.0% decrease since 2015. See Walker & Dunlop's forecast for analyst expectations on what's next for the company.

Over the last 10 years, Walker & Dunlop's total revenue changed from $468.20 million in 2015 to $0.00 in 2025, a change of -100.0%.

Walker & Dunlop's total liabilities were at $3.31 billion at the end of 2025, a 26.4% increase from 2024, and a 9.6% increase since 2015.

In the past 10 years, Walker & Dunlop's cash and equivalents has ranged from $90.06 million in 2018 to $328.70 million in 2023, and is currently $299.32 million as of their latest financial filing in 2025.


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Financial statements for NYSE:WD last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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