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Walker & Dunlop (WD) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Walker & Dunlop (WD) Q3 2026 earnings results →

Q3 2026 Revenue down 12% year over year to $298M · 12¢ of every $1 of revenue lost · operating margin -15.8%

Walker & Dunlop made $298M in Q3 2026 (-12% Y/Y): Servicing fees $87.7M, Loan origination and debt brokerage fees, net $81.3M, Placement fees and other interest income $37.1M. Operating margin -15.8%, net loss $36.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$298M
Year over year-12%
Operating margin-15.8%
Net earnings−$36.9M
Operating cash flow$724M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $298.4M in Q3 2026, down 12% year over year and down 3% from the previous quarter. Servicing fees was the largest line at 29% of revenue. Fair Value of Expected Future Cash Flows From Servicing Rights, Net lost $19.5M year over year (down 40%), 50% of the total change.

Operating costs exceeded revenue by $47.2M, an operating margin of -15.8%. Total costs grew 18% against a revenue fall of 12%. The quarter ended with a net loss of $36.9M, after a profit of $2.8M the previous quarter.

Operating cash flow was $724.2M. Non-cash charges added back $61.6M of depreciation and amortization. Working capital and other items added $699.5M. Capital expenditures of $5.3M left free cash flow of $718.9M.

Quarterly history

Walker & Dunlop revenue by quarterWalker & Dunlop revenue by quarter$237MQ1 2025$319MQ2 2025$338MQ3 2025$340MQ4 2025$301MQ1 2026$307MQ2 2026$298MQ3 2026
Walker & Dunlop net earnings by quarterWalker & Dunlop net earnings by quarter$2.8MQ1 2025$34.0MQ2 2025$33.4MQ3 2025−$13.1MQ4 2025$15.9MQ1 2026$3.0MQ2 2026−$36.9MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$298M-12%-15.8%−$36.9M$724M
Q2 202610-QAug 6, 2026$307M-4%0.7%$3.0M$1.2B
Q1 202610-QMay 7, 2026$301M+27%8.6%$15.9M−$1.1B
Q4 202510-KFeb 26, 2026$340M-0.4%-5.5%−$13.1M$803M
Q3 202510-QNov 6, 2025$338M+16%13.6%$33.4M−$948M
Q2 202510-QAug 7, 2025$319M+18%14.5%$34.0M−$238M
Q1 202510-QMay 6, 2025$237M+4%2.2%$2.8M−$281M

Charts

Walker & Dunlop: revenue growth, year over year and quarter over quarterWalker & Dunlop: revenue growth, year over year and quarter over quarterY/YQ/Q+4%Q1 2025+18%+34%Q2 2025+16%+6%Q3 20250%+1%Q4 2025+27%-11%Q1 2026-4%+2%Q2 2026-12%-3%Q3 2026
Latest (Q3 2026): Y/Y -12%, Q/Q -3%.
Walker & Dunlop: where the cash came from (+) and went (−), TTM to Q3 2026Walker & Dunlop: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$1.6BOther financing−$1.5BCash drawn (+) / kept (−)$106MDividends−$93.8MOther investing−$71.4MBuybacks−$20.4MCapital spending−$15.1MNet borrowing (+) / repaid (−)−$4.5M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Walker & Dunlop: profit against cash, quarter by quarterWalker & Dunlop: profit against cash, quarter by quarterNet incomeOperating cash flow$41.2M$531MQ4 2024$2.7M−$281MQ1 2025$33.9M−$238MQ2 2025$33.4M−$948MQ3 2025−$13.1M$803MQ4 2025$17.9M−$1.1BQ1 2026$2.8M$1.2BQ2 2026−$36.9M$724MQ3 2026
Latest (Q3 2026): Net income −$36.9M, Operating cash flow $724M.
Walker & Dunlop: diluted shares by fiscal yearWalker & Dunlop: diluted shares by fiscal year31MFY202032MFY202133MFY202233MFY202333MFY202433MFY2025
+7.4% since FY2020: more shares outstanding (issuance, stock pay).
Walker & Dunlop: long-term debt falling due (FY2025)Walker & Dunlop: long-term debt falling due (FY2025)$1.5B2026$4.5M2027$4.5M2028$4.5M2029$4.5M2030$824MLater
Cash $299M, short-term investments —, long-term debt — at 2025-12-31.
Walker & Dunlop in its industry: growth against margin (84 companies, SIC 6199)Walker & Dunlop in its industry: growth against margin (84 companies, SIC 6199)revenue growth, year over year →↑ operating marginmedian +17%median -17%AXPBTGOGeneral Motors Financial Company, Inc.SOFICOINCRCLCHYMGDOTBKKTRHLDPGYUPSTLDIPWPOPRTCORZIRENDAVERIOTMARABURCPSSMSTRVELOPFIWLTHCLSKSNFCAHIVEWULFProsper Marketplace, IncHUTABTCMFINGPGIIONDBMNRBCGGEMIStartEngine Inc.NAKABTBTWYFIKEELCIFREXODGHIMGTESLNHTONXZSTKSBETFWDIMGLDBGDEDGXXATCHFLDVIPDFDVAGPUUPXIDRKAVXHSDTBTCSPWCMORBSSHFSOPNWTRONMVNCMinistry Partners Investment Company, LLCPAPLMWAIBNBXCDSUIGFGCEMPDTAOXGSMTHSCSWD (-12%, -16%)
Finance Services; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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🔄Rotation against the market and its industry (RRG)interactive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.

In its own words, from its 8-K, filed Aug 6, 2026.

Walker & Dunlop against its Finance Services peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -12% against the peers' median +17%. Operating margin: -15.8% against the peers' median 5.1%.

CompanyQuarterRevenueY/YOp. margin
WD Walker & DunlopQ3 2026$298M-12%-15.8%
AXP American ExpressQ3 2026$20.1B+9%22.6%
BTGO Bitgo HoldingsQ2 FY27$4.3B+80%-0.4%
General Motors Financial CompanyQ3 2026$4.3B-0.6%15.3%
SOFI SoFi TechnologiesQ3 2026$1.4B+44%22.9%
COIN Coinbase GlobalQ3 2026$1.2B-35%5.1%
CRCL Circle Internet GroupQ3 2026$865M+17%24.1%
CHYM Chime FinancialQ3 2026$718M+32%4.8%
GDOT Green DOTQ2 2026$596M+18%-0.1%

Source: Walker & Dunlop 10-Q on SEC EDGAR · CIK 1497770 · Finance Services

Guidance and outlook

Walker & Dunlop: what its forward-looking statements are about (10-Q filed 2026-11-05)Walker & Dunlop: what its forward-looking statements are about (10-Q filed 2026-11-05)Other15The economy5Buybacks & dividends3Financing2Demand2Costs2Deals1
30 statements; tone -0.20 (−1 all cautious, +1 all confident); 2 hedged.
Walker & Dunlop: outlook statements against the filing beforeWalker & Dunlop: outlook statements against the filing beforeConfident4Cautious10

13F: who owns WD and who is buying

Largest holders of WD (13F)Largest holders of WD (13F)BlackRock$290MVanguard Group$224MVanguard Portfolio Management LLC$114MState Street$88.7MVanguard Capital Management LLC$81.7MDimensional Fund Advisors LP$79.8MT. Rowe Price Investment Manageme…$70.0MJupiter Topco LLC$63.4MAlliancebernstein L.P.$58.2MJanus Henderson Group$50.2M
Funds' net buying of WD by quarter (13F)Funds' net buying of WD by quarter (13F)−$77.4M2024-09$14.0M2024-12$32.9M2025-03−$25.7M2025-06$46.2M2025-09$349K2025-12−$5.0M2026-03$24.2M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on WD

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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