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Walker & Dunlop cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$719M in Q3 2026 · $1.5B over twelve months

Operating cash flow$724M
Capital spending−$5.3M
Free cash flow+$719M

Analysis

In Q3 2026, Walker & Dunlop generated $724M of operating cash flow and spent $5.3M on capital projects, leaving free cash flow of $719M. That is $1.7B more than in Q3 2025 (−$950M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.6B; the largest uses were other financing ($1.5B), dividends ($93.8M), other investing ($71.4M); the cash balance fell by $106M.

Operating cash flow was $724M against net income of −$36.9M. The largest differences: depreciation & amortization +$61.6M, impairments −$0.

Free cash flow

Walker & Dunlop: free cash flow by quarterWalker & Dunlop: free cash flow by quarter$527MQ4 2024−$285MQ1 2025−$241MQ2 2025−$950MQ3 2025$796MQ4 2025−$1.1BQ1 2026$1.2BQ2 2026$719MQ3 2026
Operating cash flow less capital spending.
Walker & Dunlop: operating cash flow against capital spendingWalker & Dunlop: operating cash flow against capital spendingOperating cash flowCapital spending$531M$3.9MQ4 2024−$281M$3.6MQ1 2025−$238M$2.6MQ2 2025−$948M$2.3MQ3 2025$803M$7.3MQ4 2025−$1.1B$1.9MQ1 2026$1.2B$600KQ2 2026$724M$5.3MQ3 2026
Latest (Q3 2026): Operating cash flow $724M, Capital spending $5.3M.

Capital allocation, year by year

Walker & Dunlop: where the cash came from (up) and went (down), by fiscal yearWalker & Dunlop: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY2021: Operating cash flow $870MFY2021: Net borrowing −$72.1MFY2021: Shares issued $5.3MFY2021: Capital spending −$9.2MFY2021: Buybacks −$18.9MFY2021: Dividends −$64.5M$876MFY2021FY2022: Operating cash flow $1.6BFY2022: Net borrowing −$1.4BFY2022: Shares issued $486KFY2022: Capital spending −$22.0MFY2022: Buybacks −$42.4MFY2022: Dividends −$80.1M$1.6BFY2022FY2023: Operating cash flow −$518KFY2023: Net borrowing $144MFY2023: Shares issued $3.4MFY2023: Capital spending −$16.2MFY2023: Buybacks −$20.5MFY2023: Dividends −$84.8M$147MFY2023FY2024: Operating cash flow $129MFY2024: Net borrowing $101KFY2024: Capital spending −$13.0MFY2024: Buybacks −$12.4MFY2024: Dividends −$88.6M$129MFY2024FY2025: Operating cash flow −$664MFY2025: Net borrowing $892MFY2025: Capital spending −$15.8MFY2025: Buybacks −$10.5MFY2025: Dividends −$91.8M$892MFY2025
Over these 5 years operating cash flow totalled $1.9B; the largest uses were net borrowing ($1.5B) and operating cash flow ($665M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$183M
Debtnone
Net cash$183M
Due within a year$1.5B

Walker & Dunlop funds itself: free cash flow was $1.5B over the last twelve months, with $183M of cash and investments and no debt on the balance sheet ($1.5B due within a year, 0.1× covered by cash).

Walker & Dunlop: debt maturities by year (FY2025)Walker & Dunlop: debt maturities by year (FY2025)$1.5BYear 1$4.5MYear 2$4.5MYear 3$4.5MYear 4$4.5MYear 5$824MAfter year 5
Principal due in each year as disclosed in the annual report, against $183M of cash and investments now.

Where the cash came from and went

Walker & Dunlop: sources (+) and uses (−) of cash, Q3 2026Walker & Dunlop: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$724MOther financing−$642MCash drawn (+) / kept (−)−$27.7MDividends−$23.7MOther investing−$23.6MCapital spending−$5.3MNet borrowing (+) / repaid (−)−$1.1MBuybacks−$792K
Walker & Dunlop: sources (+) and uses (−) of cash, TTM to Q3 2026Walker & Dunlop: sources (+) and uses (−) of cash, 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 profit to cash

Walker & Dunlop: net income to operating cash flow, Q3 2026Walker & Dunlop: net income to operating cash flow, Q3 2026Net income−$36.9MDepreciation & amortization$61.6MOperating cash flow$724M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$724M−$5.3M−$792K−$23.7M−$1.1M−$27.7M$719M
Q2 2026$1.2B−$600K−$298K−$23.6M−$1.2B$30.5M$1.2B
Q1 2026−$1.1B−$1.9M−$19.1M−$23.6M$1.1B$110M−$1.1B
Q4 2025$803M−$7.3M−$183K−$23.0M−$757M−$6.5M$796M
Q3 2025−$948M−$2.3M−$1.0M−$23.0M$1.0B−$45.1M−$950M
Q2 2025−$238M−$2.6M−$645K−$22.9M$358M−$63.3M−$241M
Q1 2025−$281M−$3.6M−$8.6M−$22.9M$270M$98.5M−$285M
Q4 2024$531M−$3.9M−$369K−$22.4M−$432M−$61.3M$527M

Walker & Dunlop: income statement and cash flow

Walker & Dunlop, Q3 2026: revenue $298M (-12% year over year), operating margin -15.8%. The chart follows the revenue to costs, profit and cash.

Walker & Dunlop: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.