Filing Flows › Walker & Dunlop (WD) › Q1 2025
Walker & Dunlop (WD) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 6, 2025
Walker & Dunlop (WD) reported revenue of $237M for the first quarter 2025 (Q1 2025), +4% from a year earlier and -30% from the quarter before. Operating margin was 2.2%, net earnings $2.8M (1.2% of revenue).
Walker & Dunlop, Q1 2025: revenue $237M (+4% year over year), operating margin 2.2%, net earnings $2.8M, operating cash flow −$281M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $237M | -30% | +4% |
| Operating profit | $5.2M | -90% | -62% |
| Net earnings | $2.8M | -94% | -77% |
| Operating cash flow | −$281M | — | — |
What changed
Revenue was $237.4M in Q1 2025, up 4% year over year and down 30% from the previous quarter. Servicing fees was the largest line at 35% of revenue. Fair Value of Expected Future Cash Flows From Servicing Rights, Net added $6.9M year over year (up 33%), 74% of the total change. Investment management fees declined 28%.
Operating profit was $5.2M, a 2.2% margin (down 3.8 points year over year). Operating profit fell $8.4M even though revenue rose $9.3M versus a year earlier, so costs grew faster than sales. Total costs grew 8% against revenue growth of 4%. Net earnings were $2.8M, down 77% year over year. The effective tax rate was 48.0%.
Operating cash flow was −$281.1M. Non-cash charges added back $57.6M of depreciation and amortization. Working capital and other items used $341.5M. Capital expenditures of $3.6M exceeded it, leaving free cash flow of −$284.7M.
Questions
What was Walker & Dunlop's revenue in the first quarter 2025?
Walker & Dunlop (WD) reported revenue of $237M for the first quarter 2025 (Q1 2025), +4% from a year earlier and -30% from the quarter before.
Was Walker & Dunlop profitable in the first quarter 2025?
Operating profit was $5.2M (2.2% of revenue) and net earnings $2.8M.
Source: Walker & Dunlop 10-Q on SEC EDGAR.