Filing Flows › Walker & Dunlop (WD) › Q1 2026
Walker & Dunlop (WD) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Walker & Dunlop (WD) reported revenue of $301M for the first quarter 2026 (Q1 2026), +27% from a year earlier and -11% from the quarter before. Operating margin was 8.6%, net earnings $15.9M (5.3% of revenue).
Walker & Dunlop, Q1 2026: revenue $301M (+27% year over year), operating margin 8.6%, net earnings $15.9M, operating cash flow −$1.1B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $301M | -11% | +27% |
| Operating profit | $25.9M | — | +395% |
| Net earnings | $15.9M | — | +476% |
| Operating cash flow | −$1.1B | -242% | — |
What changed
Revenue was $301.3M in Q1 2026, up 27% year over year and down 11% from the previous quarter. Loan origination and debt brokerage fees, net was the largest line at 29% of revenue. Loan origination and debt brokerage fees, net added $42.2M year over year (up 91%), 66% of the total change. Other revenues declined 3%.
Operating profit was $25.9M, a 8.6% margin (up 6.4 points year over year). Of the extra revenue versus Q1 2025, 32% reached operating profit, above the 2% margin then. Total costs grew 19% against revenue growth of 27%. Net earnings were $15.9M, up 476% year over year. The effective tax rate was 30.9%.
Operating cash flow was −$1,143.9M. Non-cash charges added back $63.0M of depreciation and amortization. Working capital and other items used $1,224.8M. Capital expenditures of $1.9M exceeded it, leaving free cash flow of −$1,145.8M.
Questions
What was Walker & Dunlop's revenue in the first quarter 2026?
Walker & Dunlop (WD) reported revenue of $301M for the first quarter 2026 (Q1 2026), +27% from a year earlier and -11% from the quarter before.
Was Walker & Dunlop profitable in the first quarter 2026?
Operating profit was $25.9M (8.6% of revenue) and net earnings $15.9M.
Source: Walker & Dunlop 10-Q on SEC EDGAR.