Filing Flows › Walker & Dunlop (WD) › Q2 2025
Walker & Dunlop (WD) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Walker & Dunlop (WD) reported revenue of $319M for the second quarter 2025 (Q2 2025), +18% from a year earlier and +34% from the quarter before. Operating margin was 14.5%, net earnings $34.0M (10.6% of revenue).
Walker & Dunlop, Q2 2025: revenue $319M (+18% year over year), operating margin 14.5%, net earnings $34.0M, operating cash flow −$238M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $319M | +34% | +18% |
| Operating profit | $46.4M | +784% | +64% |
| Net earnings | $34.0M | 12× | +50% |
| Operating cash flow | −$238M | — | — |
What changed
Revenue was $319.2M in Q2 2025, up 18% year over year and up 34% from the previous quarter. Other revenues was the largest line at 10% of revenue. Application Fees Subscription Revenues Other Revenues From Lihtc Operations and Other Revenues added $7.1M year over year (up 42%), 15% of the total change. Investment management fees declined 49%.
Operating profit was $46.4M, a 14.5% margin (up 4.1 points year over year). Of the extra revenue versus a year earlier, 37% reached operating profit, above the 10% margin then. Total costs grew 13% against revenue growth of 18%. Net earnings were $34.0M, up 50% year over year. The effective tax rate was 26.8%.
Operating cash flow was −$238.5M. Non-cash charges added back $58.9M of depreciation and amortization. Working capital and other items used $331.3M. Capital expenditures of $2.6M exceeded it, leaving free cash flow of −$241.0M.
Questions
What was Walker & Dunlop's revenue in the second quarter 2025?
Walker & Dunlop (WD) reported revenue of $319M for the second quarter 2025 (Q2 2025), +18% from a year earlier and +34% from the quarter before.
Was Walker & Dunlop profitable in the second quarter 2025?
Operating profit was $46.4M (14.5% of revenue) and net earnings $34.0M.
Source: Walker & Dunlop 10-Q on SEC EDGAR.