Filing Flows › Walker & Dunlop (WD) › Q2 2026 › vs Q1 2026
Walker & Dunlop (WD) Q2 2026 vs Q1 2026 (quarter over quarter)
Walker & Dunlop's revenue rose $5.4M (+2%) from $301M in Q1 2026 to $307M in Q2 2026. The biggest changes: Loan origination and debt brokerage fees, net +$4.4M (+5%); Investment management fees −$3.3M (-32%); Other revenues +$2.3M (+9%). Operating margin 0.7% against 8.6% (-7.9 pts).
Walker & Dunlop, Q2 2026: revenue $307M (-4% year over year), operating margin 0.7%, net earnings $3.0M, operating cash flow $1.2B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 0.7% | 8.6% | -7.9 pts |
| Net margin | 1.0% | 5.3% | -4.3 pts |
| Free cash flow margin | 381.1% | -380.2% | +761.4 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Loan origination and debt brokerage fees, net | $92.9M | $88.5M | $4.4M | +5% |
| Servicing fees | $86.7M | $85.4M | $1.3M | +1% |
| Fair Value of Expected Future Cash Flows From Servicing Rights, Net | $47.8M | $46.8M | $1.0M | +2% |
| Placement fees and other interest income | $32.4M | $32.7M | −$264K | -0.8% |
| Other revenues | $26.8M | $24.5M | $2.3M | +9% |
| Property sales broker fees | $12.8M | $13.2M | −$392K | -3% |
| Investment management fees | $6.9M | $10.2M | −$3.3M | -32% |
| Net warehouse interest income (expense) | $369K | $25K | $344K | 15× |
| Revenue | $307M | $301M | $5.4M | +2% |
| Operating profit | $2.1M | $25.9M | −$23.9M | -92% |
| Costs & expenses | $305M | $275M | $29.2M | +11% |
| Pre-tax earnings | $2.1M | $25.9M | −$23.9M | -92% |
| Income tax benefit | $764K | −$8.0M | $8.8M | — |
| Loss borne by minority interests | $168K | −$2.1M | $2.2M | — |
| Net earnings | $3.0M | $15.9M | −$12.9M | -81% |
| Depreciation & amortization | $60.7M | $63.0M | −$2.3M | -4% |
| Working capital & other | $1.1B | −$1.2B | $2.3B | — |
| Operating cash flow | $1.2B | −$1.1B | $2.3B | — |
| Free cash flow (OCF − capex) | $1.2B | −$1.1B | $2.3B | — |
| Capital expenditures | $600K | $1.9M | −$1.3M | -68% |
Questions
How much did Walker & Dunlop's revenue grow quarter over quarter in Q2 2026?
Walker & Dunlop's revenue rose $5.4M (+2%) from $301M in Q1 2026 to $307M in Q2 2026.
What drove Walker & Dunlop's revenue change in Q2 2026?
Loan origination and debt brokerage fees, net +$4.4M (+5%); Investment management fees −$3.3M (-32%); Other revenues +$2.3M (+9%).