Filing Flows › Walker & Dunlop (WD) › Q2 2026 › vs Q2 2025
Walker & Dunlop (WD) Q2 2026 vs Q2 2025 (year over year)
Walker & Dunlop's revenue fell $12.6M (-4%) from $319M in Q2 2025 to $307M in Q2 2026. The biggest changes: Fair Value of Expected Future Cash Flows From Servicing Rights, Net −$5.3M (-10%); Other revenues −$4.5M (-14%); Placement fees and other interest income −$3.5M (-10%). Operating margin 0.7% against 14.5% (-13.9 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 0.7% | 14.5% | -13.9 pts |
| Net margin | 1.0% | 10.6% | -9.7 pts |
| Free cash flow margin | 381.1% | -75.5% | +456.6 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Loan origination and debt brokerage fees, net | $92.9M | $94.3M | −$1.4M | -2% |
| Servicing fees | $86.7M | $83.7M | $3.0M | +4% |
| Fair Value of Expected Future Cash Flows From Servicing Rights, Net | $47.8M | $53.2M | −$5.3M | -10% |
| Placement fees and other interest income | $32.4M | $36.0M | −$3.5M | -10% |
| Other revenues | $26.8M | $31.3M | −$4.5M | -14% |
| Property sales broker fees | $12.8M | $15.0M | −$2.2M | -15% |
| Investment management fees | $6.9M | $7.6M | −$670K | -9% |
| Net warehouse interest income (expense) | $369K | −$1.8M | $2.1M | — |
| Revenue | $307M | $319M | −$12.6M | -4% |
| Operating profit | $2.1M | $46.4M | −$44.3M | -96% |
| Costs & expenses | $305M | $273M | $31.8M | +12% |
| Pre-tax earnings | $2.1M | $46.4M | −$44.3M | -96% |
| Income tax benefit | $764K | −$12.4M | $13.2M | — |
| Loss borne by minority interests | $168K | $3K | $165K | 56× |
| Net earnings | $3.0M | $34.0M | −$30.9M | -91% |
| Depreciation & amortization | $60.7M | $58.9M | $1.8M | +3% |
| Working capital & other | $1.1B | −$331M | $1.4B | — |
| Operating cash flow | $1.2B | −$238M | $1.4B | — |
| Free cash flow (OCF − capex) | $1.2B | −$241M | $1.4B | — |
| Capital expenditures | $600K | $2.6M | −$2.0M | -77% |
Questions
How much did Walker & Dunlop's revenue grow year over year in Q2 2026?
Walker & Dunlop's revenue fell $12.6M (-4%) from $319M in Q2 2025 to $307M in Q2 2026.
What drove Walker & Dunlop's revenue change in Q2 2026?
Fair Value of Expected Future Cash Flows From Servicing Rights, Net −$5.3M (-10%); Other revenues −$4.5M (-14%); Placement fees and other interest income −$3.5M (-10%).