Filing Flows › Walker & Dunlop (WD) › Q2 2026
Walker & Dunlop (WD) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 6, 2026
Walker & Dunlop (WD) reported revenue of $307M for the second quarter 2026 (Q2 2026), -4% from a year earlier and +2% from the quarter before. Operating margin was 0.7%, net earnings $3.0M (1.0% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $307M | +2% | -4% |
| Operating profit | $2.1M | -92% | -96% |
| Net earnings | $3.0M | -81% | -91% |
| Operating cash flow | $1.2B | — | — |
| Free cash flow | $1.2B | — | — |
What changed
Revenue was $306.7M in Q2 2026, down 4% year over year and up 2% from the previous quarter. Loan origination and debt brokerage fees, net was the largest line at 30% of revenue. Fair Value of Expected Future Cash Flows From Servicing Rights, Net lost $5.3M year over year (down 10%), 43% of the total change.
Operating profit was $2.1M, a 0.7% margin (down 13.9 points year over year). Total costs grew 12% against a revenue fall of 4%. Net earnings were $3.0M, down 91% year over year. The effective tax rate was -36.8%.
Operating cash flow was $1,169.5M, 41208% of net income including minority interests. Non-cash charges added back $60.7M of depreciation and amortization. Working capital and other items added $1,105.9M. Capital expenditures of $600K left free cash flow of $1,168.9M.
Questions
What was Walker & Dunlop's revenue in the second quarter 2026?
Walker & Dunlop (WD) reported revenue of $307M for the second quarter 2026 (Q2 2026), -4% from a year earlier and +2% from the quarter before.
Was Walker & Dunlop profitable in the second quarter 2026?
Operating profit was $2.1M (0.7% of revenue) and net earnings $3.0M.
Source: Walker & Dunlop 10-Q on SEC EDGAR.