Filing Flows › Walker & Dunlop (WD) › Q3 2025
Walker & Dunlop (WD) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Walker & Dunlop (WD) reported revenue of $338M for the third quarter 2025 (Q3 2025), +16% from a year earlier and +6% from the quarter before. Operating margin was 13.6%, net earnings $33.4M (9.9% of revenue).
Walker & Dunlop, Q3 2025: revenue $338M (+16% year over year), operating margin 13.6%, net earnings $33.4M, operating cash flow −$948M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $338M | +6% | +16% |
| Operating profit | $45.9M | -0.9% | +22% |
| Net earnings | $33.4M | -2% | +17% |
| Operating cash flow | −$948M | — | — |
What changed
Revenue was $337.7M in Q3 2025, up 16% year over year and up 6% from the previous quarter.
Operating profit was $45.9M, a 13.6% margin (up 0.8 points year over year). Of the extra revenue versus a year earlier, 19% reached operating profit, above the 13% margin then. Total costs grew 14% against revenue growth of 16%. Net earnings were $33.5M, up 16% year over year. The effective tax rate was 27.2%.
Operating cash flow was −$948.1M. Non-cash charges added back $60.0M of depreciation and amortization. Working capital and other items used $1,041.6M. Capital expenditures of $2.3M exceeded it, leaving free cash flow of −$950.4M.
Questions
What was Walker & Dunlop's revenue in the third quarter 2025?
Walker & Dunlop (WD) reported revenue of $338M for the third quarter 2025 (Q3 2025), +16% from a year earlier and +6% from the quarter before.
Was Walker & Dunlop profitable in the third quarter 2025?
Operating profit was $45.9M (13.6% of revenue) and net earnings $33.4M.
Source: Walker & Dunlop 10-Q on SEC EDGAR.