Filing Flows › Walker & Dunlop (WD) › Q3 2026 › vs Q2 2026
Walker & Dunlop (WD) Q3 2026 vs Q2 2026 (quarter over quarter)
Walker & Dunlop's revenue fell $8.2M (-3%) from $307M in Q2 2026 to $298M in Q3 2026. The biggest changes: Fair Value of Expected Future Cash Flows From Servicing Rights, Net −$18.6M (-39%); Loan origination and debt brokerage fees, net −$11.6M (-13%); Other revenues +$7.1M (+27%).
Walker & Dunlop, Q3 2026: revenue $298M (-12% year over year), operating margin -15.8%, net loss $36.9M, operating cash flow $724M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Free cash flow margin | 240.9% | 381.1% | -140.3 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Servicing fees | $87.7M | $86.7M | $990K | +1% |
| Loan origination and debt brokerage fees, net | $81.3M | $92.9M | −$11.6M | -13% |
| Placement fees and other interest income | $37.1M | $32.4M | $4.7M | +14% |
| Other revenues | $33.9M | $26.8M | $7.1M | +27% |
| Fair Value of Expected Future Cash Flows From Servicing Rights, Net | $29.2M | $47.8M | −$18.6M | -39% |
| Property sales broker fees | $19.8M | $12.8M | $7.0M | +55% |
| Investment management fees | $8.6M | $6.9M | $1.7M | +24% |
| Revenue | $298M | $307M | −$8.2M | -3% |
| Income tax benefit | $10.3M | $764K | $9.5M | 13× |
| Net loss | $36.9M | −$2.8M | $39.7M | — |
| Costs & expenses | $346M | $307M | $38.2M | +12% |
| Operating costs | $346M | $305M | $41.0M | +13% |
| Operating cash sources | $761M | $1.2B | −$406M | -35% |
| Depreciation & amortization | $61.6M | $60.7M | $863K | +1% |
| Working capital & other | $700M | $1.1B | −$406M | -37% |
| Net loss absorbed | $36.9M | −$2.8M | $39.7M | — |
| Operating cash flow | $724M | $1.2B | −$445M | -38% |
| Free cash flow (OCF − capex) | $719M | $1.2B | −$450M | -38% |
| Capital expenditures | $5.3M | $600K | $4.7M | +791% |
Questions
How much did Walker & Dunlop's revenue grow quarter over quarter in Q3 2026?
Walker & Dunlop's revenue fell $8.2M (-3%) from $307M in Q2 2026 to $298M in Q3 2026.
What drove Walker & Dunlop's revenue change in Q3 2026?
Fair Value of Expected Future Cash Flows From Servicing Rights, Net −$18.6M (-39%); Loan origination and debt brokerage fees, net −$11.6M (-13%); Other revenues +$7.1M (+27%).