Filing Flows › Walker & Dunlop (WD) › Q3 2026 › vs Q3 2025
Walker & Dunlop (WD) Q3 2026 vs Q3 2025 (year over year)
Walker & Dunlop's revenue fell $39.2M (-12%) from $338M in Q3 2025 to $298M in Q3 2026. The biggest changes: Fair Value of Expected Future Cash Flows From Servicing Rights, Net −$19.5M (-40%); Loan origination and debt brokerage fees, net −$16.6M (-17%); Placement fees and other interest income −$9.2M (-20%).
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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 240.9% | -281.5% | +522.3 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Servicing fees | $87.7M | $85.2M | $2.5M | +3% |
| Loan origination and debt brokerage fees, net | $81.3M | $97.8M | −$16.6M | -17% |
| Placement fees and other interest income | $37.1M | $46.3M | −$9.2M | -20% |
| Other revenues | $33.9M | $29.0M | $4.9M | +17% |
| Fair Value of Expected Future Cash Flows From Servicing Rights, Net | $29.2M | $48.7M | −$19.5M | -40% |
| Property sales broker fees | $19.8M | $26.5M | −$6.8M | -25% |
| Investment management fees | $8.6M | $6.2M | $2.4M | +39% |
| Revenue | $298M | $338M | −$39.2M | -12% |
| Income tax benefit | $10.3M | −$12.5M | $22.8M | — |
| Net loss | $36.9M | −$33.4M | $70.3M | — |
| Costs & expenses | $346M | $338M | $7.9M | +2% |
| Operating costs | $346M | $292M | $53.9M | +18% |
| Operating cash sources | $761M | −$982M | $1.7B | — |
| Depreciation & amortization | $61.6M | $60.0M | $1.5M | +3% |
| Working capital & other | $700M | −$1.0B | $1.7B | — |
| Net loss absorbed | $36.9M | −$33.4M | $70.3M | — |
| Operating cash flow | $724M | −$948M | $1.7B | — |
| Free cash flow (OCF − capex) | $719M | −$950M | $1.7B | — |
| Capital expenditures | $5.3M | $2.3M | $3.0M | +131% |
Questions
How much did Walker & Dunlop's revenue grow year over year in Q3 2026?
Walker & Dunlop's revenue fell $39.2M (-12%) from $338M in Q3 2025 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 −$19.5M (-40%); Loan origination and debt brokerage fees, net −$16.6M (-17%); Placement fees and other interest income −$9.2M (-20%).