Filing Flows › Walker & Dunlop (WD) › Q3 2026
Walker & Dunlop (WD) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 5, 2026
Walker & Dunlop (WD) reported revenue of $298M for the third quarter 2026 (Q3 2026), -12% from a year earlier and -3% from the quarter before. Operating margin was -15.8%, net loss $36.9M (12.4% of revenue).
Walker & Dunlop, Q3 2026: revenue $298M (-12% year over year), operating margin -15.8%, net loss $36.9M, operating cash flow $724M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $298M | -3% | -12% |
| Operating profit | −$47.2M | -2375% | -203% |
| Net earnings | −$36.9M | -1326% | -210% |
| Operating cash flow | $724M | -38% | — |
| Free cash flow | $719M | -38% | — |
What changed
Revenue was $298.4M in Q3 2026, down 12% year over year and down 3% from the previous quarter. Servicing fees was the largest line at 29% of revenue. Fair Value of Expected Future Cash Flows From Servicing Rights, Net lost $19.5M year over year (down 40%), 50% of the total change.
Operating costs exceeded revenue by $47.2M, an operating margin of -15.8%. Total costs grew 18% against a revenue fall of 12%. The quarter ended with a net loss of $36.9M, after a profit of $2.8M the previous quarter.
Operating cash flow was $724.2M. Non-cash charges added back $61.6M of depreciation and amortization. Working capital and other items added $699.5M. Capital expenditures of $5.3M left free cash flow of $718.9M.
Questions
What was Walker & Dunlop's revenue in the third quarter 2026?
Walker & Dunlop (WD) reported revenue of $298M for the third quarter 2026 (Q3 2026), -12% from a year earlier and -3% from the quarter before.
Was Walker & Dunlop profitable in the third quarter 2026?
Operating loss was $47.2M (-15.8% of revenue) and net loss $36.9M.
Source: Walker & Dunlop 10-Q on SEC EDGAR.