Filing Flows › Walker & Dunlop (WD) › Q4 2025
Walker & Dunlop (WD) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Walker & Dunlop (WD) reported revenue of $340M for the fourth quarter 2025 (Q4 2025), -0.4% from a year earlier and +0.7% from the quarter before. Operating margin was -5.5%, net loss $13.1M (3.9% of revenue).
Walker & Dunlop, Q4 2025: revenue $340M (-0.4% year over year), operating margin -5.5%, net loss $13.1M, operating cash flow $803M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $340M | +0.7% | -0.4% |
| Operating profit | −$18.6M | -140% | — |
| Net earnings | −$13.1M | -139% | — |
| Operating cash flow | $803M | — | +51% |
| Free cash flow | $796M | — | +51% |
What changed
Revenue was $340.0M in Q4 2025, roughly flat year over year and up 1% from the previous quarter. Loan origination and debt brokerage fees, net was the largest line at 30% of revenue.
Operating costs exceeded revenue by $18.6M, an operating margin of -5.5%. Total costs grew 24% against flat revenue. The quarter ended with a net loss of $13.1M, after a profit of $33.4M the previous quarter.
Operating cash flow was $803.4M (up 51% year over year). Non-cash charges added back $62.1M of depreciation and amortization. Working capital and other items added $754.4M. Capital expenditures of $7.3M left free cash flow of $796.1M.
Questions
What was Walker & Dunlop's revenue in the fourth quarter 2025?
Walker & Dunlop (WD) reported revenue of $340M for the fourth quarter 2025 (Q4 2025), -0.4% from a year earlier and +0.7% from the quarter before.
Was Walker & Dunlop profitable in the fourth quarter 2025?
Operating loss was $18.6M (-5.5% of revenue) and net loss $13.1M.
Source: Walker & Dunlop 10-K on SEC EDGAR.