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How Walker & Dunlop (WD) makes money
Walker & Dunlop (WD) made $298M of revenue in the third quarter 2026 (Q3 2026), -12% from a year earlier. Servicing fees brought in $87.7M (29%); Loan origination and debt brokerage fees, net brought in $81.3M (27%); Placement fees and other interest income brought in $37.1M (12%).
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Servicing fees | $87.7M | 29.5% | +1% | +3% |
| Loan origination and debt brokerage fees, net | $81.3M | 27.3% | -13% | -17% |
| Placement fees and other interest income | $37.1M | 12.5% | +14% | -20% |
| Other revenues | $33.9M | 11.4% | +27% | +17% |
| Fair Value of Expected Future Cash Flows From Servicing Rights, Net | $29.2M | 9.8% | -39% | -40% |
| Property sales broker fees | $19.8M | 6.6% | +55% | -25% |
| Investment management fees | $8.6M | 2.9% | +24% | +39% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $298M | 100.0% |
| Operating cash flow | $724M | 243.4% |
| Free cash flow | $719M | 241.6% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $298M | -12% |
| Q2 2026 | $307M | -4% |
| Q1 2026 | $301M | +27% |
| Q4 2025 | $340M | -0.4% |
| Q3 2025 | $338M | +16% |
| Q2 2025 | $319M | +18% |
| Q1 2025 | $237M | +4% |
From Walker & Dunlop's 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does Walker & Dunlop make money?
Walker & Dunlop (WD) made $298M of revenue in the third quarter 2026 (Q3 2026), -12% from a year earlier. Servicing fees brought in $87.7M (29%); Loan origination and debt brokerage fees, net brought in $81.3M (27%); Placement fees and other interest income brought in $37.1M (12%).
What is Walker & Dunlop's biggest business?
Servicing fees: $87.7M in the third quarter 2026, 29% of revenue, +3% from a year earlier.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.