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Upstart Holdings vs Walker & Dunlop: UPST and WD compared
Upstart Holdings is the larger company: $371M of revenue in its latest quarter (Q3 2026) against $298M for Walker & Dunlop (Q3 2026). Upstart Holdings is growing faster (+34% against -12% a year earlier). Upstart Holdings is more profitable, with an operating margin of 9.7% against -15.8%.
Where the money goes: UPST and WD
Upstart Holdings (UPST) · Q3 2026
Upstart Holdings, Q3 2026: revenue $371M (+34% year over year), operating margin 9.7%, net earnings $36.6M, operating cash flow −$19.8M. The chart follows the revenue to costs, profit and cash.
Walker & Dunlop (WD) · Q3 2026
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.
| Upstart Holdings (UPST) | Walker & Dunlop (WD) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $371M | $298M |
| Revenue growth, Y/Y | +34% | -12% |
| Operating margin | 9.7% | -15.8% |
| Net earnings | $36.6M | −$36.9M |
| Net margin | 9.9% | -12.4% |
| Operating cash flow | −$19.8M | $724M |
| Free cash flow | — | $719M |
| Market value | $2.7B | — |
| P/E | 35.3× | — |
| Analysts’ mean target | $35.94 | — |
Where the revenue comes from
Walker & Dunlop
- Servicing fees: $87.7M (29%)
- Loan origination and debt brokerage fees, net: $81.3M (27%)
- Placement fees and other interest income: $37.1M (12%)
- Other revenues: $33.9M (11%)
Questions
Which is bigger, Upstart Holdings or Walker & Dunlop?
Upstart Holdings is the larger company: $371M of revenue in its latest quarter (Q3 2026) against $298M for Walker & Dunlop (Q3 2026).
Is Upstart Holdings or Walker & Dunlop growing faster?
Upstart Holdings is growing faster (+34% against -12% a year earlier).
Which is more profitable, Upstart Holdings or Walker & Dunlop?
Upstart Holdings is more profitable, with an operating margin of 9.7% against -15.8%.
More: Upstart Holdings earnings · how Upstart Holdings makes money · Walker & Dunlop earnings · how Walker & Dunlop makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 3, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.