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WD

Walker & Dunlop, Inc.

WD

Walker & Dunlop, Inc. • NYSE
$64.64 ▼ -0.71% (-0.46)
Market Cap $2.20 B
52w High $111.27
52w Low $60.72
Dividend Yield 2.68%
P/E 19.18
Volume 92.28K
Outstanding Shares 34.06M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $337.675M ▲ $97.869M ▲ $33.452M ▼ 9.907% ▼ $0.98 ▼ $105.978M ▲
Q2-2025 $319.24M ▲ $94.211M ▼ $33.952M ▲ 10.635% ▲ $0.99 ▲ $105.31M ▲
Q1-2025 $237.367M ▼ $232.123M ▲ $2.754M ▼ 1.16% ▼ $0.08 ▼ $79.165M ▼
Q4-2024 $341.451M ▲ $104.232M ▲ $44.836M ▲ 13.131% ▲ $1.28 ▲ $104.219M ▲
Q3-2024 $292.304M $91.029M $28.802M 9.853% $0.85 $93.7M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $274.828M ▲ $5.797B ▲ $4.02B ▲ $1.766B ▲
Q2-2025 $233.712M ▲ $4.675B ▲ $2.913B ▲ $1.75B ▲
Q1-2025 $180.971M ▼ $4.512B ▲ $2.768B ▲ $1.732B ▼
Q4-2024 $279.27M ▲ $4.382B ▼ $2.622B ▼ $1.748B ▲
Q3-2024 $179.759M $4.579B $2.833B $1.71B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $32.623M ▼ $-948.119M ▼ $-2.909M ▲ $996.126M ▲ $44.488M ▼ $-950.431M ▼
Q2-2025 $33.162M ▲ $-238.452M ▲ $-22.544M ▲ $324.33M ▲ $61.563M ▲ $-241.019M ▲
Q1-2025 $2.725M ▼ $-281.108M ▼ $-39.382M ▼ $222.026M ▲ $-98.464M ▼ $-284.736M ▼
Q4-2024 $41.165M ▲ $530.817M ▲ $-992K ▲ $-468.567M ▼ $61.258M ▲ $526.881M ▲
Q3-2024 $28.176M $-202.009M $-8.532M $195.691M $-23.969M $-203.978M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Investment Management Fees
Investment Management Fees
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Product and Service Other
Product and Service Other
 $70.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲
Servicing Fees
Servicing Fees
 $160.00M ▲$80.00M ▼$80.00M ▲$90.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Walker & Dunlop’s earnings picture shows a company that had an exceptionally strong period earlier in the decade and is now operating at a more moderate, but still profitable, level. Revenue has come down a bit from its peak but has held relatively steady over the last couple of years. Profit margins are clearly lower than in the boom years, reflecting a tougher commercial real estate and interest rate environment, yet the business continues to earn a solid profit. Per‑share earnings are roughly about half of what they were at the peak, but have been reasonably stable recently, suggesting the company has reset to a new, more normal earnings base rather than being in free fall. Overall, the income statement points to a cyclical, but resilient, franchise that has adjusted to a slower market.

Balance Sheet

Balance Sheet The balance sheet looks generally sound for a financial services firm that intermediates capital. Total assets have stayed fairly steady, with a base that has not ballooned in a worrying way. Debt remains meaningful but has been drifting down compared to earlier in the decade, while shareholder equity has steadily grown, indicating retained earnings and a gradual strengthening of the capital base. Cash holdings are moderate—enough to provide flexibility, but not so large as to suggest idle resources—and have not shown extreme swings. In simple terms, leverage exists, as expected in this type of business, but the trend is toward a slightly stronger, better-capitalized position over time.

Cash Flow

Cash Flow Cash flow has been quite volatile, which is common in capital markets and mortgage-related businesses. There were years of very strong cash generation and also years with flat or even negative operating cash flow, driven largely by swings in loan activity and working capital rather than heavy investment spending. Capital expenditures are modest, so free cash flow mainly follows the ups and downs of operating conditions. The pattern suggests that in good markets Walker & Dunlop can produce substantial cash, but investors should expect lumpiness rather than smooth, predictable flows. Stability comes more from the balance sheet and the recurring nature of core activities than from year‑to‑year cash flow consistency.

Competitive Edge

Competitive Edge Walker & Dunlop holds a strong, niche position in commercial real estate finance, especially in multifamily housing. Its long-standing, high-ranking relationships with Fannie Mae and Freddie Mac are a major advantage, giving it reliable access to capital and deal flow that many smaller or newer competitors lack. The firm combines lending, investment sales, advisory, and investment management in a relatively integrated platform, allowing it to deepen client relationships and capture more value per client. Its reputation and history add credibility, while its focus on multifamily and affordable housing places it in segments that tend to be more resilient than some other commercial property types. The flip side is exposure to real estate cycles, interest rate shifts, and regulatory changes around housing and the GSEs. Competition from large banks, non-bank lenders, and tech-enabled platforms is intense, but Walker & Dunlop’s mix of relationships, specialization, and expanding technology toolkit gives it a defensible, if still contested, position.

Innovation and R&D

Innovation and R&D Rather than traditional lab-style R&D, Walker & Dunlop’s innovation is centered on data, software, and analytics built into its core services. Platforms like WDSuite, its digital client interface, and Apprise, its tech-enabled appraisal venture, aim to make lending and advisory work faster, more data-driven, and more predictive. The company has leaned into artificial intelligence and machine learning for tasks like automated property valuations, small-balance loan pricing, and marketing, and it has supplemented internal development with targeted acquisitions such as Enodo and TapCap. This creates a differentiated, technology-augmented service model in a sector that has historically been relationship-heavy and less digitized. The opportunity is to scale these tools across more asset classes, geographies, and product lines, making the business more efficient and stickier with clients. The risk is execution: continued investment, integration, user adoption, and staying ahead of competing platforms will all be necessary to turn these innovations into durable economic advantages.

Summary

Walker & Dunlop comes across as a specialized commercial real estate finance platform that rode a very strong cycle earlier in the decade and has since settled into a more normalized, but still healthy, earnings level. Its income statement shows profitability despite a tougher environment, while the balance sheet has slowly strengthened with rising equity and somewhat lower leverage. Cash flows are inherently uneven, reflecting the transactional and capital-intensive nature of the business, but the company has shown an ability to generate strong cash in favorable markets. Strategically, its edge lies in deep multifamily and affordable housing expertise, tight ties to the housing agencies, and a broad suite of capital markets and advisory services. Layered on top is a growing set of proprietary data and technology platforms that aim to turn traditional lending and advisory work into a more scalable, analytical, and recurring model. Future outcomes will hinge on the commercial real estate cycle, interest rates, housing and GSE policy, and the firm’s ability to keep expanding and monetizing its technology and advisory capabilities without losing the relationship-driven culture that underpins its brand.

NEWS

November 17, 2025 · 6:00 AM UTC

Walker & Dunlop Arranges $192 Million Refinance for Cortland Multifamily Portfolio

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November 10, 2025 · 6:00 AM UTC

Walker & Dunlop Arranges $625 Million Refinance for IMT Portfolio

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November 6, 2025 · 6:00 AM UTC

Walker & Dunlop Reports Third Quarter 2025 Financial Results

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October 22, 2025 · 6:00 PM UTC

Apprise by Walker & Dunlop Expands into New York City

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October 21, 2025 · 6:00 AM UTC

Walker & Dunlop Arranges $40 Million Debt and Equity for Seniors Property in Maryland

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