10-K · February 26, 2026
Walker & Dunlop positions itself as a leading U.S. commercial real estate services, finance and technology platform, emphasizing people, brand and technology (citing 72% refinancing volumes from new loans in 2025).…
Earnings analysis · 10-Q
WD earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Walker & Dunlop reported strong performance in Q1 2026 with revenues of $301.3 million, exceeding expectations of $269.1 million. Net income surged to $15.9 million, reflecting a significant increase from $2.8 million…
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Walker & Dunlop reported strong performance in Q1 2026 with revenues of $301.3 million, exceeding expectations of $269.1 million. Net income surged to $15.9 million, reflecting a significant increase from $2.8 million in the prior year, although EPS of $0.46 fell short of estimates expecting $0.69. Growth was driven by increased transaction volume amid a favorable interest rate environment, despite challenges in origination fee margins.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.46
- Segment
- Capital Markets
- Segment
- Servicing & Asset Management
- Segment
- Corporate
What stood out
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Strong Revenue Growth
Q1 2026 revenue increased by $63.96M to $301.33M, up 27% year-over-year.
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Net Income Surge
Net income rose sharply by 476% from $2.754M in Q1 2025 to $15.871M in Q1 2026.
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Transaction Volume Increase
Transaction volume increased 94% year-over-year to $13.66 billion.
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Servicing Portfolio Growth
Servicing portfolio expanded by $10.74 billion to $146.38 billion compared to the previous year.
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Reduced Cash Outflow
Net cash used in operating activities was reduced by $862.8 million to -$1.143 billion primarily due to changes in loan origination.
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Debt Financing Improvement
Debt financing volume surged to $11.66 billion, driven by a shift towards brokered transactions.
What to watch
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Decreased EPS Expectations
EPS for Q1 2026 reported at $0.46, lower than the estimated $0.69.
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Increased Financial Operating Expenses
Total expenses increased by 18.6% to $275.38M due to hiring and commission-related boosts.
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Rising Default Rates
Defaulted loans increased to $167.5M in Q1 2026 from $108.5M in Q1 2025.
Management's outlook
Management expects strong pipeline activity for Q2 2026 driven by ongoing demand and improved transaction environment.
Earlier filings 4
10-Q · November 6, 2025
Walker & Dunlop reported Q3 2025 revenue of $337,675,000, up $45,371,000 (≈15.5%) versus Q3 2024, and diluted EPS of $0.98 versus $0.85 a year ago. Operating income rose to $45,937,000 from $37,505,000, but the company…
10-Q · August 7, 2025
Walker & Dunlop reported Q2 revenue of $319.24M (up from $270.676M in Q2 2024) and diluted EPS of $0.99 (up from $0.67). Operating income improved to $46.374M from $28.197M year-over-year, driven by higher loan…
10-K · February 25, 2025
Walker & Dunlop positions itself as a leading, diversified U.S. commercial real estate services, finance and technology firm, emphasizing people, brand and technology as its competitive advantages (e.g., 72% of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.