Walker & Dunlop Inc. (WD) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.13	$1.19	+5.3%	—	$306.7M	—
Q1 26	$0.54	$1.02	+88.9%	—	$301.3M	—
Q4 25	$1.46	$0.28	-80.8%	—	$340M	—
Q3 25	$1.25	$1.22	-2.4%	—	$337.7M	—
Q2 25	$0.97	$1.15	+18.6%	—	$319.2M	—
Q1 25	$0.7	$0.85	+21.4%	—	$237.4M	—
Q4 24	$1.51	$1.34	-11.3%	—	$341.5M	—
Q3 24	$1.39	$1.19	-14.4%	—	$292.3M	—
Q2 24	$1.17	$1.23	+5.1%	—	$270.7M	—
Q1 24	$0.91	$1.19	+30.8%	—	$228.1M	—
Q4 23	$0.8	$1.42	+77.5%	—	$274.3M	—
Q3 23	$1.01	$0.64	-36.6%	—	$268.7M	—
Q2 23	$0.87	$0.82	-5.7%	—	$272.6M	—
Q1 23	$0.95	$0.79	-16.8%	—	$238.7M	—
Q4 22	$1.64	$1.24	-24.4%	—	$282.9M	—
Q3 22	$2.05	$1.4	-31.7%	—	$315.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.65	—	—	$1.2B	—
FY24	—	$3.19	—	—	$1.1B	—
FY23	—	$3.2	—	—	$1.1B	—
FY22	—	$6.43	—	—	$1.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$575.3M	$711.9M	$725.2M	$817.2M	$1.1B	$1.3B	$1.3B	$1.1B	$1.1B	$1.2B
YoY change	+22.9%	+23.7%	+1.88%	+12.7%	+32.6%	+16.2%	-0.03%	-16.2%	+7.4%	+8.99%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	575.3M	711.9M	725.2M	817.2M	1.1B	1.3B	1.3B	1.1B	1.1B	1.2B
Cost of revenue	237.3M	299M	307.4M	360.5M	477.4M	611.5M	641.6M	582.8M	628.9M	712.5M
Gross profit	337.9M	412.8M	417.8M	456.7M	606.3M	647.7M	617.2M	471.7M	503.6M	521.8M
Gross margin	58.7%	58%	57.6%	55.9%	56%	51.4%	49%	44.7%	44.5%	42.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	35.6M	41.8M	50.5M	59.3M	60M	73M	109M	96.1M	107.4M	107.2M
Operating expenses	41.3M	48.2M	62M	66.6M	69.6M	91.8M	142.6M	117.7M	141M	166M
Operating income	185.8M	233.7M	212.8M	230.4M	330.3M	358.9M	251.5M	137.7M	114.2M	107.5M
Operating margin	32.3%	32.8%	29.3%	28.2%	30.5%	28.5%	20%	13.1%	10.1%	8.71%
Non-operating income, net	—	—	—	—	—	-6.9M	13.5M	500K	17.3M	-28.5M
Pretax income	185.8M	233.7M	212.8M	230.4M	330.3M	352.1M	265M	138.2M	131.5M	79M
Income tax	71.5M	21.8M	51.9M	57.1M	84.3M	86.4M	56M	35M	30.5M	22M
Net income	114.3M	211.8M	160.9M	173.2M	246M	265.6M	208.9M	103.2M	101M	57M
Net margin	19.9%	29.8%	22.2%	21.2%	22.7%	21.1%	16.6%	9.78%	8.91%	4.62%
EBITDA	297.2M	364.9M	355M	382.8M	499.3M	576.1M	473M	363.9M	334.4M	374.7M
EPS	3.87	7.03	5.35	5.61	7.85	8.27	6.43	3.2	3.19	1.65
Diluted EPS	3.65	6.56	5.04	5.45	7.69	8.15	6.36	3.18	3.19	1.64

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	268.7M	274.3M	228.1M	270.7M	292.3M	341.5M	237.4M	319.2M	337.7M	340M	301.3M	306.7M
Cost of revenue	154.1M	144.5M	129.1M	150.9M	163.8M	185.1M	136.9M	178.7M	193.9M	203.1M	167.7M	178.2M
Gross profit	114.6M	129.9M	98.9M	119.7M	128.5M	156.4M	100.5M	140.6M	143.8M	136.9M	133.6M	128.5M
Gross margin	42.7%	47.3%	43.4%	44.2%	44%	45.8%	42.3%	44%	42.6%	40.3%	44.3%	41.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	28.5M	-61.7M	28.8M	32.6M	32M	-59.8M	33.9M	33.5M	36.9M	-45.4M	40.6M	44.8M
Operating income	28.2M	38.9M	13.7M	28.2M	36.1M	36.2M	5.2M	46.4M	45.9M	9.9M	25.9M	2.1M
Operating margin	10.5%	14.2%	6%	10.4%	12.4%	10.6%	2.21%	14.5%	13.6%	2.93%	8.61%	0.68%
Non-operating income, net	—	—	—	—	1.4M	16M	—	—	—	—	—	—
Pretax income	28.2M	39.4M	13.7M	28.2M	37.5M	52.1M	5.2M	46.4M	45.9M	-18.6M	25.9M	2.1M
Income tax	7.1M	10.3M	2.9M	7.9M	8.8M	11M	2.5M	12.4M	12.5M	-5.4M	8M	-764K
Net income	21.1M	29M	10.8M	20.3M	28.7M	41.2M	2.7M	33.9M	33.4M	-13.1M	17.9M	2.8M
Net margin	7.87%	10.6%	4.74%	7.5%	9.81%	12.1%	1.15%	10.6%	9.9%	-3.86%	5.95%	0.93%
EBITDA	85.7M	94.9M	69.6M	84.2M	92.3M	88.3M	62.9M	105.3M	106M	100.5M	88.9M	62.8M
EPS	0.64	0.94	0.35	0.67	0.85	1.32	0.08	1	0.98	-0.41	0.46	0.09
Diluted EPS	0.64	0.93	0.35	0.67	0.85	1.32	0.08	0.99	0.98	-0.41	0.46	0.09

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	918.3M	1.4B	1.3B	1.9B	2.8B	4.7B	2.5B	3.6B	3.2B	2B	1.3B
Enterprise value	3B	2.3B	2.7B	3B	5.3B	7.1B	3.6B	4.8B	4.6B	4.2B	3.5B
Shares outstanding	29.4M	30M	30.2M	29.9M	30.4M	31.1M	32.3M	32.7M	33.1M	33.3M	33.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	8.03	6.73	8.11	11.2	11.4	17.7	12.1	35.2	31.9	35.2	32.9
P/S	1.6	2	1.8	2.37	2.59	3.72	2.02	3.44	2.84	1.63	1.06
P/B	1.49	1.75	1.44	1.86	2.34	2.97	1.48	2.08	1.83	1.15	0.72
EV/EBITDA	9.94	6.4	7.53	7.87	10.6	12.3	7.68	13.1	13.7	11.2	9.26
EV/Sales	5.13	3.28	3.69	3.69	4.88	5.63	2.89	4.53	4.06	3.39	2.9
Earnings yield	12.4%	14.9%	12.3%	8.95%	8.78%	5.66%	8.24%	2.84%	3.14%	2.84%	3.04%
FCF yield	82.4%	74.5%	4.55%	21.9%	-50.5%	18.4%	61.5%	-0.46%	3.62%	-33.9%	110%
PEG	—	—	—	—	—	—	—	—	—	—	-0.36

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	58.7%	58%	57.6%	55.9%	56%	51.4%	49%	44.7%	44.5%	42.3%	41.9%
Operating margin	32.3%	32.8%	29.3%	28.2%	30.5%	28.5%	20%	13.1%	10.1%	8.71%	0.77%
Net margin	19.9%	29.8%	22.2%	21.2%	22.7%	21.1%	16.6%	9.78%	8.91%	4.62%	3.28%
ROE	18.6%	26%	17.7%	16.6%	20.6%	16.8%	12.2%	5.91%	5.74%	3.26%	2.36%
ROA	3.74%	9.59%	5.79%	6.48%	5.29%	5.1%	5.16%	2.55%	2.3%	1.13%	0.86%
ROIC	4.31%	12.3%	7.08%	8.16%	6.68%	6.8%	7.05%	3.56%	2.79%	1.98%	1.65%
Return on tangible assets	6.3%	30.7%	14.8%	19.9%	10.1%	17.3%	-94.2%	147.1%	16.1%	4.01%	3.16%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	22.4	9.9	90.9	204.3	231.8	22.9	6.48	13.1	57	19.9	1.57
Quick ratio	22.4	9.9	90.9	204.3	231.8	22.9	6.48	13.1	57	19.9	19.9
Debt / equity	3.5	1.35	1.61	1.15	2.35	1.72	0.77	0.84	0.94	1.42	1.36
Debt / assets	0.71	0.5	0.52	0.45	0.6	0.52	0.33	0.36	0.38	0.49	0.45
Net debt / EBITDA	6.85	2.49	3.85	2.82	4.98	4.18	2.32	3.14	4.12	5.8	5.71
Interest coverage	18.9	24	21	16	38.6	45	—	—	—	—	—
Effective tax rate	38.5%	9.34%	24.4%	24.8%	25.5%	24.5%	21.1%	25.3%	23.2%	27.9%	25.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	19.5	23.7	24	27.3	35.6	40.5	38.9	32.2	34.2	37	35.9
EPS (basic)	3.87	7.03	5.35	5.61	7.85	8.27	6.43	3.2	3.19	1.65	1.65
EPS (diluted)	3.65	6.56	5.04	5.45	7.69	8.15	6.36	3.18	3.19	1.64	1.12
Book value per share	20.9	27.2	30	34.8	39.3	50.8	53.1	53.4	53.1	52.4	51.3
FCF per share	25.7	35.4	1.97	14.1	-46.5	27.7	48.3	-0.51	3.51	-20.4	-3.94
Cash per share	4.03	6.37	2.98	4.03	10.5	9.83	6.99	10.1	8.43	8.98	5.64
Capex per share	—	—	—	—	—	—	—	—	—	0.47	0.36

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	1.28%	0.94%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	-2.37%	-10.1%
Payout ratio	0%	0%	19.5%	21.5%	18.4%	24.3%	38.4%	82.2%	87.8%	161.1%	241.1%
Dividend yield	0%	0%	2.41%	1.93%	1.62%	1.37%	3.16%	2.34%	2.75%	4.58%	7.31%

Yield

7.31%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.68

ex-dividend Aug 20, 2026

Payout ratio

241%

of earnings

Dividend growth

7 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 20, 2026	$0.68
May 21, 2026	$0.68
Mar 13, 2026	$0.68
Nov 21, 2025	$0.67
Aug 21, 2025	$0.67
May 15, 2025	$0.67
Feb 28, 2025	$0.67
Nov 22, 2024	$0.65

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$268.7M	$274.3M	$228.1M	$270.7M	$292.3M	$341.5M	$237.4M	$319.2M	$337.7M	$340M	$301.3M	$306.7M
YoY change	-14.8%	-3.01%	-4.48%	-0.71%	+8.77%	+24.5%	+4.08%	+17.9%	+15.5%	-0.42%	+26.9%	-3.93%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	118.8M	191.2M	90.1M	120.7M	321.1M	305.6M	225.9M	328.7M	279.3M	299.3M
Receivables	29.5M	41.7M	50.4M	52.1M	65.7M	212M	202.3M	233.6M	335.9M	419.4M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	2.3B	1.4B	1.8B	1.6B	3.4B	2.9B	1.3B	1.5B	1.7B	2.6B
Property, plant & equipment	—	—	—	—	—	97.6M	94.8M	119.2M	128.5M	130.7M
Goodwill & intangibles	1.2B	1.5B	1.7B	1.8B	2.2B	3.7B	4.3B	4B	3.8B	3.6B
Total assets	3.1B	2.2B	2.8B	2.7B	4.7B	5.2B	4B	4.1B	4.4B	5.1B
Accounts payable	93.2M	130.5M	187.4M	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	—	118.6M
Total current liabilities	103.7M	136.9M	20.3M	8M	14.5M	125.8M	200.3M	113.5M	30.5M	128.2M
Long-term debt	2.2B	1.1B	1.5B	1.2B	2.8B	2.7B	1.3B	1.5B	1.7B	2.4B
Total liabilities	2.4B	1.4B	1.9B	1.6B	3.5B	3.6B	2.3B	2.3B	2.6B	3.3B
Shareholders' equity	615.1M	815M	907.2M	1B	1.2B	1.6B	1.7B	1.7B	1.8B	1.7B
Total debt	2.2B	1.1B	1.5B	1.2B	2.8B	2.7B	1.3B	1.5B	1.7B	2.5B
Net debt	2B	910.4M	1.4B	1.1B	2.5B	2.4B	1.1B	1.1B	1.4B	2.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	236.3M	328.7M	216.5M	208.1M	179.8M	279.3M	181M	233.7M	274.8M	299.3M	192.5M	160.9M
Receivables	265.2M	233.6M	250.4M	272.8M	307.4M	335.9M	372.7M	360.6M	374.3M	419.4M	424.4M	476.9M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.5B	1.5B	1.2B	1.5B	1.8B	1.7B	1.7B	2B	3.1B	2.6B	3.4B	2.3B
Property, plant & equipment	—	119.2M	—	—	—	128.5M	—	—	—	130.7M	—	—
Goodwill & intangibles	4.1B	4B	3.9B	3.9B	3.8B	3.8B	3.7B	3.7B	3.6B	3.6B	3.6B	3.6B
Total assets	4.3B	4.1B	3.8B	4.2B	4.6B	4.4B	4.5B	4.7B	5.8B	5.1B	6.2B	4.9B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	—	118.6M	—	—
Total current liabilities	—	113.5M	—	—	—	30.5M	—	—	—	128.2M	—	—
Long-term debt	1.6B	1.5B	1.3B	1.6B	1.8B	1.7B	1.8B	2B	3B	2.4B	3.4B	2.2B
Total liabilities	2.5B	2.3B	2.1B	2.4B	2.8B	2.6B	2.8B	2.9B	4B	3.3B	4.4B	3.2B
Shareholders' equity	1.7B	1.7B	1.7B	1.7B	1.7B	1.8B	1.7B	1.8B	1.8B	1.7B	1.7B	1.7B
Total debt	1.6B	1.5B	1.3B	1.6B	1.8B	1.7B	1.8B	2B	3B	2.5B	3.4B	2.2B
Net debt	1.3B	1.1B	1.1B	1.4B	1.6B	1.4B	1.6B	1.8B	2.7B	2.2B	3.2B	2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	114.3M	211.8M	160.9M	173.2M	246M	265.6M	208.9M	103.2M	101M	57M
Depreciation & amortization	111.4M	131.2M	142.1M	152.5M	169M	210.3M	235M	226.8M	237.5M	238.7M
Stock-based compensation	18.5M	21.1M	24M	24.1M	28.3M	36.6M	34M	27.8M	27.3M	26.7M
Change in working capital	19.8M	38.2M	-46.3M	-51.3M	140.9M	-28.5M	-41.1M	-23.3M	-58.3M	-17.1M
Operating cash flow	759.2M	1.1B	28.5M	402M	-1.4B	883.7M	1.6B	-52.1M	85.5M	-664.3M
Capital expenditure	—	—	—	—	—	—	—	—	—	-15.8M
Investing cash flow	-479M	-82.2M	-1.2B	-510.2M	-121.8M	-415.4M	-124.4M	134.1M	-43.5M	-77.3M
Dividends paid	0	0	-31.4M	-37.3M	-45.4M	-64.5M	-80.1M	-84.8M	-88.6M	-91.8M
Share repurchases	-12.9M	-34.9M	-68.8M	-30.7M	-45.8M	-18.9M	-42.4M	-20.5M	-12.4M	-10.5M
Financing cash flow	-693.6M	-1.1B	321.8M	-331.6M	1.5B	-457.7M	-1.6B	6.8M	-154.7M	758.1M
Net change in cash	-413.5M	-65.1M	-889.4M	-439.8M	27.1M	10.6M	-73.9M	88.8M	-112.7M	16.5M
Free cash flow	757M	1.1B	59.4M	422.9M	-1.4B	861.2M	1.6B	-16.7M	116.4M	-680.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	21.1M	29M	10.8M	20.3M	28.7M	41.2M	2.7M	33.9M	33.4M	-13.1M	17.9M	2.8M
Depreciation & amortization	57.5M	56M	55.9M	56M	57.6M	68.1M	57.6M	58.9M	60M	62.1M	63M	60.7M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	548.2M	263.5M	37.9M	-240.8M	-204.9M	526.8M	-284.8M	-238.5M	-948.1M	803.4M	-1.1B	1.2B
Capital expenditure	—	—	—	—	—	—	—	-2.6M	-2.3M	-7.3M	-1.9M	-600K
Investing cash flow	40.3M	-20.9M	-22.5M	-99K	-5.6M	-15.4M	-36.9M	-22.5M	-2.9M	-12.5M	-40.1M	-4.9M
Dividends paid	-21.1M	-21.3M	-22M	-22.2M	-22.1M	-22.4M	-22.9M	-22.9M	-23M	-23M	-23.6M	-23.6M
Share repurchases	-871K	-1.6M	-9.8M	-809K	-1.4M	-369K	-8.6M	-645K	-1M	-183K	-19.1M	-298K
Financing cash flow	-566.1M	-221.4M	-124.2M	243.3M	194.7M	-468.6M	222M	324.3M	996.1M	-784.4M	1.1B	-1.2B
Net change in cash	22.4M	21.2M	-108.7M	2.4M	-15.7M	42.8M	-99.7M	63.3M	45.1M	6.5M	-109.9M	-30.5M
Free cash flow	544.2M	329.6M	35.2M	-241.7M	-204M	526.9M	-284.7M	-241M	-950.4M	796.1M	-1.1B	1.2B

Walker & Dunlop Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement