Walker & Dunlop (WD) FY2025 results: revenue $1.2 billion, up 9.0% on the year
Walker & Dunlop, Inc. (WD) reported revenue of $1.2 billion for fiscal 2025, the year ended 31 December 2025, up 9.0% on the year before. Net income was $56 million, down 48.0%, and diluted earnings per share $1.64. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$1.2 billion
+9.0% on the year
FY2018FY2025
Operating margin
6.4%
11.6% a year earlier
FY2018FY2025
Net income
$56 million
-48.0% on the year
FY2018FY2025
Diluted EPS
$1.64
-48.6% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised, 1 kept.
Transaction volume rose 36%: Total transaction volume reached $18.3 billion. Freddie Mac rose 30%, brokered rose 77%, and property sales rose 31%, while Fannie Mae fell 14%.
Quarter swung to a net loss: The company reported a diluted loss per share of $0.41, against $1.32 a year earlier, with $66.2 million of charges taken in the quarter.
Adjusted EBITDA and core EPS declined: Adjusted EBITDA fell 59% to $38.8 million and adjusted core EPS fell 79% to $0.28, mainly from impairments and indemnified and repurchased loan costs.
Affordable asset impairments: Affordable assets recovered more slowly than market-rate assets, leading to $26.1 million of asset impairment charges and accrued losses this quarter.
Loan repurchase costs rose sharply: Indemnified and repurchased loan expenses were $35.8 million, with a total impact of $35.5 million including credit losses, across all loans repurchased or indemnified.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
-664
129
-0.5
Capital expenditure
15.8
13.0
16.2
+21.7%
Free cash flow
-680
116
-16.7
Free cash flow margin
-55.1%
10.3%
-1.6%
Cash from investing
-77.3
-38.1
127
Cash from financing
758
-155
6.8
Depreciation and amortisation
239
238
227
+0.5%
Share-based compensation
26.7
27.3
27.8
-2.1%
Buybacks
10.5
12.4
20.5
-15.6%
Dividends paid
91.8
88.6
84.8
+3.6%
Dividend per share
$2.68
$2.60
$2.52
+3.1%
Diluted shares, weighted
33m
33m
33m
+0.6%
Shares outstanding at period end
33m
33m
33m
+0.6%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,735
1,748
1,724
-0.7%
Non-controlling interest
11.9
12.0
22.4
-1.1%
Debt
829
768
773
+8.0%
Other liabilities
2,483
1,854
1,533
+33.9%
Total liabilities and equity
5,059
4,382
4,052
+15.5%
Fixed assets
54.4
48.5
42.7
+12.3%
Goodwill
869
869
902
0.0%
Intangible assets
142
157
182
-9.6%
Loans
77.8
32.9
40.1
+136.6%
Cash and equivalents
299
279
329
+7.2%
Other assets
3,617
2,996
2,557
+20.7%
Total assets
5,059
4,382
4,052
+15.5%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.