Walker & Dunlop Inc Financials
Walker & Dunlop Inc (WD) reported $1.2B in revenue for fiscal year 2025, up 9.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Walker & Dunlop’s recent operating pattern is a revenue rebound without cash conversion, forcing heavier reliance on financing support.
In FY2025, accounting profit and cash generation diverged sharply: net income remained positive at$56M while operating cash flow fell to-$664M . With receivables rising to$419M from$336M , more of the year’s activity appears to have been booked before it was collected, which helps explain why free cash flow stayed deeply negative despite reported profit.
Revenue recovered to
The balance sheet was used as a bridge: financing cash flow was
Financial Health Signals
Walker & Dunlop Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Walker & Dunlop Inc passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Walker & Dunlop Inc used $11.81 of operating cash (-$664.3M OCF vs $56.2M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
Walker & Dunlop Inc generated $1.2B in revenue in fiscal year 2025. This represents an increase of 9.0% from the prior year.
Walker & Dunlop Inc reported $56.2M in net income in fiscal year 2025. This represents a decrease of 48.0% from the prior year.
Walker & Dunlop Inc earned $1.64 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 48.6% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Walker & Dunlop Inc recorded an outflow of $680.1M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 684.3% from the prior year.
Walker & Dunlop Inc held $299.3M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Walker & Dunlop Inc paid $2.68 per share in dividends in fiscal year 2025. This represents an increase of 3.1% from the prior year.
Margins & Returns
Walker & Dunlop Inc's net profit margin was 4.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 5.0 percentage points from the prior year.
Walker & Dunlop Inc's ROE was 3.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.9 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Walker & Dunlop Inc spent $10.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 15.6% from the prior year.
Walker & Dunlop Inc invested $15.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 21.7% from the prior year.
Not reported for fiscal year 2025.
WD Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.2B+9.0% | $1.1B+7.4% | $1.1B-16.2% | $1.3B0.0% | $1.3B+16.2% | $1.1B+32.6% | $817.2M+12.7% | $725.2M+1.9% | $711.9M+23.7% | $575.3M+22.9% | $468.2M+29.8% | $360.8M+13.1% | $319.0M+24.3% | $256.8M+68.5% | $152.3M |
| SG&A Expenses | $680.3M | $647.8M+15.8% | $559.2M+8.7% | $514.3M-15.3% | $607.4M+0.6% | $603.5M+28.7% | $468.8M+35.4% | $346.2M+16.4% | $297.3M+2.8% | $289.3M+27.2% | $227.5M+23.2% | $184.6M+23.6% | $149.4M+3963.5% | $3.7M+42.6% | $2.6M+53.3% | $1.7M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $56.7M |
| Interest Expense | $62.6M | $64.7M-7.1% | $69.7M+38.4% | $50.3M+2.1% | $49.3M+50.4% | $32.8M+283.4% | $8.6M-40.5% | $14.4M+41.7% | $10.1M+4.0% | $9.7M-1.1% | $9.9M-0.7% | $9.9M-45.5% | $18.2M+32.8% | $13.7M+7.9% | $12.7M+111.7% | $6.0M |
| Income Tax | $14.3M | $22.0M-27.9% | $30.5M-12.8% | $35.0M-37.5% | $56.0M-35.2% | $86.4M+2.5% | $84.3M+47.6% | $57.1M+10.0% | $51.9M+137.8% | $21.8M-69.5% | $71.5M+35.4% | $52.8M+62.4% | $32.5M+28.6% | $25.3M+14.8% | $22.0M+0.9% | $21.8M |
| Net Income | $38.4M | $56.2M-48.0% | $108.2M+0.8% | $107.4M-49.8% | $213.8M-19.5% | $265.8M+8.0% | $246.2M+42.0% | $173.4M+7.4% | $161.4M-23.5% | $211.1M+85.4% | $113.9M+38.7% | $82.1M+59.7% | $51.4M+23.8% | $41.5M+23.0% | $33.8M-3.1% | $34.9M |
| EPS (Diluted) | — | $1.64-48.6% | $3.19+0.3% | $3.18-50.0% | $6.36-22.0% | $8.15+6.0% | $7.69+41.1% | $5.45+9.9% | $4.96-23.3% | $6.47+81.2% | $3.57+34.7% | $2.65+67.7% | $1.58+30.6% | $1.21-7.6% | $1.31-18.1% | $1.60 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
WD Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.1B+15.5% | $4.4B+8.1% | $4.1B+0.2% | $4.0B-22.3% | $5.2B+11.9% | $4.7B+73.9% | $2.7B-3.8% | $2.8B+26.0% | $2.2B-27.7% | $3.1B-13.2% | $3.5B+74.9% | $2.0B+78.0% | $1.1B-33.1% | $1.7B+223.1% | $522.6M |
| Cash & Equivalents | $299.3M+7.2% | $279.3M-15.0% | $328.7M+45.5% | $225.9M-26.1% | $305.6M-4.8% | $321.1M+166.1% | $120.7M+34.0% | $90.1M-52.9% | $191.2M+61.0% | $118.8M-13.3% | $137.0M+20.8% | $113.4M-33.5% | $170.6M+162.3% | $65.0M+20.8% | $53.8M |
| Accounts Receivable | $419.4M+24.9% | $335.9M+43.8% | $233.6M+15.5% | $202.3M-4.6% | $212.0M+222.5% | $65.7M+26.1% | $52.1M+3.4% | $50.4M+20.9% | $41.7M+41.5% | $29.5M+23.5% | $23.8M+2.6% | $23.2M-15.8% | $27.6M-32.6% | $40.9M+121.2% | $18.5M |
| Goodwill | $868.7M0.0% | $868.7M-3.7% | $901.7M-6.0% | $959.7M+37.4% | $698.6M+180.6% | $249.0M+38.0% | $180.4M+3.7% | $173.9M+40.5% | $123.8M+28.4% | $96.4M+6.7% | $90.3M+21.2% | $74.5M+23.8% | $60.2M+0.8% | $59.7M | N/A |
| Total Liabilities | $3.3B+26.4% | $2.6B+13.7% | $2.3B-1.0% | $2.3B-35.8% | $3.6B+5.0% | $3.5B+111.6% | $1.6B-12.9% | $1.9B+34.5% | $1.4B-42.8% | $2.4B-19.4% | $3.0B+91.8% | $1.6B+117.0% | $726.1M-45.6% | $1.3B+272.1% | $358.9M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $1.4B+153.5% | $548.2M-53.0% | $1.2B | N/A |
| Total Equity | $1.7B-0.7% | $1.7B+1.4% | $1.7B+2.0% | $1.7B+9.0% | $1.6B+29.6% | $1.2B+15.5% | $1.0B+14.8% | $902.1M+11.5% | $809.4M+32.6% | $610.2M+25.1% | $487.9M+12.6% | $433.5M+7.6% | $402.8M+14.1% | $353.2M+115.8% | $163.7M |
| Retained Earnings | $1.3B-2.7% | $1.3B+1.5% | $1.3B+1.6% | $1.3B+10.7% | $1.2B+21.1% | $952.9M+19.6% | $796.8M+19.5% | $666.8M+15.0% | $579.9M+52.2% | $381.0M+40.1% | $272.0M+30.2% | $209.0M+32.6% | $157.5M+35.8% | $116.0M+41.1% | $82.2M |
Not reported in any period shown, so not listed: Current Assets, Inventory, Current Liabilities.
WD Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$119.2M | -$664.3M-613.5% | $129.4M+25072.8% | -$518K-100.0% | $1.6B+81.8% | $870.5M+161.7% | -$1.4B-430.1% | $427.6M+567.3% | $64.1M-94.0% | $1.1B+40.6% | $759.5M+156.7% | -$1.3B-90.4% | -$703.0M-184.0% | $836.9M+199.7% | -$839.2M-1545.3% | $58.1M |
| Capital Expenditures | $12.1M | $15.8M+21.7% | $13.0M-20.0% | $16.2M-26.3% | $22.0M+138.9% | $9.2M+208.7% | $3.0M-36.7% | $4.7M-0.2% | $4.7M-9.3% | $5.2M+110.1% | $2.5M+75.4% | $1.4M-44.0% | $2.5M-44.1% | $4.5M-1.7% | $4.6M+22.4% | $3.8M |
| Free Cash Flow | -$131.2M | -$680.1M-684.3% | $116.4M+796.2% | -$16.7M-101.1% | $1.6B+81.2% | $861.2M+160.9% | -$1.4B-434.5% | $422.9M+612.4% | $59.4M-94.4% | $1.1B+40.4% | $757.0M+156.5% | -$1.3B-89.9% | -$705.5M-184.8% | $832.4M+198.6% | -$843.8M-1653.8% | $54.3M |
| Investing Cash Flow | -$60.4M | -$77.3M-102.8% | -$38.1M-130.1% | $126.9M+194.8% | -$133.8M+64.6% | -$377.6M-427.8% | $115.2M+244.5% | -$79.7M+85.6% | -$552.2M-668.3% | $97.2M+245.5% | -$66.8M-145.2% | -$27.2M | N/A | N/A | N/A | N/A |
| Financing Cash Flow | $90.7M | $758.1M+590.0% | -$154.7M-2385.8% | $6.8M+100.4% | -$1.6B-246.0% | -$457.7M-130.2% | $1.5B+557.6% | -$331.6M-203.0% | $321.8M+129.5% | -$1.1B-57.1% | -$693.6M-150.1% | $1.4B | N/A | N/A | N/A | N/A |
| Dividends Paid | $93.1M | $91.8M+3.6% | $88.6M+4.5% | $84.8M+5.9% | $80.1M+24.3% | $64.5M+42.1% | $45.4M+21.7% | $37.3M+18.5% | $31.4M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $20.6M | $10.5M-15.6% | $12.4M-39.6% | $20.5M-51.6% | $42.4M+124.5% | $18.9M-58.8% | $45.8M+49.2% | $30.7M-55.4% | $68.8M+97.2% | $34.9M+170.7% | $12.9M-74.3% | $50.3M+33.7% | $37.6M+1142.7% | $3.0M+308.2% | $741K+56.7% | $473K |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
WD Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 37.2% |
| Net Margin | 4.6%-5.0pp | 9.6%-0.6pp | 10.2%-6.8pp | 17.0%-4.1pp | 21.1%-1.6pp | 22.7%+1.5pp | 21.2%-1.0pp | 22.3%-7.4pp | 29.7%+9.9pp | 19.8%+2.3pp | 17.5%+3.3pp | 14.2%+1.2pp | 13.0%-0.1pp | 13.2%-9.7pp | 22.9% |
| Return on Equity | 3.2%-2.9pp | 6.2%0.0pp | 6.2%-6.4pp | 12.7%-4.5pp | 17.1%-3.4pp | 20.6%+3.8pp | 16.7%-1.2pp | 17.9%-8.2pp | 26.1%+7.4pp | 18.7%+1.8pp | 16.8%+5.0pp | 11.9%+1.6pp | 10.3%+0.7pp | 9.6%-11.7pp | 21.3% |
| Return on Assets | 1.1%-1.4pp | 2.5%-0.2pp | 2.6%-2.6pp | 5.3%+0.2pp | 5.1%-0.2pp | 5.3%-1.2pp | 6.5%+0.7pp | 5.8%-3.8pp | 9.6%+5.8pp | 3.7%+1.4pp | 2.3%-0.2pp | 2.6%-1.1pp | 3.7%+1.7pp | 2.0%-4.7pp | 6.7% |
| Debt-to-Equity | 1.91+0.4x | 1.50+0.2x | 1.340.0x | 1.38-1.0x | 2.34-0.5x | 2.89+1.3x | 1.58-0.5x | 2.08+0.4x | 1.72-2.3x | 3.99-2.2x | 6.20+3.0x | 3.21+1.8x | 1.36-1.9x | 3.30+1.1x | 2.19 |
| FCF Margin | -55.1%-65.4pp | 10.3%+11.9pp | -1.6% | 124.0% | 68.4% | -130.5% | 51.7%+43.6pp | 8.2% | 149.3% | 131.6% | -286.2% | -195.6% | 260.9% | -328.6% | 35.6% |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.
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Where Walker & Dunlop Inc Ranks
Frequently Asked Questions
What is Walker & Dunlop Inc's annual revenue?
Walker & Dunlop Inc (WD) reported $1.2B in total revenue for fiscal year 2025. This represents a 9.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Walker & Dunlop Inc's revenue growing?
Walker & Dunlop Inc (WD) revenue grew by 9.0% year-over-year, from $1.1B to $1.2B in fiscal year 2025.
Is Walker & Dunlop Inc profitable?
Yes, Walker & Dunlop Inc (WD) reported a net income of $56.2M in fiscal year 2025, with a net profit margin of 4.6%.
What is Walker & Dunlop Inc's net profit margin?
Walker & Dunlop Inc (WD) had a net profit margin of 4.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Walker & Dunlop Inc pay dividends?
Yes, Walker & Dunlop Inc (WD) paid $2.68 per share in dividends during fiscal year 2025.
What is Walker & Dunlop Inc's return on equity (ROE)?
Walker & Dunlop Inc (WD) has a return on equity of 3.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Walker & Dunlop Inc's free cash flow?
Walker & Dunlop Inc (WD) recorded an outflow of $680.1M in free cash flow during fiscal year 2025. This represents a -684.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Walker & Dunlop Inc's operating cash flow?
Walker & Dunlop Inc (WD) recorded an outflow of $664.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Walker & Dunlop Inc's total assets?
Walker & Dunlop Inc (WD) had $5.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Walker & Dunlop Inc's capital expenditures?
Walker & Dunlop Inc (WD) invested $15.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Walker & Dunlop Inc's debt-to-equity ratio?
Walker & Dunlop Inc (WD) had a debt-to-equity ratio of 1.91 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Walker & Dunlop Inc's return on assets (ROA)?
Walker & Dunlop Inc (WD) had a return on assets of 1.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Walker & Dunlop Inc's cash runway?
Based on fiscal year 2025 data, Walker & Dunlop Inc (WD) had $299.3M in cash against an annual operating cash burn of $664.3M. This gives an estimated cash runway of approximately 5 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Walker & Dunlop Inc's Piotroski F-Score?
Walker & Dunlop Inc (WD) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Walker & Dunlop Inc's earnings high quality?
For every $1 of reported earnings, Walker & Dunlop Inc (WD) used $11.81 of operating cash (-$664.3M OCF vs $56.2M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.