Walker & Dunlop, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Walker & Dunlop, Inc. reported revenue of $1.2B (+9.0% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Total revenues | $1.2B | $1.1B | $1.1B | $1.3B |
| Personnel | $647.8M | $559.2M | $514.3M | $607.4M |
| Amortization and depreciation | $238.7M | $237.5M | $226.8M | $235.0M |
| Provision (benefit) for credit losses | $9.6M | $10.8M | ($10.5M) | ($12.0M) |
| Interest expense on corporate debt | $64.7M | $69.7M | $68.5M | $34.2M |
| Goodwill impairment | $0 | $33.0M | $62.0M | — |
| Fair value adjustments to contingent consideration liabilities | ($8.2M) | ($50.3M) | ($62.5M) | — |
| Indemnified and repurchased loan expenses (NOTE 5) | $40.9M | — | — | — |
| Asset impairments and other expenses (NOTE 17) | $36.7M | — | — | — |
| Other operating expenses | $125.2M | $141.0M | $117.7M | $129.1M |
| Total expenses | $1.2B | $1.0B | $916.2M | $993.8M |
| Income before taxes | $79.0M | $131.5M | $138.2M | $265.0M |
| Income tax expense | $22.0M | $30.5M | $35.0M | $56.0M |
| Net income before noncontrolling interests and temporary equity holders | $57.0M | $101.0M | $103.2M | $208.9M |
| Less: net income (loss) from noncontrolling interests | ($99.0K) | — | — | ($4.9M) |
| Less: net income (loss) attributable to temporary equity holders | $837.0K | — | — | — |
| Walker & Dunlop net income | $56.2M | $108.2M | $107.4M | $213.8M |
| Other comprehensive income (loss), net of tax | $1.3M | — | — | — |
| Walker & Dunlop comprehensive income | $57.5M | $109.2M | $108.4M | $209.7M |
| Basic earnings per share (NOTE 11) | $1.65 | $3.19 | $3.20 | $6.43 |
| Diluted earnings per share (NOTE 11) | $1.64 | $3.19 | $3.18 | $6.36 |
| Basic weighted-average shares outstanding | 33.3M | 33.1M | 32.7M | 32.3M |
| Diluted weighted-average shares outstanding | 33.4M | 33.2M | 32.9M | 32.7M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Total revenues | $306.7M | $301.3M | $337.7M | $319.2M |
| Personnel | $162.9M | $152.8M | $177.4M | $161.9M |
| Amortization and depreciation | $60.7M | $63.0M | $60.0M | $58.9M |
| Provision (benefit) for credit losses | $21.0M | $4.1M | $949.0K | $1.8M |
| Interest expense on corporate debt | $15.3M | $14.9M | $16.5M | $16.8M |
| Indemnified and repurchased loan expenses | $6.9M | $10.1M | — | — |
| Other operating expenses | $37.9M | $30.5M | $36.9M | $33.5M |
| Total expenses | $304.6M | $275.4M | $291.7M | $272.9M |
| Income before taxes | $2.1M | $25.9M | $45.9M | $46.4M |
| Income tax expense (benefit) | ($764.0K) | $8.0M | $12.5M | $12.4M |
| Net income before noncontrolling interests and temporary equity holders | $2.8M | $17.9M | $33.4M | $33.9M |
| Less: net income (loss) from noncontrolling interests | $12.0K | $974.0K | ($31.0K) | ($3.0K) |
| Less: net income (loss) attributable to temporary equity holders | ($180.0K) | $1.1M | — | — |
| Walker & Dunlop net income | $3.0M | $15.9M | $33.5M | $34.0M |
| Other comprehensive income (loss), net of tax | ($591.0K) | ($673.0K) | ($931.0K) | — |
| Walker & Dunlop comprehensive income | $2.4M | $15.2M | $32.5M | $35.4M |
| Basic earnings per share (NOTE 11) | $0.09 | $0.46 | $0.98 | $1.00 |
| Diluted earnings per share (NOTE 11) | $0.09 | $0.46 | $0.98 | $0.99 |
| Basic weighted-average shares outstanding | 33.3M | 33.4M | 33.4M | 33.4M |
| Diluted weighted-average shares outstanding | 33.3M | 33.4M | 33.4M | 33.4M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $299.3M | $279.3M | $328.7M | $225.9M |
| Restricted cash | $22.8M | $25.2M | $21.4M | $17.7M |
| Pledged securities, at fair value | $225.0M | $206.9M | $184.1M | $157.3M |
| Loans held for sale, at fair value | $1.4B | $780.7M | $595.0M | $396.3M |
| Mortgage servicing rights | $808.1M | $852.4M | $907.4M | $975.2M |
| Goodwill | $868.7M | $868.7M | $901.7M | $959.7M |
| Other intangible assets | $141.9M | $156.9M | $182.0M | $198.6M |
| Receivables, net | $419.4M | $335.9M | $233.6M | $202.3M |
| Committed investments in tax credit equity | $241.4M | $313.2M | $154.0M | $254.2M |
| Other assets | $596.6M | $562.8M | $544.5M | $457.9M |
| Total assets | $5.1B | $4.4B | $4.1B | $4.0B |
| Warehouse notes payable | $1.4B | $781.7M | $596.2M | $543.4M |
| Corporate notes payable | $829.2M | $768.0M | $773.4M | $704.1M |
| Allowance for risk-sharing obligations | $37.5M | $28.2M | $31.6M | $44.1M |
| Deferred tax liabilities, net | $237.0M | $241.4M | $245.4M | $243.5M |
| Commitments to fund investments in tax credit equity | $219.9M | $275.0M | $140.3M | $239.3M |
| Other liabilities | $569.6M | $527.9M | $519.5M | $554.2M |
| Total liabilities | $3.3B | $2.6B | $2.3B | $2.3B |
| Profit interests of a wholly owned subsidiary subject to possible redemption | ($1.0M) | — | — | — |
| Common stock ($0.01 par value; authorized 200,000 shares; issued and outstanding 33,389 shares as of December 31, 2025 and 33,194 shares as of December 31, 2024) | 334.0K | 332.0K | 329.0K | 323.0K |
| Additional paid-in capital ("APIC") | $450.4M | $429.0M | $425.5M | $412.6M |
| Accumulated other comprehensive income (loss) ("AOCI") | $1.9M | $586.0K | ($479.0K) | ($1.6M) |
| Retained earnings | $1.3B | $1.3B | $1.3B | $1.3B |
| Total stockholders' equity | $1.7B | $1.7B | $1.7B | $1.7B |
| Noncontrolling interests | $11.9M | $12.0M | $22.4M | $27.4M |
| Total permanent equity | $1.7B | $1.8B | $1.7B | $1.7B |
| Total liabilities, temporary equity, and permanent equity | $5.1B | $4.4B | $4.1B | $4.0B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $160.9M | $192.5M | $274.8M | $233.7M |
| Restricted cash | $25.8M | $34.4M | $44.5M | $41.1M |
| Pledged securities, at fair value | $234.5M | $228.6M | $221.7M | $218.4M |
| Loans held for sale, at fair value | $1.4B | $2.5B | $2.2B | $1.2B |
| Mortgage servicing rights | $793.4M | $795.8M | $806.0M | $817.8M |
| Goodwill | $868.7M | $868.7M | $868.7M | $868.7M |
| Other intangible assets | $134.4M | $138.1M | $145.6M | $149.4M |
| Receivables, net | $476.9M | $424.4M | $374.3M | $360.6M |
| Committed investments in tax credit equity | $170.7M | $265.4M | $257.6M | $194.5M |
| Other assets | $645.5M | $670.7M | $606.3M | $612.9M |
| Total assets | $4.9B | $6.2B | $5.8B | $4.7B |
| Warehouse notes payable | $1.4B | $2.5B | $2.2B | $1.2B |
| Corporate notes payable | $820.9M | $825.8M | $829.9M | $828.7M |
| Allowance for risk-sharing obligations | $49.1M | $38.7M | $34.1M | $33.2M |
| Commitments to fund investments in tax credit equity | $174.1M | $256.1M | $223.8M | $168.9M |
| Other liabilities | $744.4M | $775.8M | $756.8M | $725.3M |
| Total liabilities | $3.2B | $4.4B | $4.0B | $2.9B |
| Profit interests of a wholly owned subsidiary subject to possible redemption | $909.0K | $752.0K | — | — |
| Common stock ($0.01 par value; authorized 200,000 shares; issued and outstanding 33,269 shares as of June 30, 2026 and 33,389 shares as of December 31, 2025) | 333.0K | 332.0K | 333.0K | 333.0K |
| Additional paid-in capital ("APIC") | $462.2M | $454.2M | $444.1M | $438.1M |
| Accumulated other comprehensive income (loss) ("AOCI") | $612.0K | $1.2M | $1.8M | $2.8M |
| Retained earnings | $1.2B | $1.3B | $1.3B | $1.3B |
| Total stockholders' equity | $1.7B | $1.7B | $1.8B | $1.8B |
| Noncontrolling interests | $12.8M | $12.8M | $11.9M | $11.8M |
| Total permanent equity | $1.7B | $1.7B | $1.8B | $1.8B |
| Total liabilities, temporary equity, and permanent equity | $4.9B | $6.2B | $5.8B | $4.7B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income before noncontrolling interests and temporary equity holders | $57.0M | $101.0M | $103.2M | $208.9M |
| Gains attributable to the fair value of future servicing rights, net of guaranty obligation | ($179.7M) | ($153.6M) | ($141.9M) | ($191.8M) |
| Change in the fair value of premiums and origination fees (NOTE 2) | $1.9M | $3.1M | ($2.5M) | $14.2M |
| Amortization and depreciation | $238.7M | $237.5M | $226.8M | $235.0M |
| Stock compensation-equity and liability classified | $26.7M | $27.3M | $27.8M | $34.0M |
| Provision (benefit) for credit losses | $9.6M | $10.8M | ($10.5M) | ($12.0M) |
| Indemnified and repurchased loans expenses - loan repurchase losses (Note 5) | $20.1M | — | — | — |
| Deferred tax expense (benefit) | ($5.8M) | ($2.5M) | $1.2M | $18.4M |
| Goodwill impairment | $0 | $33.0M | $62.0M | — |
| Fair value adjustments to contingent consideration liabilities | ($8.2M) | ($50.3M) | ($62.5M) | ($13.5M) |
| Impairment of real estate held for investment and equity method investment | $18.6M | — | — | — |
| Originations of loans held for sale | ($17.2B) | ($11.8B) | ($11.4B) | ($18.0B) |
| Proceeds from transfers of loans held for sale | $16.3B | $11.8B | $11.2B | $19.3B |
| Other operating activities, net | $7.7M | $4.9M | $776.0K | $2.1M |
| Receivables, net | ($83.5M) | ($68.8M) | ($35.3M) | $44.8M |
| Other assets | $29.2M | ($42.9M) | ($4.7M) | ($69.6M) |
| Other liabilities | $37.2M | $53.4M | $16.7M | ($16.4M) |
| Net cash provided by (used in) operating activities | ($664.3M) | $129.4M | ($518.0K) | $1.6B |
| Capital expenditures | ($15.8M) | ($13.0M) | ($16.2M) | ($22.0M) |
| Capital invested in equity-method investments | ($26.5M) | ($19.4M) | ($24.7M) | ($26.1M) |
| Purchases of pledged available-for-sale ("AFS") securities | ($47.0M) | ($51.4M) | ($12.5M) | ($60.8M) |
| Proceeds from prepayment and sale of pledged AFS securities | $26.6M | $9.5M | $10.7M | $14.0M |
| Originations and repurchase of loans held for investment | ($24.4M) | ($37.9M) | — | ($54.4M) |
| Other investing activities, net | $9.7M | $18.3M | — | — |
| Net cash provided by (used in) investing activities | ($77.3M) | ($38.1M) | $126.9M | ($133.8M) |
| Borrowings (repayments) of warehouse notes payable, net | $824.5M | $33.7M | $189.7M | ($1.4B) |
| Repayments of corporate notes payable | ($331.9M) | ($8.0M) | ($122.0M) | ($36.6M) |
| Borrowings of corporate notes payable | $398.9M | — | $196.0M | — |
| Repurchase of common stock | ($10.5M) | ($12.4M) | ($20.5M) | ($42.4M) |
| Cash dividends paid | ($91.8M) | ($88.6M) | ($84.8M) | ($80.1M) |
| Payment of contingent consideration | ($12.3M) | ($34.3M) | ($26.1M) | ($21.2M) |
| Debt issuance costs | ($16.0M) | — | ($5.8M) | ($3.3M) |
| Other financing activities, net | ($2.8M) | ($1.8M) | — | — |
| Net cash provided by (used in) financing activities | $758.1M | ($154.7M) | $6.8M | ($1.6B) |
| Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (NOTE 2) | $16.5M | ($63.5M) | $133.1M | ($134.9M) |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | $327.9M | $391.4M | $258.3M | $393.2M |
| Total of cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | $344.4M | $327.9M | $391.4M | $258.3M |
| Cash paid to third parties for interest | $107.1M | $105.4M | $114.1M | $76.7M |
| Cash paid for income taxes, net of cash refunds received | $22.6M | $32.3M | $30.9M | $58.5M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income before noncontrolling interests and temporary equity holders | $20.8M | $17.9M | $70.1M | $36.7M |
| Gains attributable to the fair value of future servicing rights, net of guaranty obligation | ($94.6M) | ($46.8M) | ($129.6M) | ($81.0M) |
| Change in the fair value of premiums and origination fees | ($7.2M) | ($13.4M) | ($9.5M) | ($16.8M) |
| Amortization and depreciation | $123.7M | $63.0M | $176.6M | $116.6M |
| Provision (benefit) for credit losses | $25.1M | $4.1M | $6.5M | $5.5M |
| Indemnified and repurchased loans expenses - loan repurchase losses | $8.6M | $7.0M | — | — |
| Originations of loans held for sale | ($8.4B) | ($3.9B) | ($11.3B) | ($5.3B) |
| Proceeds from transfers of loans held for sale | $8.4B | $2.8B | $9.7B | $4.7B |
| Other operating activities, net | ($103.4M) | ($64.3M) | $11.9M | ($12.9M) |
| Net cash provided by (used in) operating activities | $25.6M | ($1.1B) | ($1.5B) | ($519.6M) |
| Capital expenditures | ($2.5M) | ($1.9M) | ($8.5M) | ($6.2M) |
| Capital invested in equity-method investments | ($12.6M) | ($3.1M) | ($17.9M) | ($16.8M) |
| Purchases of pledged available-for-sale ("AFS") securities | ($22.9M) | ($22.9M) | ($32.0M) | ($22.0M) |
| Proceeds from prepayment and sale of pledged AFS securities | $6.4M | $3.3M | $11.7M | $4.5M |
| Originations and repurchase of loans held for investment | ($23.4M) | ($23.4M) | ($24.1M) | ($24.4M) |
| Other investing activities, net | $10.0M | $7.9M | $6.0M | $2.9M |
| Net cash provided by (used in) investing activities | ($45.0M) | ($40.1M) | ($64.8M) | ($61.9M) |
| Borrowings (repayments) of warehouse notes payable, net | ($42.4M) | $1.1B | $1.6B | $559.0M |
| Repayments of corporate notes payable | ($2.3M) | ($1.1M) | ($330.7M) | ($329.6M) |
| Repurchase of common stock | ($19.4M) | ($19.1M) | ($10.3M) | ($9.2M) |
| Cash dividends paid | ($47.2M) | ($23.6M) | ($68.8M) | ($45.9M) |
| Payment of contingent consideration | ($8.6M) | ($60.0K) | ($11.0M) | ($11.0M) |
| Debt issuance costs | ($1.1M) | ($343.0K) | ($15.7M) | ($15.0M) |
| Other financing activities, net | ($115.0K) | $112.0K | ($797.0K) | ($947.0K) |
| Net cash provided by (used in) financing activities | ($121.1M) | $1.1B | $1.5B | $546.4M |
| Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (NOTE 2) | ($140.5M) | ($109.9M) | $10.0M | ($35.1M) |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | $344.4M | $344.4M | $327.9M | $327.9M |
| Total of cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | $203.9M | $234.4M | $337.9M | $292.8M |
| Cash paid to third parties for interest | $64.2M | — | $58.9M | $35.1M |
| Cash paid for income taxes, net of cash refunds received | $21.6M | $68.0K | $21.5M | $15.9M |
Walker & Dunlop, Inc. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.