NYSE : WD
Walker & Dunlop, Inc. — Financial statements
Financials · Mortgage Finance · United States
Last price 34.79 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.19B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest and Dividend Income | 72.41M | 56.21M | 40.06M | 44.70M | 65.06M | 54.89M |
| Total Interest Expense | 133.34M | 126.42M | 116.78M | 118.81M | 83.52M | 40.76M |
| Net Interest Income | -60.93M | -70.20M | -76.72M | -74.11M | -18.46M | 14.13M |
| Commissions and Fees | 343.67M | 337.44M | 325.64M | 311.91M | 300.19M | 278.47M |
| Other Revenue | 527.22M | 525.58M | 500.34M | 468.37M | 522.85M | 486.95M |
| Revenue Before Loan Losses | 1.23B | 1.17B | 1.06B | 985.96M | 1.22B | 1.25B |
| Provision for Loan Losses | 29.14M | 9.59M | 10.84M | -10.45M | -11.98M | -13.29M |
| Revenue | 1.20B | 1.16B | 1.05B | 996.42M | 1.24B | 1.26B |
| Salaries & Employee Benefits | 680.27M | 647.81M | 559.25M | 514.29M | 607.37M | 603.49M |
| Cost of Services Provided | 16.11M | 16.11M | 16.06M | 14.15M | 16.37M | 9.44M |
| Other Operating Expenses | 131.28M | 109.05M | 113.17M | 104.13M | 126.28M | 82.33M |
| Total Operating Expenses | 1.07B | 1.01B | 926.03M | 859.33M | 985.04M | 905.54M |
| Operating Income | 124.76M | 148.35M | 125.93M | 137.09M | 251.45M | 358.95M |
| EBT Excluding Unusual Items | 124.76M | 148.35M | 125.93M | 137.09M | 251.45M | 358.95M |
| Impairment of Goodwill | -33.00M | -62.00M | ||||
| Other Unusual Items | -32.61M | -32.61M | 39.75M | 62.50M | 13.51M | -6.89M |
| Pretax Income | 55.40M | 79.00M | 131.50M | 138.20M | 264.96M | 352.06M |
| Income Tax Expense | 14.33M | 22.01M | 30.54M | 35.03M | 56.03M | 86.43M |
| Earnings From Continuing Ops. | 41.08M | 56.98M | 100.96M | 103.17M | 208.93M | 265.63M |
| Minority Interest in Earnings | -1.82M | 99.00K | 7.21M | 4.19M | 4.89M | 132.00K |
| Net Income | 39.26M | 57.08M | 108.17M | 107.36M | 213.82M | 265.76M |
| Preferred Dividends & Other Adjustments | 990.00K | 1.35M | 2.44M | 2.75M | 6.10M | 8.84M |
| Net Income to Common | 38.27M | 55.73M | 105.73M | 104.61M | 207.72M | 256.93M |
| Shares Outstanding (Basic) | 33.36M | 33.35M | 33.12M | 32.70M | 32.33M | 31.08M |
| Shares Outstanding (Diluted) | 33.37M | 33.37M | 33.16M | 32.88M | 32.69M | 31.53M |
| EPS (Basic) | 1.15 | 1.67 | 3.19 | 3.20 | 6.43 | 8.27 |
| EPS (Diluted) | 1.12 | 1.64 | 3.19 | 3.18 | 6.36 | 8.15 |
| Free Cash Flow | -131.24M | -680.08M | 116.40M | -16.72M | 1.56B | 861.25M |
| Free Cash Flow Per Share | -3.93 | -20.38 | 3.51 | -0.51 | 47.75 | 27.31 |
| Dividend Per Share | 2.70 | 2.68 | 2.52 | 2.52 | 2.40 | 2.00 |
| Operating Margin | 10.41% | 12.79% | 11.97% | 13.76% | 20.34% | 28.39% |
| Profit Margin | 3.19% | 4.80% | 10.05% | 10.50% | 16.80% | 20.32% |
| Free Cash Flow Margin | -10.95% | -58.63% | 11.06% | -1.68% | 126.22% | 68.11% |
| Effective Tax Rate | 25.86% | 27.87% | 23.23% | 25.35% | 21.15% | 24.55% |
| Revenue as Reported | 1.29B | 1.23B | 1.13B | 1.05B | 1.26B | 1.26B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 160.86M | 299.31M | 279.27M | 328.70M | 225.95M | 305.63M |
| Long-Term Investments | 268.44M | 474.11M | 520.47M | 369.40M | 453.00M | 342.19M |
| Trading Asset Securities | 32.70M | 27.22M | 30.18M | 31.45M | 17.64M | 37.36M |
| Loans & Lease Receivables | 96.48M | 77.77M | 32.87M | 40.06M | 200.25M | 269.12M |
| Other Receivables | 476.85M | 419.36M | 335.88M | 233.56M | 202.25M | 212.02M |
| Property, Plant & Equipment | 130.74M | 128.48M | 119.19M | 94.76M | 97.57M | |
| Goodwill | 868.71M | 868.71M | 868.71M | 901.71M | 959.71M | 698.63M |
| Other Intangible Assets | 927.72M | 950.02M | 1.01B | 1.09B | 1.17B | 1.14B |
| Restricted Cash | 43.05M | 45.06M | 48.63M | 62.70M | 32.33M | 87.55M |
| Other Current Assets | 71.93M | 78.49M | 89.80M | 98.59M | 85.77M | |
| Other Long-Term Assets | 635.83M | 258.90M | 268.98M | 191.39M | 190.67M | 120.81M |
| Total Assets | 4.89B | 5.06B | 4.38B | 4.05B | 4.05B | 5.21B |
| Accrued Expenses | 172.52M | 155.25M | 123.35M | 115.88M | 160.72M | |
| Short-Term Debt | 1.39B | 1.42B | 781.71M | 624.42M | 539.61M | 1.95B |
| Current Portion of Leases | 17.50M | |||||
| Long-Term Debt | 954.00M | 947.78M | 863.07M | 773.36M | 704.10M | 740.17M |
| Long-Term Leases | 87.62M | 107.50M | 101.36M | 79.62M | 29.52M | |
| Long-Term Deferred Tax Liabilities | 237.00M | 241.39M | 245.37M | 243.49M | 225.24M | |
| Other Long-Term Liabilities | 826.91M | 429.89M | 473.22M | 438.35M | 645.83M | 524.15M |
| Total Liabilities | 3.17B | 3.31B | 2.62B | 2.31B | 2.33B | 3.63B |
| Common Stock | 333.00K | 334.00K | 332.00K | 329.00K | 323.00K | 320.00K |
| Additional Paid-In Capital | 462.19M | 450.43M | 429.00M | 425.49M | 412.64M | 393.02M |
| Retained Earnings | 1.24B | 1.28B | 1.32B | 1.30B | 1.28B | 1.15B |
| Comprehensive Income & Other | 612.00K | 1.88M | 586.00K | -479.00K | -1.57M | 2.56M |
| Total Common Equity | 1.71B | 1.74B | 1.75B | 1.72B | 1.69B | 1.55B |
| Minority Interest | 12.80M | 11.86M | 12.00M | 22.38M | 27.40M | 28.05M |
| Shareholders' Equity | 1.72B | 1.75B | 1.76B | 1.75B | 1.72B | 1.58B |
| Total Liabilities & Equity | 4.89B | 5.06B | 4.38B | 4.05B | 4.05B | 5.21B |
| Total Debt | 2.35B | 2.47B | 1.75B | 1.50B | 1.32B | 2.72B |
| Net Cash (Debt) | -2.15B | -2.15B | -1.44B | -1.14B | -1.08B | -2.37B |
| Net Cash Per Share | -64.52 | -64.33 | -43.51 | -34.65 | -33.03 | -75.31 |
| Filing Date Shares Outstanding | 34.33M | 34.06M | 33.80M | 33.52M | 33.05M | 32.89M |
| Total Common Shares Outstanding | 33.27M | 33.39M | 33.19M | 32.87M | 32.40M | 32.05M |
| Working Capital | 800.05M | 766.71M | 649.10M | 633.49M | 517.86M | 700.35M |
| Book Value Per Share | 51.31 | 51.96 | 52.66 | 52.44 | 52.15 | 48.37 |
| Tangible Book Value | 703.96M | 724.45M | 722.26M | 640.07M | 531.07M | 667.61M |
| Tangible Book Value Per Share | 21.16 | 21.70 | 21.76 | 19.47 | 16.39 | 20.83 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 39.26M | 57.08M | 108.17M | 107.36M | 213.82M | 265.76M |
| Depreciation & Amortization | 245.79M | 238.68M | 237.55M | 226.75M | 235.03M | 210.28M |
| Loss (Gain) From Sale of Investments | 18.61M | 18.61M | 721.00K | 4.97M | -39.64M | |
| Asset Writedown & Restructuring Costs | 33.00M | 62.00M | ||||
| Provision for Credit Losses | 37.75M | 9.59M | 10.84M | -10.45M | -11.98M | -13.29M |
| Stock-Based Compensation | 26.75M | 26.75M | 27.33M | 27.84M | 33.99M | 36.58M |
| Net Decrease (Increase) in Loans Originated / Sold - Operating | -213.53M | -833.76M | -23.63M | -179.62M | 1.37B | 620.77M |
| Change in Other Net Operating Assets | -17.10M | -17.10M | -59.02M | -28.27M | -41.08M | -28.47M |
| Other Operating Activities | -256.70M | -164.16M | -205.59M | -211.10M | -180.11M | -221.19M |
| Operating Cash Flow | -119.18M | -664.31M | 129.36M | -518.00K | 1.58B | 870.46M |
| Capital Expenditures | -12.06M | -15.77M | -12.96M | -16.20M | -22.00M | -9.21M |
| Cash Acquisitions | -114.16M | -420.56M | ||||
| Investment in Securities | -22.32M | -26.55M | -19.41M | -24.68M | -26.10M | -53.10M |
| Net Decrease (Increase) in Loans Originated / Sold - Investing | -23.42M | -24.38M | 17.77M | 160.66M | 67.71M | 91.76M |
| Other Investing Activities | -2.60M | -10.64M | -23.54M | 7.09M | -39.23M | 13.55M |
| Investing Cash Flow | -60.39M | -77.34M | -38.13M | 126.87M | -133.78M | -377.55M |
| Short-Term Debt Issued | 824.55M | 33.70M | 189.74M | 36.46M | 266.57M | |
| Long-Term Debt Issued | 398.88M | 196.00M | 598.50M | |||
| Total Debt Issued | 265.50M | 1.22B | 33.70M | 385.74M | 36.46M | 865.08M |
| Short-Term Debt Repaid | -25.59M | -119.83M | -1.43B | -863.91M | ||
| Long-Term Debt Repaid | -331.86M | -8.02M | -122.05M | -36.63M | -368.08M | |
| Total Debt Repaid | -46.93M | -331.86M | -33.60M | -241.88M | -1.47B | -1.23B |
| Net Debt Issued (Repaid) | 218.57M | 891.57M | 101.00K | 143.85M | -1.43B | -366.92M |
| Issuance of Common Stock | 5.25M | |||||
| Repurchase of Common Stock | -20.62M | -10.45M | -12.38M | -20.51M | -42.37M | -18.87M |
| Common Dividends Paid | -93.10M | -91.80M | -88.63M | -84.84M | -80.14M | -64.45M |
| Other Financing Activities | -14.14M | -31.18M | -53.81M | -31.74M | -26.58M | -12.73M |
| Financing Cash Flow | 90.71M | 758.13M | -154.73M | 6.77M | -1.58B | -457.73M |
| Net Cash Flow | -88.86M | 16.48M | -63.51M | 133.12M | -134.90M | 35.18M |
| Free Cash Flow | -131.24M | -680.08M | 116.40M | -16.72M | 1.56B | 861.25M |
| Free Cash Flow Margin | -10.95% | -58.63% | 11.06% | -1.68% | 126.22% | 68.11% |
| Free Cash Flow Per Share | -3.93 | -20.38 | 3.51 | -0.51 | 47.75 | 27.31 |
| Cash Interest Paid | 136.26M | 107.15M | 105.41M | 114.09M | 76.66M | 37.95M |
| Cash Income Tax Paid | 28.27M | 22.62M | 32.34M | 30.90M | 58.52M | 43.43M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.23B | 2.05B | 3.28B | 3.71B | 2.59B | 4.83B |
| PE Ratio | 31.89 | 36.77 | 31.05 | 35.50 | 12.47 | 18.82 |
| PS Ratio | 1.02 | 1.77 | 3.12 | 3.73 | 2.10 | 3.82 |
| PB Ratio | 0.70 | 1.17 | 1.86 | 2.13 | 1.51 | 3.06 |
| P/FCF Ratio | 28.20 | 1.66 | 5.61 | |||
| P/OCF Ratio | 25.38 | 1.64 | 5.55 | |||
| Debt / Equity Ratio | 1.36 | 1.42 | 1.00 | 0.86 | 0.77 | 1.72 |
| Debt / FCF Ratio | 15.05 | 0.85 | 3.16 | |||
| Net Debt / Equity Ratio | 1.25 | 1.23 | 0.82 | 0.65 | 0.63 | 1.50 |
| Net Debt / FCF Ratio | -16.41 | -3.16 | 12.40 | -68.13 | 0.69 | 2.76 |
| Quick Ratio | 0.55 | 0.51 | 0.72 | 0.85 | 0.99 | 0.39 |
| Current Ratio | 1.57 | 1.48 | 1.69 | 1.85 | 1.79 | 1.33 |
| Asset Turnover | 0.25 | 0.25 | 0.25 | 0.25 | 0.27 | 0.26 |
| Return on Equity (ROE) | 2.36% | 3.25% | 5.76% | 5.96% | 12.68% | 19.15% |
| Return on Assets (ROA) | 0.86% | 1.21% | 2.39% | 2.55% | 4.52% | 5.39% |
| Return on Invested Capital (ROIC) | 1.99% | 2.77% | 2.86% | 3.26% | 5.41% | 6.45% |
| Earnings Yield | 3.14% | 2.79% | 3.29% | 2.89% | 8.25% | 5.50% |
| FCF Yield | -10.69% | -33.19% | 3.55% | -0.45% | 60.24% | 17.82% |
| Dividend Yield | 7.61% | 4.37% | 2.55% | 2.23% | 3.00% | 1.33% |
| Payout Ratio | 242.57% | 160.82% | 81.94% | 79.02% | 37.48% | 24.25% |
| Buyback Yield / Dilution | -0.30% | -0.64% | -0.86% | -0.57% | -3.66% | -1.45% |
| Total Shareholder Return | 7.31% | 3.73% | 1.69% | 1.66% | -0.66% | -0.12% |