Walker & Dunlop, Inc. WD
We are a leading commercial real estate (i) services, (ii) finance, and (iii) technology company in the United States. Through investments in people, brand, and technology, we have built a diversified suite of commercial real estate services to meet the needs of our customers. Our services include (i) multifamily lending, property sales, appraisal, valuation, and research, (ii) commercial real estate debt brokerage and advisory services, (iii) investment management, and (iv) affordable housing lending, property sales, tax credit syndication, development, and investment. We leverage our technological resources and investments to (i) provide an enhanced experience for our customers, (ii) identify refinancing and other financial and investment opportunities for new and existing customers, and (iii) drive efficiencies in our internal processes. We believe our people, brand, and technology provide us with a competitive advantage, as evidenced by 72%, 72%, and 69% of refinancing volumes coming from new loans to us for the years ended December 31, 2025, 2024, and 2023, respectively. Additionally, 19%, 20%, and 22% of total transaction volumes came from new customers for the years ended December 31, 2025, 2024, and 2023, respectively.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $320.0M | $265.4M | $258.2M | $430.0M | $363.5M | $125.6M | $127.5M | $95.7M | $82.4M | $51.5M |
| Total operating expenses | $1.16B | $1.00B | $916.2M | $993.8M | $907.1M | $753.4M | $586.9M | $512.4M | $478.2M | $389.5M |
| Interest expense | $5.5M | $7.0M | $5.6M | $15.8M | $32.8M | — | — | — | — | — |
| Pre-tax income | $79.0M | $131.5M | $138.2M | $265.0M | $352.1M | $330.3M | $230.4M | $212.8M | $233.7M | $185.8M |
| Income tax | $22.0M | $30.5M | $35.0M | $56.0M | $86.4M | $84.3M | $57.1M | $51.9M | $21.8M | $71.5M |
| Net income | $56.2M | $108.2M | $107.4M | $213.8M | $265.8M | $246.2M | $173.4M | $161.4M | $211.1M | $113.9M |
| EPS, basic | 1.65 | 3.19 | 3.20 | 6.43 | 8.27 | 7.85 | 5.61 | 5.15 | 6.72 | 3.66 |
| EPS, diluted | 1.64 | 3.19 | 3.18 | 6.36 | 8.15 | 7.69 | 5.45 | 4.96 | 6.47 | 3.57 |
| Shares, diluted (wtd. avg.) | $33.4M | $33.2M | $32.9M | $32.7M | $31.5M | $31.1M | $30.8M | $31.4M | $31.4M | $30.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $299.3M | $279.3M | $328.7M | $225.9M | $305.6M | $321.1M | $120.7M | $90.1M | $191.2M | $118.8M |
| Property, plant and equipment | $54.4M | $48.5M | $42.7M | $33.9M | $72.7M | — | — | — | — | — |
| Goodwill | $868.7M | $868.7M | $901.7M | $959.7M | $698.6M | $249.0M | $180.4M | $173.9M | $123.8M | $96.4M |
| Other intangibles | $141.9M | $156.9M | $182.0M | $198.6M | $183.9M | $1.9M | $718.8M | $670.1M | — | — |
| Total assets | $5.06B | $4.38B | $4.05B | $4.05B | $5.21B | $4.65B | $2.68B | $2.78B | $2.21B | $3.05B |
| Total liabilities | $3.31B | $2.62B | $2.31B | $2.33B | $3.63B | $3.45B | $1.63B | $1.87B | $1.39B | $2.44B |
| Retained earnings | $1.28B | $1.32B | $1.30B | $1.28B | $1.15B | $952.9M | $796.8M | $666.8M | $579.9M | $381.0M |
| Total equity | $1.74B | $1.75B | $1.75B | $1.72B | $1.58B | $1.20B | $1.04B | $907.2M | $815.0M | $615.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$664.3M | $129.4M | -$518.0K | $1.58B | $870.5M | -$1.41B | $427.6M | $64.1M | $1.07B | $759.5M |
| Depreciation and amortisation | $238.7M | $237.5M | $226.8M | $235.0M | $210.3M | $169.0M | $152.5M | $142.1M | $131.2M | $111.4M |
| Stock-based compensation | $26.7M | $27.3M | $27.8M | $34.0M | $36.6M | $28.3M | $24.1M | $24.0M | $21.1M | $18.5M |
| Capital expenditure | $15.8M | $13.0M | $16.2M | $22.0M | $9.2M | $3.0M | $4.7M | $4.7M | $5.2M | $2.5M |
| Investing cash flow | -$77.3M | -$38.1M | $126.9M | -$133.8M | -$377.6M | $115.2M | -$79.7M | -$552.2M | $97.2M | -$66.8M |
| Financing cash flow | $758.1M | -$154.7M | $6.8M | -$1.58B | -$457.7M | $1.52B | -$331.6M | $321.8M | -$1.09B | -$693.6M |
| Dividends paid | $91.8M | $88.6M | $84.8M | $80.1M | $64.5M | $45.4M | $37.3M | $31.4M | — | — |
| Buybacks | $10.5M | $12.4M | $20.5M | $42.4M | $18.9M | $45.8M | $30.7M | $68.8M | $34.9M | $12.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-020249.
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