Walker & Dunlop (WD) financial statements
Walker & Dunlop reported revenue of $1.2B in fiscal 2025, up 8.9% a year over 9 years.
Net income was $56M.
Free cash flow was -$680M, and the company returned $92M in dividends and $10M in net buybacks.
The diluted share count rose 9% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Walker & Dunlop's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $575M | $712M | $725M | $817M | $1.1B | $1.3B | $1.3B | $1.1B | $1.1B | $1.2B |
| Interest expense | $10M | $10M | $10M | $14M | $9M | $8M | $34M | $68M | $70M | $65M |
| Pre-tax income | $186M | $234M | $213M | $230M | $330M | $352M | $265M | $138M | $132M | $79M |
| Income tax | $71M | $22M | $52M | $57M | $84M | $86M | $56M | $35M | $31M | $22M |
| Net income | $114M | $211M | $161M | $173M | $246M | $266M | $214M | $107M | $108M | $56M |
| EPS (diluted) | $3.57 | $6.47 | $4.96 | $5.45 | $7.69 | $8.15 | $6.36 | $3.18 | $3.19 | $1.64 |
| Diluted shares | 31M | 31M | 31M | 31M | 31M | 32M | 33M | 33M | 33M | 33M |
| Net margin | 19.8% | 29.7% | 22.3% | 21.2% | 22.7% | 21.1% | 17.0% | 10.2% | 9.6% | 4.6% |
Balance sheet
Fiscal years, from Walker & Dunlop's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $119M | $191M | $90M | $121M | $321M | $306M | $226M | $329M | $279M | $299M |
| Property, plant and equipment | — | — | — | — | — | $73M | $34M | $43M | $48M | $54M |
| Goodwill | $96M | $124M | $174M | $180M | $249M | $699M | $960M | $902M | $869M | $869M |
| Total assets | $3.1B | $2.2B | $2.8B | $2.7B | $4.7B | $5.2B | $4.0B | $4.1B | $4.4B | $5.1B |
| Total liabilities | $2.4B | $1.4B | $1.9B | $1.6B | $3.5B | $3.6B | $2.3B | $2.3B | $2.6B | $3.3B |
| Shareholders' equity | $610M | $809M | $902M | $1.0B | $1.2B | $1.6B | $1.7B | $1.7B | $1.7B | $1.7B |
| Net debt | -$119M | -$191M | -$90M | -$121M | -$321M | -$306M | -$226M | -$329M | -$279M | -$299M |
Cash flow
Fiscal years, from Walker & Dunlop's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $759M | $1.1B | $64M | $428M | -$1.4B | $870M | $1.6B | -$518,000 | $129M | -$664M |
| Capital spending | $2M | $5M | $5M | $5M | $3M | $9M | $22M | $16M | $13M | $16M |
| Free cash flow | $757M | $1.1B | $59M | $423M | -$1.4B | $861M | $1.6B | -$17M | $116M | -$680M |
| Stock-based compensation | $18M | $21M | $24M | $24M | $28M | $37M | $34M | $28M | $27M | $27M |
| Dividends paid | — | — | $31M | $37M | $45M | $64M | $80M | $85M | $89M | $92M |
| Share buybacks (net) | -$13M | -$35M | -$69M | -$31M | -$46M | -$19M | -$42M | -$21M | -$12M | -$10M |
| Free cash flow margin | 131.6% | 149.2% | 8.2% | 51.7% | -130.5% | 68.4% | 124.0% | -1.6% | 10.3% | -55.1% |
| Dividends per share | — | — | $1.00 | $1.21 | $1.46 | $2.04 | $2.45 | $2.58 | $2.67 | $2.75 |
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Open WD in InvestinglyQuestions
What was Walker & Dunlop's revenue in 2025?
$1.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Walker & Dunlop generate?
-$680M in fiscal 2025 (operating cash flow minus capital spending).
From Walker & Dunlop's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.