Revenue performance remains highly erratic, with gross margins fluctuating between a 42.6% low in 2025Q3 and a 93.5% high in 2025Q1, reflecting significant sensitivity to transaction-based fee cycles.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Sales/Revenue | 1.28B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 636.13M | 756.94M | 503.56M | 471.67M | 617.15M | 647.71M | 606.34M | 456.69M | 417.81M | 412.83M | 337.93M | 273.69M | 201.09M | 181.63M | 146.08M | 100.36M | 78.04M | 88.76M | 49.17M |
| Gross Margin % | 49.86% | 61.33% | 44.46% | 44.73% | 49.03% | 51.44% | 55.95% | 55.88% | 57.61% | 57.99% | 58.74% | 58.46% | 55.74% | 56.93% | 56.89% | 65.88% | 64.06% | 100% | 100% |
| Gross Profit Growth % | - | 50.32% | 6.76% | -23.57% | -4.72% | 6.82% | 32.77% | 9.31% | 1.21% | 22.16% | 23.47% | 36.11% | 10.71% | 24.33% | 45.55% | 28.61% | -12.08% | 80.51% | - |
| Operating Expenses | 437.55M | 543.88M | 372.06M | 333.48M | 352.19M | 295.65M | 276.07M | 226.34M | 204.96M | 179.17M | 152.15M | 138.32M | 117.17M | 114.84M | 90.31M | 43.7M | 37.9M | 60.16M | 35.14M |
| OpEx % of Revenue | - | 44.06% | 32.85% | 31.63% | 27.98% | 23.48% | 25.47% | 27.7% | 28.26% | 25.17% | 26.45% | 29.54% | 32.48% | 36% | 35.17% | 28.69% | 31.11% | 67.77% | 71.46% |
| Selling, General & Admin | 0 | 0 | 107.43M | 96.1M | 108.99M | 72.97M | 60.02M | 59.3M | 50.45M | 41.84M | 35.64M | 32.04M | 27.69M | 30.06M | 29.21M | 11.96M | 9.26M | 32.18M | 17.01M |
| SG&A % of Revenue | - | - | 9.49% | 9.11% | 8.66% | 5.79% | 5.54% | 7.26% | 6.96% | 5.88% | 6.2% | 6.84% | 7.68% | 9.42% | 11.38% | 7.85% | 7.6% | 36.25% | 34.59% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 198.58M | 213.07M | 131.5M | 138.2M | 264.96M | 352.06M | 330.27M | 230.35M | 212.85M | 233.66M | 185.78M | 135.37M | 83.91M | 66.79M | 55.77M | 56.66M | 40.14M | 28.6M | 14.03M |
| Operating Margin % | 15.57% | 17.26% | 11.61% | 13.11% | 21.05% | 27.96% | 30.48% | 28.19% | 29.35% | 32.82% | 32.29% | 28.91% | 23.26% | 20.93% | 21.72% | 37.19% | 32.95% | 32.23% | 28.54% |
| Operating Income Growth % | - | 62.03% | -4.85% | -47.84% | -24.74% | 6.6% | 43.38% | 8.22% | -8.91% | 25.77% | 37.24% | 61.32% | 25.64% | 19.75% | -1.57% | 41.15% | 40.34% | 103.85% | - |
| EBITDA | 442.61M | 451.75M | 369.05M | 364.95M | 500M | 562.34M | 499.28M | 382.82M | 354.98M | 364.91M | 297.21M | 233.54M | 164.05M | 142.74M | 109.69M | 79.17M | 57.1M | 41.52M | 21.84M |
| EBITDA Margin % | 34.69% | 36.6% | 32.59% | 34.61% | 39.72% | 44.66% | 46.07% | 46.84% | 48.95% | 51.26% | 51.66% | 49.88% | 45.47% | 44.74% | 42.72% | 51.97% | 46.87% | 46.78% | 44.41% |
| EBITDA Growth % | 27.61% | 22.41% | 1.12% | -27.01% | -11.09% | 12.63% | 30.42% | 7.84% | -2.72% | 22.78% | 27.26% | 42.36% | 14.93% | 30.13% | 38.55% | 38.66% | 37.52% | 90.15% | - |
| D&A (Non-Cash Add-back) | 244.03M | 238.68M | 237.55M | 226.75M | 235.03M | 210.28M | 169.01M | 152.47M | 142.13M | 131.25M | 111.43M | 98.17M | 80.14M | 75.95M | 53.92M | 22.51M | 16.96M | 12.92M | 7.8M |
| EBIT | 140.65M | 143.71M | 114.18M | 137.7M | 251.45M | 358.95M | 330.27M | 230.35M | 212.85M | 233.66M | 185.78M | 135.37M | 83.91M | 66.79M | 55.77M | 56.66M | 40.14M | 41.21M | 16.71M |
| Net Interest Income | 46.48M | -5.49M | 0 | 0 | 0 | -7.98M | -8.55M | -14.36M | -10.13M | -9.74M | -9.85M | -9.92M | -10.31M | -3.74M | -1.65M | -823K | -1.33M | -1.68M | -2.68M |
| Interest Income | 93.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 46.75M | 5.49M | 0 | 0 | 0 | 7.98M | 8.55M | 14.36M | 10.13M | 9.74M | 9.85M | 9.92M | 10.31M | 3.74M | 1.65M | 823K | 1.33M | 1.68M | 2.68M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 99.7M | 79M | 131.5M | 138.2M | 264.96M | 352.06M | 330.27M | 230.35M | 212.85M | 233.66M | 185.78M | 135.37M | 83.91M | 66.79M | 55.77M | 56.66M | 40.14M | 39.53M | 14.03M |
| Pretax Margin % | 7.81% | 6.4% | 11.61% | 13.11% | 21.05% | 27.96% | 30.48% | 28.19% | 29.35% | 32.82% | 32.29% | 28.91% | 23.26% | 20.93% | 21.72% | 37.19% | 32.95% | 44.53% | 28.54% |
| Income Tax | 27.52M | 22.01M | 30.54M | 35.03M | 56.03M | 86.43M | 84.31M | 57.12M | 51.91M | 21.83M | 71.47M | 52.77M | 32.49M | 25.26M | 22M | 21.8M | 31.91M | 0 | 5.33M |
| Effective Tax Rate % | 27.6% | 27.87% | 23.23% | 25.34% | 21.15% | 24.55% | 25.53% | 24.8% | 24.39% | 9.34% | 38.47% | 38.98% | 38.72% | 37.82% | 39.44% | 38.47% | 79.51% | 0% | 38% |
| Net Income | 71.19M | 57.08M | 108.17M | 107.36M | 213.82M | 265.76M | 246.18M | 173.37M | 161.44M | 211.13M | 113.9M | 82.13M | 51.42M | 41.53M | 33.77M | 34.86M | 8.23M | 39.53M | 8.7M |
| Net Margin % | 5.58% | 4.62% | 9.55% | 10.18% | 16.99% | 21.11% | 22.72% | 21.21% | 22.26% | 29.66% | 19.8% | 17.54% | 14.25% | 13.02% | 13.15% | 22.88% | 6.75% | 44.53% | 17.69% |
| Net Income Growth % | -28.14% | -47.23% | 0.75% | -49.79% | -19.54% | 7.96% | 41.99% | 7.39% | -23.53% | 85.37% | 38.68% | 59.71% | 23.82% | 22.97% | -3.13% | 323.78% | -79.19% | 354.32% | - |
| Net Income (Continuing) | 72.19M | 56.98M | 100.96M | 103.17M | 208.93M | 265.63M | 245.95M | 173.23M | 160.94M | 211.83M | 114.31M | 82.59M | 51.42M | 41.53M | 33.77M | 34.86M | 8.23M | 39.53M | 8.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 12.84M | 11.86M | 12M | 22.38M | 27.4M | 28.05M | 0 | 6.6M | 5.07M | 5.57M | 4.86M | 4.45M | 0 | 0 | 0 | 0 | 0 | 39.04M | 0 |
| EPS (Diluted) | 2.13 | 1.64 | 3.19 | 3.18 | 6.36 | 8.15 | 7.69 | 5.45 | 5.04 | 6.56 | 3.65 | 2.65 | 1.58 | 1.21 | 1.31 | 1.60 | 0.55 | 2.76 | 0.59 |
| EPS Growth % | -29.86% | -48.59% | 0.31% | -50% | -21.96% | 5.98% | 41.1% | 8.13% | -23.17% | 79.73% | 37.74% | 67.72% | 30.58% | -7.63% | -18.13% | 190.91% | -80.07% | 367.8% | - |
| EPS (Basic) | - | 1.69 | 3.19 | 3.20 | 6.43 | 8.27 | 7.85 | 5.61 | 5.15 | 7.03 | 3.87 | 2.76 | 1.60 | 1.23 | 1.32 | 1.61 | 0.55 | 2.76 | 0.59 |
| Diluted Shares Outstanding | 33.41M | 33.37M | 33.16M | 32.88M | 32.69M | 31.53M | 31.08M | 30.82M | 32.04M | 32.2M | 31.17M | 30.95M | 32.62M | 34.34M | 25.85M | 21.75M | 15.04M | 14.31M | 14.74M |
| Basic Shares Outstanding | 33.39M | 33.35M | 33.12M | 32.7M | 32.33M | 31.08M | 30.44M | 29.91M | 31.35M | 30.01M | 29.43M | 29.75M | 32.21M | 33.76M | 25.55M | 21.62M | 15.03M | 14.31M | 14.74M |
| Dividend Payout Ratio | - | 160.82% | 81.94% | 79.02% | 37.48% | 24.25% | 18.42% | 21.5% | 19.48% | - | - | - | - | - | - | 5.02% | 122.5% | 25.43% | 86.82% |
Interest rate sensitivity
As reported in recent quarterly filings, Walker & Dunlop's revenue has fluctuated significantly, ranging from a low of $228.1 million to a peak of $341.5 million, reflecting the inherent cyclicality of the multifamily mortgage market and the company's sensitivity to prevailing interest rate environments and transaction volumes.
The revenue trajectory appears inconsistent, suggesting that the firm's reliance on transactional capital markets fees leaves it vulnerable to external macroeconomic shifts. Investors should monitor whether the company can stabilize its top-line growth through its recurring servicing portfolio as origination activity remains pressured by elevated borrowing costs.
Based on the provided income statement data, gross margins have exhibited extreme volatility, swinging from a low of 42.6% in 2025Q3 to a high of 93.5% in 2025Q1, indicating that the company's profitability is highly sensitive to the specific mix of transactional versus recurring revenue streams.
This margin instability suggests that the firm's core underwriting business faces significant pressure during periods of low transaction volume. The wide variance in gross margins warrants further investigation into how management balances its fixed cost base against the lumpy nature of gain-on-sale revenue recognition.
According to the company's financial statements, net income has shown erratic performance, including a notable loss of $13.2 million in 2025Q4, which highlights the impact of non-operating items and fair value adjustments on the bottom line despite the firm's specialized market position in multifamily lending.
The discrepancy between operating income and net income suggests that fair value adjustments, particularly regarding Mortgage Servicing Rights, are significantly clouding the underlying operational performance. Analysts should adjust for these non-cash fluctuations to better understand the true cash-generating capacity of the servicing and brokerage segments.
While the company emphasizes its recurring servicing income, the recent net margin compression to 6.1% in 2026Q1 suggests that the core business may be struggling to maintain profitability when transaction-based origination fees decline, potentially challenging the narrative of a stable, annuity-like financial services firm.
Short-term margin pressure may indicate that the servicing portfolio is not yet large enough to fully offset the cyclical downturn in capital markets activity. Investors should remain cautious about whether the current cost structure is truly flexible enough to withstand a prolonged period of reduced multifamily transaction velocity.
Quick answers to the most common questions about buying WD stock.
Walker & Dunlop, Inc. (WD) is profitable, generating $57.1M in net income for the fiscal year ending 2025 with a net profit margin of 4.6%.
Walker & Dunlop, Inc. (WD) reported an operating income of $213.1M, resulting in an operating profit margin of 17.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Walker & Dunlop, Inc. (WD) generated $756.9M in gross profit for the year, representing a gross profit margin of 61.3%. This demonstrates the company's core pricing power and production efficiency.