Walker & Dunlop, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Walker & Dunlop, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	575	712	725	817	1,084	1,259	1,259	1,054	1,132	1,234
Operating expenses	389	478	512	587	753	907	994	916	1,001	1,155
Interest expense	9.85	9.75	10.1	14.4	8.55	32.8	49.3	50.3	69.7	64.7
Pre-tax income	186	234	213	230	330	352	265	138	132	79
Income tax	71.5	21.8	51.9	57.1	84.3	86.4	56	35	30.5	22
Net income to minority interests	0.41	0.71	-0.5	-0.14	-0.22	-0.13	-4.89	-4.19	-7.21	-0.1
Net income	114	211	161	173	246	266	214	107	108	56.2
EPS, basic	3.66	6.72	5.15	5.61	7.85	8.27	6.43	3.20	3.19	1.65
EPS, diluted	3.57	6.47	4.96	5.45	7.69	8.15	6.36	3.18	3.19	1.64
Shares, basic (weighted)	29.8	30.2	30.2	29.9	30.4	31.1	32.3	32.7	33.1	33.3
Shares, diluted (weighted)	30.5	31.4	31.4	30.8	31.1	31.5	32.7	32.9	33.2	33.4
Dividend per share			1.00	1.20	1.44	2.00	2.40	2.52	2.60	2.68

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	119	191	90.1	121	321	306	226	329	279	299
Property, plant and equipment						72.7	33.9	42.7	48.5	54.4
Lease right-of-use assets				22.3	17.4	24.8	60.8	76.5	80	76.3
Goodwill	96.4	124	174	180	249	699	960	902	869	869
Intangible assets			670	719	1.88	184	199	182	157	142
Total assets	3,052	2,208	2,782	2,675	4,651	5,206	4,045	4,052	4,382	5,059
Total liabilities	2,437	1,393	1,875	1,633	3,455	3,628	2,329	2,306	2,622	3,314
Paid-in capital	229	229	235	238	241	393	413	425	429	450
Retained earnings	381	580	667	797	953	1,154	1,278	1,298	1,318	1,282
Other comprehensive income		0.09	-0.08	0.74	1.97	2.56	-1.57	-0.48	0.59	1.88
Shareholders' equity	610	809	902	1,036	1,196	1,550	1,689	1,724	1,748	1,735
Minority interests	4.86	5.57	5.07	6.6		28.1	27.4	22.4	12	11.9
Total equity	615	815	907	1,042	1,196	1,578	1,717	1,746	1,760	1,747
Total liabilities and equity	3,052	2,208	2,782	2,675	4,651	5,206	4,045	4,052	4,382	5,059
Shares outstanding	29.6	30	29.5	30	30.7	32	32.4	32.9	33.2	33.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	114	212	161	173	246	266	209	103	101	57
Depreciation and amortization	111	131	142	152	169	210	235	227	238	239
Stock-based compensation	18.5	21.1	24	24.1	28.3	36.6	34	27.8	27.3	26.7
Deferred income tax	37.6	-31	17.5	22	47.2	34.2	18.4	1.2	-2.5	-5.83
Cash from operations	759	1,068	64.1	428	-1,411	870	1,583	-0.52	129	-664
Capital expenditures	-2.48	-5.21	-4.72	-4.71	-2.98	-9.21	-22	-16.2	-13	-15.8
Purchases of investments		-6.97	-98.4	-30.6	-24.9	-31.8	-60.8	-12.5	-51.4	-47
Sales and maturities of investments			82.8	22.8	19.6	45.3	14	10.7	9.54	26.6
Cash from investing	-66.8	97.2	-552	-79.7	115	-378	-134	127	-38.1	-77.3
Stock issued	3.77	3.01	8.95	5.51	14	5.25	0.49	3.38
Share buybacks	-12.9	-34.9	-68.8	-30.7	-45.8	-18.9	-42.4	-20.5	-12.4	-10.5
Dividends paid			-31.4	-37.3	-45.4	-64.5	-80.1	-84.8	-88.6	-91.8
Cash from financing	-694	-1,089	322	-332	1,518	-458	-1,584	6.77	-155	758
Net change in cash	-0.92	75.3	-166	16.2	221	35.2	-135	133	-63.5	16.5
Free cash flow	757	1,062	59.4	423	-1,414	861	1,561	-16.7	116	-680
Interest paid	39.3	56.3	56.4	63.6	45.9	37.9	76.7	114	105	107
Income taxes paid	34.4	45.5	45.7	39.9	29.7	43.4	58.5	30.9	32.3	22.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $37.98 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	4.3%	Pre-tax income / revenue.
Net margin	3.0%	Net income / revenue.
FCF margin	-10.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-9.3%	Cash from operations / revenue.
Effective tax rate	25.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.8%	Net income / average total assets.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	19.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-48.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-35.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-25.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-48.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-36.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-26.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-613.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-684.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	3.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	13.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-0.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	15.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	64.8%	Total liabilities / total assets.
Goodwill and intangibles / assets	20.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$704.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.26x	Revenue / average total assets.
FCF conversion	-341.6%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.15	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$38.64	Revenue / diluted weighted shares.
FCF per share	-$3.94	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$3.58	Cash from operations / diluted weighted shares.
Book value per share	$51.31	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$21.16	Tangible book value / shares outstanding.
Cash per share	$4.84	(Cash + short-term investments) / shares outstanding.
Payout ratio	242.3%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.30B	Share price x shares outstanding.
Enterprise value	$1.14B	Market cap + total debt - cash - short-term investments.
P/E	33.9x	Market cap / net income. Only when net income is positive.
P/S	1.01x	Market cap / revenue.
P/B	0.76x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.85x	Market cap / tangible book value, when positive.
EV/Sales	0.89x	Enterprise value / revenue.
FCF yield	-10.1%	Free cash flow / market cap.
Earnings yield	2.9%	Net income / market cap (the inverse of P/E).
Dividend yield	7.1%	Dividends paid over the period / market cap.
Shareholder yield	8.7%	(Dividends paid + share buybacks) / market cap.

What was Walker & Dunlop, Inc.'s revenue in fiscal 2025?

Walker & Dunlop, Inc. reported revenue of $1.23B for fiscal 2025, 9% higher than the year before.

Was Walker & Dunlop, Inc. profitable in fiscal 2025?

Yes. Net income was $56.2M, a net margin of 4.6%.

How much free cash flow did Walker & Dunlop, Inc. generate in fiscal 2025?

Cash from operations of $664.3M minus capital expenditures of $15.8M left free cash flow of -$680.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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