Walker & Dunlop, Inc. (WD) Income Statement
WD 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsWD revenue and net income
Where WD's revenue goes
2025Each bar shows an amount and its share of revenue. WD kept 4.6% of revenue as net income.
WD profit margins
WD growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +9.0% | −0.7% | +2.6% | +10.2% |
| Gross profit | +50.3% | +7.0% | +4.5% | +10.7% |
| Operating income | +62.0% | −7.0% | −8.4% | +4.6% |
| Net income | −47.2% | −35.6% | −25.3% | −3.6% |
| EPS (diluted) | −29.3% | −18.1% | −14.6% | +2.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
WD quarterly EPS vs estimates
Walker & Dunlop beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.94).
WD income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.23B | $1.13B | $1.05B | $1.26B | $1.26B | $1.08B | $817.2M | $725.2M | $711.9M | $575.3M |
| Cost of revenue | $477.4M | $628.9M | $582.8M | $641.6M | $611.5M | $477.4M | $360.5M | $307.4M | $299.0M | $237.3M |
| Gross profit | $756.9M | $503.6M | $471.7M | $617.2M | $647.7M | $606.3M | $456.7M | $417.8M | $412.8M | $337.9M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $107.2M | $107.4M | $96.1M | $109.0M | $73.0M | $60.0M | $59.3M | $50.5M | $41.8M | $35.6M |
| Total operating expenses | $543.9M | $372.1M | $333.5M | $352.2M | $295.7M | $276.1M | $226.3M | $205.0M | $179.2M | $152.2M |
| Operating income | $213.1M | $131.5M | $138.2M | $265.0M | $352.1M | $330.3M | $230.4M | $212.8M | $233.7M | $185.8M |
| Interest expense | $5.5M | $7.0M | $68.5M | $34.2M | $8.0M | $8.6M | $14.4M | $10.1M | $9.7M | $9.9M |
| Income before taxes | $79.0M | $131.5M | $138.2M | $265.0M | $352.1M | $330.3M | $230.4M | $212.8M | $233.7M | $185.8M |
| Income taxes | $22.0M | $30.5M | $35.0M | $56.0M | $86.4M | $84.3M | $57.1M | $51.9M | $21.8M | $71.5M |
| Net income | $57.1M | $108.2M | $107.4M | $213.8M | $265.8M | $246.2M | $173.4M | $161.4M | $211.1M | $113.9M |
| EBITDA | $382.4M | $351.7M | $364.4M | $486.5M | $569.2M | $499.3M | $382.8M | $355.0M | $364.9M | $297.2M |
| EPS (diluted) | $3.50 | $4.95 | $3.67 | $6.37 | $8.15 | $7.69 | $5.45 | $4.92 | $4.75 | $3.65 |
| Gross margin | 61.3% | 44.5% | 44.7% | 49.0% | 51.4% | 56.0% | 55.9% | 57.6% | 58.0% | 58.7% |
| Operating margin | 17.3% | 11.6% | 13.1% | 21.0% | 28.0% | 30.5% | 28.2% | 29.3% | 32.8% | 32.3% |
| Net margin | 4.6% | 9.6% | 10.2% | 17.0% | 21.1% | 22.7% | 21.2% | 22.3% | 29.7% | 19.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $306.7M | $278.9M | $340.0M | $337.7M | $319.2M | $237.4M | $341.5M | $292.3M | $270.7M | $228.1M | $274.3M | $268.7M |
| Cost of revenue | $178.2M | $143.0M | $124.2M | $193.9M | $178.7M | $15.5M | $185.1M | $163.8M | $150.9M | $129.1M | $144.5M | $154.1M |
| Gross profit | $306.7M | $135.9M | $215.9M | $143.8M | $140.6M | $221.9M | $156.4M | $128.5M | $119.7M | $98.9M | $129.9M | $114.6M |
| Sales, general & admin | — | — | $187.1M | $177.4M | $161.9M | $121.4M | $169.2M | $145.5M | — | — | — | — |
| Total operating expenses | $304.6M | $85.0M | $160.5M | $97.9M | $94.2M | $232.1M | $104.2M | $91.0M | $91.5M | $85.3M | $90.5M | $86.4M |
| Operating income | $2.1M | $50.9M | $55.4M | $45.9M | $46.4M | −$10.3M | $52.1M | $37.5M | $28.2M | $13.7M | $39.4M | $28.2M |
| Interest expense | — | $25.0M | $21.8M | $2.0M | $1.8M | $16.3M | $33.0M | $2.1M | $1.6M | $1.1M | $18.6M | $2.0M |
| Income before taxes | $2.1M | $25.9M | −$18.6M | $45.9M | $46.4M | $5.2M | $52.1M | $37.5M | $28.2M | $13.7M | $39.4M | $28.2M |
| Income taxes | −$932,000 | $8.0M | −$5.4M | $12.5M | $12.4M | $2.5M | $11.0M | $8.8M | $7.9M | $2.9M | $10.3M | $7.1M |
| Net income | $3.2M | $17.0M | −$13.2M | $33.5M | $34.0M | $2.8M | $44.8M | $28.8M | $22.7M | $11.9M | $31.6M | $21.5M |
| EBITDA | $62.8M | $113.9M | $59.5M | $106.0M | $105.3M | $79.2M | $104.2M | $93.7M | $84.2M | $69.6M | $94.9M | $85.7M |
| EPS (diluted) | $1.19 | $1.02 | $0.28 | $1.22 | $1.15 | $0.85 | $1.34 | $1.19 | $1.23 | $1.19 | $1.42 | $0.64 |
| Gross margin | 100.0% | 48.7% | 63.5% | 42.6% | 44.0% | 93.5% | 45.8% | 44.0% | 44.2% | 43.4% | 47.3% | 42.7% |
| Operating margin | 0.7% | 18.3% | 16.3% | 13.6% | 14.5% | −4.3% | 15.3% | 12.8% | 10.4% | 6.0% | 14.3% | 10.5% |
| Net margin | 1.0% | 6.1% | −3.9% | 9.9% | 10.6% | 1.2% | 13.1% | 9.9% | 8.4% | 5.2% | 11.5% | 8.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in WD's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
WD financial results
In fiscal year 2025 (ended December 31, 2025), Walker & Dunlop reported revenue of $1.2 billion, up 9.0% from the year before. It had net income of $57.1 million (down 47.2%), a net profit margin of 4.6%. Diluted earnings per share came to $3.50. Over five years revenue grew at an average rate of 2.6% a year.
See the WD stock overview for the latest quote and news, or the WD chart for price history and technical indicators.
WD income statement FAQ
What is Walker & Dunlop's annual revenue?
Walker & Dunlop reported total revenue of $1.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 9.0% from $1.1 billion the previous year.
Is Walker & Dunlop profitable?
Yes. Walker & Dunlop reported net income of $57.1 million in fiscal 2025, a net profit margin of 4.6%; its operating margin was 17.3%.
What is Walker & Dunlop's gross margin?
Walker & Dunlop's gross margin was 61.3% in fiscal 2025: for every $100 of revenue, Walker & Dunlop kept $61 after the direct cost of its products and services.
How fast is Walker & Dunlop growing?
Revenue grew 2.6% a year on average over the last five fiscal years, from $1.1 billion to $1.2 billion.
What are Walker & Dunlop's earnings per share?
Walker & Dunlop earned $3.50 per diluted share in fiscal 2025, compared with $4.95 a year earlier.
When will Walker & Dunlop report its next earnings?
Walker & Dunlop is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Walker & Dunlop's fiscal year end?
Walker & Dunlop's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.