Walker & Dunlop, Inc. (WD) Earnings
Walker & Dunlop, Inc. is expected to report next earnings on August 6, 2026 (in NaN days), with a consensus EPS estimate of $0.91. WD has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise +365.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.06 | $1.02 | +1600.0% | $301M | +12.0% |
| Feb 26, 2026 | $1.46 | $-0.41 | -128.1% | $340M | -1.1% |
| Nov 6, 2025 | $1.21 | $1.22 | +0.8% | $338M | -1.7% |
| Aug 7, 2025 | $1.29 | $1.15 | -10.9% | $296M | -6.6% |
| May 1, 2025 | $0.69 | $0.85 | +23.2% | $237M | -14.6% |
| Feb 13, 2025 | $1.18 | $1.34 | +13.6% | $341M | +24.1% |
| Nov 7, 2024 | $1.01 | $1.19 | +17.8% | $292M | -5.9% |
| May 2, 2024 | $0.83 | $1.19 | +43.4% | $223M | -11.5% |
| Feb 15, 2024 | $1.05 | $1.42 | +35.2% | $274M | -0.9% |
| Nov 9, 2023 | $1.22 | $1.11 | -9.0% | $269M | -5.8% |
| Aug 3, 2023 | $0.87 | $0.82 | -5.7% | $273M | -6.1% |
| May 4, 2023 | $1.02 | $1.17 | +14.7% | $239M | -7.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Thanked Kelsey Duffy for her 12 years at Walker & Dunlop and her upcoming early retirement. - 2026 Q1 total transaction volume was $13.7 billion, up 94% from Q1 2025. Total revenues were $301 million, up 27% year-over-year. Diluted earnings per share was 46 cents, up 475% over Q1 2025. Adjusted EBITDA grew to $74 million, up 14% year-over-year. - Debt originations totaled $11.8 billion, more than doubling year over year. Agency lending volume was up 109% to $5.2 billion. GSEs origination increased to $4.7 billion, increasing market share. Brokered debt volumes totaled $6.5 billion, up 155% year over year. - Investment sales volume was solid but only up 4% on the quarter to $1.9 billion. Expected investment sales volumes to increase over the year. - Transaction volume per banker broker on a trailing 12-month basis through Q1 26 was $282 million, up from $248 million at the end of 2025. Expected to improve to $300 million by end of 2026. - GSE loan repurchase exposure lowered from $222 million to $192 million. Hopeful annual reviews by Fannie Mae and Freddie Mac will resolve repurchase issues later this year. Strengthened underwriting processes and culture of accountability.
Guidance
- Established outlook assuming gradual stabilization in interest rates and increase in capital markets activity over the year. - Geopolitical dynamics introduced uncertainty around inflation and interest rates but limited disruption to transaction activity. Commercial real estate environment remains constructive. - Entering second quarter with healthy pipeline consistent with last year. Confident in ability to achieve guidance and deliver on expectations.
Segment performance
Capital Markets Segment: Transaction volumes increased 94% in Q1 2026, driving segment revenues up 58% to $162 million. Net income was $28 million, up $26 million from the prior year, and adjusted EBITDA was $3.9 million, up from a loss of $13.3 million last year. Personnel expense declined to 68% of segment revenue from 84% last year. Servicing and Asset Management (SAM) Segment: Servicing portfolio grew to $146 billion, generating $85 million of servicing fees, up 4% year over year, contributing to total segment revenues of $138 million, up 5%. Despite $10 million of incremental provision and repurchase-related expenses, net income increased 12% and adjusted EBITDA rose 3% to $112 million.
Risks & headwinds
- GSE loan repurchase and indemnification agreements required significant time and effort from servicing and asset management teams. - Geopolitical dynamics introducing uncertainty around inflation and near-term path of interest rates.
Analyst Q&A
Q: Color on mix shift between 10-year and 5-year deals and drivers of transaction volume strength.
A: Saw trend back to more 10-year money but rates up led to more shorter-term deals. Transaction volume strength heavily on refinancing vs acquisitions, with strong investment sales pipeline but sales market sideways due to Iran conflict, leading to more short-term refinancing.
Q: Repurchase loan exposure and HUD origination.
A: $134 million of loans reached indemnification agreements. HUD pipeline strong due to HUD's efforts to streamline business, solid pipeline for 2026 with long maturities and healthy MSRs.
Q: Plan for improving SAM segment profitability.
A: Focus on reducing repurchase loan portfolio, with deals in market aiming to reduce exposure by end of year, and capital markets business feeding servicing portfolio growth.