Walker & Dunlop (WD) Q4 2025 earnings summary

Executive summary

• Q4 2025 transaction volumes reached $18.3B, up 36% year-over-year, with full-year volume at $54.8B, up 37%, driven by a recovering commercial real estate market.

• Multifamily property sales grew from $1.8B in Q1 to $4.5B in Q4, with market share in institutional multifamily sales rising to 10.2%.

• Maintained top rankings as the largest Fannie Mae DUS lender, third-largest Freddie Mac Optigo lender, and #4 multifamily property sales broker in the U.S.

• Q4 and annual results were impacted by $66M in impairments and credit losses related to loan buybacks, asset valuation marks, and indemnified/repurchased loans.

• Excluding impairment and repurchase charges, Q4 diluted EPS was $1.04, reflecting core business strength.

Financial highlights

• Q4 diluted loss per share was $0.41; adjusted EBITDA was $38.8M; adjusted core EPS was $0.28.

• Excluding charges, Q4 diluted EPS was $1.04, adjusted EBITDA $84.8M, and adjusted core EPS $1.31.

• Full-year 2025 adjusted EBITDA was $262.6M; excluding charges, $315.9M.

• Ended 2025 with $299M in cash, supporting ongoing investments and absorbing loan repurchases.

• Servicing portfolio grew to $144B, up 6% year-over-year.

Outlook and guidance

• 2026 guidance: diluted EPS of $3.50–$4, adjusted EBITDA of $300M–$325M, adjusted core EPS of $4.50–$5.

• Entering 2026 with a Q1 pipeline of $15B, over 2x Q1 2025, and strong momentum in transaction markets.

• Management expects strong growth in 2026, leveraging a $144B servicing portfolio for recurring revenue.

• Guidance is subject to market and interest rate volatility, CRE asset demand, and macroeconomic/geopolitical factors.

• Capital markets and SAM segments expected to drive earnings and cash flow growth.