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Jun 30
Walker & Dunlop Q2 2025 Earnings Report
Walker & Dunlop reported strong financial results for the second quarter of 2025, driven by significant increases in total transaction volume and revenues.
Key Takeaways
Walker & Dunlop delivered a strong performance in the second quarter of 2025, with total transaction volume increasing by 65% to $14.0 billion and total revenues growing by 18% to $319.2 million. Net income saw a substantial 50% increase to $34.0 million, and diluted EPS rose by 48% to $0.99. The company's servicing portfolio also expanded by 3% to $137.3 billion.
Total transaction volume surged by 65% year-over-year, reaching $14.0 billion, indicating strong market demand.
Total revenues increased by 18% to $319.2 million, reflecting broad-based strength across transaction types.
Net income grew by 50% to $34.0 million, and diluted EPS increased by 48% to $0.99.
The servicing portfolio expanded by 3% to $137.3 billion, contributing to stable fee income.
Walker & Dunlop
Walker & Dunlop
Walker & Dunlop Revenue by Segment
Revenue by Segment
Capital Markets Revenue
CapyFin.comServicing & Asset Management Revenue
CapyFin.comCorporate Revenue
CapyFin.com Forward Guidance
The company anticipates continued growth in its Capital Markets platform as the next cycle gains momentum, driven by strategic investments and scaling of technology- and data-enabled businesses.
Positive Outlook
- Anticipates continued growth in the Capital Markets platform.
- Focus on scaling technology and data-enabled businesses like appraisals and small balance lending.
- Expects origination fee and MSR income margins to be in line with Q2 results in the second half of 2025.
- Believes strong performance underscores momentum as investors recycle equity and refinance assets.
- Strategic investments and brand position are expected to meet client needs and drive growth.
Challenges Ahead
- Loan term has decreased as more borrowers opt for five-year loan terms due to interest rate volatility.
- Competitive environment in the multifamily debt financing market may impact origination fee rates.
- Decline in margin on property sales due to competitive multifamily environment.
- Increased personnel expenses due to variable compensation, headcount growth, and severance.
- Expected fewer asset dispositions in LIHTC funds in 2025 compared to 2024, impacting investment management fees.