Walker & Dunlop, Inc. cash flow statement

In fiscal 2025, Walker & Dunlop, Inc.'s operations generated −$664m of cash; it spent $15.8m on capital projects, leaving free cash flow of −$680m. It returned $91.8m in dividends and $10.5m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Walker & Dunlop, Inc.: cash flow statement, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash from operations	20	−171	58	−839	837	−703	−1,339	759	1,068	64	428	−1,411	870	1,583	−1	129	−664	−119
Depreciation and amortisation	13	17	23	54	76	80	98	111	131	142	152	169	210	235	227	238	239	246
Stock-based pay	—	0	2	5	9	10	14	18	21	24	24	28	37	34	28	27	27	—
Capital spending	0	1	4	5	5	3	1	2	5	5	5	3	9	22	16	13	16	12
Free cash flow	20	−172	54	−844	832	−706	−1,340	757	1,062	59	423	−1,414	861	1,561	−17	116	−680	−131
Free cash flow after stock pay	—	−172	52	−849	823	−716	−1,354	739	1,041	35	399	−1,443	825	1,527	−45	89	−707	—
Dividends paid	—	—	—	—	—	—	—	—	—	31	37	45	64	80	85	89	92	93
Share buybacks	—	—	0	1	3	38	50	13	35	69	31	46	19	42	21	12	10	21
Shares issued	—	58	2	151	1	8	8	4	3	9	6	14	5	0	3	—	—	—

US$ millions unless shown otherwise. Fiscal quarters.

Walker & Dunlop, Inc.: cash flow statement, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Cash from operations	−202	531	−281	−238	−948	803	−1,144	1,169
Depreciation and amortisation	58	68	58	59	60	62	63	61
Stock-based pay	6	—	6	6	7	—	7	8
Capital spending	2	4	4	3	2	7	2	1
Free cash flow	−204	527	−285	−241	−950	796	−1,146	1,169
Free cash flow after stock pay	−210	—	−291	−247	−957	—	−1,153	1,161

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Walker & Dunlop, Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Walker & Dunlop, Inc.