Walker & Dunlop, Inc. (WD) · Nov 5, 2026 · Earnings

Walker & Dunlop earnings miss as costly loan cleanup nears end

Miss — Adjusted core EPS $0.92 vs ~$0.94 consensus; revenue $298.4M vs ~$308M

Walker & Dunlop’s Q3 earnings missed expectations as a $56 million loan cleanup charge drove a loss, while GSE investigations ended.

Walker & Dunlop is a commercial real-estate finance platform trying to shift toward multifamily lending, broader non-Agency channels, and recurring servicing revenue while clearing a borrower-fraud-related loan overhang. Earlier 2026 disclosures had already established the Freddie Mac investigation was complete and that the company was pursuing an exit from repurchased assets; this filing extends that cleanup to Fannie Mae and gives the market the financial cost.

The quarter missed the operating bar. Revenue fell 12% year over year to $298.4 million, below the published consensus of roughly $308 million, while adjusted core EPS declined 25% to $0.92 versus consensus near $0.94. The underlying business held up better in volume than in monetization: debt-financing volume fell only 5%, but the mix shifted toward lower-fee brokered transactions and away from Agency lending.

Figure	Q3 2026	Q3 2025	Consensus
Revenue (Financial Results)	$298.4M (-12%)	$337.7M	~$308M
Adjusted core EPS (Adjusted Core EPS Reconciliation)	$0.92 (-25%)	$1.22	~$0.94
Debt-financing volume (Total Transaction Volume)	$10.3B (-5%)	$10.8B
Servicing portfolio (Managed Portfolio)	$146.6B (+5%)	$139.3B
Repurchase-related expense (Indemnified and Repurchased Loans)	$63M	$4M

The headline loss is largely a deliberate reset, not a sudden collapse in the core platform. Walker & Dunlop recorded a $56 million valuation adjustment and another $7 million of operating costs tied to the repurchased portfolio, pushing the company to a $37.3 million net loss. Management reclassified the remaining assets as held for sale and says it expects no further buybacks or indemnifications from the completed GSE investigations.

That cleanup advances the business story, but does not eliminate execution risk. The remaining repurchased portfolio had a $76.9 million carrying value at quarter-end, with only about $25 million under a letter of intent, so the final exit still depends on actual sale prices and timing. The filing therefore reduces uncertainty around the fraud investigations while leaving a smaller, concrete disposal risk through early 2027. 〔0〕

The durable franchise is still expanding, but at lower near-term profitability. The servicing portfolio reached $146.6 billion, up 5% year over year, and brokered debt volume grew 58% as the company diversified beyond the GSE channel. But Capital Markets income fell 59% year over year, while the servicing segment was dragged into a loss by the cleanup charge.

Bottom line: This is a mixed earnings release: operating results came in slightly below expectations, but the company used the quarter to take a large step toward removing the GSE-related legacy problem. The business is cleaner, not yet stronger; the next proof point is whether recurring servicing growth and multifamily diversification can offset weaker fee mix and restructuring costs once the cleanup ends.

What to watch next

Disposition of remaining repurchased assets, early 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Walker & Dunlop earnings miss as costly loan cleanup nears end

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