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Side-by-side financial comparison of Federal Realty Investment Trust (FRT) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Walker & Dunlop, Inc. is the larger business by last-quarter revenue ($340.0M vs $336.0M, roughly 1.0× Federal Realty Investment Trust). Federal Realty Investment Trust runs the higher net margin — 38.6% vs -12.9%, a 51.5% gap on every dollar of revenue. On growth, Federal Realty Investment Trust posted the faster year-over-year revenue change (8.7% vs -0.4%). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% CAGR vs 6.5%).
Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
FRT vs WD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $336.0M | $340.0M |
| Net Profit | $129.7M | $-13.9M |
| Gross Margin | — | — |
| Operating Margin | 53.8% | -17.2% |
| Net Margin | 38.6% | -12.9% |
| Revenue YoY | 8.7% | -0.4% |
| Net Profit YoY | 103.5% | -131.0% |
| EPS (diluted) | $1.49 | $-0.41 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $336.0M | — | ||
| Q4 25 | $336.0M | $340.0M | ||
| Q3 25 | $322.3M | $337.7M | ||
| Q2 25 | $311.5M | $319.2M | ||
| Q1 25 | $309.2M | $237.4M | ||
| Q4 24 | $311.4M | $341.5M | ||
| Q3 24 | $303.6M | $292.3M | ||
| Q2 24 | $296.1M | $270.7M |
| Q1 26 | $129.7M | — | ||
| Q4 25 | $129.7M | $-13.9M | ||
| Q3 25 | $61.6M | $33.5M | ||
| Q2 25 | $155.9M | $34.0M | ||
| Q1 25 | $63.8M | $2.8M | ||
| Q4 24 | $65.5M | $44.8M | ||
| Q3 24 | $61.0M | $28.8M | ||
| Q2 24 | $112.0M | $22.7M |
| Q1 26 | 53.8% | — | ||
| Q4 25 | 53.8% | -17.2% | ||
| Q3 25 | 34.3% | 13.6% | ||
| Q2 25 | 65.1% | 14.5% | ||
| Q1 25 | 35.0% | 2.2% | ||
| Q4 24 | 35.1% | 15.3% | ||
| Q3 24 | 34.9% | 12.8% | ||
| Q2 24 | 53.0% | 10.4% |
| Q1 26 | 38.6% | — | ||
| Q4 25 | 38.6% | -12.9% | ||
| Q3 25 | 19.1% | 9.9% | ||
| Q2 25 | 50.0% | 10.6% | ||
| Q1 25 | 20.6% | 1.2% | ||
| Q4 24 | 21.0% | 13.1% | ||
| Q3 24 | 20.1% | 9.9% | ||
| Q2 24 | 37.8% | 8.4% |
| Q1 26 | $1.49 | — | ||
| Q4 25 | $1.49 | $-0.41 | ||
| Q3 25 | $0.69 | $0.98 | ||
| Q2 25 | $1.78 | $0.99 | ||
| Q1 25 | $0.72 | $0.08 | ||
| Q4 24 | $0.74 | $1.32 | ||
| Q3 24 | $0.70 | $0.85 | ||
| Q2 24 | $1.32 | $0.67 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $107.4M | $299.3M |
| Total DebtLower is stronger | $5.0B | — |
| Stockholders' EquityBook value | $3.2B | $1.7B |
| Total Assets | $9.1B | $5.1B |
| Debt / EquityLower = less leverage | 1.53× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $107.4M | — | ||
| Q4 25 | $107.4M | $299.3M | ||
| Q3 25 | $111.3M | $274.8M | ||
| Q2 25 | $177.0M | $233.7M | ||
| Q1 25 | $109.2M | $181.0M | ||
| Q4 24 | $123.4M | $279.3M | ||
| Q3 24 | $97.0M | $179.8M | ||
| Q2 24 | $103.2M | $208.1M |
| Q1 26 | $5.0B | — | ||
| Q4 25 | $5.0B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $1.7B | ||
| Q3 25 | $3.2B | $1.8B | ||
| Q2 25 | $3.2B | $1.8B | ||
| Q1 25 | $3.2B | $1.7B | ||
| Q4 24 | $3.2B | $1.7B | ||
| Q3 24 | $3.1B | $1.7B | ||
| Q2 24 | $3.0B | $1.7B |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.1B | $5.1B | ||
| Q3 25 | $8.9B | $5.8B | ||
| Q2 25 | $8.6B | $4.7B | ||
| Q1 25 | $8.6B | $4.5B | ||
| Q4 24 | $8.5B | $4.4B | ||
| Q3 24 | $8.5B | $4.6B | ||
| Q2 24 | $8.4B | $4.2B |
| Q1 26 | 1.53× | — | ||
| Q4 25 | 1.53× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.42× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-664.3M |
| Free Cash FlowOCF − Capex | — | $-680.1M |
| FCF MarginFCF / Revenue | — | -200.0% |
| Capex IntensityCapex / Revenue | — | 4.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $622.4M | $-664.3M | ||
| Q3 25 | $147.8M | $-948.1M | ||
| Q2 25 | $150.7M | $-238.5M | ||
| Q1 25 | $179.0M | $-281.1M | ||
| Q4 24 | $574.6M | $129.4M | ||
| Q3 24 | $144.1M | $-202.0M | ||
| Q2 24 | $169.7M | $-237.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-680.1M | ||
| Q3 25 | — | $-950.4M | ||
| Q2 25 | — | $-241.0M | ||
| Q1 25 | — | $-284.7M | ||
| Q4 24 | — | $116.4M | ||
| Q3 24 | — | $-204.0M | ||
| Q2 24 | — | $-241.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | -200.0% | ||
| Q3 25 | — | -281.5% | ||
| Q2 25 | — | -75.5% | ||
| Q1 25 | — | -120.0% | ||
| Q4 24 | — | 34.1% | ||
| Q3 24 | — | -69.8% | ||
| Q2 24 | — | -89.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 1.4% |
| Q1 26 | — | — | ||
| Q4 25 | 4.80× | — | ||
| Q3 25 | 2.40× | -28.34× | ||
| Q2 25 | 0.97× | -7.02× | ||
| Q1 25 | 2.81× | -102.07× | ||
| Q4 24 | 8.77× | 2.89× | ||
| Q3 24 | 2.36× | -7.01× | ||
| Q2 24 | 1.52× | -10.49× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
