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Side-by-side financial comparison of Paylocity Holding Corp (PCTY) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Paylocity Holding Corp is the larger business by last-quarter revenue ($387.0M vs $340.0M, roughly 1.1× Walker & Dunlop, Inc.). Paylocity Holding Corp runs the higher net margin — 13.0% vs -12.9%, a 25.9% gap on every dollar of revenue. On growth, Paylocity Holding Corp posted the faster year-over-year revenue change (11.3% vs -0.4%). Paylocity Holding Corp produced more free cash flow last quarter ($113.6M vs $-680.1M). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% CAGR vs 2.7%).
Paylocity Holding Corporation is an American provider of cloud-based payroll, , spend management, and human capital management (HCM) software.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
PCTY vs WD — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $387.0M | $340.0M |
| Net Profit | $50.2M | $-13.9M |
| Gross Margin | 72.9% | — |
| Operating Margin | 18.2% | -17.2% |
| Net Margin | 13.0% | -12.9% |
| Revenue YoY | 11.3% | -0.4% |
| Net Profit YoY | 34.0% | -131.0% |
| EPS (diluted) | $0.92 | $-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.
| Q4 25 | $387.0M | $340.0M | ||
| Q3 25 | $378.9M | $337.7M | ||
| Q2 25 | $369.9M | $319.2M | ||
| Q1 25 | $421.1M | $237.4M | ||
| Q4 24 | $347.7M | $341.5M | ||
| Q3 24 | $333.1M | $292.3M | ||
| Q2 24 | $324.7M | $270.7M | ||
| Q1 24 | $366.8M | $228.1M |
| Q4 25 | $50.2M | $-13.9M | ||
| Q3 25 | $48.0M | $33.5M | ||
| Q2 25 | $48.6M | $34.0M | ||
| Q1 25 | $91.5M | $2.8M | ||
| Q4 24 | $37.5M | $44.8M | ||
| Q3 24 | $49.6M | $28.8M | ||
| Q2 24 | $48.8M | $22.7M | ||
| Q1 24 | $85.3M | $11.9M |
| Q4 25 | 72.9% | — | ||
| Q3 25 | 73.9% | — | ||
| Q2 25 | 73.5% | — | ||
| Q1 25 | 77.1% | — | ||
| Q4 24 | 72.6% | — | ||
| Q3 24 | 74.4% | — | ||
| Q2 24 | 74.0% | — | ||
| Q1 24 | 77.8% | — |
| Q4 25 | 18.2% | -17.2% | ||
| Q3 25 | 19.6% | 13.6% | ||
| Q2 25 | 17.9% | 14.5% | ||
| Q1 25 | 30.2% | 2.2% | ||
| Q4 24 | 13.4% | 15.3% | ||
| Q3 24 | 19.3% | 12.8% | ||
| Q2 24 | 19.4% | 10.4% | ||
| Q1 24 | 29.0% | 6.0% |
| Q4 25 | 13.0% | -12.9% | ||
| Q3 25 | 12.7% | 9.9% | ||
| Q2 25 | 13.1% | 10.6% | ||
| Q1 25 | 21.7% | 1.2% | ||
| Q4 24 | 10.8% | 13.1% | ||
| Q3 24 | 14.9% | 9.9% | ||
| Q2 24 | 15.0% | 8.4% | ||
| Q1 24 | 23.3% | 5.2% |
| Q4 25 | $0.92 | $-0.41 | ||
| Q3 25 | $0.86 | $0.98 | ||
| Q2 25 | $0.87 | $0.99 | ||
| Q1 25 | $1.61 | $0.08 | ||
| Q4 24 | $0.66 | $1.32 | ||
| Q3 24 | $0.88 | $0.85 | ||
| Q2 24 | $0.85 | $0.67 | ||
| Q1 24 | $1.50 | $0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $162.5M | $299.3M |
| Total DebtLower is stronger | $81.3M | — |
| Stockholders' EquityBook value | $1.1B | $1.7B |
| Total Assets | $7.0B | $5.1B |
| Debt / EquityLower = less leverage | 0.07× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $162.5M | $299.3M | ||
| Q3 25 | $165.2M | $274.8M | ||
| Q2 25 | $398.1M | $233.7M | ||
| Q1 25 | $477.8M | $181.0M | ||
| Q4 24 | $482.4M | $279.3M | ||
| Q3 24 | $778.5M | $179.8M | ||
| Q2 24 | $401.8M | $208.1M | ||
| Q1 24 | $492.7M | $216.5M |
| Q4 25 | $81.3M | — | ||
| Q3 25 | $81.3M | — | ||
| Q2 25 | $162.5M | — | ||
| Q1 25 | $243.8M | — | ||
| Q4 24 | $325.0M | — | ||
| Q3 24 | $325.0M | — | ||
| Q2 24 | $0 | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.1B | $1.7B | ||
| Q3 25 | $1.1B | $1.8B | ||
| Q2 25 | $1.2B | $1.8B | ||
| Q1 25 | $1.2B | $1.7B | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | $1.1B | $1.7B | ||
| Q2 24 | $1.0B | $1.7B | ||
| Q1 24 | $1.1B | $1.7B |
| Q4 25 | $7.0B | $5.1B | ||
| Q3 25 | $4.2B | $5.8B | ||
| Q2 25 | $4.4B | $4.7B | ||
| Q1 25 | $5.2B | $4.5B | ||
| Q4 24 | $5.3B | $4.4B | ||
| Q3 24 | $4.0B | $4.6B | ||
| Q2 24 | $4.2B | $4.2B | ||
| Q1 24 | $5.0B | $3.8B |
| Q4 25 | 0.07× | — | ||
| Q3 25 | 0.07× | — | ||
| Q2 25 | 0.13× | — | ||
| Q1 25 | 0.20× | — | ||
| Q4 24 | 0.28× | — | ||
| Q3 24 | 0.29× | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 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 | $117.0M | $-664.3M |
| Free Cash FlowOCF − Capex | $113.6M | $-680.1M |
| FCF MarginFCF / Revenue | 29.4% | -200.0% |
| Capex IntensityCapex / Revenue | 0.9% | 4.6% |
| Cash ConversionOCF / Net Profit | 2.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | $461.1M | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $117.0M | $-664.3M | ||
| Q3 25 | $86.5M | $-948.1M | ||
| Q2 25 | $86.6M | $-238.5M | ||
| Q1 25 | $186.0M | $-281.1M | ||
| Q4 24 | $54.2M | $129.4M | ||
| Q3 24 | $91.5M | $-202.0M | ||
| Q2 24 | $79.9M | $-237.8M | ||
| Q1 24 | $167.5M | $38.4M |
| Q4 25 | $113.6M | $-680.1M | ||
| Q3 25 | $82.7M | $-950.4M | ||
| Q2 25 | $81.1M | $-241.0M | ||
| Q1 25 | $183.7M | $-284.7M | ||
| Q4 24 | $51.2M | $116.4M | ||
| Q3 24 | $89.1M | $-204.0M | ||
| Q2 24 | $73.6M | $-241.7M | ||
| Q1 24 | $162.0M | $35.2M |
| Q4 25 | 29.4% | -200.0% | ||
| Q3 25 | 21.8% | -281.5% | ||
| Q2 25 | 21.9% | -75.5% | ||
| Q1 25 | 43.6% | -120.0% | ||
| Q4 24 | 14.7% | 34.1% | ||
| Q3 24 | 26.8% | -69.8% | ||
| Q2 24 | 22.7% | -89.3% | ||
| Q1 24 | 44.2% | 15.4% |
| Q4 25 | 0.9% | 4.6% | ||
| Q3 25 | 1.0% | 0.7% | ||
| Q2 25 | 1.5% | 0.8% | ||
| Q1 25 | 0.5% | 1.5% | ||
| Q4 24 | 0.9% | 3.8% | ||
| Q3 24 | 0.7% | 0.7% | ||
| Q2 24 | 1.9% | 1.4% | ||
| Q1 24 | 1.5% | 1.4% |
| Q4 25 | 2.33× | — | ||
| Q3 25 | 1.80× | -28.34× | ||
| Q2 25 | 1.78× | -7.02× | ||
| Q1 25 | 2.03× | -102.07× | ||
| Q4 24 | 1.45× | 2.89× | ||
| Q3 24 | 1.84× | -7.01× | ||
| Q2 24 | 1.64× | -10.49× | ||
| Q1 24 | 1.96× | 3.24× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PCTY
| Recurring Fees | $370.1M | 96% |
| Implementation Services And Other | $16.9M | 4% |
WD
Segment breakdown not available.
