In a medium saucepan with a tight-fitting lid, bring 2 cups water to a boil. Stir in bulgur and 1/4 teaspoon salt. Cover, reduce heat to low, and cook until water is absorbed and bulgur is tender, about 15 minutes.
Meanwhile, in medium bowl, whisk together oil, lemon juice, and shallot; season with salt and pepper. Add bulgur and toss to combine. Refrigerate, uncovered, until cool, about 10 minutes.
Add cherries, herbs, and walnuts to bulgur mixture; toss to combine. Season again with salt and pepper. Serve.