Unfortunately you’ve used all of your gifts this month. Your counter will reset on the first day of next month. Record level of new product launches in North America, supporting second half share gainsProactively managed a volatile macro environment in 2025 by executing $200 million structural cost take out, helping to mitigate the impact of tariffsFY GAAP net earnings margin of 2.2%; GAAP earnings per diluted share of $5.66FY ongoing (non-GAAP) EBIT margin(2) of 4.7%; ongoing earnings per diluted share(3) of $6.23Reduced ownership stake in Whirlpool of India to ~40%; utilized the proceeds to reduce debt2026 EPS outlook includes full-year GAAP earnings per diluted share of approximately $6.25, ongoing earnings per diluted share(3) of approximately $7.002026 outlook includes cash provided by operating activities of approximately $850 million and free cash flow(4) of $400 – $500 millionExpect to pay down approximately $400 million of debt in 2026
BENTON HARBOR, Mich., Jan. 28, 2026 /PRNewswire/ — Whirlpool Corporation (NYSE: WHR), today reported fourth-quarter and full-year 2025 financial results.
“With a challenging 2025 behind us, our confidence for 2026 is based on our recent successful product launches, reduced promotional intensity and a gradual recovery of the housing market.”
MARC BITZER, CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Earnings Results
Fourth Quarter Results
Full Year Results
2025
2024*
Change
2025
2024*
Change
Net sales ($M)
$4,098
$4,136
(0.9) %
$15,524
$16,607
(6.5) %
Organic net sales ($M)(1)
$4,046
$4,082
(0.9) %
$15,703
$15,749
(0.3) %
GAAP net earnings available to Whirlpool ($M)
$108
$(393)
nm
$318
$(323)
nm
Ongoing EBIT(2) ($M)
$135
$248
(45.6) %
$729
$887
(17.8) %
GAAP net earnings margin
2.7 %
(9.5) %
12.2pts
2.2 %
(1.9) %
4.1pts
Ongoing EBIT margin(2)
3.3 %
6.0 %
(2.7pts)
4.7 %
5.3 %
(0.6pts)
GAAP earnings per diluted share
$1.91
$(7.10)
nm
$5.66
$(5.87)
nm
Ongoing earnings per diluted share(3)
$1.10
$4.57
(75.9) %
$6.23
$12.21
(49.0) %
*Includes net sales from our previously-owned MDA Europe business in the first quarter and India business in December
Free Cash Flow
2025
2024
Change
Cash provided by (used in) operating activities ($M)
$467
$835
$(368)
Free cash flow(4) ($M)
$78
$385
$(307)
“I am honored to step into the role of Chief Financial Officer at Whirlpool. In 2025 we managed significant working capital challenges due to our record level of product refreshes and the notable operational shifts as a result of tariffs. We will continue to prioritize debt reduction and show operational resilience in 2026, as we focus on working capital efficiency to deliver strong free cash flow.”
ROXANNE WARNER, CHIEF FINANCIAL OFFICER
SEGMENT REVIEW
SEGMENT INFORMATION ($M)
Q4 2025
Q4 2024
YoY Change
MDA North America
Net Sales
$2,573
$2,595
(0.9) %
EBIT
$71
$173
(59.0) %
% of sales
2.8 %
6.7 %
(3.9pts)
MDA Latin America
Net Sales
$927
$920
0.8 %
EBIT
$59
$70
(15.3) %
% of sales
6.4 %
7.6 %
(1.2pts)
SDA Global
Net Sales
$423
$384
10.3 %
EBIT
$59
$48
22.4 %
% of sales
13.8 %
12.5 %
1.3pts
MDA: Major Domestic Appliances; SDA: Small Domestic Appliances
Effective December 31, 2025, the deconsolidation of Whirlpool India resulted in the removal of the MDA Asia segment as a separate operating segment.
MDA NORTH AMERICA
Excluding currency, net sales decreased 0.9% year-over-year driven by volume decline and price/mix, primarily in CanadaEBIT margin(5) decreased year-over-year as the promotional environment has not yet reflected the full impact of tariffs
MDA LATIN AMERICA
Excluding currency, net sales decreased 4.6% year-over-year due to volume declineEBIT margin(5) unfavorably impacted by the negative macro environment in Argentina and aggressive competition in Brazil, partially offset by a tax reserve release in Brazil
SDA GLOBAL
Excluding currency, net sales increased 8.0% year-over-year driven by price/mix supported by successful new product launchesEBIT margin(5) increased year-over-year driven by price/mix and strong growth within the direct-to-consumer business
FULL-YEAR 2026 OUTLOOK
Guidance Summary
2025
Reported
2026
Guidance
Net sales ($B)
$15.5
$15.3 – $15.6
Cash provided by operating activities ($M)
$467
~$850
Free cash flow ($M)(4)
$78
$400 – $500
GAAP net earnings margin (%)
2.2 %
~2.3%
Ongoing EBIT margin (%)(2)
4.7 %
5.5 – 5.8%
GAAP earnings per diluted share
$5.66
~$6.25
Ongoing earnings per diluted share(3)
$6.23
~$7.00
GAAP tax rate
27.5 %
~25.0%
Adjusted (non-GAAP) tax rate
3.5 %
~25.0%
On a full year basis in 2026, we expect:
Net sales of $15.3 – $15.6 billion; approximately 5% growth vs 2025 like-for-like(6) net sales of ~$14.7MPrice/mix to favorably impact our EBIT margin as we continue to deliver new product innovation and realize the momentum of our 2025 launchesStructural cost take out to deliver over $150 million or 100 basis points of margin expansionGAAP earnings per diluted share of approximately $6.25 and full-year ongoing earnings per diluted share(3) of approximately $7.002026 GAAP and adjusted (non-GAAP) tax rate of approximately 25sh provided by operating activities of approximately $850 million and free cash flow(4) of $400 – $500 millionDebt reduction of approximately $400 million; we continue to review all options to reduce debt that align with our capital allocation priorities and maximize shareholder value
(1)
A reconciliation of organic net sales, a non-GAAP financial measure, to reported net sales and other important information, appears below.
(2)
A reconciliation of earnings before interest and taxes (EBIT) and ongoing EBIT, non-GAAP financial measures, to reported net earnings (loss) available to Whirlpool, and a reconciliation of EBIT margin and ongoing EBIT margin, non-GAAP financial measures, to net earnings (loss) margin and other important information, appears below.
(3)
A reconciliation of ongoing earnings per diluted share, a non-GAAP financial measure, to reported net earnings (loss) per diluted share available to Whirlpool and other important information, appears below.
(4)
A reconciliation of free cash flow, a non-GAAP financial measure, to cash provided by (used in) operating activities and other important information, appears below.
(5)
Segment EBIT represents our consolidated EBIT broken down by the Company’s reportable segments and are metrics used by the chief operating decision maker in accordance with ASC 280. Consolidated EBIT also includes corporate “Other” of $45 million and $(504) million for the fourth quarters of 2025 and 2024, respectively.
(6)
Like-for-like refers to pro forma results for 2025, which exclude the results of Whirlpool of India from January to November, providing a comparative baseline for 2026 guidance. The like-for-like GAAP net earnings margin and corresponding reconciliation cannot be provided without unreasonable effort or expense. Please see below for a reconciliation of ongoing EBIT for the full year to GAAP net earnings.
ABOUT WHIRLPOOL CORPORATION
Whirlpool Corporation (NYSE: WHR) is a leading home appliance company, in constant pursuit of improving life at home. As the only major U.S.-based manufacturer of kitchen and laundry appliances, the company is driving meaningful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, JennAir, Maytag, Amana, Brastemp, Consul, and InSinkErator. In 2025, the company reported approximately $16 billion in annual net sales – close to 90% of which were in the Americas – 41,000 employees and 35 manufacturing and technology research centers. Additional information about the company can be found at WhirlpoolCorp.com.
WEBSITE DISCLOSURE
We routinely post important information for investors on our website, WhirlpoolCorp.com, in the “Investors” section. We also intend to update the “Hot Topics Q&A” portion of this webpage as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the “Investors” section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our webpage is not incorporated by reference into, and is not a part of, this document.
WHIRLPOOL ADDITIONAL INFORMATION
This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries (“Whirlpool”) within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Whirlpool intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with those safe harbor provisions. Any statements made in this press release that are not statements of historical fact, including statements regarding future financial results, long-term value creation goals, restructuring expectations, productivity, raw material prices and related costs, supply chain, portfolio transformation expectations, India transaction expectations, asset impairment, new product introduction benefits, trade and tariffs, litigation, ESG efforts, debt repayment and dividend expectations, share position, trade customer inventory expectations, cost take-out, manufacturing investment benefits, and the impact of housing recovery-related benefits on our operations are forward-looking statements and should be evaluated as such. Such statements can be identified by the use of terminology such as “may,” “could,” “will,” “should,” “possible,” “plan,” “predict,” “forecast,” “potential,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “may impact,” “on track,” “margin lift,” and similar words or expressions. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool’s forward-looking statements. Among these factors are: (1) intense competition in the home appliance industry, and the impact of the changing retail environment, including direct-to-consumer sales; (2) Whirlpool’s ability to maintain or increase sales to significant trade customers; (3) Whirlpool’s ability to maintain its reputation and brand image; (4) the ability of Whirlpool to achieve its business objectives and successfully manage its strategic portfolio transformation; (5) Whirlpool’s ability to understand consumer preferences and successfully develop new products; (6) Whirlpool’s ability to obtain and protect intellectual property rights; (7) acquisition, divestiture, and investment-related risks, including risks associated with our past acquisitions; (8) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost-effective manner; (9) risks related to our international operations; (10) Whirlpool’s ability to respond to unanticipated social, political and/or economic events, including epidemics/pandemics; (11) information technology system and cloud failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; (12) product liability and product recall costs; (13) Whirlpool’s ability to attract, develop and retain executives and other qualified employees; (14) the impact of labor relations; (15) fluctuations in the cost of key materials (including steel, resins, and base metals) and components and the ability of Whirlpool to offset cost increases; (16) Whirlpool’s ability to manage foreign currency fluctuations; (17) impacts from goodwill, intangible asset and/or inventory impairment charges; (18) health care cost trends, regulatory changes and variations between results and estimates that could increase future funding obligations for pension and postretirement benefit plans; (19) impacts from credit rating agency downgrades; (20) litigation, tax, and legal compliance risk and costs; (21) the effects and costs of governmental investigations or related actions by third parties; (22) changes in the legal and regulatory environment including environmental, health and safety regulations, data privacy, taxes and generative AI; (23) the impacts of changes in foreign trade policies, including tariffs; (24) Whirlpool’s ability to respond to the impact of climate change and climate change or other environmental regulation; and (25) the uncertain global economy and changes in economic conditions. In addition, factors that could cause actual results to differ materially from our India transaction expectations include, among other things, failure or delays in launching transaction based on Board approval, market conditions or other factors, failure or delays in share settlement and closing, transaction proceeds being lower than expected, alternative uses for proceeds received, brand license valuation expectations not being met, and strategic, economic or industry expectations for India not being realized. Additional information concerning these and other factors can be found in Whirlpool’s filings with the Securities and Exchange Commission, including the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. These cautionary statements should not be construed to be exhaustive and the forward-looking statements are made only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
FOR THE PERIODS ENDED DECEMBER 31
(Millions of dollars, except per share data)
Three Months Ended
Twelve Months Ended
2025
2024
2025
2024
Net sales
$ 4,098
$ 4,136
$ 15,524
$ 16,607
Expenses
Cost of products sold
3,523
3,465
13,138
14,026
Gross margin
575
671
2,386
2,581
Selling, general and administrative
425
418
1,633
1,684
Intangible amortization
6
7
26
31
Restructuring costs
46
(2)
63
79
Impairment of goodwill and other intangibles
106
381
106
381
Loss (gain) on sale and disposal of businesses
(250)
4
(280)
264
Operating profit
243
(136)
838
143
Other (income) expense
Interest and sundry (income) expense
21
—
(20)
(27)
Interest expense
85
83
341
358
Earnings (loss) before income taxes
136
(218)
516
(188)
Income tax expense (benefit)
37
95
142
10
Equity method investment income (loss), net of tax
12
(76)
(34)
(107)
Net earnings (loss)
111
(391)
341
(305)
Less: Net earnings (loss) available to noncontrolling interests
3
2
23
18
Net earnings (loss) available to Whirlpool
$ 108
$ (393)
$ 318
$ (323)
Per share of common stock
Basic net earnings (loss) available to Whirlpool
$ 1.92
$ (7.10)
$ 5.68
$ (5.87)
Diluted net earnings (loss) available to Whirlpool
$ 1.91
$ (7.10)
$ 5.66
$ (5.87)
Dividends declared
$ 0.90
$ 1.75
$ 5.30
$ 7.00
Weighted-average shares outstanding (in millions)
Basic
56.4
55.4
56.0
55.1
Diluted
56.6
55.4
56.2
55.1
WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Millions of dollars, except share data)
December
31, 2025
December
31, 2024
(Unaudited)
Assets
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