Whirlpool Corporation Announces Third-Quarter Results; Delivers Revenue Growth

Rhea-AI Summary

Whirlpool (NYSE: WHR) reported Q3 2025 results with net sales of $4.033B, a 1.0% year-over-year increase, and delivered structural cost take out equal to 100 basis points (~$50M).

Q3 GAAP net earnings were $73M (GAAP EPS $1.29) and ongoing (non-GAAP) EPS were $2.09. Free cash flow was a negative $907M and cash from operations was negative $669M. The quarter included a $14M non-cash loss from Beko Europe equity, or $0.24 per share.

Whirlpool declared a $0.90 Q4 dividend and reiterated full-year 2025 guidance of ~$15.8B net sales, GAAP EPS ~$6.00, ongoing EPS ~$7.00, cash from operations ~$600M, and free cash flow ~$200M.

Positive

• Net sales of $4.033B in Q3 2025 (+1.0% YoY)
• MDA North America net sales $2.722B (+2.8% YoY)
• Structural cost take out of 100 bps (~$50M) in Q3
• Company reaffirmed full-year net sales ~$15.8B
• Declared Q4 dividend of $0.90 per share

Negative

• GAAP net earnings fell to $73M (down 33.3% YoY)
• GAAP EPS declined to $1.29 (down 35.5% YoY)
• Ongoing EPS dropped to $2.09 (down 39.1% YoY)
• Free cash flow was a deficit of $907M in Q3
• Cash provided by operating activities was negative $669M

Insights

Corporate Finance Analyst

Revenue grew modestly while margins and cash flow weakened; outlook narrowed with modest positive EPS guidance but cash flow remains a concern.

Whirlpool delivered year‑over‑year net sales of $4,033M in Q3, a 1.0% increase with North America showing share gains and product traction. Despite top‑line growth, GAAP net earnings fell to $73M (GAAP EPS $1.29), ongoing EBIT declined to $180M and ongoing EPS dropped to $2.09, reflecting margin pressure across major segments.

Operating cash flow and free cash flow weakened materially: Q3 operating activities used $(669)M and free cash flow was $(907)M, with full‑year cash provided by operations revised to ~$600M and free cash flow to ~$200M. These cash metrics, combined with a non‑cash $14M equity loss and inventory pre‑loading headwinds from Asian competitors, increase near‑term execution risk despite announced structural cost take out of ~$200M for 2025.

Watch the cadence of quarterly operating cash conversion and margin recovery over the next two quarters through Q4 2025 and early 2026; key monitorables are realized savings from the $200M cost program, gross margin trend versus price/mix expectations, and reported free cash flow progress against the ~$200M full‑year target.

• Delivered YoY revenue growth as new products gain traction in North America, while navigating the near-term unfavorable effects of tariffs
• Achieved structural cost take out of 100 basis points or approximately $50 million
• Q3 GAAP net earnings margin of 1.8%; GAAP earnings per diluted share of $1.29
• Q3 ongoing (non-GAAP) EBIT margin⁽¹⁾ of 4.5%; ongoing earnings per diluted share⁽²⁾ of $2.09
• Third-quarter results were unfavorably impacted by a non-cash loss of $14 million, or $0.24 earnings per diluted share from Beko Europe B.V. equity in affiliates
• EPS outlook range narrowed with full-year GAAP earnings per diluted share of approximately $6.00, ongoing earnings per diluted share⁽²⁾ of approximately $7.00; cash provided by operating activities revised to approximately $600 million and free cash flow⁽³⁾ of approximately $200 million
• Declared Q4 dividend of $0.90 per share

BENTON HARBOR, Mich., Oct. 27, 2025 /PRNewswire/ -- Whirlpool Corporation (NYSE: WHR), today reported third-quarter financial results.

"I am pleased by the progress in North America, delivering share gains and flooring expansion as we execute a record year of new product launches," said Marc Bitzer. "The core fundamentals of our business remain strong and we are confident that the newly announced investment in our U.S.-based laundry facilities will continue to fuel our future growth."
MARC BITZER, CHAIRMAN AND CHIEF EXECUTIVE OFFICER 

Third-Quarter Results	2025	2024	Change
Net sales ($M)	$4,033	$3,993	1.0 %
Net sales excluding currency ($M)	$4,031	$3,993	1.0 %
GAAP net earnings available to Whirlpool ($M)	$73	$109	(33.3) %
Ongoing EBIT(1) ($M)	$180	$233	(22.7) %
GAAP net earnings margin	1.8 %	2.7 %	(0.9pts)
Ongoing EBIT margin(1)	4.5 %	5.8 %	(1.4pts)
GAAP earnings per diluted share	$1.29	$2.00	(35.5) %
Ongoing earnings per diluted share(2)	$2.09	$3.43	(39.1) %
Free Cash Flow	2025	2024	Change
Cash provided by (used in) operating activities ($M)	$(669)	$(271)	$(398)
Free cash flow(3) ($M)	$(907)	$(586)	$(321)

"Our third quarter results continued to be impacted by the inventory loading from Asian competitors. Meanwhile, we continued to focus on what is within our control and delivered cost take out in line with expectations, putting us on track to achieve approximately $200M of cost take out in 2025."
JIM PETERS, CHIEF FINANCIAL AND ADMINISTRATIVE OFFICER

SEGMENT REVIEW

SEGMENT INFORMATION ($M)			Q3 2025	Q3 2024	YoY Change
MDA North America	Net Sales		$2,722	$2,647	2.8 %
	EBIT		$134	$194	(30.6) %
	% of sales		4.9 %	7.3 %	(2.4pts)
MDA Latin America	Net Sales		$802	$846	(5.2) %
	EBIT		$45	$58	(22.0) %
	% of sales		5.7 %	6.9 %	(1.2pts)
MDA Asia	Net Sales		$222	$239	(7.3) %
	EBIT		$4	$7	(37.9) %
	% of sales		1.8 %	2.9 %	(1.1pts)
SDA Global	Net Sales		$288	$261	10.5 %
	EBIT		$47	$37	28.8 %
	% of sales		16.5 %	14.2 %	2.3pts

MDA: Major Domestic Appliances; SDA: Small Domestic Appliances

MDA NORTH AMERICA

• Excluding currency, net sales increased 2.9% year-over-year driven by strong share gains
• EBIT margin⁽⁴⁾ temporarily impacted by foreign competitors' inventory pre-loading

MDA LATIN AMERICA

• Excluding currency, net sales decreased 6.3% year-over-year due to volume decline
• EBIT margin⁽⁴⁾ unfavorably impacted by the negative macro environment in Argentina and price/mix

MDA ASIA

• Excluding currency, net sales decreased 4.0% year-over-year, driven by volume decline
• EBIT margin⁽⁴⁾ decreased year-over-year, driven by volume decline partially offset by continued cost take out

SDA GLOBAL

• Excluding currency, net sales increased 9.5% year-over-year, driven by successful new product launches
• EBIT margin⁽⁴⁾ increased year-over-year, driven by price/mix and direct-to-consumer business growth

FULL-YEAR 2025 OUTLOOK

Guidance Summary	2024 Reported	2024 Like-for- Like (5)	2025 Guidance
Net sales ($B)	$16.6	~$15.8	~$15.8
Cash provided by operating activities ($M)	$835	N/A	~$600
Free cash flow ($M)(3)	$385	N/A	~$200
GAAP net earnings margin (%)	(1.9) %	N/A	~2.4%
Ongoing EBIT margin (%)(1)	5.3 %	~5.7%	~5.0%
GAAP earnings per diluted share	$(5.87)	N/A	~$6.00
Ongoing earnings per diluted share(2)	$12.21	N/A	~$7.00
GAAP tax rate	(5.5) %	N/A	~8.8%
Adjusted (non-GAAP) tax rate	(28.6) %	N/A	~8.0%

On a full year basis, we expect:

• Net sales of approximately $15.8 billion; approximately flat on a like-for-like⁽⁵⁾ basis
• Price/mix to favorably impact our EBIT margin as we continue to execute our new product launches
• Structural cost take out to deliver approximately $200 million
• GAAP earnings per diluted share of approximately $6.00 and full-year ongoing earnings per diluted share⁽²⁾ of approximately $7.00
• 2025 GAAP tax rate of approximately 8.8 percent and adjusted (non-GAAP) tax rate of approximately 8 percent
• Cash provided by operating activities of approximately $600 million and free cash flow⁽³⁾ of approximately $200 million

 

(1)	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.
(2)	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.
(3)	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.
(4)	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/Eliminations" of $(32) million and $(45) million for the third quarters of 2025 and 2024, respectively.
(5)	Like-for-like refers to pro forma results for 2024, which exclude the first quarter results for the historical Europe major domestic appliances business (MDA Europe) to provide a comparative baseline for 2025 guidance. This comparison uses a prior period baseline that is aligned to the ongoing business expectations for 2025, with the Europe transaction closed April 1, 2024. 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 last-remaining 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 2024, the company reported approximately $17 billion in annual sales - close to 90% of which were in the Americas -  44,000 employees and 40 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 SEPTEMBER 30 (Millions of dollars, except per share data)
	Three Months Ended				Nine Months Ended
	2025		2024		2025		2024
Net sales	$       4,033		$        3,993		$       11,426		$         12,471
Expenses
Cost of products sold	3,439		3,350		9,615		10,561
Gross margin	594		643		1,811		1,910
Selling, general and administrative	405		395		1,209		1,266
Intangible amortization	7		7		20		24
Restructuring costs	6		8		17		81
Loss (gain) on sale and disposal of businesses	(30)		(32)		(30)		260
Operating profit	206		265		595		279
Other (income) expense
Interest and sundry (income) expense	(5)		(6)		(41)		(27)
Interest expense	92		92		256		275
Earnings (loss) before income taxes	120		179		381		31
Income tax expense (benefit)	33		45		105		(85)
Equity method investment income (loss), net of tax	(11)		(20)		(46)		(31)
Net earnings (loss)	76		114		229		85
Less: Net earnings (loss) available to noncontrolling interests	3		5		20		16
Net earnings (loss) available to Whirlpool	$              73		$           109		$             210		$                  69
Per share of common stock
Basic net earnings (loss) available to Whirlpool	$          1.30		$          2.01		$            3.76		$              1.27
Diluted net earnings (loss) available to Whirlpool	$          1.29		$          2.00		$            3.74		$              1.26
Dividends declared	$          0.90		$          1.75		$            4.40		$              5.25
Weighted-average shares outstanding (in millions)
Basic	56.1		55.2		55.9		55.0
Diluted	56.5		55.2		56.1		55.0

 

WHIRLPOOL CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (Millions of dollars, except share data)
	September 30, 2025		December 31, 2024
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$             934		$          1,275
Accounts receivable, net of allowance of $55 and $46, respectively	1,598		1,317
Inventories	2,593		2,035
Prepaid and other current assets	669		612
Total current assets	5,794		5,239
Property, net of accumulated depreciation of $5,654 and $5,414, respectively	2,309		2,275
Right of use assets	814		841
Goodwill	3,321		3,322
Other intangibles, net of accumulated amortization of $465 and $447, respectively	2,698		2,717
Deferred income taxes	1,475		1,433
Other noncurrent assets	481		474
Total assets	$       16,893		$       16,301
Liabilities and stockholders' equity
Current liabilities
Accounts payable	$          3,617		$          3,530
Accrued expenses	414		455
Accrued advertising and promotions	488		682
Employee compensation	205		228
Notes payable	1,125		18
Current maturities of long-term debt	300		1,850
Other current liabilities	619		560
Total current liabilities	6,768		7,323
Noncurrent liabilities
Long-term debt	6,165		4,758
Pension benefits	106		122
Postretirement benefits	96		96
Lease liabilities	686		711
Other noncurrent liabilities	429		358
Total noncurrent liabilities	7,482		6,045
Stockholders' equity
Common stock, $1 par value, 250 million shares authorized, 65 million and 65 million shares issued, respectively, and 56 million and 55 million shares outstanding, respectively	65		64
Additional paid-in capital	3,479		3,462
Retained earnings	1,272		1,311
Accumulated other comprehensive loss	(1,888)		(1,545)
Treasury stock, 9 million and 9 million shares, respectively	(547)		(609)
Total Whirlpool stockholders' equity	2,380		2,683
Noncontrolling interests	263		250
Total stockholders' equity	2,644		2,933
Total liabilities and stockholders' equity	$       16,893		$       16,301

 

WHIRLPOOL CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE PERIODS ENDED SEPTEMBER 30 (Millions of dollars)
	Nine Months Ended
	2025		2024
Operating activities
Net earnings (loss)	$             229		$                85
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
Depreciation and amortization	246		249
Loss (gain) on sale and disposal of businesses	(30)		260
Equity method investment (income) loss, net of tax	46		31
Share based compensation and other	113		64
Changes in assets and liabilities:
Accounts receivable	(258)		(275)
Inventories	(523)		(18)
Accounts payable	(59)		(76)
Accrued advertising and promotions	(208)		(137)
Accrued expenses and current liabilities	(52)		(22)
Taxes deferred and payable, net	(18)		(237)
Accrued pension and postretirement benefits	5		(15)
Employee compensation	(39)		(42)
Other	(121)		(138)
Cash provided by (used in) operating activities	(669)		(271)
Investing activities
Capital expenditures	(239)		(315)
Proceeds from sale of assets and businesses	—		95
Cash held by divested businesses	—		(245)
Other	—		(1)
Cash provided by (used in) investing activities	(239)		(466)
Financing activities
Net proceeds from borrowings of long-term debt	1,200		300
Net repayments of long-term debt	(1,550)		(801)
Net proceeds (repayments) from short-term borrowings	1,114		613
Dividends paid	(248)		(287)
Repurchase of common stock	—		(50)
Sale of minority interest in subsidiary	—		462
Other	(12)		(15)
Cash provided by (used in) financing activities	503		222
Effect of exchange rate changes on cash and cash equivalents	64		(68)
Increase (decrease) in cash and cash equivalents	(341)		(583)
Cash and cash equivalents at beginning of year	1,275		1,667
Cash and cash equivalents at end of period	$             936		$          1,084

SUPPLEMENTAL INFORMATION - CONSOLIDATED FINANCIAL STATEMENTS RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Millions of dollars except per share data) (Unaudited)

We supplement the reporting of our financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial measures, some of which we refer to as "ongoing" measures. These measures may include earnings before interest and taxes (EBIT), EBIT margin, ongoing EBIT, ongoing EBIT margin, ongoing earnings per diluted share, adjusted effective tax rate, net debt leverage (Net Debt/Ongoing EBITDA), return on invested capital (ROIC) and free cash flow.

Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.

Sales excluding foreign currency: Current period net sales translated in functional currency, to U.S. dollars using the applicable prior period's exchange rate compared to the applicable prior period net sales. Management believes that sales excluding foreign currency provides stockholders with a clearer basis to assess our results over time, excluding the impact of exchange rate fluctuations.
Ongoing EBIT margin: Ongoing earnings before interest and taxes divided by net sales. Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.
Ongoing earnings per diluted share: Diluted net earnings per share from continuing operations, adjusted to exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations. Ongoing measures provide a better baseline for analyzing trends in our underlying businesses.
Net debt leverage: Net debt to ongoing earnings before interest, taxes, depreciation, and amortization (EBITDA) ratio is net debt outstanding, including long-term debt, current maturities of long-term debt, and notes payable, less cash and cash equivalents, divided by ongoing EBITDA. Management believes that net debt leverage provides stockholders with a view of our ability to generate earnings sufficient to service our debt.
Return on invested capital: Ongoing EBIT after taxes divided by total invested capital, defined as total assets less non-interest bearing current liabilities (NIBCLS). NIBCLS is defined as current liabilities less current maturities of long-term debt and notes payable. This ROIC definition may differ from other companies' methods and therefore may not be comparable to those used by other companies. Management believes that ROIC provides stockholders with a view of capital efficiency, a key driver of stockholder value creation.
Adjusted effective tax rate: Effective tax rate, excluding pre-tax income and tax effect of certain unique items. Management believes that adjusted tax rate provides stockholders with a meaningful, consistent comparison of the Company's effective tax rate, excluding the pre-tax income and tax effect of certain unique items.
Free cash flow: Cash provided by (used in) operating activities less capital expenditures. Management believes that free cash flow provides stockholders with a relevant measure of liquidity and a useful basis for assessing the Company's ability to fund its activities and obligations.

Whirlpool does not provide a non-GAAP reconciliation for its forward-looking long-term value creation goals, such as EBIT, free cash flow conversion, ROIC and net debt leverage, as these long-term management goals are not annual guidance, and the reconciliation of these long-term measures would rely on market factors and certain other conditions and assumptions that are outside of the Company's control.

We believe that these non-GAAP measures provide meaningful information to assist investors and stockholders in understanding our financial results and assessing our prospects for future performance, and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP financial measures, provide a more complete understanding of our business. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. These ongoing financial measures should not be considered in isolation or as a substitute for reported net earnings available to Whirlpool per diluted share, net earnings, net earnings available to Whirlpool, net earnings margin, return on assets, net sales, effective GAAP tax rate and cash provided by (used in) operating activities, the most directly comparable GAAP financial measures.

We also disclose segment EBIT as an important financial metric used by the Company's Chief Operating Decision Maker to evaluate performance and allocate resources in accordance with ASC 280 - Segment Reporting.

GAAP net earnings available to Whirlpool per basic or diluted share (as applicable) and ongoing earnings per diluted share are presented net of tax, while individual adjustments in each reconciliation are presented on a pre-tax basis; the income tax impact line item aggregates the tax impact for these adjustments. The tax impact of individual line item adjustments may not foot precisely to the aggregate income tax impact amount, as each line item adjustment may include non-taxable components. Historical quarterly earnings per share amounts are presented based on a normalized tax rate adjustment to reconcile quarterly tax rates to full-year tax rate expectations. We strongly encourage investors and stockholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

THIRD-QUARTER 2025 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE

The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the three months ended September 30, 2025. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our third-quarter GAAP tax rate was 27.1%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our third-quarter adjusted tax rate (non-GAAP) of (33.5)%.

	Three Months Ended
Earnings Before Interest & Taxes Reconciliation:	September 30, 2025
Net earnings (loss) available to Whirlpool	$                                 73
Net earnings (loss) available to noncontrolling interests	3
Income tax expense (benefit)	33
Interest expense	92
Earnings before interest & taxes	$                              200
Net sales	$                           4,033
Net earnings (loss) margin	1.8 %

 

	Results classification		Earnings before interest & taxes		Earnings per diluted share
Reported measure			$                     200		$                       1.29
Restructuring expense (a)	Restructuring costs		6		0.10
Impact of M&A transactions (b)	(Gain) loss on sale and disposal of businesses & Selling, general, and administrative		(26)		(0.47)
Income tax impact					(0.12)
Normalized tax rate adjustment (c)					1.29
Ongoing measure			$                     180		$                       2.09
Net sales			$                  4,033
Ongoing EBIT margin			4.5 %

Note: Numbers may not reconcile due to rounding.

THIRD-QUARTER 2024 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE

The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the three months ended September 30, 2024. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our third-quarter GAAP tax rate was 25%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our third-quarter adjusted tax rate (non-GAAP) of (32)%.

	Three Months Ended
Earnings Before Interest & Taxes Reconciliation:	September 30, 2024
Net earnings (loss) available to Whirlpool	$                              109
Net earnings (loss) available to noncontrolling interests	5
Income tax expense (benefit)	45
Interest expense	92
Earnings before interest & taxes	$                              251
Net sales	$                           3,993
Net earnings (loss) margin	2.7 %

 

	Results classification		Earnings before interest & taxes		Earnings per diluted share
Reported measure			$                     251		$                       2.00
Restructuring expense(a)	Restructuring costs		8		0.14
Impact of M&A transactions(b)	(Gain) loss on sale and disposal of businesses & Selling, general and administrative		(26)		(0.47)
Total income tax impact					(0.10)
Normalized tax rate adjustment(c)					1.86
Ongoing measure			$                     233		$                       3.43
Net sales			$                  3,993
Ongoing EBIT margin			5.8 %

Note: Numbers may not reconcile due to rounding.

FULL-YEAR 2024 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE

The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the twelve months ended December 31, 2024. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our full-year GAAP tax rate was (5.5)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of (28.6)%.

	Twelve Months Ended
Earnings Before Interest & Taxes Reconciliation:	December 31, 2024
Net earnings (loss) available to Whirlpool	$                             (323)
Net earnings (loss) available to noncontrolling interests	18
Income tax expense (benefit)	10
Interest expense	358
Earnings before interest & taxes	$                               63
Net sales	$                        16,607
Net earnings (loss) margin	(1.9) %

 

	Results classification		Earnings before interest & taxes		Earnings per diluted share
Reported measure			$                       63		$                     (5.87)
Restructuring expense	Restructuring costs		79		1.44
Impairment of goodwill, intangibles and other  assets	Impairment of goodwill and other intangibles		381		6.92
Impact of M&A transactions	(Gain) loss on sale and disposal of businesses & Selling, general and administrative		292		5.30
Legacy EMEA legal matters	Interest and sundry (income) expense		(2)		(0.04)
Equity method investee - restructuring charges	Equity method investment income (loss), net of tax		74		1.34
Total income tax impact					4.28
Normalized tax rate adjustment					(1.16)
Ongoing measure			$                     887		$                     12.21
Net Sales			$                16,607
Ongoing EBIT Margin			5.3 %

Note: Numbers may not reconcile due to rounding.

FULL-YEAR 2023 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE

The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the twelve months ended December 31, 2023. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our full-year GAAP tax rate was 13.0%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of (6.7)%.

	Twelve Months Ended
Earnings Before Interest & Taxes Reconciliation:	December 31, 2023
Net earnings (loss) available to Whirlpool	$                              481
Net earnings (loss) available to noncontrolling interests	7
Income tax expense (benefit)	77
Interest expense	351
Earnings before interest & taxes	$                              916
Net sales	$                         19,455
Net earnings (loss) margin	2.5 %

 

	Results classification		Earnings before interest & taxes		Earnings per diluted share
Reported measure			$                     916		$                       8.72
Impact of M&A transactions(b)	(Gain) loss on sale and disposal of businesses & Selling, general and administrative & including equity method investment		181		3.27
Legacy EMEA legal matters	Interest and sundry (income) expense		94		1.71
Total income tax impact					0.35
Normalized tax rate adjustment(c)					2.11
Ongoing measure			$                 1,191		$                     16.16
Net Sales			$              19,455
Ongoing EBIT Margin			6.1 %

Note: Numbers may not reconcile due to rounding

FULL-YEAR 2025 OUTLOOK FOR ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE

The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings available to Whirlpool and net earnings per diluted share available to Whirlpool, for the twelve months ending December 31, 2025. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our anticipated full-year GAAP tax rate is approximately 8.8%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our anticipated full-year adjusted tax (non-GAAP) rate of approximately 8.0%.

			Twelve Months Ending December 31, 2025
	Results classification		Earnings before interest & taxes*		Earnings per diluted share
Reported measure			~$750		~$6.00
Restructuring Expense	Restructuring Costs		~50		~1.00
Impact of M&A transactions(1)	(Gain) loss on sale and disposal of businesses & Selling, general and administrative		—		—
Total income tax impact					—
Ongoing measure			~$800		~$7.00

(1)	Impact of M&A transactions includes ~$30 million in unique transaction costs related to portfolio transformation, fully offset by a $30 million reserve release related to an indemnity that is no longer considered probable.
Note: Numbers may not reconcile due to rounding.
*Earnings Before Interest & Taxes (EBIT) is a non-GAAP measure. The Company does not provide a forward-looking quantitative reconciliation of EBIT to the most directly comparable GAAP financial measure, net earnings available to Whirlpool, because the net earnings available to noncontrolling interests item of such reconciliation -- which has historically represented a relatively insignificant amount of the Company's overall net earnings -- implicates the Company's projections regarding the earnings of the Company's non wholly-owned subsidiaries and joint ventures that cannot be quantified precisely or without unreasonable efforts.

 

FOOTNOTES
a.	RESTRUCTURING EXPENSE - We incurred restructuring charges of $6 million for the three months ended September 30, 2025 compared to $8 million for the same period in 2024.
b.	IMPACT OF M&A TRANSACTIONS - We incurred unique transaction related costs related to portfolio transformation for a total of $4 million for the three months ended September 30, 2025. These transaction costs were recorded in Selling, General and Administrative expenses. Additionally, in the third quarter of 2025, we released a $30 million reserve related to an indemnity that is no longer considered probable. This gain is recorded in Loss (gain) on sale and disposal of businesses on our Consolidated Condensed Statements of Comprehensive Income (Loss).
	On January 16, 2023, we signed a contribution agreement to contribute our European major domestic appliance business into a newly formed entity with Arçelik. In connection with the transaction, we recorded a loss on disposal of $2 million for the three months ended September 30, 2024. Additionally, we incurred other unique transaction related costs related to portfolio transformation for a total of $6 million for the three months ended September 30, 2024. These transaction costs were recorded in Selling, General and Administrative expenses on our Consolidated Condensed Statements of Comprehensive Income (Loss).
c.	NORMALIZED TAX RATE ADJUSTMENT - During the third quarter of 2025, the Company calculated a GAAP tax rate of 27.1%.  Ongoing earnings per share was calculated using an adjusted tax rate of (33.5)%, which excludes the tax impacts related to M&A transaction costs and restructuring actions.
	During the third quarter of 2024, the Company calculated a GAAP tax rate of 25%. Ongoing earnings per share was calculated using an adjusted tax rate of (32)%, which excludes the non-tax deductible impact of M&A transactions of approximately $(26) million recorded in the third quarter of 2024.
	Additionally, in the full-year 2025 outlook, the Company calculated ongoing earnings per share using a full-year adjusted tax (non-GAAP) rate of approximately 8.0%, which excludes the non-tax deductible impact of restructuring costs of approximately $16 million to reconcile to our full-year ongoing effective tax rate of approximately 8.8%. The revisions from prior quarter estimates are primarily due to newly formed tax benefits under the "One Big Beautiful Bill Act", enacted in July 2025.

NET SALES AND ONGOING EBIT EXCLUDING MDA EUROPE 2024 FIRST QUARTER

The reconciliation provided below reconciles the impact of removing Q1 MDA Europe from our net sales and ongoing EBIT for the twelve months ended December 31, 2024 for the Whirlpool business. Please see elsewhere in this Supplemental Information section for a reconciliation of Ongoing EBIT to GAAP reported net earnings (loss) available to Whirlpool.

	2024 As Reported	Q1 2024 MDA Europe*	2024 Like-for- Like
Net Sales (in billions)	$16.6	$0.8	~$15.8
Ongoing EBIT (in millions)	887	(9)	~896
Ongoing EBIT Margin	5.3 %	(1.1) %	~5.7%

Note: Numbers may not reconcile due to rounding.

*Q1 historical segment financial data (unaudited).

FREE CASH FLOW

Free cash flow is cash provided by (used in) operating activities after capital expenditures. The reconciliation provided below reconciles nine months ended September 30, 2025 and 2024 and 2025 full-year free cash flow with cash provided by (used in) operating activities, the most directly comparable GAAP financial measure. Free cash flow as a percentage of net sales is calculated by dividing free cash flow by net sales.

	Nine Months Ended
	September 30,
(millions of dollars)	2025		2024		2025 Outlook
Cash provided by (used in) operating activities	$               (669)		$               (271)		~$600
Capital expenditures	(239)		(315)		(~400)
Free cash flow	$               (907)		$               (586)		~$200
Cash provided by (used in) investing activities*	(239)		(466)
Cash provided by (used in) financing activities*	503		222

*Financial guidance on a GAAP basis for cash provided by (used in) financing activities and cash provided by (used in) investing activities has not been provided because in order to prepare any such estimate or projection, the Company would need to rely on market factors and certain other conditions and assumptions that are outside of its control.

 

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SOURCE Whirlpool Corporation

FAQ

What were Whirlpool's Q3 2025 net sales and EPS (WHR)?

Q3 2025 net sales were $4.033B; GAAP EPS was $1.29 and ongoing EPS was $2.09.

How did Whirlpool's free cash flow and operating cash perform in Q3 2025 (WHR)?

Q3 2025 free cash flow was negative $907M and cash from operations was negative $669M.

What guidance did Whirlpool provide for full-year 2025 (WHR)?

Whirlpool expects ~$15.8B net sales, GAAP EPS ~$6.00, ongoing EPS ~$7.00, cash from operations ~$600M, and free cash flow ~$200M.

What caused a one-time impact in Whirlpool's Q3 2025 results (WHR)?

Q3 included a $14M non-cash loss from Beko Europe equity, impacting GAAP results by about $0.24 per share.

Did Whirlpool announce a dividend with its Q3 2025 results (WHR)?

Yes. Whirlpool declared a Q4 dividend of $0.90 per share.

What progress did Whirlpool report in North America for Q3 2025 (WHR)?

Whirlpool reported share gains and sales growth in North America, with MDA North America net sales of $2.722B.