Whirlpool Corporation Announces Second-Quarter Results

Delivered sequential net sales growth across all segments, despite negative consumer sentiment impacting global demand

Delivered significant cost take out of 100 basis points or approximately $50 million, in-line with full year expectations

Q2 GAAP net earnings margin of 1.7%; GAAP earnings per diluted share of $1.17

Q2 ongoing (non-GAAP) EBIT margin(1) of 5.3%; ongoing earnings per diluted share(2) of $1.34

Second-quarter results were unfavorably impacted by a non cash loss of $19 million, or $0.35 earnings per diluted share from Beko Europe B.V. equity in affiliates

2025 outlook is updated with full-year GAAP earnings per diluted share of approximately $5.00 to $7.00, and ongoing earnings per diluted share(2) of $6.00 to $8.00; cash provided by operating activities of approximately $850 million and free cash flow(3) of approximately $400 million

Refinanced $1.2 billion of term loan debt at approximately 6.3% weighted average

BENTON HARBOR, Mich., July 28, 2025 /PRNewswire/ -- Whirlpool Corporation (NYSE:WHR), today reported second-quarter financial results.

"As expected, the second quarter continued to be impacted by competitors stockpiling Asian imports into the U.S. Despite this, we are well positioned in North America with a robust pipeline of new products, the industry's leading U.S. manufacturing footprint, and favorable housing demand fundamentals. We are confident in our long-term strategy and believe that evolving tariff policies will ultimately support domestic manufacturers."       MARC BITZER, CHAIRMAN AND CHIEF EXECUTIVE OFFICER 

Second-Quarter Results

2025

2024

Change

Net sales ($M)

$3,773

$3,989

(5.4) %

Net sales excluding currency ($M)

$3,861

$3,989

(3.2) %

GAAP net earnings available to Whirlpool ($M)

$65

$219

(70.1) %

Ongoing EBIT(1) ($M)

$200

$212

(5.7) %

GAAP net earnings margin

1.7 %

5.5 %

(3.8pts)

Ongoing EBIT margin(1)

5.3 %

5.3 %

0.0pts

GAAP earnings per diluted share

$1.17

$3.96

(70.5) %

Ongoing earnings per diluted share(2)

$1.34

$2.39

(43.9) %

Free Cash Flow

2025

2024

Change

Cash provided by (used in) operating activities ($M)

$(702)

$(485)

$(217)

Free cash flow(3) ($M)

$(856)

$(713)

$(143)

 

"In this uncertain environment, we are focused on what we can control: executing cost reduction, proactively managing debt maturities, and strengthening our balance sheet to ensure financial resilience." JIM PETERS, CHIEF FINANCIAL AND ADMINISTRATIVE OFFICER

SEGMENT REVIEW

SEGMENT INFORMATION ($M)

Q2 2025

Q2 2024

YoY Change

MDA North America

Net Sales

$2,446

$2,567

(4.7) %

EBIT

$144

$163

(11.7) %

     % of sales

5.9 %

6.3 %

(0.4pts)

MDA Latin America

Net Sales

$806

$895

(10.0) %

EBIT

$48

$52

(7.7) %

     % of sales

6.0 %

5.8 %

0.2pts

MDA Asia

Net Sales

$320

$340

(5.9) %

EBIT

$23

$21

11.2 %

     % of sales

7.1 %

6.2 %

0.9pts

SDA Global

Net Sales

$201

$187

7.5 %

EBIT

$35

$26

32.9 %

     % of sales

17.3 %

13.9 %

3.4pts

MDA: Major Domestic Appliances; SDA: Small Domestic Appliances

 

MDA NORTH AMERICA

Excluding currency, net sales decreased 4.6% year-over-year as negative consumer sentiment impacted demand and product mix; promotional intensity remains elevated amid continued 'pre-loading' of Asian imports by foreign competitors ahead of tariffs

EBIT margin(4) slightly declined year-over-year, driven by volume contraction partially offset by cost take out

MDA LATIN AMERICA

Excluding currency, net sales decreased 0.9% year-over-year, with implemented pricing actions offset by negative consumer demand in Mexico

EBIT margin(4) expanded year-over-year, driven by favorable price/mix and cost takeout partially offset by negative impact of currency

MDA ASIA

Excluding currency, net sales decreased 3.7% year-over-year, driven by industry decline partially offset by sustained strong share gains

EBIT margin(4) increased year-over-year, driven by continued cost take out

SDA GLOBAL

Excluding currency, net sales increased 6.8% year-over-year, driven by strong direct-to-consumer sales and new products despite an unfavorable industry in North America

EBIT margin(4) increased year-over-year, driven by favorable price/mix supported by strong momentum from new products

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

~$850

Free cash flow ($M)(3)

$385

N/A

~$400

GAAP net earnings margin (%)

(1.9) %

N/A

~2.2%

Ongoing EBIT margin (%)(1)

5.3 %

~5.7%

~5.7%

GAAP earnings per diluted share

$(5.87)

N/A

$5.00 - $7.00

Ongoing earnings per diluted share(2)

$12.21

N/A

$6.00 - $8.00

GAAP tax rate

(5.5) %

N/A

20 - 25%

Adjusted (non-GAAP) tax rate

(28.6) %

N/A

20 - 25%

 

Expect full-year net sales of approximately $15.8 billion; approximately flat on a like-for-like(5) basis

Expect to deliver approximately $200 million of structural cost take out actions

Expect full-year GAAP earnings per diluted share of approximately $5.00 to $7.00 and full-year ongoing earnings per diluted share(2) of $6.00 to $8.00

Expect cash provided by operating activities of approximately $850 million and free cash flow(3) of approximately $400 million

We will be recommending an annual dividend payout rate(6) of $3.60 per share, creating balance sheet capacity, the dividend is approved quarterly by the board of directors.

 

(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 $(60) million and $(150) million for the second 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.

(6)

Note: Board of Directors reviews and sets dividend quarterly. Recommending quarterly dividend of $0.90 per share, totaling $5.30 per share for 2025 and annualized rate of $3.60.

 

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, asset impairment, debt repayment and dividend expectations, India transaction timing and benefits expectations, trade customer inventory expectations, 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 by you 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 JUNE 30

(Millions of dollars, except per share data)

Three Months Ended

Six Months Ended

2025

2024

2025

2024

Net sales

$       3,773

$        3,989

$          7,393

$            8,478

Expenses

Cost of products sold

3,162

3,363

6,176

7,211

Gross margin

610

626

1,217

1,267

Selling, general and administrative

397

394

803

871

Intangible amortization

7

7

13

17

Restructuring costs

2

50