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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 1-3932 WHIRLPOOL CORPORATION (Exact name of registrant as specified in its charter) Delaware 38-1490038 (State of Incorpo ...

Core Insights - Whirlpool is showcasing innovative home appliances at the Kitchen and Bath Industry Show (KBIS) 2026, emphasizing that high-tech solutions can be practical and user-friendly [1][4] Product Innovations - The highlight of Whirlpool's offerings is the industry-first refrigerator featuring a built-in Nugget Ice Maker, which provides soft, chewable ice directly from the refrigerator [2][7] - In the laundry segment, Whirlpool introduces the industry-first UV Clean technology, which uses ultraviolet light to reduce bacteria during the wash cycle without high temperatures or harsh chemicals, thus protecting fabrics [3][7] - The new Whirlpool Front Load Laundry Tower with UV Clean technology and the FreshFlow Vent System represents a significant advancement in laundry freshness and fabric care [7] Company Overview - Whirlpool Corporation is a leading home appliance manufacturer, committed to improving life at home through innovative products and technologies [6][8] - In 2025, Whirlpool reported approximately $16 billion in annual net sales, with nearly 90% of sales generated in the Americas, and employs around 41,000 people across 35 manufacturing and technology research centers [8]

Company Overview - Maytag is showcasing its durable laundry and kitchen appliances at the 2026 Kitchen and Bath Industry Show (KBIS) in Orlando, Florida, from February 17 - 19, 2026 [1] - The brand emphasizes the need for high-performing appliances that can handle tough tasks, such as pet-hair removal and odor-causing bacteria [2] - Maytag has over 100 years of experience in engineering powerful kitchen and laundry appliances designed to tackle household chores [4] Product Highlights - The Maytag® Pet Pro Laundry System is designed to handle tough messes, featuring additional water to capture pet hair and a dryer that removes hair from clothes, while also sanitizing with Oxi Cycle [6] - The Maytag® 3-Door and 4-Door French Door Refrigerators include the XL Crisper, the largest crisper bin in the market, designed for large grocery hauls, along with features like EvenAir Cooling System and Fingerprint Resistant Stainless Finish [6] Corporate Information - Whirlpool Corporation, the parent company of Maytag, reported approximately $16 billion in annual net sales in 2025, with nearly 90% of sales occurring in the Americas [5] - Whirlpool Corporation is the only major U.S.-based manufacturer of kitchen and laundry appliances, employing 41,000 people and operating 35 manufacturing and technology research centers [5]

After reaching an important support level, Whirlpool (WHR) could be a good stock pick from a technical perspective. WHR surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.WHR could be on the verge of another ...

Core Viewpoint - Whirlpool (NYSE: WHR) is facing challenges in 2026, with Q4 2025 results falling short of expectations and guidance being below forecasts, yet the current stock price presents a long-term investment opportunity due to potential for significant gains and a high-yield dividend [3]. Group 1: Financial Performance and Outlook - The long-term outlook for Whirlpool is supported by cost-cutting measures, margin improvements, and a projected recovery in the housing market, with analysts suggesting a potential triple-digit increase in share price [3][4]. - Analysts indicate a 20% upside from key support levels, with coverage increasing by 100% over the past seven months and a recent upgrade to Strong Buy in January 2026 [4]. - Whirlpool is currently trading at value levels, with a price-to-earnings ratio of only 10x its 2026 adjusted EPS forecast and about 5x the 2030 targets, indicating a strong potential for recovery [5]. Group 2: Institutional Activity and Market Sentiment - Institutions own over 90% of Whirlpool's stock and have been buying at a $3-to-$1 pace in 2025, continuing this trend into early 2026, suggesting confidence in the stock's long-term recovery potential [5]. - Despite recent stock price pressure following Q4 results, institutional buying activity is expected to accelerate in 2026 due to perceived value and capital return opportunities [5][6]. - Coverage from analysts is rising, and while the consensus rating remains a Hold, the stability in price targets reflects confidence in Whirlpool's long-term prospects [4][6].

Core Viewpoint - Whirlpool faced significant challenges in 2025, including a 30-year low in existing home sales and approximately $300 million in tariffs, but is optimistic about margin and cash flow improvements in 2026 through pricing normalization and new product launches [1][2][3][6]. Housing Market Impact - Existing home sales are crucial for appliance demand, particularly for higher-margin discretionary products, and have reached a 30-year low due to the mortgage lock-in effect and decreased consumer confidence [1]. Tariff and Pricing Environment - The company absorbed around $300 million in tariffs in 2025, which affected pricing strategies as the industry did not immediately adjust prices due to preloaded inventory and tariff uncertainties [2][6]. - Management noted a shift in industry pricing behavior late in 2025, with meaningful changes observed after mid-December, leading to a more normalized pricing environment in early 2026 [10][11]. Financial Performance in 2025 - Whirlpool reported a full-year ongoing EBIT margin of 4.7%, ongoing EPS of $6.23, and free cash flow of $78 million, impacted by tariff payments and higher inventory levels [6][8]. - Despite pressures, global organic revenues remained flat year-over-year, with market share gains in North America noted in the second half of 2025 [7]. 2026 Financial Guidance - For 2026, management anticipates approximately 5% revenue growth, ongoing EBIT margin expansion of 80-110 basis points to around 5.5%-5.8%, and free cash flow of $400-$500 million [5][13]. - The company expects full-year ongoing EPS of about $7, which includes an adjusted effective tax rate of approximately 25% [14]. Segment Performance - MDA North America reported a 2.8% EBIT margin in Q4 and approximately 5% for the full year, with margins pressured by promotions and lack of tariff-related price adjustments [15]. - MDA Latin America experienced a 2% decline in full-year net sales due to economic instability in Argentina and aggressive promotions in Brazil, but achieved a 6.2% EBIT margin [15]. - SDA Global saw about 10% net sales growth in Q4, driven by new products, with a full-year EBIT margin of 16% [15]. Capital Allocation and Debt Management - Whirlpool plans to allocate about $400 million in capital expenditures and aims to pay down at least $400 million of debt in 2026 while continuing to fund dividends [17]. - The company is evaluating options for further debt reduction, including potential asset sales [17]. Product and Operational Strategy - Whirlpool transitioned over 30% of its product portfolio to new products in 2025, enhancing its competitive position in the market [12]. - The company plans to launch approximately 100 new products in 2026, which is expected to contribute positively to margins [20].

Core Insights - Whirlpool Corporation (WHR) reported disappointing fourth-quarter 2025 results, with both revenue and earnings per share (EPS) falling short of expectations and declining year-over-year [1][8] - The company’s adjusted EPS was $1.10, down 75.9% from $4.57 in the previous year, and missed the Zacks Consensus Estimate of $1.54 [1][8] Financial Performance - Net sales for the fourth quarter were $4.098 billion, missing the Zacks Consensus Estimate of $4.267 billion and reflecting a 0.9% year-over-year decline [4] - Gross profit decreased to $575 million, down 14.3% from $671 million in the prior year, with gross margin falling 220 basis points to 14% [4][8] - Selling, general and administrative (SG&A) expenses rose 1.7% year-over-year to $425 million, representing 10.4% of net sales, an increase of 30 basis points [5] - Ongoing EBIT was $135 million, a 45.6% decline from $248 million in the previous year, with EBIT margin contracting 270 basis points to 2.7% [5] Regional Performance - In the MDA North America segment, net sales fell 0.9% year-over-year to $2.57 billion, with EBIT decreasing 59% to $71 million [6] - MDA Latin America saw a 0.8% increase in net sales to $927 million, but EBIT declined 15.3% to $59 million due to a challenging macro environment [10] - SDA Global reported a 10.3% increase in net sales to $423 million, with EBIT rising 22.4% to $59 million, benefiting from new product launches [11] - MDA Asia experienced a significant decline, with net sales down 27.7% year-over-year to $172 million [12] Financial Health - As of the end of the fourth quarter, Whirlpool had cash and cash equivalents of $669 million, long-term debt of $5.6 billion, and total stockholders' equity of $2.7 billion [13] - The company declared a dividend of 90 cents per share for the fourth quarter of 2025 [13] 2026 Outlook - Whirlpool anticipates 2026 net sales between $15.3 billion and $15.6 billion, indicating approximately 5% growth compared to 2025 [14] - The company expects an ongoing EBIT margin of 5.5% to 5.8%, up from 4.7% in 2024, driven by pricing and cost reductions [14] - GAAP EPS for 2026 is projected at $6.25, with ongoing EPS expected to be $7 [15] - Cash from operating activities is expected to be around $850 million, with free cash flow projected between $400 million and $500 million [16]

Financial Data and Key Metrics Changes - The company reported global organic revenues were essentially flat compared to the prior year, with a full-year ongoing EBIT margin of 4.7% and ongoing earnings per share of $6.23 [15][18] - Free cash flow generated was $78 million, impacted by tariff payments and higher inventory levels [18] - The company absorbed approximately $300 million in tariffs in 2025, which affected margins due to the absence of industry pricing adjustments [12][15] Business Line Data and Key Metrics Changes - MDA North America segment delivered an EBIT margin of 2.8% in Q4 and approximately 5% for the full year, with net sales largely flat year-over-year [20] - MDA Latin America experienced a decline of approximately 2% in net sales year-over-year, with a full-year EBIT margin of 6.2% [21] - SDA Global business achieved net sales growth of approximately 10% year-over-year in Q4 and approximately 9% for the full year, with a strong EBIT margin of 16% [22] Market Data and Key Metrics Changes - The existing home sales in the U.S. reached a 30-year low, significantly impacting appliance demand [14] - The company noted a potential multi-year recovery in the housing market, which is expected to drive discretionary demand for appliances [14][26] Company Strategy and Development Direction - The company plans to focus on cost reduction actions of over $150 million, new product launches, and a less promotional environment to drive margin improvements in 2026 [16][39] - The company aims to leverage its strong domestic manufacturing position to benefit from tariffs and improve market share [25][26] - New product introductions accounted for over 30% of the product portfolio, which is expected to drive growth and market share gains [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining the strong trajectory of the KitchenAid SDA and Latin America businesses despite macroeconomic challenges [15] - The company anticipates a gradual recovery in existing home sales, which could positively impact discretionary demand [26][55] - Management highlighted the importance of cash flow and debt reduction as key priorities moving forward [44] Other Important Information - The company executed a share sale transaction in India, reducing its stake from 51% to 40%, with proceeds used to pay down debt [19] - The company plans to invest approximately $400 million in capital expenditures to support organic growth and product innovation [44] Q&A Session Summary Question: Clarification on 2026 flat industry units number and replacement demand outlook - Management indicated that replacement demand remains healthy, driven by post-COVID usage, but discretionary demand is not factored into guidance, which could provide upside if existing home sales improve [49][51] Question: Assessment of pent-up demand - Management noted significant pent-up demand tied to housing, with a multiyear recovery expected, particularly in remodeling and existing home sales [54][55] Question: Impact of product refresh on flooring costs - Management acknowledged that the high costs associated with new product introductions in 2025 will not recur in 2026, providing a positive impact on margins [56][58] Question: Promotional cadence and pricing plans - Management observed a normalization in promotional pricing, with recent weeks showing a recovery in prices post-Black Friday, indicating a more favorable environment ahead of Presidents' Day [72][75] Question: Capital allocation and funding gap - Management confirmed that the proceeds from the India transaction will assist in meeting debt paydown and dividend commitments, despite a perceived funding gap [80]

Financial Data and Key Metrics Changes - In 2025, the company reported global organic revenues were essentially flat compared to the prior year, with an ongoing EBIT margin of 4.7% and ongoing earnings per share of $6.23 [15][18] - The company generated $78 million of free cash flow, impacted by tariff payments and higher inventory [18] - The operating margins were slightly below 5%, primarily due to an intense promotional environment in North America [15][18] Business Line Data and Key Metrics Changes - MDA North America segment delivered an EBIT margin of 2.8% in Q4 and approximately 5% for the full year, with net sales largely flat year-over-year [20] - MDA Latin America experienced a decline of approximately 2% in net sales year-over-year, with a full-year EBIT margin of 6.2% [22] - SVA Global achieved net sales growth of approximately 10% year-over-year in Q4 and about 9% for the full year, with a strong EBIT margin of 16% [23] Market Data and Key Metrics Changes - The existing home sales in the U.S. reached a 30-year low, significantly impacting appliance demand [14] - The company noted a potential multi-year recovery in the housing market, which is expected to drive future demand for appliances [27][28] Company Strategy and Development Direction - The company aims to sustain strong growth in its KitchenAid SDA and Latin America businesses while focusing on margin improvements in North America through cost actions and new product launches [15][16] - The company is committed to reducing debt and returning cash to shareholders while investing in product innovation and digital transformation [47] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2025, including tariffs and housing market conditions, but expressed confidence in the company's resilience and strategic priorities for 2026 [12][15] - The company expects revenue growth of approximately 5% in 2026, with ongoing EBIT margin expansion to approximately 5.5%-5.8% [37][38] Other Important Information - The company executed a share sale transaction in India, reducing its stake from 51% to 40%, with proceeds used to pay down debt [19] - The company plans to launch approximately 100 new products in 2026, which are expected to drive growth and improve margins [40] Q&A Session Summary Question: Can you unpack the flat industry units number and the strength in replacement demand? - Management indicated that replacement demand remains healthy, driven by post-COVID usage, but discretionary demand is not factored into guidance [54][55] Question: What is the benefit in 2026 from the relief on flooring costs in the North American market? - Management highlighted that the absence of introduction costs and the full benefit of new product demand will positively impact margins in 2026 [60][62] Question: Can you elaborate on the promotional cadence and your pricing plans? - Management noted a significant difference in promotional activity post-Black Friday, with prices recovering quickly, indicating a more normalized promotional environment [80][81] Question: How do you envision the margin guidance cadence between the first half and second half of the year? - Management expects Q1 to be below the 6% margin target due to inventory adjustments, with gradual improvement anticipated in Q2 [82] Question: Can you clarify the capital allocation for the year and the funding gap? - Management confirmed that the proceeds from the India transaction will help in debt reduction, aligning with their capital allocation priorities [86]