Whirlpool Corporation Confidential 2025 Earnings Review and 2026 Guidance Thursday, January 29, 2026 Whirlpool Corporation Confidential Cautionary Statement This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries ("Whirlpool") that speak only as of this date. Whirlpool disclaims any obligation to update these statements. Forward-looking statements in this document may include, but are not limited to, statements regarding future financial results, long- ...

Core Viewpoint - Whirlpool's shares have significantly underperformed, losing approximately 40% of their value over the past year due to weak demand and adverse impacts from tariffs [1] Company Performance - The appliance maker has faced challenges related to weak demand, which has been exacerbated by tariffs affecting its operations [1]

Whirlpool (WHR) came out with quarterly earnings of $1.1 per share, missing the Zacks Consensus Estimate of $1.54 per share. This compares to earnings of $4.57 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -28.69%. A quarter ago, it was expected that this maker of Maytag, KitchenAid and other appliances would post earnings of $1.41 per share when it actually produced earnings of $2.09, delivering a surprise of +48.23%.Over t ...

Core Viewpoint - The appliance producer experienced a revenue decline of 0.9%, totaling $4.10 billion, attributed to lower volumes in North America and Latin America [1] Group 1 - The company's revenue decreased by 0.9% [1] - Total revenue reached $4.10 billion [1] - The decline in revenue was primarily due to lower volumes in North America and Latin America [1]

Financial Performance - Fourth-quarter 2025 net sales were $4,098 million, a decrease of 0.9% compared to $4,136 million in Q4 2024; full-year net sales were $15,524 million, down 6.5% from $16,607 million in 2024[2] - GAAP net earnings for Q4 2025 were $108 million, a significant recovery from a loss of $393 million in Q4 2024; full-year GAAP net earnings were $318 million compared to a loss of $323 million in 2024[2] - Ongoing EBIT for Q4 2025 was $135 million, down 45.6% from $248 million in Q4 2024; full-year ongoing EBIT was $729 million, a decrease of 17.8% from $887 million in 2024[2] - Operating profit for the twelve months ended December 31, 2025, was $838 million, significantly higher than $143 million in 2024[14] - For Q4 2025, Whirlpool reported net earnings of $108 million, resulting in a net earnings margin of 2.7%[33] - Ongoing EBIT for Q4 2025 was $234 million, with an ongoing EBIT margin of 3.3%[33] - For the full year 2025, net earnings available to Whirlpool were $318 million, with a net earnings margin of 2.2%[39] - Full-year ongoing EBIT was $729 million, translating to an ongoing EBIT margin of 4.7%[39] Earnings Projections - The company expects 2026 GAAP earnings per diluted share to be approximately $6.25 and ongoing earnings per diluted share to be around $7.00[3] - The anticipated full-year GAAP tax rate for 2026 is approximately 25.0%[44] - For 2026, Whirlpool expects reported EBIT to be around $825 million and ongoing EBIT to be approximately $875 million[45] - The projected earnings per diluted share for 2026 is approximately $6.25, with an ongoing measure of $7.00[45] - The full-year adjusted tax (non-GAAP) rate for 2026 is expected to be approximately 25.0%[44] Cash Flow and Debt Management - Cash provided by operating activities is projected to be approximately $850 million in 2026, with free cash flow expected to be between $400 million and $500 million[3] - The company plans to reduce debt by approximately $400 million in 2026, focusing on working capital efficiency[3] - Free cash flow for the twelve months ended December 31, 2025, was $467 million, down from $835 million in 2024[17] - Free cash flow for the twelve months ended December 31, 2025, was $78 million, down from $385 million in 2024[60] - The company expects free cash flow for 2026 to be in the range of $400 million to $500 million[60] Segment Performance - MDA North America segment net sales for Q4 2025 were $2,573 million, a decline of 0.9% year-over-year, with EBIT down 59.0% to $71 million[4] - MDA Latin America segment net sales increased by 0.8% year-over-year to $927 million, but EBIT decreased by 15.3% to $59 million[4] - SDA Global segment net sales grew by 10.3% year-over-year to $423 million, with EBIT increasing to $59 million, reflecting strong growth in the direct-to-consumer business[4] Cost Management - The company executed a $200 million structural cost takeout in 2025 to mitigate the impact of tariffs and improve operational efficiency[3] - The company incurred restructuring costs of $58 million in Q2 2024, primarily related to employee termination[49] - In Q4 2025, the company reversed $15 million of restructuring provisions related to its European equity method investee[54] Asset and Liability Changes - Total current assets decreased to $4,924 million in 2025 from $5,239 million in 2024, a decline of 6%[16] - Long-term debt increased to $5,583 million in 2025 from $4,758 million in 2024, an increase of 17.4%[16] - Cash and cash equivalents at the end of 2025 were $669 million, down from $1,275 million at the end of 2024, a decrease of 47.5%[17] Miscellaneous - Organic net sales for 2025 were approximately $15.7 billion, a decrease of 0.3% compared to 2024[69] - A goodwill impairment charge of $381 million was recorded in Q4 2024 for the Maytag trademark[49] - The company recorded a gain of $251 million from selling an 11% stake in its India business in Q4 2025[49] - Dividends declared for the twelve months ended December 31, 2025, were $5.30 per share, compared to $7.00 per share in 2024, a reduction of 24.3%[14] - Basic net earnings per share for Q4 2025 were $1.92, recovering from a loss of $7.10 in Q4 2024[14] - The GAAP tax rate for 2025 was calculated at 27.5%, with an adjusted ongoing earnings per share tax rate of 3.5%[54]

Whirlpool Corporation Announces Fourth-Quarter and Full Year Results; Provides 2026 Guidance [Accessibility Statement] Skip Navigation- Expect to pay down approximately $400 million of debt in 2026- 2026 outlook includes cash provided by operating activities of approximately $850 million and free cash flow(4) of $400 - $500 million- 2026 EPS outlook includes full-year GAAP earnings per diluted share of approximately $6.25, ongoing earnings per diluted share(3) of approximately $7.00- Reduced ownership stake ...

Core Insights - Whirlpool Corporation will showcase its latest innovations at the Kitchen & Bath Industry Show (KBIS) from February 17-19, 2026, emphasizing immersive experiences and advanced technology across its brand portfolio [1][2] Product Innovations - New products to be unveiled include an industry-first refrigerator with nugget ice, UV Clean laundry sanitation, Live Look in camera, and Doneness Detection in KitchenAid® wall ovens, as well as an XL crisper drawer from Maytag® [2][3][4] - The KitchenAid® Smart Double Oven features Intelligent Cooking Camera and Doneness Detection, ensuring precise cooking [4] - JennAir® will present luxury kitchen products, including the NextGen Induction Downdraft Cooktop and various built-in refrigerators and dishwashers [5][6] Brand Experience - Whirlpool Corporation aims to connect with consumers through multi-sensory experiences that highlight the luxury, performance, and personalization of its products [1][2] - An exclusive sensory experience in partnership with Brasswood Winery Estate will be available, showcasing the JennAir wine Column Ambra Lighting [7] Company Overview - Whirlpool Corporation is a leading home appliance manufacturer, reporting approximately $17 billion in annual sales in 2024, with 90% of sales in the Americas and employing 44,000 people [9]

Core Insights - Whirlpool (WHR) is expected to report quarterly earnings of $1.54 per share, a decline of 66.3% year-over-year, with revenues projected at $4.29 billion, reflecting a 3.7% increase from the previous year [1] Earnings Estimates - Over the past 30 days, the consensus EPS estimate has been revised upward by 6.3%, indicating a reassessment by analysts [2] - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock performance [3] Revenue Projections - Analysts forecast 'Net Sales- Latin America Major Domestic Appliances' at $945.67 million, a 2.8% increase from the prior year [5] - 'Net Sales- North America Major Domestic Appliances' is expected to reach $2.72 billion, indicating a 4.9% year-over-year increase [5] - 'Net Sales- Asia Major Domestic Appliances' is projected at $197.02 million, reflecting a decline of 17.2% from the previous year [6] - 'Net Sales- Global Small Domestic Appliances' is estimated to be $426.80 million, showing an 11.2% increase year-over-year [6] Segment EBIT Estimates - 'Segment EBIT- Global Small Domestic Appliances' is expected to be $57.03 million, up from $48.00 million in the same quarter last year [7] - 'Segment EBIT- Asia Major Domestic Appliances' is projected at $3.81 million, compared to $3.00 million in the previous year [7] - 'Segment EBIT- Latin America Major Domestic Appliances' is estimated at $59.60 million, down from $70.00 million last year [8] - 'Segment EBIT- North America Major Domestic Appliances' is expected to be $123.01 million, a decrease from $173.00 million in the same quarter last year [8] Stock Performance - Whirlpool shares have increased by 18.5% over the past month, outperforming the Zacks S&P 500 composite, which saw a 0.2% change [8] - With a Zacks Rank 2 (Buy), WHR is anticipated to outperform the overall market in the near future [8]

Company Overview - Whirlpool Corporation (NYSE:WHR) is a prominent manufacturer in the home appliances sector [2] - The company's stock has experienced a decline of 32% over the past year, although it has seen a 20% increase year-to-date [2] Financial Performance - S&P downgraded Whirlpool Corporation to BB from investment grade, citing margin weakness and higher leverage as key issues [2] - The company has faced challenges related to tariff uncertainty, which has led to increased inventory levels in the US [2] - Despite strong sales performance, Whirlpool has incurred costs associated with shipping new models to the market [2] Market Sentiment - Jim Cramer expressed skepticism regarding Whirlpool's debt situation, indicating a lack of confidence in the company's financial health [3] - The company was mentioned in the context of President Trump's financial disclosures, highlighting its debt holdings [2][3] Investment Perspective - While there is potential for Whirlpool as an investment, there is a belief that certain AI stocks may offer better returns with lower risk [3]

Core Insights - Whirlpool Corporation (WHR) is expected to report fourth-quarter 2025 results on January 28, 2026, with projected year-over-year sales growth despite a significant decline in earnings per share [2][3]. Financial Performance - The Zacks Consensus Estimate for fourth-quarter revenues is $4.29 billion, reflecting a 3.7% increase from the previous year [3]. - The consensus estimate for quarterly earnings is stable at $1.50 per share, indicating a 67.2% decrease compared to the same quarter last year [3]. - WHR achieved an earnings surprise of 48.2% in the last reported quarter, with an average earnings beat of 8.9% over the past four quarters [4]. Product and Market Dynamics - The upcoming results are anticipated to show the effects of a significant product refresh cycle, particularly in North America, where new product launches are gaining traction [5]. - The Zacks Consensus Estimate for MDA North America is $2.721 billion, indicating a growth of 4.9% [6]. - The Small Domestic Appliances (SDA) segment is performing well, with a consensus estimate of $427 million, reflecting an 11.2% growth [9][10]. Margin and Cost Management - Margin performance is expected to be affected by high promotional activity due to tariff-related inventory issues, but WHR's U.S.-based manufacturing gives it a competitive edge [7]. - Cost management initiatives are projected to drive earnings, with consistent cost savings helping to offset pricing and tariff pressures [8]. Outlook and Challenges - Management has a cautious outlook for 2025, projecting net sales of $15.8 billion, down from $16.6 billion in the previous year, with ongoing EBIT margin expected at 5% [10][11]. - Competitive and macroeconomic challenges persist, particularly in international markets, but strength in the SDA segment may cushion overall results [9][10]. Valuation and Market Performance - WHR's stock has a forward 12-month price-to-earnings ratio of 12.62x, which is below its five-year high and above the industry average, indicating potential value for investors [13]. - WHR shares have increased by 18.4% over the past three months, outperforming the industry average rise of 16.3% [14].