Whirlpool Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net sales for Q3 2026 were $3,677 million, an 8.8% decrease from $4,033 million in Q3 2025; organic net sales were $3,643 million, a 5.4% decline.
• GAAP net loss available to common shareholders was $249 million, compared to net earnings of $73 million in Q3 2025.
• GAAP net earnings (loss) margin was (6.8)%, down from 1.8% in the prior year period.
• GAAP earnings per diluted share was $(3.80), compared to $1.29 in Q3 2025.
• Ongoing (non-GAAP) EBIT was $97 million, a 46.1% decrease from $180 million in Q3 2025.
• Ongoing EBIT margin was 2.6%, down from 4.5% in Q3 2025.
• Ongoing earnings per diluted share was $(0.21), compared to $2.09 in Q3 2025.
• Cash provided by operating activities for the nine months ended September 30, 2026, was $(826) million, compared to $(669) million in the prior year period.
• Free cash flow for the nine months ended September 30, 2026, was $(1,081) million, compared to $(907) million in the prior year period.
• Net debt expectations improved to under $4.5 billion by year-end 2026, down from under $5 billion.
• A $124 million non-cash impairment charge was recorded in Q3 2026 related to the equity method investment in Whirlpool India.
• A $54 million charge was recorded in Q3 2026 related to the bankruptcy reorganization of a significant trade customer in Latin America.

Guidance and Future Outlook:

• Full-year 2026 net sales are expected to be approximately $14.5 billion, representing a 1.5% decline versus 2025 like-for-like net sales of approximately $14.7 billion.
• Full-year 2026 GAAP net earnings (loss) margin is expected to be (2.2)%, with ongoing EBIT margin expected between 2.0% and 2.2%.
• Full-year 2026 GAAP earnings per diluted share is expected to be approximately $(4.95), and ongoing earnings per diluted share is expected to be approximately $(1.30).
• Full-year 2026 cash provided by operating activities is expected to be approximately $700 million, with free cash flow expected to be approximately $300 million.
• Full-year 2026 GAAP tax rate is expected to be approximately 8.0%, and the adjusted (non-GAAP) tax rate is expected to be approximately 25.0%.
• Net debt is expected to be below $4.5 billion at the end of 2026.
• Q4 2026 price increases have been announced for MDA North America and Latin America.
• Management stated that while the pace of recovery is slower than expected, structural cost take-out and pricing actions are setting a path for further improvements in 2027.

Business Segments and Product Lines:

• MDA North America: Net sales were $2,495 million (down 8.3% YoY); excluding currency, sales decreased 8.2% driven by soft industry demand. EBIT was $74 million (down 44.7% YoY) with an EBIT margin of 3.0%. Sequential EBIT margin expansion was delivered via price increases and structural cost take-out, partially offset by cost inflation.
• MDA Latin America: Net sales were $858 million (up 6.9% YoY); excluding currency, sales increased 2.5% due to volume. EBIT was $18 million (down 61.3% YoY) with an EBIT margin of 2.0%. EBIT margin was pressured by mix shifts following Grupo Casas Bahia's bankruptcy reorganization. Price increases of up to 10% were announced across the region.
• SDA Global: Net sales were $286 million (down 0.7% YoY); excluding currency, sales decreased 0.9%. EBIT was $53 million (up 11.7% YoY) with an EBIT margin of 18.6%. Strong EBIT margin and share gains were supported by product innovation and direct-to-consumer sales. October orders in the U.S. were up approximately 40% year-over-year due to strong sell-out and order timing shifts.

Market and Competitive Landscape:

• The company faces soft industry demand in North America and mix shifts in Latin America.
• SDA Global achieved share gains globally.
• The company is the only major U.S.-based manufacturer of kitchen and laundry appliances.
• Approximately 90% of 2025 net sales were generated in the Americas.

Risks and Challenges:

• Intense competition in the home appliance industry and changing retail environments, including direct-to-consumer sales.
• Ability to maintain or increase sales to significant trade customers and builders.
• Inflationary pressures on raw materials, fuel, and logistics costs.
• Bankruptcy reorganization of trade customers, specifically impacting Latin America.
• Impairment of goodwill and intangible assets, as seen with the JennAir and Maytag trademarks in prior periods and the Whirlpool India equity investment in Q3 2026.
• Fluctuations in foreign currency exchange rates.
• Risks associated with the sale of the European major domestic appliance business and the India business stake.

Management Commentary and Tone:

• Marc Bitzer, Chairman and CEO, stated that structural cost take-out and pricing realization drove consecutive margin progress through Q3 despite a tough macroeconomic backdrop.
• Roxanne Warner, CFO, emphasized disciplined working capital management to protect year-end free cash flow and balance sheet resilience, noting a clear debt maturity ladder until 2028.
• Management expressed confidence that current actions are setting a clear path for further improvements in 2027, though acknowledging the recovery pace is slower than expected.

Other Key Points:

• In June 2026, Whirlpool reached an agreement with Arcelik to sell its remaining 25% stake in Beko, accelerate the termination of the Russian business divestiture, and acquire a ~2.9% equity stake in Arcelik. This transaction resulted in net cash proceeds of $84 million and a gain of $139 million in Q2 2026.
• In Q4 2025, Whirlpool sold an 11% stake in its India business and deconsolidated, resulting in a $251 million gain.
• Restructuring actions announced in July 2026 include the closure of the Supsa manufacturing facility in Apodaca, Mexico, expected to cease production by Q2 2027, with $33 million incurred in Q2 2026 and $24 million in Q3 2026.
• Mandatory convertible preferred stock dividends accumulated during Q3 2026 were $12 million.
• The company maintains a portfolio of iconic brands including Whirlpool, KitchenAid, JennAir, Maytag, Amana, Brastemp, Consul, and InSinkErator.