Whirlpool Corp. (WHR)

Whirlpool reported third-quarter 2026 net sales of $3,677 million on 26 October, down 8.8 percent from a year earlier, and a loss of $3.80 per diluted share 1.

The loss includes a $124 million write-down of its stake in Whirlpool India and a $54 million charge tied to the reorganization of Brazilian retailer Casas Bahia, a large customer there 2.

Chief executive Marc Bitzer said the pace of recovery is slower than expected, while cost cuts and pricing set a path to further improvement in 2027 1.

The company now expects net sales for the year of about $14.5 billion, a loss of $4.95 per diluted share and net debt below $4.5 billion at year end 1.

The board suspended the regular common dividend in the second quarter to strengthen the balance sheet, and a North American price increase of 7 percent takes effect in the fourth quarter 21.

Open questions are how the Casas Bahia court process ends and whether the price increases hold in a weak appliance market 1.

Whirlpool says it was founded in 1911 and incorporated in 1955, and it lists the first electric wringer washer in 1911 and the first countertop microwave in 1967 among its inventions 3.

In 2022 it divested its Russian operations and bought the InSinkErator food-waste disposer business from Emerson Electric 3.

In April 2024 it sold its Middle East and North Africa appliance business and put its European appliance business into a new company, Beko Europe, keeping a 25 percent interest 3.

That step explains the fall in net sales from $19,455 million in 2023 to $16,607 million in 2024, a drop of 14.6 percent that the annual report blames mainly on deconsolidating Europe 3.

Net earnings available to Whirlpool were $481 million in 2023, a loss of $323 million in 2024 and a profit of $318 million in 2025 3.

Whirlpool also cut its stake in Whirlpool of India from 75 percent to 51 percent in 2024, then to about 40 percent in November 2025 3.

Net sales in 2025 fell 6.5 percent to $15,524 million, and the company says cash from operations was $470 million, down from $835 million in 2024, on lower earnings and the cost of product changeovers 3.

In 2025 North America net sales fell 0.8 percent, Latin America fell 6.5 percent and small appliances rose 9.4 percent 3.

In 2025 it replaced more than 30 percent of its North American product line, and tariffs raised the cost of products sold in its North American segment 3.

In February 2026 it announced a recapitalization: a sale of common stock together with depositary shares of a mandatory convertible preferred stock, aimed at raising $800 million 6.

In the second quarter the board suspended the regular quarterly common dividend, which had been $0.90 per share, to strengthen the balance sheet 2.

The offerings brought in $524 million from common stock and $557 million from the preferred, net of costs, and the preferred converts into common stock around February 2029 26.

In June 2026 it agreed to sell its remaining 25 percent of Beko Europe to Arcelik, for $84 million in cash, a 2.9 percent Arcelik stake and a $139 million gain 2.

On 1 July 2026 it announced the closure of a plant in Apodaca, Mexico 2.

Refrigeration, laundry, cooking and dishwashing

Whirlpool makes and sells a full line of home appliances: refrigerators and freezers, washers and dryers, ranges and ovens, and dishwashers 3.

Refrigeration brought in $4,790 million in 2025, laundry $4,376 million, cooking $3,687 million and dishwashing $1,175 million, each lower than in 2024 3.

Spare parts and warranties added $550 million and other products and services $946 million 3.

Together the four categories were $14,028 million, about 90 percent of net sales (computed) 3.

Sales to the retailer Lowe's were about 15 percent of net sales in 2025, and Lowe's made up about 44 percent of receivables, so one customer matters a great deal 3.

Price is rising: Whirlpool announced a price increase of 7 percent in North America for the fourth quarter and increases of up to 10 percent in Latin America 1.

NTD reporter Bill Pan wrote that Whirlpool planned a 4 percent list-price increase in July after its largest hike in a decade 11.

Small appliances and KitchenAid

The small appliance segment (SDA Global) earned an EBIT margin, profit before interest and tax as a share of sales, of 18.6 percent in the third quarter 1.

The company says October orders in the United States were up about 40 percent from a year earlier after order timing shifted 1.

Its annual report names Breville, DeLonghi, Ninja, Groupe SEB and Cuisinart among small-appliance rivals 3.

Latin America and the regions

In the third quarter North America sales were $2,495 million, down 8.3 percent, and Latin America sales were $858 million, up 6.9 percent 1.

The annual report calls Brastemp and Consul regional brands and KitchenAid one of its two global iconic brands 3.

Casas Bahia, the retailer, filed for court-supervised recovery, and NSC Total reported that it owes Whirlpool R$ 800,9 million, the 11th largest claim 9.

DGABC, citing O Globo, reported that R$ 165 million owed to Whirlpool sits outside the recovery plan 10.

Plants

At the end of 2025 its principal manufacturing was at 20 locations in four countries, using about 46 million square feet in all 3.

Ten plants serve North America, eight serve Latin America, one serves small appliances and one sits in the other group 3.

It plans to stop production at its Supsa plant in Apodaca, Mexico, by the second quarter of 2027 and to move the work to Ramos Arizpe, Mexico 2.

Expansión reported that Whirlpool will close the plant, which sits in Apodaca, Nuevo León 8.

People

Marc Bitzer is chairman and chief executive, and Roxanne Warner is chief financial officer 1.

Whirlpool had about 41,000 employees at the end of 2025, with 39 percent in the United States 3.

On 19 October 2026 it added Karin Risi, a former Vanguard executive, to its board, where she serves on the Finance and Human Resources committees 7.

Rivals and problems

Its annual report names BSH (Bosch), Electrolux, Haier, Hisense, LG, Mabe, Midea, Panasonic and Samsung among major-appliance rivals 3.

Tariffs weigh on costs: the company says Section 232 tariffs on imported appliances were changed to 25 percent of full import value from April 6 2.

Gross margin fell to 12.9 percent in the third quarter from 14.7 percent, on lower volume, tariffs and cost inflation 2.

Restructuring charges were $108 million in nine months, and the company expects about $170 million for the full year 2.

The umbrella, in words

The main brands are Whirlpool, KitchenAid, JennAir, Maytag, Amana, Brastemp, Consul and InSinkErator 1.

Its Exhibit 21 lists subsidiaries such as KitchenAid, Inc., InSinkErator LLC and Maytag Sales, Inc. 4.

The exhibit says nothing about which are separately listed 4.

It owns about 40 percent of Whirlpool of India after its November 2025 share sale, and the company also reports an equity stake in Whirlpool China 2.

It received a stake of about 2.9 percent in Arcelik as part of the Beko Europe sale 2.

The brand licensing and supply agreements with Beko remain in place 2.

The annual report lists about 6,741 holders of record of its common stock 3.

For this year the company expects net sales of about $14.5 billion, a decline of about 1.5 percent from like-for-like 2025 net sales of about $14.7 billion 1.

It expects an ongoing EBIT margin of 2.0 to 2.2 percent and ongoing loss of $1.30 per diluted share 1.

It expects cash from operations of about $700 million, free cash flow of about $300 million and net debt below $4.5 billion at year end 1.

The guidance has moved: in August the company expected net sales of about $15.0 billion 5.

Chief financial officer Roxanne Warner said the company has preserved a clear debt maturity ladder until 2028 1.

The Apodaca closure is expected to be substantially complete in 2027, with up to $86 million of asset impairment costs, $31 million of employee costs and $44 million of other costs 2.

About $75 million of that restructuring expense will need cash 2.

Price increases of up to 10 percent across Latin America were announced for that region 1.

The mandatory convertible preferred stock converts into common stock on or about 15 February 2029 6.

Marc Bitzer said the cost and pricing actions point to improvement in 2027 1.

It expects a tax rate of about 8 percent on a GAAP basis and 25 percent adjusted, and interest expense of about $350 million 15.

It expects restructuring charges of about $170 million this year, much of it settled without cash 2.

Whirlpool says the Casas Bahia bankruptcy could have a near-term effect on its results, while it works through the receivables and any insurance recovery 2.

Net sales of small appliances may keep growing, as the company reported October orders in the United States up about 40 percent 1.