Whirlpool Corp

What they do

Whirlpool manufactures and markets major and small domestic appliances under brands including Whirlpool, KitchenAid, JennAir, Maytag, Amana, Brastemp, Consul, and InSinkErator. The company operates in three segments: MDA North America, MDA Latin America, and SDA Global, with products sold in nearly every country. In 2025, it reported approximately $16 billion in annual net sales and 41,000 employees.

Revenue drivers

• MDA North America — Largest segment; Q2 2026 net sales of $2,408 million, down 1.5% YoY. Revenue driven by major appliances (refrigerators, washers, dryers, ovens) and strong builder share in the U.S. Volume decline due to industry demand weakness partially offset by favorable price/mix.
• MDA Latin America — Q2 2026 net sales of $868 million, up 7.8% YoY (excluding currency, down 1.7%). Revenue comes from major appliances in Brazil and other markets. Growth driven by favorable currency, despite negative price/mix in Brazil.
• SDA Global — Smallest segment; Q2 2026 net sales of $202 million, up 0.5% YoY. Revenue from small appliances (e.g., stand mixers, blenders) sold globally. Lower retailer inventory offset by strong sell-out.

Recent performance

In Q2 2026, Whirlpool reported net sales of $3.52 billion, down 6.8% YoY, and GAAP net earnings available to common shareholders of $75 million ($1.15 per diluted share). GAAP net earnings margin was 2.1%, compared to 1.7% in Q2 2025. For the six months ended June 30, 2026, net sales were $6.79 billion, down 8.2%, with a net loss of $11 million available to common shareholders. Operating cash flow for the six months was negative $947 million, and capital expenditures were $162 million. Segment EBIT margins declined across all segments, with MDA North America at 2.7%, MDA Latin America at 3.0%, and SDA Global at 11.9%.

Strategy

Management is focused on portfolio transformation, having deconsolidated Whirlpool India (reducing ownership to ~40%) and sold the European and Middle East/North Africa businesses to Arcelik. The company is executing pricing actions, including the largest price changes in a decade in North America, and targeting over $150 million of cost take-out. It plans to introduce over 100 new products in 2026. Whirlpool also completed a $2 billion asset-based lending facility and issued $2 billion in secured bonds to extend debt maturities and improve financial flexibility.

Risks

• Intense competition — The home appliance industry is highly competitive, with large global competitors that could impact market share and pricing.
• North America demand decline — Subdued industry demand in North America has driven volume declines and pressured margins; continued weakness would further impact results.
• Tariff and input cost inflation — Tariffs, raw material inflation, and fuel costs have negatively impacted margins, and further increases could erode profitability.
• Latin America price/mix pressure — Negative price/mix in Brazil has hurt EBIT margins; management is implementing price increases and cost actions, but execution risk remains.

Outlook

Management reaffirmed full-year 2026 revenue and margin outlook and updated EPS guidance to $2.25–$2.75 GAAP diluted EPS and $2.50–$3.00 ongoing diluted EPS, reflecting a new interest expense outlook. Cash flow guidance is for operating cash of approximately $700 million and free cash flow of over $300 million. The company expects continued benefits from pricing actions, cost take-out, and new product launches, and plans to further reduce debt throughout 2026.