Whirlpool Corporation reported fourth‑quarter 2025 results on January 28, 2026, with net sales of $4.098 billion, a 0.9% decline from the $4.136 billion recorded a year earlier. Net earnings available to Whirlpool rose to $108 million, reversing the $393 million loss reported in Q4 2024. The turnaround was largely driven by a $251 million gain from the sale of an 11% stake in Whirlpool India, which helped offset the loss of a prior‑year operating loss.
Revenue fell short of consensus estimates of $4.267 billion, missing by $169 million or 4%. In contrast, GAAP earnings per share of $1.91 beat the consensus of $1.54, a $0.37 or 24% lift. The earnings beat was largely a result of disciplined cost management and a favorable mix shift toward higher‑margin North American appliances, while the revenue miss reflected weaker demand in the U.S. and Latin American markets amid a competitive pricing environment.
Operating performance was under pressure. Ongoing EBIT fell to $135 million, a 45.6% drop from $248 million in Q4 2024, and the ongoing EBIT margin contracted to 3.3% from 6.0% a year earlier. GAAP net earnings margin slipped to 2.7% from 9.5% in Q4 2024, reflecting the impact of tariff‑related cost increases and intensified promotional pricing. Management cited a 250‑basis‑point drag from tariffs on steel and aluminum, which offset any benefit from tariff relief on imported components.
Segment analysis shows North America remained the largest contributor, with sales of $2.5 billion, but growth slowed to 2% YoY due to inventory build‑up and price erosion. Latin America sales declined 5% to $0.8 billion, while the global segment grew 3% to $0.9 billion, driven by strong demand for high‑efficiency appliances in emerging markets. The company’s extensive product refresh cycle in North America is expected to support future sales, while the divestiture of the India business has freed capital for debt reduction.
Whirlpool guided 2026 full‑year net sales to $15.5 billion, slightly below the $15.6 billion midpoint of analyst expectations. The company projected ongoing EBIT margin of 5.5%–5.8% and GAAP net earnings margin of 2.2%–2.3%, up from 4.7% and 2.0% respectively in 2025. CEO Marc Bitzer said the outlook reflects confidence in a gradual housing‑market recovery, successful product launches, and a reduction in promotional intensity. CFO Roxanne Warner highlighted ongoing working‑capital improvements and a focus on debt reduction as key to sustaining free cash flow.
Market reaction was muted. The stock closed down 3.1% on the day of the release and fell further in after‑hours trading, driven by the revenue miss, the ongoing EPS miss, and margin compression. Investors weighed the company’s ability to navigate tariff headwinds and competitive pricing pressures against management’s optimism about a recovering housing market and the benefits of the India stake sale.
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