SUPPLEMENTAL INFORMATION First-Quarter 2026 May 6, 2026
SUPPLEMENTAL INFORMATION - CONSOLIDATED FINANCIAL STATEMENTS RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Millions of dollars except per share data) (Unaudited)
We supplement the reporting of our financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial measures, some of which we refer to as "ongoing" measures. These measures may include earnings before interest and taxes (EBIT), EBIT margin, ongoing EBIT, ongoing EBIT margin, ongoing earnings per diluted share, adjusted effective tax rate, organic net sales, net debt leverage (Net Debt/Ongoing EBITDA), return on invested capital (ROIC) and free cash flow.
Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.
Sales excluding foreign currency: Current period net sales translated in functional currency, to
U.S. dollars using the applicable prior period's exchange rate compared to the applicable prior period net sales. Management believes that sales excluding foreign currency provides stockholders with a clearer basis to assess our results over time, excluding the impact of exchange rate fluctuations.
Organic net sales: Sales excluding the impact of certain acquisitions or divestitures, and foreign currency. Management believes that organic net sales provides stockholders with a clearer basis to assess our results over time, excluding the impact of exchange rate fluctuations and certain acquisitions and/or divestitures.
Ongoing EBIT margin: Ongoing earnings before interest and taxes divided by net sales. Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.
Ongoing earnings per diluted share: Diluted net earnings per share from continuing operations, adjusted to exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations. Ongoing measures provide a better baseline for analyzing trends in our underlying businesses.
Ongoing EBITDA: Ongoing earnings before interest, taxes, depreciation and amortization. Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.
Net debt leverage: Net debt to ongoing earnings before interest, taxes, depreciation, and amortization (EBITDA) ratio is net debt outstanding, including long-term debt, current maturities of long-term debt, and notes payable, less cash and cash equivalents, divided by ongoing EBITDA. Management believes that net debt leverage provides stockholders with a view of our ability to generate earnings sufficient to service our debt.
Return on invested capital: Ongoing EBIT after taxes divided by total invested capital, defined as total assets less non-interest bearing current liabilities (NIBCLS). NIBCLS is defined as current liabilities less current maturities of long-term debt and notes payable. This ROIC definition may differ from other companies' methods and therefore may not be comparable to those used by other companies. Management believes that ROIC provides stockholders with a view of capital efficiency, a key driver of stockholder value creation.
Adjusted effective tax rate: Effective tax rate, excluding pre-tax income and tax effect of certain unique items. Management believes that adjusted tax rate provides stockholders with a meaningful, consistent comparison of the Company's effective tax rate, excluding the pre-tax income and tax effect of certain unique items.
Free cash flow: Cash provided by (used in) operating activities less capital expenditures. Management believes that free cash flow provides stockholders with a relevant measure of liquidity and a useful basis for assessing the Company's ability to fund its activities and obligations.
Whirlpool does not provide a non-GAAP reconciliation for its forward-looking long-term value creation goals, such as EBIT, free cash flow conversion, ROIC and net debt leverage, as these longterm management goals are not annual guidance, and the reconciliation of these long-term measures would rely on market factors and certain other conditions and assumptions that are outside of the Company's control.
We believe that these non-GAAP measures provide meaningful information to assist investors and stockholders in understanding our financial results and assessing our prospects for future performance, and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP financial measures, provide a more complete understanding of our business.
Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. These ongoing financial measures should not be considered in isolation or as a substitute for reported net earnings available to Whirlpool per diluted share, net earnings, net earnings available to Whirlpool, net earnings margin, return on assets, net sales, effective GAAP tax rate and cash provided by (used in) operating activities, the most directly comparable GAAP financial measures.
We also disclose segment EBIT as an important financial metric used by the Company's Chief Operating Decision Maker to evaluate performance and allocate resources in accordance with ASC 280 - Segment Reporting.
GAAP net earnings available to Whirlpool per basic or diluted share (as applicable) and ongoing earnings per diluted share are presented net of tax, while individual adjustments in each reconciliation are presented on a pre-tax basis; the income tax impact line item aggregates the tax impact for these adjustments. The tax impact of individual line item adjustments may not foot precisely to the aggregate income tax impact amount, as each line item adjustment may include
non-taxable components. Historical quarterly earnings per share amounts are presented based on a normalized tax rate adjustment to reconcile quarterly tax rates to full-year tax rate expectations. We strongly encourage investors and stockholders to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.
FIRST-QUARTER 2026 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHAREThe reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool common shareholders and net earnings (loss) per diluted share available to Whirlpool common shareholders, for the three months ended March 31, 2026. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool common shareholders by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our first-quarter GAAP tax rate was (26.9)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our first-quarter adjusted tax rate (non-GAAP) of 25.0%.
(85)
$
Net earnings (loss) available to Whirlpool common shareholders
Three Months Ended
March 31, 2026
Earnings Before Interest & Taxes Reconciliation:
Mandatory convertible preferred stock dividends accumulated during
the period 4
Net earnings (loss) available to noncontrolling interests -
Income tax expense (benefit) 14
Interest expense 77
Earnings before interest & taxes $ 9
Net sales $ 3,273
Net earnings (loss) margin (2.6)%
Results classification | Earnings before interest & taxes | Earnings per diluted share | |
Reported measure | $ 9 | $ (1.43) | |
Restructuring expense (a) Restructuring costs 32 0.54
Impact of M&A transactions (c)
Selling, general and administrative
2
0.04
Income tax impact (0.15)
Normalized tax rate adjustment (f) | 0.44 | |
Ongoing measure | $ 44 | $ (0.56) |
Net sales | $ 3,273 | |
Ongoing EBIT margin Note: Numbers may not reconcile due to rounding. | 1.3 % |
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the three months ended March 31, 2025. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our first-quarter GAAP tax rate was 31.1%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our first-quarter adjusted tax rate (non-GAAP) of 22.5%.
Three Months Ended | |
Earnings Before Interest & Taxes Reconciliation: | March 31, 2025 |
Net earnings (loss) available to Whirlpool | $ 71 |
Net earnings (loss) available to noncontrolling interests | 7 |
Income tax expense (benefit) | 43 |
Interest expense | 77 |
Earnings before interest & taxes | $ 199 |
Net sales | $ 3,621 |
Net earnings (loss) margin | 2.0 % |
Results classification | Earnings before interest & taxes | Earnings per diluted share | |
Reported measure | $ 199 | $ 1.28 | |
Restructuring expense (a) Restructuring costs 10 0.17
Impact of M&A transactions (c)
Selling, general and administrative
5
0.09
Income tax impact (0.06)
Normalized tax rate adjustment (f) | 0.22 | |
Ongoing measure | $ 214 | $ 1.70 |
Net sales | $ 3,621 | |
Ongoing EBIT margin Note: Numbers may not reconcile due to rounding. | 5.9 % |
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the twelve months ended December 31, 2025. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our full-year GAAP tax rate was 27.5%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of 3.5%.
318
$
Net earnings (loss) available to Whirlpool
Twelve Months Ended
December 31, 2025
Earnings Before Interest & Taxes Reconciliation:
Income tax expense (benefit) 142
Net earnings (loss) available to noncontrolling interests 23
Earnings before interest & taxes $ 824
Interest expense 341
Net sales $ 15,524
Net earnings (loss) margin 2.2 %
Results classification | Earnings before interest & taxes | Earnings per diluted share | |
Reported measure | $ 824 | $ 5.66 | |
Restructuring expense (a) Restructuring costs 63 1.12
Impairment of goodwill, intangibles and other assets (b)
Impairment of goodwill and other intangibles
106
1.89
Impact of M&A transactions (c)
(Gain) loss on sale and disposal of businesses & Selling, general and administrative
Interest and sundry
(income) expense (251) (4.47)
Legacy EMEA legal matters (d) Interest and sundry
(income) expense
2
0.04
Total income tax impact 0.06
Equity method investee -restructuring charges (e)
Equity method investment
income (loss), net of tax* (15) (0.26)
Normalized tax rate adjustment (f) | 2.19 | |
Ongoing measure | $ 729 | $ 6.23 |
Net Sales | $ 15,524 | |
Ongoing EBIT Margin | 4.7 % |
Note: Numbers may not reconcile due to rounding.
*Equity method investment in the Earnings before interest & taxes column is presented as (income) loss
FULL-YEAR 2024 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHAREThe reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the twelve months ended December 31, 2024. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our full-year GAAP tax rate was (5.5)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of (28.6)%.
(323)
$
Net earnings (loss) available to Whirlpool
Twelve Months Ended
December 31, 2024
Earnings Before Interest & Taxes Reconciliation:
Income tax expense (benefit) 10
Net earnings (loss) available to noncontrolling interests 18
Earnings before interest & taxes $ 63
Interest expense 358
Net sales $ 16,607
Net earnings (loss) margin (1.9)%
Results classification | Earnings before interest & taxes | Earnings per diluted share | |
Reported measure | $ 63 | $ (5.87) | |
Restructuring expense (a) Restructuring costs 79 1.44
Impairment of goodwill, intangibles and other assets (b)
Impairment of goodwill and other intangibles
381
6.92
Impact of M&A transactions (c)
(Gain) loss on sale and disposal of businesses & Selling, general and
administrative 292 5.30
Legacy EMEA legal matters (d) Interest and sundry
(income) expense
(2)
(0.04)
Total income tax impact 4.28
Equity method investee -restructuring charges (e)
Equity method investment
income (loss), net of tax* 74 1.34
Normalized tax rate adjustment (f) | (1.16) | |
Ongoing measure | $ 887 | $ 12.21 |
Net Sales | $ 16,607 | |
Ongoing EBIT Margin | 5.3 % |
Note: Numbers may not reconcile due to rounding.
*Equity method investment in the Earnings before interest & taxes column is presented as (income) loss
FULL-YEAR 2026 OUTLOOK FOR ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHAREThe reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings available to Whirlpool common shareholders and net earnings per diluted share available to Whirlpool common shareholders, for the twelve months ending December 31, 2026. Net earnings margin is calculated by dividing net earnings available to Whirlpool common shareholders by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our anticipated full-year GAAP tax rate is approximately 25.0%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our anticipated full-year adjusted tax (non-GAAP) rate of approximately 25.0%.
~$170
Net earnings (loss) available to Whirlpool common shareholders
Twelve Months Ending
December 31, 2026
Earnings Before Interest & Taxes Reconciliation:
Mandatory convertible preferred stock dividends accumulated during
the period ~40
Net earnings available to noncontrolling interests -
Income tax expense (benefit) ~70
Interest expense ~300
Earnings before interest & taxes ~$580
Net sales ~$15,000
Net earnings margin ~1.1 %
Results classification | Twelve Months Ending December 31, 2026 Earnings before Earnings per interest & taxes* diluted share | ||
Reported measure | ~$580 | $2.45 - $2.95 | |
Restructuring Expense Restructuring Costs ~50 ~0.75
Total income tax impact (0.20)
Normalized tax rate
adjustment (f) -
Ongoing measure ~$630 $3.00 - $3.50
Net Sales ~$15,000
Ongoing EBIT Margin ~4.0 %
Note: Numbers may not reconcile due to rounding.
FOOTNOTES-
RESTRUCTURING EXPENSE - In March 2026, the Company committed to workforce reduction plans and multi-region footprint optimization plans in the United States and globally, in an effort to reduce complexity and simplify our organization. The plan includes severance and impairment charges. Total costs for these actions were $32 million, of which we incurred
$12 million in employee termination costs, $18 million in asset impairments, and $2 million in other associated costs.
In the first and third quarters of 2025, restructuring actions were announced related to organizational simplification efforts. In Q4, we incurred $46 million in costs related to multi-region footprint optimization with full-year costs totaling $63 million.
In March 2024, the Company committed to workforce reduction plans in the United States and globally, in an effort to reduce complexity and simplify our organizational model after the European major domestic appliance transaction. The workforce reduction plans included involuntary severance actions as of the end of the first quarter of 2024. Total costs for these actions were $21 million, of which we incurred $14 million in employee termination costs and $7 million in other associated costs.
During the second quarter of 2024, the Company evaluated additional restructuring actions as part of the Company's organizational simplification efforts. Total costs for these actions were $58 million, which were primarily employee termination costs.
IMPAIRMENT OF GOODWILL, INTANGIBLES AND OTHER ASSETS - During the fourth quarter of 2025, we determined the carrying value of the JennAir trademark exceeded its fair value, resulting in an impairment charge of $106 million.
During the fourth quarter of 2024, we determined that the carrying value of the Maytag
trademark exceeded its fair value, resulting in an impairment charge of $381 million.
-
IMPACT OF M&A TRANSACTIONS - In the first quarter of 2026, the company incurred a $1M tax indemnity related to Beko Europe B.V. operations. These costs are recorded in Selling, General and Administrative expenses on our Consolidated Condensed Statements of Comprehensive Income (Loss).
During the fourth quarter of 2025, we sold an 11% stake in our India business and deconsolidated, resulting in a gain of $251 million. In the first quarter of 2026 we incurred
$1M in related M&A transaction costs. In addition, in the first through third quarter of 2025, we incurred $15 million in related M&A transaction costs that are recorded in Selling, General and Administrative expenses on our Consolidated Condensed Statements of Comprehensive Income (Loss).
The Company incurred unique transaction related costs related to portfolio transformation for a total of $5 million for the three months ended March 31, 2025.
Additionally, in the third quarter of 2025, we released a $30 million reserve related to an indemnity that is no longer considered probable. This gain is recorded in Loss (Gain) on Sale and Disposal of Businesses on our Consolidated Condensed Statements of Comprehensive Income (Loss).
On January 16, 2023, the Company signed a contribution agreement to contribute our European major domestic appliance business into a newly formed entity with Arcelik. In connection with the transaction, which closed on April 1, 2024, the Company recorded a loss on disposal of $298 million for the twelve months ended December 31, 2024.
The Company incurred other unique transaction related costs related to portfolio transformation for $28 million for the twelve months ended December 31, 2024. These transaction costs are recorded in Selling, General and Administrative expenses on our Consolidated Condensed Statements of Comprehensive Income (Loss).
In the third quarter of 2024, we recorded a gain of $34 million related to the sale of the Company's Brastemp-branded water filtration subscription business related to our portfolio transformation
- LEGACY EMEA LEGAL MATTERS - During the second quarter of 2025 and fourth quarter of 2024 we recorded immaterial amounts related to legacy matters of our European major domestic appliance business.
- EQUITY METHOD INVESTEE - RESTRUCTURING CHARGES - During the fourth quarter of 2024, we recorded our proportionate share of restructuring charges related to certain previously announced restructuring actions by our European equity method investee. During the fourth quarter of 2025, we reversed $15 million of this provision.
- NORMALIZED TAX RATE ADJUSTMENT - During the first quarter of 2026, the Company calculated a GAAP tax rate of (26.9)%. Ongoing earnings per share was calculated using an adjusted tax rate of 25.0%, which excludes the tax impacts related to M&A transaction costs and restructuring actions.
For the full year 2025, the Company calculated a GAAP tax rate of 27.5%. Ongoing earnings per share was calculated using an adjusted tax rate of 3.5%, which excludes the tax impacts related to M&A transactions, the JennAir intangible impairment charge, and restructuring actions.
For the full year 2024, the Company calculated a GAAP tax rate of (5.5)%. Ongoing earnings per share was calculated using an adjusted tax rate of (28.6)%, which excludes the tax impacts related to M&A transactions, the Maytag intangible impairment charge, and certain other tax impacts related to the Europe transaction.
Additionally, in the full-year 2026 outlook, the Company calculated ongoing earnings per share using a full-year adjusted tax (non-GAAP) rate of approximately 25.0%.
NET SALES AND ONGOING EBIT EXCLUDING MDA INDIA 20252025 As Reported | MDA India* | 2025 Like-for-Like | |
Net Sales (in billions) | $15.5 | $0.8 | ~$14.7 |
Ongoing EBIT (in millions) | $729 | $41 | ~$688 |
The reconciliation provided below reconciles the impact of removing MDA India from our net sales and ongoing EBIT for the twelve months ended December 31, 2025 for the Whirlpool business. Please see elsewhere in this Supplemental Information section for a reconciliation of Ongoing EBIT to GAAP reported net earnings (loss) available to Whirlpool.
Ongoing EBIT Margin 4.7 % 5.0 % ~4.7 % Note: Numbers may not reconcile due to rounding.
*2025 India financial data (unaudited).
FREE CASH FLOWFree cash flow is cash provided by (used in) operating activities after capital expenditures. The reconciliation provided below reconciles three months ended March 31, 2026 and 2025 and 2026 full-year free cash flow with cash provided by (used in) operating activities, the most directly comparable GAAP financial measure. Free cash flow as a percentage of net sales is calculated by dividing free cash flow by net sales.
(millions of dollars) | Three Months Ended March 31, 2026 2025 | 2026 Outlook | |
Cash provided by (used in) operating activities | $ (827) $ | (721) | ~$700 |
Free cash flow $ (896) $ (793) ~$300
Capital expenditures (68) (72) (~400)
Cash provided by (used in) investing activities* $ (225) $ (72)
Cash provided by (used in) financing activities* $ 985 $ 503
*Financial guidance on a GAAP basis for cash provided by (used in) financing activities and cash provided by (used in) investing activities has not been provided because in order to prepare any such estimate or projection, the Company would need to rely on market factors and certain other conditions and assumptions that are outside of its control.
ORGANIC NET SALESThree Months Ended March 31,
The reconciliation provided below reconciles the non-GAAP financial measure organic net sales to GAAP reported net sales, for three months ended March 31, 2025 and 2026 for the Whirlpool business.
(Approximate impact in millions of dollars) | 2026 | 2025 | Change |
Net Sales | $ 3,273 $ | 3,621 | (9.6)% |
Less: India Sales | - | 222 | |
Less: Currency | 80 - | ||
Organic Net Sales | $ 3,193 $ 3,399 (6.1)% | ||
Note: Numbers may not reconcile due to rounding. | |||
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Whirlpool Corporation published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 13:21 UTC.
