EX-99.1 2 exhibit991pressrelease0930.htm EX-99.1

Whirlpool Corporation Announces Third-Quarter Results; Delivers Revenue Growth

•Delivered YoY revenue growth as new products gain traction in North America, while navigating the near-term unfavorable effects of tariffs
•Achieved structural cost take out of 100 basis points or approximately $50 million
•Q3 GAAP net earnings margin of 1.8%; GAAP earnings per diluted share of $1.29
•Q3 ongoing (non-GAAP) EBIT margin(1) of 4.5%; ongoing earnings per diluted share(2) of $2.09
•Third-quarter results were unfavorably impacted by a non-cash loss of $14 million, or $0.24 earnings per diluted share from Beko Europe B.V. equity in affiliates
•EPS outlook range narrowed with full-year GAAP earnings per diluted share of approximately $6.00, ongoing earnings per diluted share(2) of approximately $7.00; cash provided by operating activities revised to approximately $600 million and free cash flow(3) of approximately $200 million
•Declared Q4 dividend of $0.90 per share
BENTON HARBOR, Mich., October 27, 2025 - Whirlpool Corporation (NYSE: WHR), today reported third-quarter financial results.
"I am pleased by the progress in North America, delivering share gains and flooring expansion as we execute a record year of new product launches," said Marc Bitzer. "The core fundamentals of our business remain strong and we are confident that the newly announced investment in our U.S.-based laundry facilities will continue to fuel our future growth." MARC BITZER, CHAIRMAN AND CHIEF EXECUTIVE OFFICER

Third-Quarter Results |  |  |  |  |  |  | 2025 | 2024 | Change
Net sales ($M) |  |  |  |  |  |  |  |  |  | $4,033 | $3,993 | 1.0%
Net sales excluding currency ($M) |  |  |  |  |  |  |  |  |  | $4,031 | $3,993 | 1.0%
GAAP net earnings available to Whirlpool ($M) |  |  |  |  |  |  |  |  |  | $73 | $109 | (33.3)%
Ongoing EBIT(1) ($M) |  |  |  |  |  |  |  |  |  | $180 | $233 | (22.7)%
GAAP net earnings margin |  |  |  |  |  |  |  |  |  | 1.8% | 2.7% | (0.9pts)
Ongoing EBIT margin(1) |  |  |  |  |  |  |  |  |  | 4.5% | 5.8% | (1.4pts)
GAAP earnings per diluted share |  |  |  |  |  |  |  |  |  | $1.29 | $2.00 | (35.5)%
Ongoing earnings per diluted share(2) |  |  |  |  |  |  |  |  |  | $2.09 | $3.43 | (39.1)%
Free Cash Flow |  |  |  |  |  |  |  |  |  | 2025 | 2024 | Change
Cash provided by (used in) operating activities ($M) |  |  |  |  |  |  |  |  |  | $(669) | $(271) | $(398)
Free cash flow(3) ($M) |  |  |  |  |  |  |  |  |  | $(907) | $(586) | $(321)

"Our third quarter results continued to be impacted by the inventory loading from Asian competitors. Meanwhile, we continued to focus on what is within our control and delivered cost take out in line with expectations, putting us on track to achieve approximately $200M of cost take out in 2025." JIM PETERS, CHIEF FINANCIAL AND ADMINISTRATIVE OFFICER
1

SEGMENT REVIEW

SEGMENT INFORMATION ($M) |  |  |  |  | Q3 2025 | Q3 2024 | YoY Change
MDA North America | Net Sales |  |  |  |  | $2,722 | $2,647 | 2.8%
EBIT |  |  |  |  | $134 | $194 | (30.6)%
% of sales |  |  |  |  | 4.9% | 7.3% | (2.4pts)
MDA Latin America | Net Sales |  |  |  |  | $802 | $846 | (5.2)%
EBIT |  |  |  |  | $45 | $58 | (22.0)%
% of sales |  |  |  |  | 5.7% | 6.9% | (1.2pts)
MDA Asia | Net Sales |  |  |  |  | $222 | $239 | (7.3)%
EBIT |  |  |  |  | $4 | $7 | (37.9)%
% of sales |  |  |  |  | 1.8% | 2.9% | (1.1pts)
SDA Global | Net Sales |  |  |  |  | $288 | $261 | 10.5%
EBIT |  |  |  |  | $47 | $37 | 28.8%
% of sales |  |  |  |  | 16.5% | 14.2% | 2.3pts
MDA: Major Domestic Appliances; SDA: Small Domestic Appliances |  |  |  |  |  |  |

MDA NORTH AMERICA
•Excluding currency, net sales increased 2.9% year-over-year driven by strong share gains
•EBIT margin(4) temporarily impacted by foreign competitors' inventory pre-loading
MDA LATIN AMERICA
•Excluding currency, net sales decreased 6.3% year-over-year due to volume decline
•EBIT margin(4) unfavorably impacted by the negative macro environment in Argentina and price/mix
MDA ASIA
•Excluding currency, net sales decreased 4.0% year-over-year, driven by volume decline
•EBIT margin(4) decreased year-over-year, driven by volume decline partially offset by continued cost take out
SDA GLOBAL
•Excluding currency, net sales increased 9.5% year-over-year, driven by successful new product launches
•EBIT margin(4) increased year-over-year, driven by price/mix and direct-to-consumer business growth
2

FULL-YEAR 2025 OUTLOOK

Guidance Summary | 2024 Reported | 2024 Like-for- Like (5) | 2025 Guidance
Net sales ($B) | $16.6 | ~$15.8 | ~$15.8
Cash provided by operating activities ($M) | $835 | N/A | ~$600
Free cash flow ($M)(3) | $385 | N/A | ~$200
GAAP net earnings margin (%) | (1.9)% | N/A | ~2.4%
Ongoing EBIT margin (%)(1) | 5.3% | ~5.7% | ~5.0%
GAAP earnings per diluted share | $(5.87) | N/A | ~$6.00
Ongoing earnings per diluted share(2) | $12.21 | N/A | ~$7.00
GAAP tax rate | (5.5)% | N/A | ~8.8%
Adjusted (non-GAAP) tax rate | (28.6)% | N/A | ~8.0%

On a full year basis, we expect:
•Net sales of approximately $15.8 billion; approximately flat on a like-for-like(5) basis
•Price/mix to favorably impact our EBIT margin as we continue to execute our new product launches
•Structural cost take out to deliver approximately $200 million
•GAAP earnings per diluted share of approximately $6.00 and full-year ongoing earnings per diluted share(2) of approximately $7.00
•2025 GAAP tax rate of approximately 8.8 percent and adjusted (non-GAAP) tax rate of approximately 8 percent
•Cash provided by operating activities of approximately $600 million and free cash flow(3) of approximately $200 million
(1)A reconciliation of earnings before interest and taxes (EBIT) and ongoing EBIT, non-GAAP financial measures, to reported net earnings (loss) available to Whirlpool, and a reconciliation of EBIT margin and ongoing EBIT margin, non-GAAP financial measures, to net earnings (loss) margin and other important information, appears below.
(2)A reconciliation of ongoing earnings per diluted share, a non-GAAP financial measure, to reported net earnings (loss) per diluted share available to Whirlpool and other important information, appears below.
(3)A reconciliation of free cash flow, a non-GAAP financial measure, to cash provided by (used in) operating activities and other important information, appears below.
(4)Segment EBIT represents our consolidated EBIT broken down by the Company's reportable segments and are metrics used by the chief operating decision maker in accordance with ASC 280. Consolidated EBIT also includes corporate "Other/Eliminations" of $(32) million and $(45) million for the third quarters of 2025 and 2024, respectively.
(5)Like-for-like refers to pro forma results for 2024, which exclude the first quarter results for the historical Europe major domestic appliances business (MDA Europe) to provide a comparative baseline for 2025 guidance. This comparison uses a prior period baseline that is aligned to the ongoing business expectations for 2025, with the Europe transaction closed April 1, 2024. The like-for-like GAAP net earnings margin and corresponding reconciliation cannot be provided without unreasonable effort or expense. Please see below for a reconciliation of ongoing EBIT for the full year to GAAP net earnings.
Contact Whirlpool Corporation: Media: 269/923-7405, Media@Whirlpool.com, Financial: Scott Cartwright, Investor_Relations@Whirlpool.com
3

ABOUT WHIRLPOOL CORPORATION
Whirlpool Corporation (NYSE: WHR) is a leading home appliance company, in constant pursuit of improving life at home. As the last-remaining major U.S.-based manufacturer of kitchen and laundry appliances, the company is driving meaningful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, JennAir, Maytag, Amana, Brastemp, Consul, and InSinkErato r. In 2024, the company reported approximately $17 billion in annual sales - close to 90% of which were in the Americas - 44,000 employees and 40 manufacturing and technology research centers. Additional information about the company can be found at WhirlpoolCorp.com.
WEBSITE DISCLOSURE
We routinely post important information for investors on our website, WhirlpoolCorp.com, in the "Investors" section. We also intend to update the "Hot Topics Q&A" portion of this webpage as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the "Investors" section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our webpage is not incorporated by reference into, and is not a part of, this document.
WHIRLPOOL ADDITIONAL INFORMATION
This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries ("Whirlpool") within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Whirlpool intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with those safe harbor provisions. Any statements made in this press release that are not statements of historical fact, including statements regarding future financial results, long-term value creation goals, restructuring expectations, productivity, raw material prices and related costs, supply chain, portfolio transformation expectations, India transaction expectations, asset impairment, new product introduction benefits, trade and tariffs, litigation, ESG efforts, debt repayment and dividend expectations, share position, trade customer inventory expectations, cost take-out, manufacturing investment benefits, and the impact of housing recovery-related benefits on our operations are forward-looking statements and should be evaluated as such. Such statements can be identified by the use of terminology such as "may," "could," "will," "should," "possible," "plan," "predict," "forecast," "potential," "anticipate," "estimate," "expect," "project," "intend," "believe," "may impact," "on track," "margin lift," and similar words or expressions. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool's forward-looking statements. Among these factors are: (1) intense competition in the home appliance industry, and the impact of the changing retail environment, including direct-to-consumer sales; (2) Whirlpool's ability to maintain or increase sales to significant trade customers; (3) Whirlpool's ability to maintain its reputation and brand image; (4) the ability of Whirlpool to achieve its business objectives and successfully manage its strategic portfolio transformation; (5) Whirlpool’s ability to understand consumer preferences and successfully develop new products; (6) Whirlpool's ability to obtain and protect intellectual property rights; (7) acquisition, divestiture, and investment-related risks, including risks associated with our past acquisitions; (8) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost-effective manner; (9) risks related to our international operations; (10) Whirlpool's ability to respond to unanticipated social, political and/or economic events, including epidemics/pandemics; (11) information technology system and cloud failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; (12) product liability and product recall costs; (13)
4

Whirlpool's ability to attract, develop and retain executives and other qualified employees; (14) the impact of labor relations; (15) fluctuations in the cost of key materials (including steel, resins, and base metals) and components and the ability of Whirlpool to offset cost increases; (16) Whirlpool's ability to manage foreign currency fluctuations; (17) impacts from goodwill, intangible asset and/or inventory impairment charges; (18) health care cost trends, regulatory changes and variations between results and estimates that could increase future funding obligations for pension and postretirement benefit plans; (19) impacts from credit rating agency downgrades; (20) litigation, tax, and legal compliance risk and costs; (21) the effects and costs of governmental investigations or related actions by third parties; (22) changes in the legal and regulatory environment including environmental, health and safety regulations, data privacy, taxes and generative AI; (23) the impacts of changes in foreign trade policies, including tariffs; (24) Whirlpool's ability to respond to the impact of climate change and climate change or other environmental regulation; and (25) the uncertain global economy and changes in economic conditions. In addition, factors that could cause actual results to differ materially from our India transaction expectations include, among other things, failure or delays in launching transaction based on Board approval, market conditions or other factors, failure or delays in share settlement and closing, transaction proceeds being lower than expected, alternative uses for proceeds received, brand license valuation expectations not being met, and strategic, economic or industry expectations for India not being realized. Additional information concerning these and other factors can be found in Whirlpool's filings with the Securities and Exchange Commission, including the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. These cautionary statements should not be construed to be exhaustive and the forward-looking statements are made only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
5

WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
FOR THE PERIODS ENDED SEPTEMBER 30
(Millions of dollars, except per share data)

| Three Months Ended |  | Nine Months Ended
| 2025 |  | 2024 |  | 2025 |  | 2024
Net sales | $ | 4,033 |  |  | $ | 3,993 |  |  | $ | 11,426 |  |  | $ | 12,471 |
Expenses |  |  |  |  |  |  |
Cost of products sold | 3,439 |  |  | 3,350 |  |  | 9,615 |  |  | 10,561 |
Gross margin | 594 |  |  | 643 |  |  | 1,811 |  |  | 1,910 |
Selling, general and administrative | 405 |  |  | 395 |  |  | 1,209 |  |  | 1,266 |
Intangible amortization | 7 |  |  | 7 |  |  | 20 |  |  | 24 |
Restructuring costs | 6 |  |  | 8 |  |  | 17 |  |  | 81 |
Loss (gain) on sale and disposal of businesses | (30) |  |  | (32) |  |  | (30) |  |  | 260 |
Operating profit | 206 |  |  | 265 |  |  | 595 |  |  | 279 |
Other (income) expense |  |  |  |  |  |  |
Interest and sundry (income) expense | (5) |  |  | (6) |  |  | (41) |  |  | (27) |
Interest expense | 92 |  |  | 92 |  |  | 256 |  |  | 275 |
Earnings (loss) before income taxes | 120 |  |  | 179 |  |  | 381 |  |  | 31 |
Income tax expense (benefit) | 33 |  |  | 45 |  |  | 105 |  |  | (85) |
Equity method investment income (loss), net of tax | (11) |  |  | (20) |  |  | (46) |  |  | (31) |
Net earnings (loss) | 76 |  |  | 114 |  |  | 229 |  |  | 85 |
Less: Net earnings (loss) available to noncontrolling interests | 3 |  |  | 5 |  |  | 20 |  |  | 16 |
Net earnings (loss) available to Whirlpool | $ | 73 |  |  | $ | 109 |  |  | $ | 210 |  |  | $ | 69 |
Per share of common stock |  |  |  |  |  |  |
Basic net earnings (loss) available to Whirlpool | $ | 1.30 |  |  | $ | 2.01 |  |  | $ | 3.76 |  |  | $ | 1.27 |
Diluted net earnings (loss) available to Whirlpool | $ | 1.29 |  |  | $ | 2.00 |  |  | $ | 3.74 |  |  | $ | 1.26 |
Dividends declared | $ | 0.90 |  |  | $ | 1.75 |  |  | $ | 4.40 |  |  | $ | 5.25 |
Weighted-average shares outstanding (in millions) |  |  |  |  |  |  |
Basic | 56.1 |  |  | 55.2 |  |  | 55.9 |  |  | 55.0 |
Diluted | 56.5 |  |  | 55.2 |  |  | 56.1 |  |  | 55.0 |

6

WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Millions of dollars, except share data)

| September 30, 2025 |  | December 31, 2024
| (Unaudited) |  |
Assets |  |  |
Current assets |  |  |
Cash and cash equivalents | $ | 934 |  |  | $ | 1,275 |
Accounts receivable, net of allowance of $55 and $46, respectively | 1,598 |  |  | 1,317 |
Inventories | 2,593 |  |  | 2,035 |
Prepaid and other current assets | 669 |  |  | 612 |
Total current assets | 5,794 |  |  | 5,239 |
Property, net of accumulated depreciation of $5,654 and $5,414, respectively | 2,309 |  |  | 2,275 |
Right of use assets | 814 |  |  | 841 |
Goodwill | 3,321 |  |  | 3,322 |
Other intangibles, net of accumulated amortization of $465 and $447, respectively | 2,698 |  |  | 2,717 |
Deferred income taxes | 1,475 |  |  | 1,433 |
Other noncurrent assets | 481 |  |  | 474 |
Total assets | $ | 16,893 |  |  | $ | 16,301 |
Liabilities and stockholders' equity |  |  |
Current liabilities |  |  |
Accounts payable | $ | 3,617 |  |  | $ | 3,530 |
Accrued expenses | 414 |  |  | 455 |
Accrued advertising and promotions | 488 |  |  | 682 |
Employee compensation | 205 |  |  | 228 |
Notes payable | 1,125 |  |  | 18 |
Current maturities of long-term debt | 300 |  |  | 1,850 |
Other current liabilities | 619 |  |  | 560 |
Total current liabilities | 6,768 |  |  | 7,323 |
Noncurrent liabilities |  |  |
Long-term debt | 6,165 |  |  | 4,758 |
Pension benefits | 106 |  |  | 122 |
Postretirement benefits | 96 |  |  | 96 |
Lease liabilities | 686 |  |  | 711 |
Other noncurrent liabilities | 429 |  |  | 358 |
Total noncurrent liabilities | 7,482 |  |  | 6,045 |
Stockholders' equity |  |  |
Common stock, $1 par value, 250 million shares authorized, 65 million and 65 million shares issued, respectively, and 56 million and 55 million shares outstanding, respectively | 65 |  |  | 64 |
Additional paid-in capital | 3,479 |  |  | 3,462 |
Retained earnings | 1,272 |  |  | 1,311 |
Accumulated other comprehensive loss | (1,888) |  |  | (1,545) |
Treasury stock, 9 million and 9 million shares, respectively | (547) |  |  | (609) |
Total Whirlpool stockholders' equity | 2,380 |  |  | 2,683 |
Noncontrolling interests | 263 |  |  | 250 |
Total stockholders' equity | 2,644 |  |  | 2,933 |
Total liabilities and stockholders' equity | $ | 16,893 |  |  | $ | 16,301 |

7

WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE PERIODS ENDED SEPTEMBER 30
(Millions of dollars)

| Nine Months Ended
| 2025 |  | 2024
Operating activities |  |  |
Net earnings (loss) | $ | 229 |  |  | $ | 85 |
Adjustments to reconcile net earnings to cash provided by (used in) operating activities: |  |  |
Depreciation and amortization | 246 |  |  | 249 |
Loss (gain) on sale and disposal of businesses | (30) |  |  | 260 |
Equity method investment (income) loss, net of tax | 46 |  |  | 31 |
Share based compensation and other | 113 |  |  | 64 |
Changes in assets and liabilities: |  |  |
Accounts receivable | (258) |  |  | (275) |
Inventories | (523) |  |  | (18) |
Accounts payable | (59) |  |  | (76) |
Accrued advertising and promotions | (208) |  |  | (137) |
Accrued expenses and current liabilities | (52) |  |  | (22) |
Taxes deferred and payable, net | (18) |  |  | (237) |
Accrued pension and postretirement benefits | 5 |  |  | (15) |
Employee compensation | (39) |  |  | (42) |
Other | (121) |  |  | (138) |
Cash provided by (used in) operating activities | (669) |  |  | (271) |
Investing activities |  |  |
Capital expenditures | (239) |  |  | (315) |
Proceeds from sale of assets and businesses | — |  |  | 95 |
Cash held by divested businesses | — |  |  | (245) |
Other | — |  |  | (1) |
Cash provided by (used in) investing activities | (239) |  |  | (466) |
Financing activities |  |  |
Net proceeds from borrowings of long-term debt | 1,200 |  |  | 300 |
Net repayments of long-term debt | (1,550) |  |  | (801) |
Net proceeds (repayments) from short-term borrowings | 1,114 |  |  | 613 |
Dividends paid | (248) |  |  | (287) |
Repurchase of common stock | — |  |  | (50) |
Sale of minority interest in subsidiary | — |  |  | 462 |
Other | (12) |  |  | (15) |
Cash provided by (used in) financing activities | 503 |  |  | 222 |
Effect of exchange rate changes on cash and cash equivalents | 64 |  |  | (68) |
Increase (decrease) in cash and cash equivalents | (341) |  |  | (583) |
Cash and cash equivalents at beginning of year | 1,275 |  |  | 1,667 |
Cash and cash equivalents at end of period | $ | 936 |  |  | $ | 1,084 |

8

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, 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.
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.
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 long-term 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
9

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.
10

THIRD-QUARTER 2025 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
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 September 30, 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 third-quarter GAAP tax rate was 27.1%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our third-quarter adjusted tax rate (non-GAAP) of (33.5)%.

| Three Months Ended
Earnings Before Interest & Taxes Reconciliation: | September 30, 2025
Net earnings (loss) available to Whirlpool | $ | 73 |
Net earnings (loss) available to noncontrolling interests | 3 |
Income tax expense (benefit) | 33 |
Interest expense | 92 |
Earnings before interest & taxes | $ | 200 |
Net sales | $ | 4,033 |
Net earnings (loss) margin | 1.8 | %

| Results classification |  | Earnings before interest & taxes |  | Earnings per diluted share
Reported measure |  |  | $ | 200 |  |  | $ | 1.29 |
Restructuring expense (a) | Restructuring costs |  | 6 |  |  | 0.10 |
Impact of M&A transactions (b) | (Gain) loss on sale and disposal of businesses & Selling, general, and administrative |  | (26) |  |  | (0.47) |
Income tax impact |  |  |  |  | (0.12) |
Normalized tax rate adjustment (c) |  |  |  |  | 1.29 |
Ongoing measure |  |  | $ | 180 |  |  | $ | 2.09 |
Net sales |  |  | $ | 4,033 |  |  |
Ongoing EBIT margin |  |  | 4.5 | % |  |

Note: Numbers may not reconcile due to rounding.
11

THIRD-QUARTER 2024 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
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 September 30, 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 third-quarter GAAP tax rate was 25%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our third-quarter adjusted tax rate (non-GAAP) of (32)%.

| Three Months Ended
Earnings Before Interest & Taxes Reconciliation: | September 30, 2024
Net earnings (loss) available to Whirlpool | $ | 109 |
Net earnings (loss) available to noncontrolling interests | 5 |
Income tax expense (benefit) | 45 |
Interest expense | 92 |
Earnings before interest & taxes | $ | 251 |
Net sales | $ | 3,993 |
Net earnings (loss) margin | 2.7 | %

| Results classification |  | Earnings before interest & taxes |  | Earnings per diluted share
Reported measure |  |  | $ | 251 |  |  | $ | 2.00 |
Restructuring expense(a) | Restructuring costs |  | 8 |  |  | 0.14 |
Impact of M&A transactions(b) | (Gain) loss on sale and disposal of businesses & Selling, general and administrative |  | (26) |  |  | (0.47) |
Total income tax impact |  |  |  |  | (0.10) |
Normalized tax rate adjustment(c) |  |  |  |  | 1.86 |
Ongoing measure |  |  | $ | 233 |  |  | $ | 3.43 |
Net sales |  |  | $ | 3,993 |  |  |
Ongoing EBIT margin |  |  | 5.8 | % |  |

Note: Numbers may not reconcile due to rounding.
12

FULL-YEAR 2024 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
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, 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)%.

| Twelve Months Ended
Earnings Before Interest & Taxes Reconciliation: | December 31, 2024
Net earnings (loss) available to Whirlpool | $ | (323) |
Net earnings (loss) available to noncontrolling interests | 18 |
Income tax expense (benefit) | 10 |
Interest expense | 358 |
Earnings before interest & taxes | $ | 63 |
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 | Restructuring costs |  | 79 |  |  | 1.44 |
Impairment of goodwill, intangibles and other assets | Impairment of goodwill and other intangibles |  | 381 |  |  | 6.92 |
Impact of M&A transactions | (Gain) loss on sale and disposal of businesses & Selling, general and administrative |  | 292 |  |  | 5.30 |
Legacy EMEA legal matters | Interest and sundry (income) expense |  | (2) |  |  | (0.04) |
Equity method investee - restructuring charges | Equity method investment income (loss), net of tax |  | 74 |  |  | 1.34 |
Total income tax impact |  |  |  |  | 4.28 |
Normalized tax rate adjustment |  |  |  |  | (1.16) |
Ongoing measure |  |  | $ | 887 |  |  | $ | 12.21 |
Net Sales |  |  | $ | 16,607 |  |  |
Ongoing EBIT Margin |  |  | 5.3 | % |  |

Note: Numbers may not reconcile due to rounding.
13

FULL-YEAR 2023 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
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, 2023. 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 13.0%. The aggregate income tax impact of the taxable c omp onents of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of (6.7)%.

| Twelve Months Ended
Earnings Before Interest & Taxes Reconciliation: | December 31, 2023
Net earnings (loss) available to Whirlpool | $ | 481 |
Net earnings (loss) available to noncontrolling interests | 7 |
Income tax expense (benefit) | 77 |
Interest expense | 351 |
Earnings before interest & taxes | $ | 916 |
Net sales | $ | 19,455 |
Net earnings (loss) margin | 2.5 | %

| Results classification |  | Earnings before interest & taxes |  | Earnings per diluted share
Reported measure |  |  | $ | 916 |  |  | $ | 8.72 |
Impact of M&A transactions(b) | (Gain) loss on sale and disposal of businesses & Selling, general and administrative & including equity method investment |  | 181 |  |  | 3.27 |
Legacy EMEA legal matters | Interest and sundry (income) expense |  | 94 |  |  | 1.71 |
Total income tax impact |  |  |  |  | 0.35 |
Normalized tax rate adjustment(c) |  |  |  |  | 2.11 |
Ongoing measure |  |  | $ | 1,191 |  |  | $ | 16.16 |
Net Sales |  |  | $ | 19,455 |  |  |
Ongoing EBIT Margin |  |  | 6.1 | % |  |

Note: Numbers may not reconcile due to rounding
14

FULL-YEAR 2025 OUTLOOK FOR ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
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 available to Whirlpool and net earnings per diluted share available to Whirlpool, for the twelve months ending December 31, 2025. 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 8.8%. 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 8.0%.

|  |  | Twelve Months Ending December 31, 2025
| Results classification |  | Earnings before interest & taxes* |  | Earnings per diluted share
Reported measure |  |  | ~$750 |  |  | ~$6.00
Restructuring Expense | Restructuring Costs |  | ~50 |  |  | ~1.00 |
Impact of M&A transactions(1) | (Gain) loss on sale and disposal of businesses & Selling, general and administrative |  | — |  |  | — |
Total income tax impact |  |  |  |  | — |
Ongoing measure |  |  | ~$800 |  |  | ~$7.00

(1)Impact of M&A transactions includes ~$30 million in unique transaction costs related to portfolio transformation, fully offset by a $30 million reserve release related to an indemnity that is no longer considered probable.
Note: Numbers may not reconcile due to rounding.
*Earnings Before Interest & Taxes (EBIT) is a non-GAAP measure. The Company does not provide a forward-looking quantitative reconciliation of EBIT to the most directly comparable GAAP financial measure, net earnings available to Whirlpool, because the net earnings available to noncontrolling interests item of such reconciliation -- which has historically represented a relatively insignificant amount of the Company's overall net earnings -- implicates the Company's projections regarding the earnings of the Company's non wholly-owned subsidiaries and joint ventures that cannot be quantified precisely or without unreasonable efforts.
15

FOOTNOTES
a.RESTRUCTURING EXPENSE - We incurred restructuring charges of $6 million for the three months ended September 30, 2025 compared to $8 million for the same period in 2024.
b.IMPACT OF M&A TRANSACTIONS - We incurred unique transaction related costs related to portfolio transformation for a total of $4 million for the three months ended September 30, 2025. These transaction costs were recorded in Selling, General and Administrative expenses. 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, we signed a contribution agreement to contribute our European major domestic appliance business into a newly formed entity with Arçelik. In connection with the transaction, we recorded a loss on disposal of $2 million for the three months ended September 30, 2024. Additionally, we incurred other unique transaction related costs related to portfolio transformation for a total of $6 million for the three months ended September 30, 2024. These transaction costs were recorded in Selling, General and Administrative expenses on our Consolidated Condensed Statements of Comprehensive Income (Loss).
c.NORMALIZED TAX RATE ADJUSTMENT - During the third quarter of 2025, the Company calculated a GAAP tax rate of 27.1%. Ongoing earnings per share was calculated using an adjusted tax rate of (33.5)%, which excludes the tax impacts related to M&A transaction costs and restructuring actions.
During the third quarter of 2024, the Company calculated a GAAP tax rate of 25%. Ongoing earnings per share was calculated using an adjusted tax rate of (32)%, which excludes the non-tax deductible impact of M&A transactions of approximately $(26) million recorded in the third quarter of 2024.
Additionally, in the full-year 2025 outlook, the Company calculated ongoing earnings per share using a full-year adjusted tax (non-GAAP) rate of approximately 8.0%, which excludes the non-tax deductible impact of restructuring costs of approximately $16 million to reconcile to our full-year ongoing effective tax rate of approximately 8.8%. The revisions from prior quarter estimates are primarily due to newly formed tax benefits under the "One Big Beautiful Bill Act", enacted in July 2025.
16

NET SALES AND ONGOING EBIT EXCLUDING MDA EUROPE 2024 FIRST QUARTER
The reconciliation provided below reconciles the impact of removing Q1 MDA Europe from our net sales and ongoing EBIT for the twelve months ended December 31, 2024 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.

| 2024 As Reported | Q1 2024 MDA Europe* | 2024 Like-for-Like
Net Sales (in billions) | $16.6 |  | $0.8 |  | ~$15.8 |
Ongoing EBIT (in millions) | 887 |  | (9) |  | ~896 |
Ongoing EBIT Margin | 5.3 | % | (1.1) | % | ~5.7 | %

Note: Numbers may not reconcile due to rounding.
*Q1 historical segment financial data (unaudited).
17

FREE CASH FLOW
Free cash flow is cash provided by (used in) operating activities after capital expenditures. The reconciliation provided below reconciles nine months ended September 30, 2025 and 2024 and 2025 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.

| Nine Months Ended |  |
| September 30, |  |
(millions of dollars) | 2025 |  | 2024 |  | 2025 Outlook
Cash provided by (used in) operating activities | $ | (669) |  |  | $ | (271) |  |  | ~$600 |
Capital expenditures | (239) |  |  | (315) |  |  | (~400) |
Free cash flow | $ | (907) |  |  | $ | (586) |  |  | ~$200
Cash provided by (used in) investing activities* | (239) |  |  | (466) |  |  |
Cash provided by (used in) financing activities* | 503 |  |  | 222 |  |  |

*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.
18