Whirlpool (WHR) | Credit Investor

Next 12 Months: Starting Case

$ in millions	Last 12 Months	Next Quarter (4Q26E)	vs. 4Q25A	Next 12 Months	Change
Revenue	$14,565	$3,998	(2.4%)	$14,465	(0.7%)
Adj. EBITDA	$1,167	$458	(10.0%)	$1,280	9.7%
Free Cash Flow	($92)	$248	(75.0%)	$479	620.9%
Net Debt, end of period	$5,735	$5,487		$5,256	(8.4%)
Net Debt / Adj. EBITDA	4.9x	4.9x		4.1x	-0.8x
Total Liquidity, end of period	$1,103	$1,351		$1,582	43.4%

The credit over the next year

Whirlpool's next year turns on North American appliance demand and whether its largest price increases in a decade stick: MDA North America sales fell 8.2% ex currency in Q3 2026 on soft industry demand, the company still guides North American industry down about 5% for 2026, and a 7% price increase took effect in Q4. Against that, U.S. steel mill prices are up about 24% year over year and tariffs and logistics keep pushing costs higher, so margin recovery depends on price outrunning inflation. Latin America adds a currency swing through the Brazilian real and a weaker mix after the Casas Bahia reorganization, while the 2026 cash plan (about $300 million of free cash flow, net debt under $4.5 billion) rests on a seasonally strong fourth quarter.

Leverage falls from 4.9x to 4.1x over the next four quarters on the starting case.
Free cash flow of $479mm is projected over the next year, with no itemised debt due in that time.
Net debt shrinks from $5.74bn to $5.26bn.
Liquidity a year out is $1.58bn, against $1.10bn today.

Built from the inputs on the Projections tab of the model; change them there. A starting case from history, not a forecast.

Capital Structure

Cap Structure	Amt Out.	Mkt Price	Yield	Lev. Through	View
Unrestricted Cash	$1,103.0
7.500% Senior Secured Second Lien Notes due 2031	1,000.0	100.3%*	7.43%	0.9x	Bullish
ABL Credit Facility due 2031 ($2.0bn asset-based revolver)	0.0	100.0%	N/a	0.9x	Bullish
7.875% Senior Secured Second Lien Notes due 2034	1,000.0	98.0%*	8.22%	1.7x	Bullish
0.500% Senior Notes due 2028 (EUR 500mm)	586.0	100.0%	0.50%	2.2x	Bullish
4.750% Senior Notes due 2029	700.0	94.9%*	7.03%	2.8x	Bullish
6.125% Senior Notes due 2030	600.0	94.0%*	8.13%	3.3x	Bullish
2.400% Senior Notes due 2031	300.0	73.6%*	9.78%	3.6x	Bullish
4.700% Senior Notes due 2032	300.0	77.9%*	10.04%	3.8x	Bullish
6.500% Senior Notes due 2033	600.0	86.4%*	9.33%	4.4x	Bullish
5.500% Senior Notes due 2033	300.0	77.9%*	10.23%	4.6x	Bullish
5.750% Senior Notes due 2034	300.0	75.9%*	10.48%	4.9x	Bullish
5.150% Senior Notes due 2043	250.0	59.3%*	10.34%	5.1x	Bullish
4.500% Senior Notes due 2046	500.0	56.3%*	9.45%	5.5x	Bullish
4.600% Senior Notes due 2050	500.0	55.8%*	9.25%	5.9x	Bullish
Notes payable (short-term bank borrowings, mainly a note in Argentina)	14.0	100.0%	N/a	6.0x	Bullish
Total Debt	$6,838.0			5.9x
Net Debt	$5,735.0			4.9x

Last Twelve Months

Revenue	$14,565
Implied Costs	(13,398)
Adj. EBITDA	$1,167
(-) Interest Expense	(327)
(-) Capex	(405)
Memo: FCF	($92)
Total Liquidity	$1,103.0

Next 12 months, starting case▶ Revenue $14.57bn → $14.47bn▲ Adj. EBITDA $1.17bn → $1.28bn▲ Free cash flow -$92mm → $479mm▼ Net leverage 4.9x → 4.1x▲ Liquidity $1.10bn → $1.58bn

Whirlpool

			9/30/26						Face Value / Adj. EBITDA
Cap Structure	Coupon	Maturity	Amt Out.	Mkt Price	YTM	Next Call	Yield to Call	View	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Unrestricted Cash			$1,103.0
Undrawn Revolver ($2,000mm facility)			N/a
Total Liquidity			$1,103.0

7.500% Senior Secured Second Lien Notes due 2031	7.50%	7/1/2031	1,000.0	100.3%*	7.43%	7/1/2028 @ 103.75	9.10%	Bullish
ABL Credit Facility due 2031 ($2.0bn asset-based revolver)	S + 150 to 200	6/16/2031	0.0	100.0%	N/a	N/a	N/a	Bullish
7.875% Senior Secured Second Lien Notes due 2034	7.875%	7/1/2034	1,000.0	98.0%*	8.22%	7/1/2029 @ 103.938	9.82%	Bullish
Total Secured Debt			$2,000.0						0.7x	NA	1.4x	3.1x	1.3x	1.7x	1.6x	1.5x
Net Secured Debt			$897.0						0.3x	NA	0.6x	1.4x	0.6x	0.8x	0.7x	0.7x

0.500% Senior Notes due 2028 (EUR 500mm)	0.50%	2/20/2028	586.0	100.0%	0.50%	11/20/2027 @ 100	0.50%	Bullish
4.750% Senior Notes due 2029	4.75%	2/26/2029	700.0	94.9%*	7.03%	11/26/2028 @ 100	7.57%	Bullish
6.125% Senior Notes due 2030	6.125%	6/15/2030	600.0	94.0%*	8.13%	3/15/2030 @ 100	8.13%	Bullish
2.400% Senior Notes due 2031	2.40%	5/15/2031	300.0	73.6%*	9.78%	2/15/2031 @ 100	9.78%	Bullish
4.700% Senior Notes due 2032	4.70%	5/14/2032	300.0	77.9%*	10.04%	2/14/2032 @ 100	10.04%	Bullish
6.500% Senior Notes due 2033	6.50%	6/15/2033	600.0	86.4%*	9.33%	3/15/2033 @ 100	9.33%	Bullish
5.500% Senior Notes due 2033	5.50%	3/1/2033	300.0	77.9%*	10.23%	12/1/2032 @ 100	10.56%	Bullish
5.750% Senior Notes due 2034	5.75%	3/1/2034	300.0	75.9%*	10.48%	12/1/2033 @ 100	10.74%	Bullish
5.150% Senior Notes due 2043	5.15%	3/1/2043	250.0	59.3%*	10.34%	N/a	N/a	Bullish
4.500% Senior Notes due 2046	4.50%	6/1/2046	500.0	56.3%*	9.45%	12/1/2045 @ 100	9.52%	Bullish
4.600% Senior Notes due 2050	4.60%	5/15/2050	500.0	55.8%*	9.25%	11/15/2049 @ 100	9.29%	Bullish
Notes payable (short-term bank borrowings, mainly a note in Argentina)	N/a	N/a	14.0	100.0%	N/a	N/a	N/a	Bullish
Other debt, discounts and issuance costs	N/a	N/a	(112.0)
Total Debt			$6,838.0						2.3x	NA	4.8x	10.6x	4.6x	5.9x	5.3x	5.1x
Net Debt			$5,735.0						1.9x	NA	4.0x	8.9x	3.9x	4.9x	4.1x	3.5x
						Adj. EBITDA			$2,962	($224)	$1,426	$646	$1,482	$1,167	$1,280	$1,352

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$21,985	$19,724	$19,455	$16,607	$15,524	$14,565	$14,465	$14,465
Y/Y Growth		(10.3%)	(1.4%)	(14.6%)	(6.5%)		(0.7%)	0.0%
(-) Cost of Revenue	(17,576)	(16,651)	(16,285)	(14,026)	(13,138)	(12,660)	(12,452)	(12,380)
Gross Profit	$4,409	$3,073	$3,170	$2,581	$2,386	$1,905	$2,013	$2,085
Gross Margin	20.1%	15.6%	16.3%	15.5%	15.4%	13.1%	13.9%	14.4%
(-) SG&A	(2,081)	(1,820)	(1,993)	(1,684)	(1,633)	(1,582)	(1,572)	(1,572)
(+/-) Other Operating Costs, net of D&A	514	(1,834)	199	(421)	423	486	739	739
EBITDA	$2,842	($581)	$1,376	$476	$1,176	$809	$1,180	$1,252
(+) Add-backs: stock comp, restructuring, impairments	120	357	50	170	306	358	100	100
Adj. EBITDA	$2,962	($224)	$1,426	$646	$1,482	$1,167	$1,280	$1,352
Margin	13.5%	(1.1%)	7.3%	3.9%	9.5%	8.0%	8.8%	9.3%
(-) Restructuring and other cash add-backs	(38)	(21)	(16)	(79)	(63)	(154)	--	--
Cash EBITDA	$2,924	($245)	$1,410	$567	$1,419	$1,013	$1,280	$1,352
(-) Interest Expense (Cash Only)	(169)	(161)	(370)	(352)	(350)	(327)	(336)	(336)
(-) Cash Taxes	--	--	--	--	(136)	(62)	(62)	(62)
(-) Capex	(525)	(570)	(549)	(451)	(389)	(405)	(402)	(402)
(+/-) Working Capital and Other	(579)	1,796	(125)	620	(463)	(311)	--	--
Memo: FCF	$1,651	$820	$366	$384	$81	($92)	$479	$552
% of Debt	24.1%	12.0%	5.4%	5.6%	1.2%	(1.3%)	7.0%	8.1%

Liquidity

Unrestricted Cash	$1,103.0
Undrawn Revolver	N/a
Total Liquidity	$1,103.0
(-) Debt due through 2028	(586.0)
(+/-) Free cash flow, last twelve months	(92.0)
Liquidity after maturities and a year of cash flow	$425.0

Tranches are from the debt table in the latest quarterly or annual report.Blue figures are inputs in the model. Price is 100% of face unless marked *, which is a bond fund's own valuation from its SEC holdings report, not a traded price. Revolver availability is not tagged in the filing; N/a means not found, not zero.Secured and unsecured are judged from each instrument's name. Adj. EBITDA is operating income plus D&A, stock compensation, restructuring and impairment charges as tagged in SEC filings; it is not the company's own adjusted figure. Free cash flow is cash from operations less capital spending.

The basket review for this company has not finished yet. When it does, this tab shows the dollar capacity to move value or prime lenders, the playbook moves that fit, and what they would do to each tranche. Meanwhile, see the liability management playbook.

The governing debt documents are listed and linked below. The review of baskets and loopholes, and the score, have not been run for this company yet.

All debt documents

Jun 16, 2026ABL Credit and Guaranty Agreement dated June 16, 2026 (JPMorgan Chase Bank, N.A., administrative agent) · ABL or receivables facility · ABL Credit Facility due 2031 ($2.0bn asset-based revolver)
Jun 16, 2026Indenture dated June 16, 2026 for the 7.500% Senior Secured Second Lien Notes due 2031 and 7.875% Senior Secured Second Lien Notes due 2034 (U.S. Bank Trust Company, trustee and notes collateral agent) · indenture · 7.500% Senior Secured Second Lien Notes due 2031; 7.875% Senior Secured Second Lien Notes due 2034
Mar 20, 2000Indenture dated March 20, 2000 between Whirlpool Corporation and Citibank, N.A. (U.S. Bank Trust Company is successor trustee). Base indenture for the unsecured senior notes. It is the EX-4.(A) document inside the full submission text file. · indenture · 4.750% Senior Notes due 2029; 6.125% Senior Notes due 2030; 2.400% Senior Notes due 2031; 4.700% Senior Notes due 2032; 5.500% Senior Notes due 2033; 6.500% Senior Notes due 2033; 5.750% Senior Notes due 2034; 5.150% Senior Notes due 2043; 4.500% Senior Notes due 2046; 4.600% Senior Notes due 2050
Jun 16, 2026Form of Junior Lien Intercreditor Agreement (Exhibit I to the ABL Credit and Guaranty Agreement; a form inside the same file, not a separately filed signed copy) · intercreditor or security agreement · Lien ranking between the ABL Credit Facility due 2031 and the 7.500% and 7.875% Senior Secured Second Lien Notes
Jun 11, 2025Certificate of Designated Officers dated June 11, 2025 (sets the terms of the 6.125% notes due 2030 and 6.500% notes due 2033 under the 2000 indenture) · supplemental indenture · 6.125% Senior Notes due 2030; 6.500% Senior Notes due 2033
Feb 26, 2019Certificate of Designated Officers dated February 26, 2019 (sets the terms of the 4.750% notes due 2029) · supplemental indenture · 4.750% Senior Notes due 2029
Feb 21, 2020Indenture dated February 21, 2020 among Whirlpool EMEA Finance S.a r.l., Whirlpool Corporation (parent guarantor) and U.S. Bank National Association (the filed exhibit is headed as a form of indenture) · indenture · 0.500% Senior Notes due 2028 (EUR 500mm)
Feb 21, 2020Certificate of Designated Officers dated February 21, 2020 of Whirlpool EMEA Finance S.a r.l. and Whirlpool Corporation (sets the terms of the 0.500% notes due 2028) · supplemental indenture · 0.500% Senior Notes due 2028 (EUR 500mm)
May 7, 2020Certificate of Designated Officers dated May 7, 2020 (sets the terms of the 4.600% notes due 2050) · supplemental indenture · 4.600% Senior Notes due 2050
May 23, 2016Certificate of Designated Officers dated May 23, 2016 (establishes the 4.500% notes due 2046; the filed exhibit is short and does not include the full note terms) · supplemental indenture · 4.500% Senior Notes due 2046
May 19, 2016Prospectus supplement dated May 2016 for the 4.500% notes due 2046 (describes the note terms that the filed certificate leaves out; a description, not the governing contract) · other · 4.500% Senior Notes due 2046
Apr 29, 2021Certificate of Designated Officers dated April 29, 2021 (sets the terms of the 2.400% notes due 2031) · supplemental indenture · 2.400% Senior Notes due 2031
May 4, 2022Certificate of Designated Officers dated May 4, 2022 (sets the terms of the 4.700% notes due 2032) · supplemental indenture · 4.700% Senior Notes due 2032
Feb 22, 2023Certificate of Designated Officers dated February 22, 2023 (sets the terms of the 5.500% notes due 2033) · supplemental indenture · 5.500% Senior Notes due 2033
Feb 27, 2024Certificate of Designated Officers dated February 27, 2024 (sets the terms of the 5.750% notes due 2034) · supplemental indenture · 5.750% Senior Notes due 2034
Feb 27, 2013Certificate of Designated Officers dated February 27, 2013 (sets the terms of the 5.150% notes due 2043) · supplemental indenture · 5.150% Senior Notes due 2043
Jun 16, 2026Form of Pari Intercreditor Agreement (Exhibit C to the June 16, 2026 second lien indenture; a form for future equal-ranking secured debt, inside the same file) · intercreditor or security agreement · 7.500% Senior Secured Second Lien Notes due 2031; 7.875% Senior Secured Second Lien Notes due 2034, and any later debt sharing their lien
May 3, 2022Fifth Amended and Restated Long-Term Credit Agreement dated May 3, 2022 (JPMorgan Chase Bank, N.A., administrative agent) · credit agreement · Former unsecured revolving credit facility, repaid and terminated on June 16, 2026 when the ABL facility closed · repaid
May 1, 2026Amendment No. 1 dated May 1, 2026 to the Fifth Amended and Restated Long-Term Credit Agreement · credit agreement amendment · Former unsecured revolving credit facility (commitments cut to $2.25bn), terminated June 16, 2026 · repaid
Sep 23, 2022Term Loan Agreement dated September 23, 2022 (Sumitomo Mitsui Banking Corporation, administrative agent) · credit agreement · 2022 term loan, fully repaid in October 2025 · repaid
Nov 2, 2016Indenture dated November 2, 2016 among Whirlpool Finance Luxembourg S.a r.l., Whirlpool Corporation (parent) and U.S. Bank National Association · indenture · EUR 500mm 1.250% notes due 2026 and EUR 600mm 1.100% notes due 2027 of Whirlpool Finance Luxembourg, both repaid or discharged by 2026-07-01 · repaid
Jun 18, 2026First Supplemental Indenture dated June 18, 2026 to the November 2, 2016 indenture (1.100% Notes due 2027, made in connection with the tender offer and consent request) · supplemental indenture · EUR 600mm 1.100% notes due 2027 of Whirlpool Finance Luxembourg, discharged by 2026-07-01 · repaid

Scores and summaries are an analyst-style reading of the documents produced with AI and checked against the text. They are not legal advice. Read the document before relying on any point.

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$21,985	$19,724	$19,455	$16,607	$15,524	$14,565	$14,465	$14,465
Y/Y Growth		(10.3%)	(1.4%)	(14.6%)	(6.5%)		(0.7%)	0.0%
(-) Cost of Revenue	(17,576)	(16,651)	(16,285)	(14,026)	(13,138)	(12,660)	(12,452)	(12,380)
Gross Profit	$4,409	$3,073	$3,170	$2,581	$2,386	$1,905	$2,013	$2,085
Gross Margin	20.1%	15.6%	16.3%	15.5%	15.4%	13.1%	13.9%	14.4%
(-) SG&A	(2,081)	(1,820)	(1,993)	(1,684)	(1,633)	(1,582)	(1,572)	(1,572)
(+/-) Other Operating Costs, net of D&A	514	(1,834)	199	(421)	423	486	739	739
EBITDA	$2,842	($581)	$1,376	$476	$1,176	$809	$1,180	$1,252
(+) Add-backs: stock comp, restructuring, impairments	120	357	50	170	306	358	100	100
Adj. EBITDA	$2,962	($224)	$1,426	$646	$1,482	$1,167	$1,280	$1,352
Margin	13.5%	(1.1%)	7.3%	3.9%	9.5%	8.0%	8.8%	9.3%
(-) Restructuring and other cash add-backs	(38)	(21)	(16)	(79)	(63)	(154)	--	--
Cash EBITDA	$2,924	($245)	$1,410	$567	$1,419	$1,013	$1,280	$1,352
(-) Interest Expense (Cash Only)	(169)	(161)	(370)	(352)	(350)	(327)	(336)	(336)
(-) Cash Taxes	--	--	--	--	(136)	(62)	(62)	(62)
(-) Capex	(525)	(570)	(549)	(451)	(389)	(405)	(402)	(402)
(+/-) Working Capital and Other	(579)	1,796	(125)	620	(463)	(311)	--	--
Memo: FCF	$1,651	$820	$366	$384	$81	($92)	$479	$552
% of Debt	24.1%	12.0%	5.4%	5.6%	1.2%	(1.3%)	7.0%	8.1%

Key Drivers

Driver	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E	Sensitivity	Next 12m impact ($mm)
MDA North America net sales growth excluding currency % change year over year	-0.9	-7.8	-1.5	-8.2	-5.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	$24.3mm on revenue	(122)
U.S. steel mill products producer price index index points (BLS PPI WPU1017, 1982=100)	301.5	323.9	350.5	381.1	381.1	381.1	381.1	381.1	381.1	381.1	381.1	381.1	$0.6mm on cost of revenue	95
MDA Latin America net sales growth excluding currency % change year over year	-4.6	-3.8	-1.7	2.5	2.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	$8.6mm on revenue	22
Brazilian real per U.S. dollar (quarterly average) BRL per USD	5.40	5.25	5.05	5.14	5.40	5.25	5.05	5.14	5.40	5.25	5.05	5.14	$-127.0mm on revenue	--
Structural plant and logistics cost actions, incremental savings $mm a quarter, change year over year					0.0	72.5	72.5	72.5	72.5	0.0	0.0	0.0	$-1.0mm on cost of revenue	(218)

Whirlpool's next year turns on North American appliance demand and whether its largest price increases in a decade stick: MDA North America sales fell 8.2% ex currency in Q3 2026 on soft industry demand, the company still guides North American industry down about 5% for 2026, and a 7% price increase took effect in Q4. Against that, U.S. steel mill prices are up about 24% year over year and tariffs and logistics keep pushing costs higher, so margin recovery depends on price outrunning inflation. Latin America adds a currency swing through the Brazilian real and a weaker mix after the Casas Bahia reorganization, while the 2026 cash plan (about $300 million of free cash flow, net debt under $4.5 billion) rests on a seasonally strong fourth quarter.

Bottoms-Up Projections: starting case

$ in millions	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E
Revenue	$4,098	$3,273	$3,517	$3,677	$3,998	$3,273	$3,517	$3,677	$3,998	$3,273	$3,517	$3,677
Y/Y Growth	(0.9%)	(9.6%)	(6.8%)	(8.8%)	(2.4%)	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Adj. EBITDA	$509	$173	$314	$171	$458	$210	$379	$232	$531	$210	$379	$232
Margin	12.4%	5.3%	8.9%	4.7%	11.5%	6.4%	10.8%	6.3%	13.3%	6.4%	10.8%	6.3%
Free Cash Flow	$989	($895)	($214)	$28	$248	$20	$182	$30	$320	$20	$182	$30
Cash, end of period	669	626	1,239	1,103	1,351	1,370	1,552	1,582	1,902	1,922	2,104	2,134
Total Debt, end of period	6,169	6,141	7,052	6,838	6,838	6,838	6,838	6,838	6,838	6,838	6,838	6,838
Net Debt / Adj. EBITDA	3.7x	4.2x	4.4x	4.9x	4.9x	4.7x	4.3x	4.1x	3.7x	3.6x	3.5x	3.5x

Revenue is built from one revenue line, each driven by volume and by price and mix against the same quarter a year earlier. Every cost line, interest, taxes, capital spending and working capital has its own input on the Projections tab of the model. This is a starting case built from history, not a forecast.

Earnings call: Q3 2026 · Oct 27, 2026

Slides Webcast and audio replay Transcript Investor relations site

Whirlpool swung to a Q3 loss on weak US demand, steel and tariff costs, cut full-year margin and EPS guidance, but held its $300 million free cash flow target and lowered its year-end net debt goal to under $4.5 billion.

Takeaways

Net sales fell 8.8% to $3.68 billion and organic sales fell 5.4%. North America sales dropped 8.3% on soft industry demand and leaner retail inventories.
Ongoing EBIT margin was 2.6%, down from 4.5% a year ago but up about 80 basis points from Q2. Price gains were eaten by steel, resin, fuel, logistics and Section 232 tariff costs. Ongoing EPS was a $0.21 loss and GAAP EPS a $3.80 loss.
Free cash flow was negative $1.08 billion year to date. Roughly $150 million of Grupo Casas Bahia receivables were written off after the Brazilian retailer filed for reorganization; management expects about $100 million back from insurance in Q4.
Liquidity is over $3 billion in cash plus the asset-backed credit facility. The revolver has been undrawn since August, and there are no major debt maturities until 2028.
New price increases of about 7% in North America (December 3 in the US) and up to 10% in Latin America mostly help 2027, not Q4. About $290 million of plant and logistics cost actions also mainly benefit 2027.
Full-year free cash flow guidance of about $300 million now leans on roughly $300 million of working capital release, including collections and supplier terms, to offset weaker earnings.

Debt and capital

Year-end net debt target lowered to below $4.5 billion from below $5 billion; debt paydown is the stated cash priority.
Earlier 2026 actions included an equity offering, a renewed revolving credit facility and new bonds, which pushed out the maturity ladder with no major maturities until 2028.
Revolver undrawn since August; available liquidity above $3 billion. Management admitted the extra cash raises interest cost and hurt EPS.
The Beko Europe stake was fully exited in Q2 2026, and the India business is no longer consolidated.
No buyback activity was discussed.

Guidance

Cut: 2026 ongoing EBIT margin now 2.0% to 2.2%, and ongoing EPS now about a $1.30 loss, down from a profit range given in August.
Cut: GAAP EPS now about a $4.95 loss; GAAP net margin about negative 2.2%.
Cut: net sales about $14.5 billion, a roughly 1.5% like-for-like decline from 2025.
Held: free cash flow about $300 million; operating cash flow about $700 million; capex about $400 million.
Improved: year-end net debt now expected below $4.5 billion, versus a prior target below $5 billion.
Segments: North America EBIT margin now above 2%, Latin America about 3%, SDA Global unchanged with double-digit growth expected. Latin America industry demand now seen up 5% to 7%; North America industry still seen down about 5%.

What analysts asked

2027 outlook for raw materials, tariffs, cost take-out and price carryover
Steel contract renewals: two of three long-term contracts locked at fair prices, third close
Whether competitors will follow North America price increases, and share risk
How Q4 working capital and Casas Bahia insurance recovery support the $300 million free cash flow
Liquidity adequacy and the path to lower net debt
Replacement demand weakening and channel inventory levels
Brazilian real move, Casas Bahia restructuring and Latin America pricing
Builder channel price realization and why reported price/mix lagged retail price data
SDA Global order timing shift and the roughly 40% rise in October US orders

Tone: Defensive on 2026 with a second guidance cut, but management tried to sound cautiously optimistic about 2027 margins and firmly confident on liquidity.

Q2 2026Slides · Webcast
Q1 2026Slides · Webcast
Q4 2025Slides · Webcast

Summary written with AI from Company-posted full transcript of the October 27, 2026 call, plus the Q3 2026 press release.. Slides, audio and any transcript are the company's and open on its own site. Full transcripts from transcript vendors are not reproduced here.

Last quarter: Third quarter 2026

Sales fell 8.8%, ongoing EBIT nearly halved, and the full-year sales, margin and earnings outlook was cut sharply.

Results

Third quarter net sales were $3.68bn, down 8.8% from $4.03bn a year earlier. Organic net sales, which exclude India and currency, fell 5.4%.
The company does not report adjusted EBITDA in this release. Its preferred measure, ongoing EBIT, was $97mm against $180mm, down 46.1%, a margin of 2.6% against 4.5%.
Net loss to common shareholders was $249mm, or $3.80 per share, against net income of $73mm. Ongoing loss per share was $0.21 against earnings of $2.09.
Nine-month cash from operations was negative $826mm and free cash flow was negative $1.08bn, against negative $669mm and negative $907mm a year earlier. Quarterly cash flow is not given.
The loss included a $124mm impairment of the Whirlpool India equity stake, $54mm from a Latin American trade customer's bankruptcy reorganization and $35mm of restructuring.

Why

North America major appliance sales fell 8.3% to $2.50bn on soft industry demand. Segment EBIT fell to $74mm from $134mm as raw material, fuel and logistics inflation outweighed price increases and cost cuts.
Latin America major appliance sales rose 6.9% to $858mm on volume, but EBIT fell to $18mm from $45mm on mix shifts after Grupo Casas Bahia's bankruptcy reorganization.
Small appliance sales were $286mm, down 0.7%, and EBIT rose to $53mm from $47mm, a margin of 18.6%.
Fourth quarter price increases were announced: 7% in North America and up to 10% in Latin America. Ongoing EBIT margin improved from 1.3% in the first quarter and 1.8% in the second.

Balance sheet and guidance

Cash was $1.10bn at September 30, 2026, up from $669mm at December 31, 2025. Long-term debt was $6.84bn with no current maturities, against $5.58bn plus $586mm current at year end. Notes payable were $14mm against $351mm.
In the nine months the company raised $524mm of common stock and $557mm of mandatory convertible preferred stock, borrowed $1.97bn of long-term debt and repaid $1.26bn. No common dividend was declared in the third quarter.
The company now expects net debt below $4.5bn at year end, improved from below $5.0bn, and says its debt maturity schedule is clear until 2028.
Full-year 2026 guidance was cut. Net sales are now about $14.5bn, down from about $15.0bn in August.
Ongoing EBIT margin is now 2.0% to 2.2%, down from about 4.0%. Ongoing loss per share is about $1.30, against earnings of $2.50 to $3.00 before.
Cash from operations was held at about $700mm. Free cash flow is about $300mm, against more than $300mm before, with capital spending of about $400mm.
The release also gives a fourth quarter outlook of about $4.0bn of net sales and about $89mm of ongoing EBIT, a margin of about 2.2%.

What to watch

Fourth quarter cash flow. Free cash flow was negative $1.08bn through nine months against a full-year target of about $300mm, so the year depends on a large working capital release in the fourth quarter.
Whether the announced price increases hold in a soft North American market. The outlook cut came even after earlier pricing and cost actions.
Latin American credit exposure. The Casas Bahia charge assumed $112mm of credit insurance recoveries against $157mm of impaired receivables.

From the company's press release filed Oct 26, 2026. Figures in this section are as the company reports them, including its own adjusted EBITDA.

Filings

Earnings releases 8

Oct 26, 20268-K for Oct 26, 2026: Results · Presentation or supplement
Aug 3, 20268-K for Aug 3, 2026: Results · Presentation or supplement
May 6, 20268-K for May 6, 2026: Results · Presentation or supplement
Jan 28, 20268-K for Jan 28, 2026: Results · Presentation or supplement
Oct 27, 20258-K for Oct 27, 2025: Results · Presentation or supplement
Jul 28, 20258-K for Jul 28, 2025: Results · Presentation or supplement
Apr 23, 20258-K for Apr 23, 2025: Results · Presentation or supplement
Jan 29, 20258-K for Jan 29, 2025: Results · Presentation or supplement

Annual reports (10-K) 5

Quarterly reports (10-Q) 12

Current reports (8-K) 20

Oct 20, 20268-K for Oct 19, 2026: Director or officer change
Jul 1, 20268-K for Jul 1, 2026: Restructuring
Jun 18, 20268-K for Jun 18, 2026: Material agreement; Other event
Jun 16, 20268-K for Jun 12, 2026: Material agreement; New debt; Other event
Jun 2, 20268-K for Jun 2, 2026: Other event
Jun 1, 20268-K for Jun 1, 2026: Other event
Apr 24, 20268-K for Apr 21, 2026: Shareholder vote
Apr 3, 20268-K for Mar 31, 2026: Director or officer change
Apr 1, 20268-K for Mar 30, 2026: Director or officer change
Mar 16, 20268-K for Mar 11, 2026: Director or officer change
Mar 2, 20268-K for Mar 2, 2026: Regulation FD
Feb 27, 20268-K for Feb 24, 2026: Material agreement; Bylaw change; Regulation FD
Nov 28, 20258-K for Nov 27, 2025: Other event
Nov 6, 20258-K for Nov 5, 2025: Director or officer change
Aug 19, 20258-K for Aug 18, 2025: Director or officer change
Aug 19, 20258-K for Aug 18, 2025: Other event
Jun 17, 20258-K for Jun 16, 2025: Director or officer change
Jun 11, 20258-K for Jun 9, 2025: Material agreement
Apr 16, 20258-K for Apr 15, 2025: Director or officer change; Shareholder vote
Feb 18, 20258-K for Feb 17, 2025: Director or officer change

Proxy statements 3

Other filings 8

Feb 26, 2026424B5
Feb 26, 2026424B5
Feb 23, 2026424B3
Feb 23, 2026424B3
Jun 10, 2025424B5
Jun 9, 2025424B3
Feb 23, 2024424B5
Feb 22, 2024424B3

Links open the document on SEC EDGAR. Earnings call transcripts are not SEC filings and belong to their publishers, so they are not reproduced here; the press release and slides filed with each results 8-K are.

Rating actions

Jun 30, 2026Moody's: Downgraded senior unsecured to Ba3 from Ba2 (during Q2 2026; exact day not stated). Came in the same quarter Whirlpool refinanced into a secured ABL and second lien notes that rank ahead of the unsecured notes; the filing gives no reason for the downgrade. · source
Jun 30, 2026Fitch: Downgraded senior unsecured to BB- from BB (during Q2 2026; exact day not stated). Fitch's second cut of 2026, made in the same quarter as the secured refinancing; the filing gives no reason. · source
Mar 31, 2026Fitch: Downgraded senior unsecured to BB from BB+, outlook negative (March 2026). A further notch down after the 2025 move to high yield; the filing ties ratings to profitability, interest coverage and leverage but gives no specific reason. · source
Feb 28, 2026Moody's: Downgraded senior unsecured to Ba2 from Ba1, outlook negative (February 2026). A further notch down after the 2025 move to high yield; the filing gives no specific reason. · source
Feb 11, 2026S&P: Downgraded senior unsecured to BB from BB+, outlook negative (between 2025-10-28 and 2026-02-11; exact day not stated). S&P cut one more notch after moving its outlook to negative in 2025; the filing gives no specific reason. · source
Oct 28, 2025S&P: Outlook revised to negative from stable at BB+ (Q3 2025; exact day not stated). S&P kept BB+ but moved its outlook to negative within a few months of the first downgrade. · source
Jun 30, 2025Moody's: Downgraded senior unsecured to Ba1, outlook negative (Q2 2025); cut to below investment grade. The company lost its investment grade rating at Moody's; it says ratings depend on profitability, interest coverage and leverage. · source
Jun 30, 2025S&P: Downgraded unsecured to BB+, outlook stable (Q2 2025); cut to below investment grade. The company lost its investment grade rating at S&P in the same quarter as the other two agencies. · source

Coming up

Feb 10, 2027Results. Full-year results for the period ending 2026-12-31. The date is an estimate: last year's filing date moved forward a year.
Feb 20, 2028Maturity. 0.500% Senior Notes due 2028 (EUR 500mm): $586mm outstanding comes due.

Recent 8-K filings

Oct 26, 2026Reported results
Oct 20, 2026Director or officer change
Aug 3, 2026Reported results
Jul 1, 2026Restructuring or exit costs
Jun 18, 2026Entered into a material agreement; Other event
Jun 16, 2026Entered into a material agreement; Took on new debt or an obligation; Other event