Whirlpool’s Q4 call opened with CEO Marc Bitzer announcing key promotions: Roxanne Warner to CFO, Juan Carlos Puente to executive president of MDA North America and global sourcing, and Ludovic Beaufils to oversee KitchenAid Small Appliances and MDA Latin America. Bitzer characterized 2025 as a difficult year, citing a 30-year low in existing home sales driven by the mortgage lock-in effect and low consumer confidence. The company absorbed roughly 300 million USD of tariffs on components and finished goods, which were not immediately offset by price increases due to inventory preloading and tariff uncertainty. Intense promotions in North America, especially in Q3 and Q4, pressured operating margins to just under 5%.

CFO Roxanne Warner reported an ongoing EBIT margin of 4.7% for the year and ongoing EPS of 6.23 USD, while free cash flow reached 78 million USD, hampered by tariff payment timing and elevated inventory for new product launches. In November, Whirlpool reduced its stake in its India joint venture from 51% to 40%, using proceeds to pay down debt and leaving management open to further debt reduction actions in 2026. The company returned approximately 300 million USD to shareholders through dividends during 2025.

• MDA North America: Net sales excluding currency were flat, with share gains in H2 driven by new products. Q4 EBIT margin was 2.8%, full-year margin about 5%, both pressured by promotions and limited tariff-related price actions. • MDA Latin America: Net sales excluding currency declined 2% due to volume weakness in Argentina and aggressive promotions in Brazil. An operational tax benefit from a legal ruling lifted the full-year EBIT margin to 6.2%. • MDA Asia: Excluding the India deconsolidation and currency, net sales grew 1%, with EBIT margin around 5%, up 120 basis points—40 basis points from the India transaction and the rest from cost takeout. Reporting as a standalone segment will cease after deconsolidation. • SDA Global: Small domestic appliances delivered 10% Q4 net sales growth and 9% for the year, driven by new products and direct-to-consumer channels, achieving a 16% full-year EBIT margin, up 170 basis points.

Management guided to approximately 5% revenue growth and 80–110 basis points of EBIT margin expansion to about 5.5–5.8% on a like-for-like basis. Free cash flow is expected between 400 million and 500 million USD (around 3% of net sales), supported by pricing normalization, 100 new product launches, and over 150 million USD in cost takeout. Tariffs announced in 2025 will impose about 125 basis points of headwinds, primarily in H1, offset by a 175 basis-point tailwind from price/mix and 50 basis points of investment in marketing and technology. By segment, Whirlpool targets roughly 6% EBIT margin in MDA North America, 7% in MDA Latin America, and 15.5% in SDA Global. Capital plans include 400 million USD in capex, at least 400 million USD of debt repayment, and continued quarterly dividend funding.