Operating income fell to $4M from $206M on 8.8% lower sales, and GAAP EPS was $(3.80) 8-K. Company-defined ongoing EPS was $(0.21) 8-K. Management guides full-year free cash flow of about $300M after $(1,081)M in nine months 8-K.
Whirlpool Corporation · Q3 2026 · Reported 26 Oct 2026 · US
Key figures
Million USD | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
Revenue | 3,677.00 | 4,033.00 | -8.8 % |
Gross profit | 473.00 | 594.00 | -20.4 % |
Operating income | 4.00 | 206.00 | -98.1 % |
Diluted EPS | -3.80 USD/share | 1.29 USD/share | -394.6 % |
Gross margin | 12.9 % | 14.7 % | -1.9 pp |
Operating margin | 0.1 % | 5.1 % | -5.0 pp |
Figures in USD, as reported. Margins are computed from the reported lines.
Operating income nearly disappeared as sales and gross margin fell
Net sales fell 8.8% to $3,677M, and organic net sales (company-defined) fell 5.4% to $3,643M 8-K. Most of the gap between the two is the divested India business, which contributed $180M of sales a year earlier, plus a $34M currency effect 8-K. Gross margin was 12.9% against 14.7% a year earlier, and operating income was $4M against $206M, an operating margin of 0.1% against 5.1% 8-K.
Management says the recovery is slower than expected, though it points to structural cost take-out and pricing as the basis for further improvement in 2027 8-K.
The GAAP loss is far wider than the ongoing result, and an impairment explains part of it
GAAP loss per diluted share was $(3.80), against earnings of $1.29 a year earlier 8-K. Ongoing EPS (company-defined) was $(0.21), against $2.09 8-K. Equity method investment loss, net of tax, was $(118)M against $(11)M, and it includes a $124M impairment that the ongoing measure excludes 8-K. On that basis the ongoing figure was income of $6M 8-K.
Ongoing EBIT (company-defined) was $97M against $180M, a margin of 2.6% against 4.5% 8-K. Consolidated EBIT also includes corporate Other of $(273)M, against $(28)M a year earlier 8-K.
North America pricing is working sequentially, but year-on-year margins fell in both big segments
MDA North America sales fell 8.3% and EBIT fell to $74M from $134M, a margin of 3.0% against 4.9% 8-K. Management attributes the sales decline to soft industry demand. It reports sequential margin expansion from price increases and cost take-out, partly offset by raw material, fuel and logistics inflation 8-K. A 7% price increase takes effect in Q4 8-K.
MDA Latin America sales rose 6.9%, or 2.5% excluding currency on volume, yet EBIT fell to $18M from $45M, a margin of 2.0% against 5.7% 8-K. Management cites mix shifts after the Grupo Casas Bahia bankruptcy reorganization 8-K. SDA Global was the exception, with EBIT of $53M against $47M and a margin of 18.6% against 16.5% 8-K.
Cash outflow widened and financing inflows included equity issuance
For the nine months, operating cash flow was $(826)M against $(669)M a year earlier, and free cash flow was $(1,081)M against $(907)M 8-K. Net earnings were $(232)M against $229M, so the cash result was not simply a profit story 8-K. Accounts payable took $(306)M against $(59)M, and accrued advertising and promotions took $(318)M against $(208)M, partly offset by a $50M inventory inflow against a $(523)M outflow 8-K. The nine-month net loss also includes a $187M gain on asset sales, with $254M of sale proceeds in investing 8-K.
Financing inflows were $1,380M, including $524M of common stock and $557M of mandatory convertible preferred stock 8-K. Long-term debt was $6,838M at September 30 against $5,583M at December 31, 2025 8-K.
What to watch next
Management's 2026 outlook: net sales of about $14.5B, ongoing EBIT margin of 2.0 to 2.2%, GAAP EPS of $(4.95) and ongoing EPS of $(1.30) 8-K.
Cash delivery against the targets of about $700M operating cash flow and about $300M free cash flow, and net debt below $4.5B at year end, improved from under $5B 8-K.
Whether the announced Q4 price increases (7% in MDA North America, up to 10% in Latin America) lift margins 8-K.
Sources
Produced by Clarifo Research with the Clarifo financial research engine from the company's public filings. AI was used in parts of the analysis and drafting. Figures are checked automatically against the filings they come from. This is not investment advice.