NYSE:WHR
WHIRLPOOL CORP /DE/
Whirlpool Corporation manufactures and sells home appliances globally, recently returning to positive net income after years of volatility.
Key Metrics
Investment Thesis
Bull Case
Whirlpool represents a value play with a clear path to profitability, evidenced by the return to positive net income after two years of losses. The company's massive cash flow generation from operations provides a strong foundation for deleveraging its substantial debt load over time. Trading at depressed valuations relative to historical averages, the stock offers downside protection if global appliance demand stabilizes.
Bear Case
The company carries a heavy debt burden with $13.29B in total liabilities against only $2.71B in shareholders' equity, creating significant solvency concerns. Revenue has declined consistently over the last three years, dropping from nearly $20B in 2022 to $15.5B in 2025, indicating weakening demand or pricing power. Persistent non-operating losses and a retained earnings deficit suggest underlying operational inefficiencies that may take years to fully resolve.
About WHIRLPOOL CORP /DE/
Whirlpool Corporation is a global home appliance manufacturer serving residential and commercial markets with products including washing machines, dryers, refrigerators, and ranges. The company leverages its extensive manufacturing footprint to deliver durable appliances across North America, Europe, and the Asia-Pacific region. Recent financials indicate a recovery in profitability following periods of significant loss.
Analysis
Management Discussion
Management has successfully navigated a challenging period, turning a $305M loss in 2024 into a $341M net profit in 2025 despite revenue contraction to $15.5B. Operating cash flow remains healthy at $470M, though the company utilized significant financing cash outflows of $621M, likely for debt restructuring or strategic investments. The recovery in net income suggests effective cost discipline and margin expansion strategies are yielding results.
Industry Overview
The global home appliance industry is highly competitive and cyclical, closely tied to housing starts and consumer discretionary spending power. Manufacturers face constant pressure from rising raw material costs and geopolitical supply chain disruptions that erode margins. Consolidation is common as smaller players exit the market due to scale disadvantages against large incumbents like Whirlpool.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $19.72B | $19.45B | $16.61B | $15.52B |
| Cost of Revenue | $16.65B | $16.29B | $14.03B | $13.14B |
| Gross Profit | $3.07B | $3.17B | $2.58B | $2.39B |
| Operating Expenses | $4.13B | $2.15B | $2.44B | $1.55B |
| Operating Income | $-1.06B | $1.01B | $143.0M | $838.0M |
| R&D | $465.0M | $473.0M | $405.0M | $370.0M |
| G&A | $1.82B | $1.99B | $1.68B | $1.63B |
| Stock-Based Comp | $58.0M | $33.0M | $28.0M | $137.0M |
| D&A | $475.0M | $361.0M | $333.0M | $338.0M |
| Depreciation | $440.0M | $321.0M | $302.0M | $312.0M |
| Amortization | $35.0M | $40.0M | $31.0M | $26.0M |
| Other OpEx | $1.84B | $-311.0M | $349.0M | $-455.0M |
| Non-Operating Income | $-171.0M | $-422.0M | $-331.0M | $-322.0M |
| Interest Expense | $190.0M | $351.0M | — | — |
| Pre-Tax Income | $-1.23B | $593.0M | $-188.0M | $516.0M |
| Income Tax | $265.0M | $77.0M | $10.0M | $142.0M |
| Continuing Ops | $-1.49B | $516.0M | $-198.0M | $374.0M |
| Discontinued Ops | $-19.0M | $-28.0M | $-107.0M | $-33.0M |
| Net Income | $-1.51B | $488.0M | $-305.0M | $341.0M |
| Minority Interest | $8.0M | $7.0M | $18.0M | $23.0M |
| Net to Common | $-1.52B | $481.0M | $-323.0M | $318.0M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $6.39B | $6.21B | $5.24B | $4.92B |
| Cash & Equivalents | $1.96B | $1.57B | $1.27B | $669.0M |
| Accounts Receivable | $1.55B | $1.53B | $1.32B | $1.28B |
| Inventory | $2.09B | $2.25B | $2.04B | $2.31B |
| Prepaid Expenses | $653.0M | $717.0M | $612.0M | $654.0M |
| Other Current Assets | $139.0M | $144.0M | $0 | $18.0M |
| Long-Term Assets | $10.73B | $11.11B | $11.06B | $11.08B |
| PP&E (Net) | $2.10B | $2.23B | $2.27B | $2.19B |
| Intangibles | $3.16B | $3.12B | $2.72B | $2.56B |
| Goodwill | $3.31B | $3.33B | $3.32B | $3.10B |
| Operating Leases | $691.0M | $721.0M | $841.0M | $796.0M |
| Other LT Assets | $1.46B | $1.70B | $1.91B | $2.42B |
| Total Assets | $17.12B | $17.31B | $16.30B | $16.00B |
| Current Liabilities | $5.93B | $6.95B | $7.32B | $6.51B |
| Accounts Payable | $3.38B | $3.60B | $3.53B | $3.70B |
| Current Debt | $248.0M | $800.0M | $1.85B | $586.0M |
| Other Current Liab | $1.83B | $2.06B | $1.49B | $1.77B |
| Long-Term Liabilities | $8.69B | $7.83B | $6.04B | $6.77B |
| Long-Term Debt | $7.36B | $6.41B | $4.76B | $5.58B |
| LT Operating Leases | $584.0M | $612.0M | $711.0M | $669.0M |
| Other LT Liab | $740.0M | $801.0M | $576.0M | $521.0M |
| Total Liabilities | $14.62B | $14.78B | $13.37B | $13.29B |
| Shareholders' Equity | $2.51B | $2.54B | $2.93B | $2.71B |
| Paid-In Capital | $3.06B | $3.08B | $3.46B | $3.48B |
| Retained Earnings | $8.26B | $8.36B | $1.31B | $1.33B |
| AOCI | $-2.09B | $-2.18B | $-1.54B | $-1.62B |
| Total L&E | $17.12B | $17.31B | $16.30B | $16.00B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-1.51B | $488.0M | $-305.0M | $341.0M |
| Non-Cash Adjustments | $4.88B | $347.0M | $1.07B | $-427.0M |
| Working Capital Changes | $-1.98B | $80.0M | $69.0M | $556.0M |
| Cash from Operations | $1.39B | $915.0M | $835.0M | $470.0M |
| Capital Expenditures | $570.0M | $549.0M | $451.0M | $389.0M |
| Cash from Investing | $-3.57B | $-553.0M | $-602.0M | $-504.0M |
| Debt Issuances | $2.80B | $304.0M | $300.0M | $1.20B |
| Debt Repayments | $300.0M | $750.0M | $801.0M | $1.85B |
| Share Buybacks | $903.0M | $0 | $50.0M | $0 |
| Dividends Paid | $390.0M | $384.0M | $384.0M | $300.0M |
| Cash from Financing | $1.21B | $-792.0M | $-476.0M | $-621.0M |
| FX Effect | $-20.0M | $45.0M | $-149.0M | $49.0M |
| Net Change in Cash | $-1.09B | $-388.0M | $-392.0M | $-606.0M |
| Beginning Cash | $3.04B | $1.96B | $1.57B | $1.27B |
| Ending Cash | $1.96B | $1.57B | $1.27B | $669.0M |
Frequently Asked Questions
How does WHIRLPOOL CORP /DE/ make money?
The company's revenue is derived primarily from its Residential segment, which covers major home appliances like washers, dryers, refrigerators, and ranges sold through retailers and direct-to-consumer channels. Commercial operations provide specialized equipment for foodservice, laundry, and healthcare sectors. International markets contribute additional revenue streams alongside domestic sales in the United States.
What are the main risks for WHR?
High levels of debt, with total liabilities exceeding $13 billion, create refinancing risks in a high-interest rate environment. The cyclical nature of the home appliance industry exposes revenue to economic downturns and housing market slowdowns. Intense competition from both legacy rivals and emerging brands pressures gross margins and market share. Currency exchange fluctuations impact international earnings given the significant portion of sales outside the US.
What is WHR's competitive advantage?
Whirlpool benefits from significant economies of scale allowing competitive pricing and robust margin management in a mature market. The company possesses a vast global manufacturing network that reduces logistics costs and mitigates supply chain disruptions. Strong brand equity and a diverse product portfolio spanning multiple appliance categories provide stability against single-product downturns.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.