Revenue contraction and inflationary pressures have compressed gross margins to 12.5% as of 2026Q1, reflecting a diminished ability to maintain pricing power.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 15.18B | 15.52B | 16.61B | 19.46B | 19.72B | 21.98B | 19.45B | 20.42B | 21.04B | 21.25B | 20.72B | 20.89B | 19.87B | 18.77B | 18.14B | 18.67B | 18.37B | 17.1B | 18.91B | 19.41B | 18.08B | 14.32B | 13.22B | 12.18B | 11.02B | 10.34B | 10.32B | 10.51B | 10.32B | 8.62B | 8.7B |
| Revenue Growth % | -3.57% | -6.52% | -14.65% | -1.35% | -10.28% | 13.03% | -4.77% | -2.92% | -1.02% | 2.58% | -0.83% | 5.13% | 5.88% | 3.45% | -2.8% | 1.63% | 7.41% | -9.56% | -2.58% | 7.35% | 26.28% | 8.3% | 8.57% | 10.53% | 6.51% | 0.17% | -1.77% | 1.82% | 19.8% | -0.91% | 4.18% |
| Cost of Goods Sold | 13B | 13.16B | 14.05B | 16.26B | 16.7B | 17.56B | 15.67B | 17.15B | 17.68B | 17.65B | 17.14B | 17.27B | 16.52B | 15.47B | 15.31B | 16.21B | 15.76B | 14.71B | 16.44B | 16.61B | 15.45B | 12.13B | 10.35B | 9.41B | 8.46B | 7.92B | 7.47B | 7.47B | 7.41B | 6.28B | 6.3B |
| COGS % of Revenue | - | 84.8% | 84.63% | 83.59% | 84.66% | 79.87% | 80.55% | 83.97% | 84.06% | 83.05% | 82.74% | 82.69% | 83.14% | 82.45% | 84.37% | 86.86% | 85.79% | 86.02% | 86.94% | 85.6% | 85.45% | 84.69% | 78.31% | 77.26% | 76.83% | 76.62% | 72.32% | 71.03% | 71.74% | 72.9% | 72.5% |
| Gross Profit | 2.18B | 2.36B | 2.55B | 3.19B | 3.02B | 4.42B | 3.78B | 3.27B | 3.35B | 3.6B | 3.58B | 3.62B | 3.35B | 3.29B | 2.83B | 2.45B | 2.61B | 2.39B | 2.47B | 2.79B | 2.63B | 2.19B | 2.87B | 2.77B | 2.55B | 2.42B | 2.86B | 3.04B | 2.92B | 2.33B | 2.39B |
| Gross Margin % | 14.35% | 15.2% | 15.37% | 16.41% | 15.34% | 20.13% | 19.45% | 16.03% | 15.94% | 16.95% | 17.26% | 17.31% | 16.86% | 17.55% | 15.63% | 13.14% | 14.21% | 13.98% | 13.06% | 14.4% | 14.55% | 15.31% | 21.69% | 22.74% | 23.17% | 23.38% | 27.68% | 28.97% | 28.26% | 27.1% | 27.5% |
| Gross Profit Growth % | - | -7.56% | -20.04% | 5.55% | -31.64% | 16.97% | 15.58% | -2.42% | -6.89% | 0.76% | -1.16% | 7.97% | 1.7% | 16.19% | 15.57% | -6.02% | 9.21% | -3.24% | -11.63% | 6.27% | 19.98% | -23.54% | 3.54% | 8.5% | 5.54% | -15.4% | -6.14% | 4.39% | 24.93% | -2.34% | -0.95% |
| Operating Expenses | 1.59B | 1.63B | 1.68B | 1.99B | 1.82B | 2.08B | 1.88B | 2.16B | 2.19B | 2.11B | 2.08B | 2.13B | 1.99B | 1.83B | 1.75B | 1.62B | 1.6B | 1.54B | 1.82B | 1.74B | 1.75B | 1.34B | 2.09B | 1.94B | 1.76B | 1.96B | 2.05B | 2.17B | 2.23B | 1.98B | 1.99B |
| OpEx % of Revenue | - | 10.52% | 10.13% | 10.24% | 9.23% | 9.47% | 9.65% | 10.57% | 10.41% | 9.94% | 10.06% | 10.2% | 10.02% | 9.74% | 9.66% | 8.68% | 8.74% | 9.04% | 9.61% | 8.94% | 9.69% | 9.38% | 15.79% | 15.9% | 15.97% | 18.97% | 19.86% | 20.64% | 21.59% | 22.99% | 22.88% |
| Selling, General & Admin | 1.59B | 1.63B | 1.28B | 1.52B | 1.35B | 1.6B | 1.42B | 1.62B | 1.62B | 1.52B | 1.48B | 1.55B | 1.43B | 1.25B | 1.2B | 1.04B | 1.09B | 1.09B | 1.38B | 1.31B | 1.38B | 1B | 1.77B | 1.93B | 1.74B | 1.64B | 1.65B | 1.75B | 1.79B | 1.63B | 1.64B |
| SG&A % of Revenue | - | 10.52% | 7.7% | 7.81% | 6.87% | 7.26% | 7.31% | 7.92% | 7.69% | 7.13% | 7.14% | 7.42% | 7.19% | 6.64% | 6.61% | 5.59% | 5.93% | 6.37% | 7.3% | 6.78% | 7.62% | 7.01% | 13.4% | 15.87% | 15.76% | 15.85% | 15.99% | 16.68% | 17.35% | 18.86% | 18.82% |
| Research & Development | 0 | 370M | 405M | 473M | 465M | 485M | 455M | 541M | 572M | 596M | 604M | 579M | 563M | 582M | 553M | 578M | 516M | 455M | 436M | 421M | 375M | 339M | 315M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 2.38% | 2.44% | 2.43% | 2.36% | 2.21% | 2.34% | 2.65% | 2.72% | 2.8% | 2.92% | 2.77% | 2.83% | 3.1% | 3.05% | 3.1% | 2.81% | 2.66% | 2.31% | 2.17% | 2.07% | 2.37% | 2.38% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | -370M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4M | 23M | 323M | 400M | 417M | 438M | 356M | 353M |
| Operating Income | 586M | 727M | 870M | 1.2B | 1.21B | 2.34B | 1.91B | 1.11B | 1.17B | 1.49B | 1.49B | 1.49B | 1.36B | 1.47B | 1.08B | 832M | 1B | 845M | 653M | 1.06B | 878M | 849M | 780M | 830M | 692M | 306M | 807M | 875M | 688M | 354M | 401M |
| Operating Margin % | 3.86% | 4.68% | 5.24% | 6.17% | 6.11% | 10.66% | 9.8% | 5.46% | 5.54% | 7.01% | 7.2% | 7.12% | 6.84% | 7.81% | 5.96% | 4.46% | 5.47% | 4.94% | 3.45% | 5.46% | 4.86% | 5.93% | 5.9% | 6.82% | 6.28% | 2.96% | 7.82% | 8.32% | 6.66% | 4.11% | 4.61% |
| Operating Income Growth % | - | -16.44% | -27.5% | -0.41% | -48.59% | 22.98% | 70.94% | -4.29% | -21.81% | -0.07% | 0.27% | 9.42% | -7.3% | 35.49% | 30.05% | -17.21% | 18.93% | 29.4% | -38.34% | 20.61% | 3.42% | 8.85% | -6.02% | 19.94% | 126.14% | -62.08% | -7.77% | 27.18% | 94.35% | -11.72% | 1.26% |
| EBITDA | 940M | 1.06B | 1.2B | 1.56B | 1.68B | 2.84B | 2.47B | 1.7B | 1.81B | 2.14B | 2.15B | 2.15B | 1.92B | 2.01B | 1.63B | 1.39B | 1.56B | 1.37B | 1.25B | 1.65B | 1.43B | 1.29B | 1.23B | 1.26B | 1.1B | 702M | 1.21B | 1.29B | 1.13B | 710M | 754M |
| EBITDA Margin % | 6.19% | 6.86% | 7.24% | 8.02% | 8.52% | 12.91% | 12.72% | 8.33% | 8.6% | 10.09% | 10.36% | 10.32% | 9.66% | 10.69% | 9% | 7.45% | 8.49% | 8.01% | 6.61% | 8.51% | 7.9% | 9.02% | 9.27% | 10.32% | 9.96% | 6.79% | 11.69% | 12.29% | 10.91% | 8.24% | 8.67% |
| EBITDA Growth % | -22.82% | -11.47% | -22.93% | -7.08% | -40.8% | 14.71% | 45.36% | -5.97% | -15.58% | -0.09% | -0.42% | 12.3% | -4.34% | 22.84% | 17.48% | -10.9% | 13.87% | 9.6% | -24.33% | 15.69% | 10.53% | 5.47% | -2.55% | 14.59% | 56.27% | -41.84% | -6.58% | 14.74% | 58.59% | -5.84% | 6.5% |
| D&A (Non-Cash Add-back) | 354M | 338M | 333M | 361M | 475M | 494M | 568M | 587M | 645M | 654M | 655M | 668M | 560M | 540M | 551M | 558M | 555M | 525M | 597M | 593M | 550M | 443M | 445M | 427M | 405M | 396M | 400M | 417M | 438M | 356M | 353M |
| EBIT | 693M | 823M | 170M | 944M | -1.04B | 2.51B | 1.64B | 1.74B | 170M | 1.05B | 1.27B | 1.2B | 1.04B | 1.09B | 756M | 185M | 811M | 514M | 449M | 1.01B | 821M | 727M | 767M | 833M | 793M | 456M | 807M | 875M | 688M | 354M | 308M |
| Net Interest Income | -340M | -341M | -333M | -333M | -171M | -16M | -168M | -19M | -300M | -249M | -254M | -211M | -307M | -332M | -311M | -820M | -422M | -219M | -203M | -203M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 25M | 18M | 19M | 159M | 21M | 168M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 340M | 341M | 358M | 351M | 190M | 175M | 189M | 187M | 300M | 249M | 240M | 254M | 307M | 332M | 311M | 820M | 225M | 219M | 203M | 203M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -294M | -245M | -1.17B | -635M | -2.45B | -20M | -459M | 437M | -1.19B | -603M | -377M | -456M | -478M | -549M | -524M | -860M | -419M | -552M | -407M | -273M | -258M | -251M | -164M | -188M | -237M | -229M | -240M | -331M | -169M | -409M | -97M |
| Pretax Income | 292M | 482M | -295M | 565M | -1.25B | 2.32B | 1.45B | 1.55B | -21M | 887M | 1.11B | 1.03B | 881M | 917M | 558M | -28M | 586M | 293M | 246M | 786M | 620M | 598M | 616M | 642M | 455M | 77M | 567M | 544M | 519M | -55M | 237M |
| Pretax Margin % | 1.92% | 3.1% | -1.78% | 2.9% | -6.32% | 10.57% | 7.44% | 7.6% | -0.1% | 4.17% | 5.38% | 4.94% | 4.43% | 4.89% | 3.08% | -0.15% | 3.19% | 1.71% | 1.3% | 4.05% | 3.43% | 4.18% | 4.66% | 5.27% | 4.13% | 0.74% | 5.49% | 5.18% | 5.03% | -0.64% | 2.73% |
| Income Tax | 113M | 142M | 10M | 77M | 265M | 518M | 382M | 354M | 138M | 550M | 186M | 209M | 189M | 68M | 133M | -436M | -64M | -61M | -201M | 117M | 126M | 171M | 209M | 228M | 193M | 43M | 200M | 197M | 209M | -9M | 81M |
| Effective Tax Rate % | 38.7% | 29.46% | -3.39% | 13.63% | -21.27% | 22.29% | 26.4% | 22.81% | -657.14% | 62.01% | 16.7% | 20.27% | 21.45% | 7.42% | 23.84% | 1557.14% | -10.92% | -20.82% | -81.71% | 14.89% | 20.32% | 28.6% | 33.93% | 35.51% | 42.42% | 55.84% | 35.27% | 36.21% | 40.27% | 16.36% | 34.18% |
| Net Income | 164M | 317M | -323M | 481M | -1.52B | 1.78B | 1.07B | 1.18B | -183M | 350M | 888M | 783M | 650M | 827M | 401M | 390M | 619M | 328M | 418M | 640M | 486M | 422M | 406M | 414M | -394M | 21M | 367M | 347M | 325M | -15M | 156M |
| Net Margin % | 1.08% | 2.04% | -1.95% | 2.47% | -7.7% | 8.11% | 5.53% | 5.8% | -0.87% | 1.65% | 4.29% | 3.75% | 3.27% | 4.41% | 2.21% | 2.09% | 3.37% | 1.92% | 2.21% | 3.3% | 2.69% | 2.95% | 3.07% | 3.4% | -3.58% | 0.2% | 3.55% | 3.3% | 3.15% | -0.17% | 1.79% |
| Net Income Growth % | 1722.22% | 198.14% | -167.15% | 131.67% | -185.19% | 65.86% | -9.21% | 746.99% | -152.29% | -60.59% | 13.41% | 20.46% | -21.4% | 106.23% | 2.82% | -37% | 88.72% | -21.53% | -34.69% | 31.69% | 15.17% | 3.94% | -1.93% | 205.08% | -1976.19% | -94.28% | 5.76% | 6.77% | 2266.67% | -109.62% | -25.36% |
| Net Income (Continuing) | 179M | 340M | -305M | 488M | -1.51B | 1.81B | 1.06B | 1.2B | -159M | 337M | 928M | 822M | 692M | 849M | 425M | 408M | 650M | 354M | 447M | 669M | 494M | 427M | 407M | 414M | 262M | 34M | 367M | 347M | 310M | -46M | 141M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -11M | -11M | 250M | 175M | 170M | 167M | 910M | 923M | 914M | 930M | 955M | 931M | 911M | 110M | 107M | 99M | 94M | 96M | 67M | 69M | 48M | 92M | 68M | 63M | 78M | 127M | 147M | 416M | 614M | 773M | 182M |
| EPS (Diluted) | 2.75 | 5.66 | -5.87 | 8.71 | -26.69 | 28.35 | 16.98 | 18.44 | -2.72 | 4.70 | 11.50 | 9.83 | 8.17 | 10.24 | 5.06 | 4.99 | 7.97 | 4.34 | 5.50 | 8.01 | 5.67 | 6.19 | 5.90 | 5.91 | -5.69 | 0.31 | 5.20 | 4.56 | 4.25 | -0.20 | 2.08 |
| EPS Growth % | 2581.82% | 196.42% | -167.39% | 132.63% | -194.14% | 66.96% | -7.92% | 777.94% | -157.87% | -59.13% | 16.99% | 20.32% | -20.21% | 102.37% | 1.4% | -37.39% | 83.64% | -21.09% | -31.34% | 41.27% | -8.4% | 4.92% | -0.17% | 203.87% | -1935.48% | -94.04% | 14.04% | 7.29% | 2225% | -109.62% | -25.18% |
| EPS (Basic) | - | 5.68 | -5.87 | 8.75 | -26.69 | 28.71 | 17.15 | 18.59 | -2.72 | 4.78 | 11.67 | 9.95 | 8.30 | 10.42 | 5.14 | 5.07 | 8.12 | 4.39 | 5.57 | 8.15 | 5.76 | 6.30 | 6.02 | 6.03 | -5.80 | 0.31 | 5.24 | 4.61 | 4.29 | -0.20 | 2.10 |
| Diluted Shares Outstanding | 59.6M | 56.2M | 55.1M | 55.2M | 55.9M | 62.9M | 63.3M | 64.2M | 67.2M | 74.4M | 77.2M | 79.7M | 79.6M | 80.8M | 79.3M | 78.1M | 77.6M | 75.6M | 76M | 79.9M | 76.5M | 68.3M | 68.9M | 70.1M | 69.3M | 68M | 70.6M | 76M | 76.47M | 75M | 75M |
| Basic Shares Outstanding | 59.6M | 56M | 55.1M | 55M | 55.9M | 62.1M | 62.7M | 63.7M | 67.2M | 73.3M | 76.1M | 78.7M | 78.3M | 79.3M | 78.1M | 76.8M | 76.2M | 74.6M | 75.1M | 78.5M | 75.1M | 67.1M | 67.4M | 68.7M | 67.9M | 66.7M | 70.2M | 75.2M | 75.76M | 75M | 74.29M |
| Dividend Payout Ratio | - | 94.32% | - | 79.83% | - | 18.96% | 28.93% | 25.76% | - | 89.14% | 33.11% | 34.36% | 34.46% | 22.61% | 38.65% | 37.95% | 21.32% | 39.02% | 30.62% | 20.94% | 26.75% | 27.49% | 28.57% | 22.71% | - | 538.1% | 19.07% | 29.68% | 31.38% | - | 64.74% |
Housing market cyclicality
According to recent quarterly filings, Whirlpool's revenue has experienced a sustained decline, culminating in a 9.6% year-over-year contraction in 2026Q1, which underscores the company's ongoing struggle to navigate a stagnant residential housing market and reduced consumer demand for non-discretionary appliance replacements across its primary geographic segments.
The consistent negative growth trajectory suggests that the company's reliance on the housing turnover cycle is currently a significant headwind. Investors should monitor whether this trend reflects a permanent loss of market share to lower-cost competitors or merely a cyclical trough in the replacement cycle.
As reported in financial statements, Whirlpool's gross margin has compressed to 12.5% in 2026Q1, reflecting a diminished ability to absorb inflationary pressures and maintain pricing power in a competitive environment where raw material costs remain a volatile and significant component of the overall cost structure.
The erosion of gross margins appears to indicate that the company lacks the necessary pricing power to offset rising input costs without sacrificing volume. This margin profile warrants further investigation into whether the current promotional environment is a temporary tactical response or a structural shift in the industry's competitive landscape.
Based on the provided income statement data, Whirlpool's operating margin has dwindled to 1.5% as of 2026Q1, demonstrating that the company's high fixed-cost manufacturing model is failing to achieve the necessary scale to protect profitability during periods of declining top-line revenue and persistent overhead expenses.
The inability to scale operating income faster than gross profit suggests that the company's cost base is too rigid for the current demand environment. This lack of operating leverage may indicate that management's efforts to streamline operations have yet to yield meaningful improvements in bottom-line efficiency.
Financial disclosures reveal that Whirlpool's net income has become increasingly erratic, with a net loss of $82 million reported in 2026Q1, highlighting the impact of non-operating items and restructuring charges that frequently obscure the underlying operational performance of the core North American appliance business.
The frequent swings between profitability and net losses suggest that the quality of reported earnings is compromised by significant volatility. Investors should be cautious, as the recurring nature of these charges may imply that the company's true earnings power is lower than what headline figures might suggest.
Quick answers to the most common questions about buying WHR stock.
For fiscal year 2025, Whirlpool Corporation (WHR) reported total revenue of $15.52B. This represents a 78.5% increase compared to $8.70B in 1996.
Whirlpool Corporation (WHR) is profitable, generating $317.0M in net income for the fiscal year ending 2025 with a net profit margin of 2.0%.
Whirlpool Corporation (WHR) reported an operating income of $727.0M, resulting in an operating profit margin of 4.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Whirlpool Corporation (WHR) generated $2.36B in gross profit for the year, representing a gross profit margin of 15.2%. This demonstrates the company's core pricing power and production efficiency.