Revenue declined 6.8% year-over-year in 2026Q2, with gross margin compressing to 12.6% from 16.0% a year earlier, reflecting persistent cost pressures and limited pricing power.
Whirlpool Corporation (WHR) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 14.92B | 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 % | -3.89% | -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 | 12.9B | 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 | 2.02B | 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 % | 13.51% | 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 | 1.47B | 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 | 1.56B | 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 | 0 | -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 | 542M | 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 % | 3.63% | 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 | 900M | 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 % | 6.03% | 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 % | -24.81% | -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) | 358M | 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 | 610M | 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 | -317M | -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 | 317M | 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 | -257M | -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 | 285M | 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 % | 1.91% | 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 | 92M | 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 % | 32.28% | 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 | 187M | 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 % | 1.25% | 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 % | 228.97% | 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) | 193M | 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) | 2.87 | 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 % | 209.29% | 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 | 65.2M | 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 | 65M | 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% |
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.
Key Metrics
Top Statement Risk
High leverage and margin compression
Metrics are mathematically derived from official filings.
Top-Line Contraction Persists
Whirlpool's revenue declined 6.5% year-over-year in 2026Q2, marking the fifth consecutive quarter of negative growth, with the latest quarter showing a 6.8% drop, according to the company's income statement.
The persistent revenue decline, from $4.5B in 2024Q1 to $3.5B in 2026Q2, suggests a structural demand softness rather than a temporary blip. The contraction is broad-based, with the most recent quarter showing a 6.8% year-over-year decline, and the trend appears to be stabilizing at a lower level. This likely reflects weak existing home sales and consumer caution in a high-rate environment, which may continue to pressure volumes.
Gross Margin Erosion Continues
Gross margin fell to 12.6% in 2026Q2, down from 16.0% a year earlier, indicating persistent cost pressures and limited pricing power, as reported in the latest financial statements.
The 340 basis point year-over-year decline in gross margin underscores the company's inability to fully offset raw material and logistics cost inflation. With peers like Mohawk and Stanley Black & Decker posting gross margins of 23.9% and 29.9% respectively, Whirlpool's 12.6% highlights a structural disadvantage. This suggests that the company's product mix and competitive dynamics may be eroding its ability to maintain historical margins.
Operating Leverage Turns Negative
Operating income fell to $163M in 2026Q2 from $207M in the prior year, with operating margin compressing to 4.6% from 5.5%, indicating that fixed costs are not being adequately absorbed.
The decline in operating income despite a relatively stable SG&A (from $397M to $371M) suggests that the company is unable to scale down overhead quickly enough to match revenue declines. The operating margin of 4.6% is near the low end of the last ten quarters, and the narrow spread between gross and operating margins (only 8 percentage points) implies high fixed costs or ongoing restructuring charges. This may indicate that any further volume weakness could disproportionately impact profitability.
Earnings Volatility Masks Core Trends
Net income swung from a $391M loss in 2024Q4 to a $88M profit in 2026Q2, with EPS ranging from -$7.10 to $1.15, reflecting significant non-operating items and tax effects.
The erratic net income pattern, including a $391M loss in 2024Q4 and a $259M loss in 2024Q1, suggests that reported earnings are heavily influenced by one-time charges, impairments, or tax adjustments. The 2026Q2 EPS of $1.15, which beat estimates by $0.02, may not be sustainable if it relies on non-recurring gains. Investors should scrutinize the quality of earnings, particularly the absence of R&D expenses in the data, which may indicate that innovation spending is being understated.
Cost Discipline Amidst Revenue Decline
SG&A expenses were reduced to $371M in 2026Q2 from $477M in 2024Q1, a 22% cut, while gross profit fell only 31%, suggesting management is actively managing overhead.
The significant reduction in SG&A, from $477M to $371M, indicates a deliberate effort to align costs with lower volumes. However, the gross margin decline from 14.4% to 12.6% over the same period implies that cost savings in SG&A are not fully offsetting input cost pressures. The company's ability to maintain profitability will depend on further cost actions, but the high fixed-cost nature of manufacturing may limit the extent of future cuts.
Margin Recovery Narrative at Risk
Despite management's commentary on sequential margin expansion, gross margin in 2026Q2 was 12.6%, down from 16.0% a year ago, suggesting that price increases are not sticking.
The bear case centers on the sustainability of margin improvements. While the company beat EPS estimates in 2026Q2, the gross margin remains well below historical levels, and the revenue decline shows no sign of abating. The high debt-to-equity ratio of 2.89x (as reported) raises concerns about financial flexibility, and if demand continues to soften, the company may be forced to cut prices to maintain volume, further eroding margins. The market may be overly optimistic about a V-shaped recovery in profitability.