Financial Reconciliations1
Full-Year Ongoing Earnings Before Interest and Taxes and Ongoing Earnings Per Diluted Share
| Earnings Before Interest and Taxes Reconciliation Twelve Months Ended December 31 | ||||
|---|---|---|---|---|
| 2022 | 2023 | 2024 | 2025 | |
| Net earnings (loss) available to Whirlpool | 2022 (1,519) | 2023 481 | 2024 (323) | 2025 318 |
| Net earnings (loss) available to noncontrolling interests | 2022 8 | 2023 7 | 2024 18 | 2025 23 |
| Income tax expense (benefit) | 2022 265 | 2023 77 | 2024 10 | 2025 142 |
| Interest expense | 2022 190 | 2023 351 | 2024 358 | 2025 341 |
| Earnings (loss) before interest and taxes | 2022 (1,056) | 2023 916 | 2024 63 | 2025 824 |
| Net sales | 2022 19,724 | 2023 19,455 | 2024 16,607 | 2025 15,524 |
| Net earnings (loss) margin | 2022 (7.7)% | 2023 2.5% | 2024 (1.9)% | 2025 2.2% |
| Earnings before interest and taxes Twelve Months Ended December 31 |
Earnings per diluted share Twelve Months Ended December 31 |
|||||
|---|---|---|---|---|---|---|
| 2022 | 2023 | 2024 | 2025 | 2026 Outlook |
2025 | |
| Reported measure | (1,056) | 916 | 63 | 824 | ~825 | 5.66 |
| Restructuring costs | 79 | 63 | -50 | 1.12 | ||
| Impairment of goodwill, intangibles and other assets | 396 | 381 | 106 | 1.89 | ||
| Impact of M&A transactions | 1,936 | 181 | 292 | (251) | (4.47) | |
| Substantial liquidation of subsidiary | 84 | |||||
| Legacy EMEA legal matters | 94 | (2) | 2 | 0.04 | ||
| Equity method investee — restructuring charges | 74 | (15) | (0.26) | |||
| (Gain) loss on previously held equity interest | ||||||
| Product warranty and liability (income) expense | ||||||
| Total income tax impact | 0.06 | |||||
| Normalized tax rate adjustment | 2.19 | |||||
| Ongoing measure | 1,360 | 1,191 | 887 | 729 | -875 | 6.23 |
| Net sales | 19,724 | 19,455 | 16,607 | 15,524 | 15,300–15,600 | |
| Ongoing EBIT margin | 6.9% | 6.1% | 5.3% | 4.7% | 5.5 - 5.8% | |
- For 2025, our full-year GAAP tax rate was 27.5%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of 3.5%.
- For 2024, our full-year GAAP tax rate was (5.5)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of (28.6)%.
- For 2023, our full-year GAAP tax rate was 13.0%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of (6.7)%.
- For 2022, our full-year GAAP tax rate was (21.6)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of 4.4%.
Net Sales and Ongoing EBIT Excluding MDA India
| 2025 As Reported | January-November MDA India2 | 2025 Like-for-Like | |
|---|---|---|---|
| Net Sales | 15,500 | 800 | ~14,700 |
| Ongoing EBIT | 729 | 41 | ~688 |
| Ongoing EBIT Margin | 4.7% | 5.0% | ~4.7% |
| Free Cash Flow Reconciliation Twelve Months Ended December 31 | |
|---|---|
| (millions of dollars) | 2026 Outlook |
| Cash provided by (used in) operating activities | -850 |
| Capital expenditures | (-400) |
| Free cash flow | 400-580 |
| Cash provided by (used in) investing activities | |
| Cash provided by (used in) financing activities |
- 1 Numbers may not reconcile due to rounding.
- 2 January through November India financial data (unaudited).
