Whirlpool (NYSE:WHR) said its second-quarter performance was in line with expectations as the appliance maker navigated softer industry demand, elevated input costs and promotional pressure in Latin America. The company reaffirmed its full-year operational outlook, while updating its earnings-per-share outlook to reflect higher interest expense following recent refinancing activity.
Chairman and Chief Executive Officer Marc Bitzer said the company delivered sequential margin improvement during the quarter and expects that progress to continue through the rest of 2026. He pointed to pricing actions, product launches, structural cost reductions and balance-sheet initiatives as key elements of Whirlpool’s plan to improve profitability and position itself for an eventual recovery in consumer sentiment and housing.
Pricing and North American margin progress
Whirlpool’s North American major domestic appliance business recorded $2.4 billion in second-quarter sales, up 8% sequentially. Segment EBIT margin improved by 240 basis points from the first quarter, supported by a promotional price increase, cost-reduction efforts and new products, partly offset by higher raw-material, fuel and tariff costs.
Juan Carlos Puente, executive president of North America and Global Strategic Sourcing, said U.S. industry demand declined 3.4% year over year in the quarter. Still, he said Whirlpool maintained market share despite higher prices, aided by a replacement-driven demand environment and product innovation.
The company raised promotional pricing by more than 10% relative to first-quarter levels, effective in late April. It also implemented an approximately 4% list-price increase in July and expects builder pricing increases to benefit third-quarter results. Bitzer said the promotional increase affected only about two-thirds of the second quarter, leaving additional carryover benefits for the second half.
Whirlpool expects North America to post another significant margin step-up in the third quarter, Bitzer said, driven by the full effect of earlier promotional pricing, July list-price increases, builder pricing and continuing cost actions.
The company said recent product launches are supporting share performance. Puente said the Maytag top-load washer gained about one point of laundry share, while the Whirlpool UV laundry tower captured roughly 10 points of share in its category. The new KitchenAid suite drove 20% year-over-year brand-share growth, according to the company.
Cost actions and manufacturing footprint changes
Whirlpool remains on track to deliver $150 million in cost reductions during 2026. The company expects about $60 million of that target to come from automation, $15 million from strategic sourcing and $20 million from corporate-center fixed-cost actions.
The company is also pursuing broader manufacturing and logistics changes that it expects to generate benefits beginning in the fourth quarter, with larger carryover effects in 2027 and 2028. Whirlpool is modernizing its Amana, Iowa, operations, investing $60 million in a new Perrysburg, Ohio, facility and shifting refrigeration production in Mexico to its Ramos facility.
Puente said the Amana project is expected to produce roughly $70 million in annualized EBIT benefits, while the Perrysburg investment is expected to provide about $30 million. Whirlpool is also reducing its number of local distribution centers to 94 from 126 and consolidating regional distribution and returns facilities. The company expects those logistics changes to unlock an additional $60 million in annualized EBIT benefits while keeping 97% of customers within 100 miles of a local distribution center.
Latin America and small-appliance performance
In Latin America, sales excluding currency declined 2%, as unfavorable price mix more than offset higher volume in Brazil’s promotional environment. Segment EBIT margin was 3%, despite a net gain tied to a tax case.
Ludovic Beaufils, executive president of KitchenAid Small Appliances and Latin America, said Whirlpool implemented an approximately 5% price increase in Brazil that became fully effective in August. The company is also refreshing Brastemp laundry and refrigeration lines, preparing to launch a new French-door refrigerator, and conducting an operational review focused on reducing variable and fixed costs.
Whirlpool’s global small-appliance business generated an EBIT margin of about 12% in the second quarter, in line with expectations. Underlying demand was positive, with double-digit sell-through growth and global share gains, though a temporary trade inventory reduction weighed on reported sales. Beaufils said U.S. sell-through grew 16%, while global sell-through rose in the high teens.
New products, including the Artisan Plus stand mixer, fully automatic espresso machines and the Pure Power Blender, are expected to support second-half performance. The company said its espresso machines entered a U.S. category that grew more than 25% through May 2026.
Liquidity measures and outlook
Whirlpool completed a series of financing actions intended to improve liquidity and address debt maturities. The company executed a $1.1 billion equity offering, suspended its common dividend, finalized a $2 billion asset-based lending facility and issued $2 billion in secured bonds. It also sold its minority interest in Beko Europe B.V. for approximately $128 million, generating about $84 million in net cash consideration.
Chief Financial Officer Roxanne Warner said the actions secured more than $3 billion in liquidity and cleared Whirlpool’s debt maturity schedule until 2028. Net debt remained largely flat at $5.8 billion in the second quarter, and the company expects to finish 2026 with net debt below $5 billion.
For the full year, Whirlpool continues to expect approximately 1.5% revenue growth on a like-for-like basis, ongoing EBIT margin of about 4%, and free cash flow of $300 million, or roughly 2% of net sales. The company expects about $400 million of capital expenditures this year, directed toward product innovation, digital transformation and cost-efficiency projects.
About Whirlpool (NYSE:WHR)
Whirlpool Corporation is a leading global manufacturer and marketer of home appliances, with a product portfolio that spans major categories such as laundry, refrigeration, cooking, dishwashing and small electrics. Headquartered in Benton Harbor, Michigan, the company designs, produces and distributes its appliances through a network of wholly owned manufacturing facilities, joint ventures and third-party partners. Whirlpool serves both retail and professional markets, offering products under its flagship Whirlpool brand as well as several well-known names including Maytag, KitchenAid, JennAir, Amana, Brastemp and Consul.
In its laundry segment, Whirlpool provides top- and front-load washing machines, dryers and combination units designed to balance energy efficiency, capacity and convenience.
