Financial Analysis

"COMMITMENTS AND CONTINGENCIES OTHER MATTERS BEFIEX Credits and Other Brazil Tax Matters In previous years, our Brazilian operations earned tax credits under the Brazilian government's export incentive program (BEFIEX). These credits reduced Brazilian federal excise taxes on domestic sales. Our Brazilian operations have received tax assessments for income and social contribution taxes associated with certain monetized BEFIEX credits. We do not believe BEFIEX credits are subject to income or social contribution taxes. We have not provided for income or social contribution taxes on these BEFIEX credits, and based on the opinions of tax and legal advisors, we have not accrued any amount related to these assessments at December 31, 2025. The total amount of outstanding tax assessments received for income and social contribution taxes relating to the BEFIEX credits, including interest and penalties, is approximately 2.7 billion Brazilian reais (approximately $491 million at December 31, 2025). Relying on existing Brazilian legal precedent, in 2003 and 2004, we recognized tax credits in an aggregate amount of $26 million, adjusted for currency, on the purchase of raw materials used in production (""IPI tax credits""). The Brazilian tax authority subsequently challenged the recording of IPI tax credits. No such credits have been recognized since 2004. In 2009, we entered into a Brazilian government program (""IPI Amnesty"") which provided extended payment terms and reduced penalties …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"FINANCING ARRANGEMENTS Long-Term Debt The following table summarizes our long-term debt at December 31, 2025 and 2024: Millions of dollars 2025 2024 Term Loan - SOFR +125bps, maturing 2025 $ $ 1,500 Senior Note - 3.70%, maturing 2025 350 Senior Note - 1.25%, maturing 2026 (1) 587 516 Senior Note - 1.10%, maturing 2027 (1) 703 619 Senior Note - 0.50%, maturing 2028 (1) 586 516 Senior Note - 4.75%, maturing 2029 697 696 Senior Note - 6.125%, maturing 2030 600 Senior Note - 2.40%, maturing 2031 300 300 Senior Note - 4.75%, maturing 2032 298 298 Senior Note - 5.50%, maturing 2033 300 300 Senior Note - 6.50%, maturing 2033 600 Senior Note - 5.75%, maturing 2034 299 299 Senior Note - 5.15%, maturing 2043 249 249 Senior Note - 4.50%, maturing 2046 497 497 Senior Note - 4.60%, maturing 2050 493 493 Other, net (39) (25) $ 6,169 $ 6,608 Less current maturities 586 1,850 Total long-term debt $ 5,583 $ 4,758 (1) Euro denominated debt reflects impact of currency For outstanding notes issued by our wholly-owned subsidiaries the debt is fully and unconditionally guaranteed by the Company. The following table summarizes the contractual maturities of our long-term debt (net of discounts or premiums), including current maturities, at December 31, 2025: Millions of dollars 2026 $ 586 2027 702 2028 585 2029 695 2030 592 Thereafter 3,008 Long-term debt, including current maturities $ 6,169 Debt Offering On June 9, 2025, Whirlpool Corporation (the Company) entered into an Underwriting Agreement ( …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table presents our disaggregated revenues by revenue source. We sell products within all major product categories in each operating segment. For additional information on the disaggregated revenues by operating segment, see Note 15 to the Consolidated Financial Statements. Twelve months ended Millions of dollars 2025 2024 2023 Major product categories: Laundry $ 4,376 $ 4,585 $ 5,333 Refrigeration 4,790 5,097 5,794 Cooking 3,687 3,939 4,721 Dishwashing 1,175 1,276 1,729 Total major product category net sales $ 14,028 $ 14,897 $ 17,577 Spare parts and warranties 550 649 953 Other 946 1,062 925 Total net sales $ 15,524 $ 16,607 $ 19,455

DisaggregationOfRevenueTableTextBlock

"SHARE-BASED INCENTIVE PLANS We sponsor several share-based employee incentive plans. Share-based compensation expense for grants awarded under these plans was $28 million , $28 million and $33 million in 2025, 2024, and 2023, respectively. Related income tax benefits recognized in earnings were $4 million, $4 million and $7 million in 2025, 2024, and 2023, respectively. At December 31, 2025, unrecognized compensation cost related to non-vested stock option and stock unit awards totaled $56 million. The cost of these non-vested awards is expected to be recognized over a weighted-average remaining vesting period of 26 months. Share-Based Employee Incentive Plans On April 18, 2023, our stockholders approved the 2023 Omnibus Stock and Incentive Plan (""2023 OSIP""). This plan was adopted by our Board of Directors on February 20, 2023 and provides for the issuance of stock options, performance stock units, and restricted stock units, among other award types. No new awards may be granted under the 2023 OSIP after the tenth anniversary of the date that the stockholders approved the plan. However, the term and exercise of awards granted before then may extend beyond that date. Stockholders approved an amendment to the plan on April 15, 2025 that increased the total number of shares available for grant under the 2023 OSIP by an additional 3,277,000 shares. At December 31, 2025, approximately 5.2 million shares remain available for issuance under the 2018 and 2023 OSIP. On April 17, 2 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"FAIR VALUE MEASUREMENTS Fair value is measured based on an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions market participants would use in pricing an asset or liability. Assets and liabilities measured at fair value are based on a market valuation approach using prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. As a basis for considering such assumptions, a three-tiered fair value hierarchy is established, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets that are observable, either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Assets and liabilities measured at fair value on a recurring basis at December 31, 2025 and 2024 are as follows: Total Cost Basis Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total Fair Value Millions of dollars 2025 2024 2025 2024 2025 2024 2025 2024 Short-term investments (1) $ 441 $ 1,000 $ 435 $ 705 $ 6 $ 295 $ 441 $ 1,000 Net …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLES Goodwill As of January 1, 2024, we reorganized our operating segments. As a result, goodwill balances were reallocated based on the relative fair value of our new segments. The following table summarizes the goodwill attributable to our reporting units for the periods presented: Millions of dollars MDA North America MDA Latin America MDA Asia SDA Global Total Whirlpool Beginning balance January 1, 2024 $ 2,419 $ 31 $ 248 $ 632 $ 3,330 Currency translation adjustment (4) (1) (3) (8) Ending balance December 31, 2024 $ 2,415 $ 30 $ 245 $ 632 $ 3,322 Currency translation adjustment $ 3 $ (1) $ (4) $ $ (2) Divestitures $ $ $ (217) $ $ (217) Ending balance December 31, 2025 $ 2,418 $ 29 $ 24 $ 632 $ 3,103 Annual impairment assessment We completed our annual impairment assessment for goodwill as of October 1, 2025 and October 1, 2024, respectively. The Company elected to bypass the qualitative assessment and perform a quantitative assessment to evaluate goodwill for all our reporting units. Based on the quantitative assessment we determined there was no impairment of goodwill in either period. For additional information, see Note 10 to the Consolidated Financial Statements. Other Intangible Assets The following table summarizes other intangible assets for the period presented: December 31, 2025 December 31, 2024 Millions of dollars Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Other intangible ass …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES Income tax expense was $142 million , $10 million , and $77 million in 2025, 2024 and 2023, respectively. The increase in tax expense in 2025 compared to 2024 is the result of higher earnings in 2025 and increase in valuation allowances that resulted from the India deconsolidation and restructuring transactions in 2025. These negative impacts were partially offset by tax benefits that were the result of continued legal entity simplification and the release of unrecognized tax benefits related to audit settlements in 2025. The change in tax expense in 2024 compared to 2023 includes lower earnings and legal entity restructuring tax benefits related to simplifying our legal entity structure in 2024 to reduce administrative costs associated with the prior structure. The completion of the restructuring in 2024 created a tax deductible loss which was recognized in 2024 and resulted in a $721 million net tax benefit, partially offset by increases in valuation allowances and the divestiture tax impact. The following table(s) summarizes the difference between an income tax expense/(benefit) at the United States statutory rate of 21% and the income tax expense/(benefit) at effective worldwide tax rates for the respective periods: Millions of dollars 2025 2024 2023 Earnings (loss) before income taxes United States $ (53) $ (294) $ 9 Foreign 569 107 584 Earnings (loss) before income taxes $ 516 $ (188) $ 593 We adopted ASU 2023-09, Improvements To Income Tax Disclosures, on …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES Leases We lease certain manufacturing facilities, warehouses/distribution centers, office space, land, vehicles, and equipment. At lease inception, we determine the lease term by assuming the exercise of those renewal options that are reasonably assured. Leases with an initial term of 12 months or less are not recorded in the Consolidated Balance Sheets and we recognize lease expense for these leases on a straight-line basis over the lease term. The Company had operating lease costs of approximately $224 million, $216 million and $235 million for the years ended December 31, 2025, 2024 and 2023, respectively. At December 31, 2025 and 2024, we have no material leases classified as financing leases. We have approximately $999 million of non-cancellable operating lease commitments, excluding variable consideration at December 31, 2025 and $1 billion at December 31, 2024, respectively. The undiscounted annual future minimum lease payments are summarized by year in the table below. Maturity of Lease Liabilities Operating Leases (in millions) 2026 $ 214 2027 192 2028 158 2029 132 2030 105 Thereafter 197 Total lease payments $ 999 Less: interest $ 164 Present value of lease liabilities $ 836 The long-term portion of the lease liabilities included in the amounts above is $669 million as of December 31, 2025. The remainder of our lease liabilities are included in other current liabilities in the Consolidated Balance Sheets. During the year ended December 31, 2025 the weighted a …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Adoption of New Accounting Standards On January 1, 2026, we adopted the FASB issued Update 2023-09, ""Income Taxes (Topic 740): Improvements to Income Tax Disclosures"". The adoption of this standard did not have a material impact on our Consolidated Financial Statements, however we have expanded our Effective Tax Rate Table and Income Taxes Paid disclosure to include additional information. See Note 14 to the Consolidated Financial Statements. On January 1, 2025, we adopted the FASB issued Update 2023-07, ""Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures"". The adoption of this standard did not have a material impact on our Consolidated Financial Statements, however we have expanded our Segment disclosure to include additional information that is significant to the chief operating decision maker, who is the Companys Chairman and Chief Executive Officer. For additional information on the required disclosures related to the impact of adopting this standard, see Note 15 to the Consolidated Financial Statements. All other standards adopted for the year ended December 31, 2025 did not have a material impact on our Consolidated Financial Statements. Accounting Pronouncements Issued But Not Yet Effective In November 2024, the FASB issued Update 2024-03, ""Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40)"". This update applies to all public business entities. The FASB issued the Update to improve the di …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS We have funded and unfunded defined benefit pension plans that cover certain employees in North America, Europe, Asia and Brazil. The United States plans comprise the majority of our obligation. All of the United States plans are frozen for all participants, except for the Supplemental Executive Retirement Plan discussed below. The primary formula for United States salaried employees covered under the qualified defined benefit plan and the unfunded, nonqualified Retirement Benefits Restoration Plan was based on years of service and final average salary, while the primary formula for United States hourly employees covered under the defined benefit plans was based on specific dollar amounts for each year of service. There were multiple formulas for employees covered under the qualified and nonqualified defined benefit plans that were sponsored by Maytag, including a cash balance formula. We have foreign pension plans that accrue benefits. The plans generally provide benefit payments using a formula that is based upon employee compensation and length of service. We sponsor an unfunded Supplemental Executive Retirement Plan in the United States that remains open to new participants and additional benefit accruals. This plan is nonqualified and provides certain key employees additional defined pension benefits that supplement those provided by the Company's other retirement plans. A defined contribution plan is provided to all United …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

RESTRUCTURING CHARGES We periodically take action to improve operating efficiencies, typically in connection with business acquisitions or changes in the economic environment. Our footprint and headcount reductions and organizational integration actions relate to discrete, unique restructuring events, primarily reflected in the following plans: In Q4 2025, the Company committed to a multi-region footprint optimization plan as part of an effort to reduce complexity. The plan includes severance and impairment charges. Total costs for these actions were $43 million, of which we incurred $7 million in employee termination costs and $36 million in asset impairments. The majority of these costs resulted in non-cash charges, with the cash settlements being paid in 2025. Previously in 2025, the Company committed to workforce reduction plans globally, in an effort to reduce complexity and simplify our organization. Total costs for these actions were $20 million which were primarily employee termination costs. The majority of these costs resulted in cash settlements in 2025. In March 2024, the Company committed to workforce reduction plans in the United States and globally, in an effort to reduce complexity and simplify our organizational model after the European major domestic appliance transaction. The workforce reduction plans included involuntary severance actions as of the end of the first quarter of 2024. Total costs for these actions were $21 million, of which we incurred $14 mi …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

REVENUE RECOGNITION Revenue from Contracts with Customers In accordance with Topic 606, revenue is recognized when performance obligations under the terms of a contract with our customer are satisfied; generally this occurs with the transfer of control of our products or services. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products or providing services. Certain customers may receive cash and/or non-cash incentives, which are accounted for as variable consideration. To achieve the core principle, the Company applies the following five steps: 1. Identify the contract with a customer A contract with a customer exists when (i) the Company enters into an agreement with a customer that defines each party's rights regarding the products or services to be transferred and identifies the payment terms related to these products or services, (ii) both parties to the contract are committed to perform their respective obligations, (iii) the contract has commercial substance, and (iv) the Company determines that collection of substantially all consideration for products or services that are transferred is probable based on the customer's intent and ability to pay the promised consideration. The Company applies judgment in determining the customer's ability and intention to pay, which is based on a variety of factors including the customer's payment history or, in the case of a new customer, published credit and financial information …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"SEGMENT INFORMATION Beginning January 1, 2024, we reorganized our operating segment structure to better represent the revised structure within our portfolio transformation, including a greater focus on our strong value creating small domestic appliance business. The Company implemented this change to align with the Company's new operating structure, consistent with how the Companys Chief Operating Decision Maker evaluates operational performance and allocates resources in accordance with ASC 280, Segment Reporting. Our reportable segments consist of Major Domestic Appliances (""MDA"") North America; MDA Europe, MDA Latin America; and Small Domestic Appliances (""SDA"") Global. All prior period amounts have been reclassified to conform with current period presentation. As of December 31, 2025, the operations previously reported within the MDA Asia segment are no longer reported as a segment as a result of the deconsolidation of Whirlpool India. Prior period segment information has been recast to retrospectively reflect this change. The MDA Europe business was deconsolidated upon the completion of the European contribution agreement transaction with Arcelik as of April 1, 2024. For additional information see Note 16 to the Consolidated Financial Statements. The chief operating decision maker (CODM), who is the Company's Chairman and Chief Executive Officer, evaluates operational performance based on each segment's earnings (loss) before interest and taxes (EBIT). We define EBI …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"SIGNIFICANT ACCOUNTING POLICIES General Information Whirlpool Corporation, a Delaware corporation, manufactures products in four countries and markets products in nearly every country around the world under brand names such as Whirlpool , KitchenAid , Maytag , Consul , Brastemp , Amana , JennAir, and InSinkErator . We conduct our business through three operating segments, which we define based on product category and geography. Whirlpool Corporation's operating and reportable segments consist of Major Domestic Appliances (MDA) North America; MDA Latin America; and Small Domestic Appliances (SDA) Global. As of December 31, 2025, the operations previously reported within the MDA Asia segment are no longer reported as a segment as a result of the deconsolidation of Whirlpool India. Prior period segment information has been recast to retrospectively reflect this change. The MDA Europe segment was deconsolidated as of April 1, 2024 upon the completion of the contribu tion agreement transaction with Arcelik. For additional information, see Note 16 to the Consolidated Financial Statements. Change in Presentation In 2024, the Company changed its rounding presentation. Certain columns and rows within the consolidated financial statements and tables presented may not add due to rounding and percentages have been calculated from the underlying whole-dollar amounts. This change is not material and does not impact the comparability of our consolidated financial statements. Principles of …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

STOCKHOLDERS' EQUITY Comprehensive Income (Loss) Comprehensive income (loss) primarily includes (1) our reported net earnings (loss), (2) foreign currency translation, including net investment hedges, (3) changes in the effective portion of our open derivative contracts designated as cash flow hedges, (4) changes in our unrecognized pension and other postretirement benefits, and (5) our proportionate share of equity method investee adjustments. The following table shows the components of accumulated other comprehensive income (loss) available to Whirlpool at December 31, 2023, 2024, and 2025, and the activity for the years then ended: Millions of dollars Foreign Currency Derivative Instruments Pension and Postretirement Liability Total December 31, 2022 $ (1,275) $ 58 $ (873) $ (2,090) Unrealized gain (loss) 22 (64) (42) Unrealized actuarial gain(loss) and prior service credit (cost) (99) (99) Tax effect 17 36 53 Other comprehensive income (loss), net of tax 22 (47) (63) (88) Less: Other comprehensive loss available to noncontrolling interests Other comprehensive income (loss) available to Whirlpool 22 (47) (63) (88) December 31, 2023 $ (1,253) $ 11 $ (936) $ (2,178) Unrealized gain (loss) (30) 83 (9) 44 Unrealized actuarial gain (loss) and prior service credit (cost) 39 39 Tax effect (25) (20) (45) Other comprehensive income (loss), net of tax (30) 57 10 37 Less: Other comprehensive loss available to noncontrolling interests (1) (1) Other comprehensive income (loss) availabl …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing