Whirlpool (WHR) Q3 2026 Earnings Report

The call presented a mixed but cautiously improving outlook. Whirlpool reported sequential margin improvement, strong SDA Global performance, stable market share, ongoing pricing execution, substantial liquidity, and a maintained free cash flow target. However, these positives were offset by softer demand, negative ongoing EPS, a $1.1 billion Q3 free cash flow consumption, lower revenue and margin guidance, raw material and tariff inflation, and disruption from the Grupo Casas Bahia bankruptcy. Management expressed cautious optimism for 2027 based on pricing, product launches, and structural cost initiatives, but acknowledged continued macroeconomic volatility and execution work ahead.

For 2026, Whirlpool expects revenue decline of approximately 1.5%, a full year ongoing EBIT margin between 2% and 2.2%, approximately $250 million of gross cost savings, net cost takeout below $150 million, free cash flow of approximately $300 million or approximately 2% of net sales, approximately $400 million of CapEx, and year-end net debt below $4.5 billion; its EBIT margin bridge includes a 25 basis-point benefit from price/mix, a 125 basis-point headwind from cost actions, a 100 basis-point headwind from raw material inflation, a 75 basis-point headwind from tariffs, no material impact from marketing and technology, and a favorable currency impact of 25 basis points. MDA Latin America industry demand is expected to increase 5% to 7%, MDA North America’s full year margin is expected to be more than 2%, MDA Latin America’s full year EBIT margin approximately 3%, and SDA Global’s full year EBIT margin expectations remain unchanged; North America industry demand guidance is down approximately 5%, additional pricing actions are 7% to 10% in North America and in Latin America, their impact is expected to be somewhat limited in Q4 and fully ramping up in January, and SDA Global is expected to deliver double digit growth for the year, at highly accretive margins.