WHIRLPOOL CORP /DE/WHR
WHIRLPOOL CORP /DE/ Segments Disclosure
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 Company’s 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 EBIT as operating profit less interest and sundry (income) expense and excluding restructuring costs, asset impairment charges and certain other items, if any, that management believes are not indicative of the region's ongoing performance. Cost of products sold is the significant expense regularly reviewed by the CODM and consists of costs associated with products sold, including but not limited to materials, labor, freight and warehousing. Other segment expenses/ (income) primarily include selling, general and administrative items.
Total assets by segment are those assets directly associated with the respective operating activities. The "Other" column primarily includes operations previously reported in our MDA Asia segment, corporate expenses, assets, as well as restructuring costs, asset impairment charges and certain other items that management believes are not indicative of the segment's ongoing performance. The "Eliminations" column includes intercompany activity. Intersegment sales are eliminated within each segment.
The table below summarizes performance by operating segment for the periods presented:
| OPERATING SEGMENTS | ||||||||||||||||||||||||||||||||||||||||||||
Millions of dollars | MDA North America | MDA Latin America | MDA Europe (1) | SDA Global | Other | Eliminations | Total Whirlpool | |||||||||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||||||||||||||||
| 2025 | $ | 10,158 | $ | 3,272 | $ | — | $ | 1,108 | $ | 986 | $ | — | $ | 15,524 | ||||||||||||||||||||||||||||||
| 2024 | 10,236 | 3,498 | 804 | 1,013 | 1,056 | — | 16,607 | |||||||||||||||||||||||||||||||||||||
| 2023 | 10,761 | 3,352 | 3,403 | 970 | 969 | — | 19,455 | |||||||||||||||||||||||||||||||||||||
| Cost of Products Sold | ||||||||||||||||||||||||||||||||||||||||||||
| 2025 | $ | 8,815 | $ | 2,812 | $ | — | $ | 700 | $ | 811 | $ | — | $ | 13,138 | ||||||||||||||||||||||||||||||
| 2024 | 8,784 | 2,966 | 726 | 659 | 891 | — | 14,026 | |||||||||||||||||||||||||||||||||||||
| 2023 | 8,927 | 2,853 | 3,053 | 640 | 812 | — | 16,285 | |||||||||||||||||||||||||||||||||||||
| Other segment expenses/(income) | ||||||||||||||||||||||||||||||||||||||||||||
| 2025 | $ | 845 | $ | 259 | $ | — | $ | 231 | $ | 228 | $ | — | $ | 1,563 | ||||||||||||||||||||||||||||||
| 2024 | 787 | 287 | 87 | 209 | 1,148 | — | 2,518 | |||||||||||||||||||||||||||||||||||||
| 2023 | 826 | 312 | 325 | 191 | 600 | — | 2,254 | |||||||||||||||||||||||||||||||||||||
| EBIT | ||||||||||||||||||||||||||||||||||||||||||||
| 2025 | $ | 499 | $ | 201 | $ | — | $ | 177 | $ | (53) | $ | — | $ | 824 | ||||||||||||||||||||||||||||||
| 2024 | 665 | 245 | (9) | 145 | (983) | — | 63 | |||||||||||||||||||||||||||||||||||||
| 2023 | 1,008 | 187 | 25 | 139 | (443) | — | 916 | |||||||||||||||||||||||||||||||||||||
| Intersegment sales | ||||||||||||||||||||||||||||||||||||||||||||
| 2025 | $ | 109 | $ | 1,305 | $ | — | $ | 1 | $ | 39 | $ | (1,455) | $ | — | ||||||||||||||||||||||||||||||
| 2024 | 117 | 1,224 | 23 | 13 | 43 | (1,420) | — | |||||||||||||||||||||||||||||||||||||
| 2023 | 210 | 1,530 | 81 | — | 43 | (1,864) | — | |||||||||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||||||||||||||||
| 2025 | $ | 9,994 | $ | 3,962 | $ | — | $ | 1,248 | $ | 8,474 | $ | (7,677) | $ | 16,001 | ||||||||||||||||||||||||||||||
| 2024 | 9,693 | 3,813 | — | 1,087 | 9,013 | (7,305) | 16,301 | |||||||||||||||||||||||||||||||||||||
| 2023 | 10,216 | 4,037 | 685 | 1,134 | 17,165 | (15,925) | 17,312 | |||||||||||||||||||||||||||||||||||||
| Capital expenditures | ||||||||||||||||||||||||||||||||||||||||||||
| 2025 | $ | 184 | $ | 156 | $ | — | $ | 18 | $ | 31 | $ | — | $ | 389 | ||||||||||||||||||||||||||||||
| 2024 | 178 | 181 | 22 | 14 | 56 | — | 451 | |||||||||||||||||||||||||||||||||||||
| 2023 | 216 | 133 | 104 | 16 | 80 | — | 549 | |||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | ||||||||||||||||||||||||||||||||||||||||||||
| 2025 | $ | 189 | $ | 62 | $ | — | $ | 18 | $ | 69 | $ | — | $ | 338 | ||||||||||||||||||||||||||||||
| 2024 | 175 | 63 | — | 17 | 78 | — | 333 | |||||||||||||||||||||||||||||||||||||
| 2023 | 200 | 66 | — | 13 | 82 | — | 361 | |||||||||||||||||||||||||||||||||||||
(1) MDA Europe consisted of our European major domestic appliance business which was contributed to Beko Europe as of April 1, 2024. See Note 16 to the Consolidated Financial Statements for additional information on the transaction.
Sales to Lowe's, a North American retailer, represented approximately 15%, 13%, and 13% of our consolidated net sales in 2025, 2024 and 2023, respectively. Lowe's represented approximately 44% and 38% of our consolidated accounts receivable as of December 31, 2025 and 2024, respectively.
The United States individually comprised at least 10% of consolidated net sales in 2025, 2024 and 2023 in the amounts of $10.1 billion, $10.1 billion and $10.5 billion, respectively.
Brazil individually comprised at least 10% of consolidated net sales in 2025, 2024 and 2023 in the amounts of $2.4 billion, $2.5 billion and $2.4 billion respectively.
The following table summarizes the countries that represent at least 10% of consolidated long-lived assets for the years ended December 31, 2025 and 2024. Long-lived assets includes property, plant and equipment and right-of-use assets at December 31, 2025 and 2024.
| Millions of dollars | United States | Mexico | All Other Countries | Total | |||||||||||||||||||
| 2025 | |||||||||||||||||||||||
| Long-lived assets | $2,059 | $555 | $376 | $2,990 | |||||||||||||||||||
| Millions of dollars | United States | Mexico | All Other Countries | Total | |||||||||||||||||||
| 2024 | |||||||||||||||||||||||
| Long-lived assets | $1,986 | $522 | $607 | $3,115 | |||||||||||||||||||
The following table summarizes the reconciling items in the Other column for total EBIT for the periods presented:
| Twelve Months Ended December 31, | |||||||||||
| in millions | 2025 | 2024 | 2023 | ||||||||
| Items not allocated to segments: | |||||||||||
| Restructuring charges | $ | (63) | $ | (79) | $ | (16) | |||||
| (Loss) gain on sale and disposal of businesses | 280 | (264) | (106) | ||||||||
| Impairment of goodwill and other intangibles | (106) | (381) | — | ||||||||
| Equity method investment income (loss) | (34) | (107) | (28) | ||||||||
| Legacy EMEA legal matters | (2) | 2 | (94) | ||||||||
| MDA Asia | 50 | 41 | 22 | ||||||||
| Corporate expenses and other | (179) | (195) | (221) | ||||||||
| Total other | $ | (53) | $ | (983) | $ | (443) | |||||
A reconciliation of our segment information for total EBIT to the corresponding amounts in the Consolidated Statements of Income (Loss) is shown in the table below for the periods presented:
| Twelve Months Ended December 31, | ||||||||||||||
| in millions | 2025 | 2024 | 2023 | |||||||||||
| Operating profit | $ | 838 | $ | 143 | $ | 1,015 | ||||||||
| Interest and sundry (income) expense | (20) | (27) | 71 | |||||||||||
| Equity method investment income (loss), net of tax | (34) | (107) | (28) | |||||||||||
| Total EBIT | $ | 824 | $ | 63 | $ | 916 | ||||||||
| Interest expense | 341 | 358 | 351 | |||||||||||
| Income tax expense | 142 | 10 | 77 | |||||||||||
| Net earnings (loss) | $ | 341 | $ | (305) | $ | 488 | ||||||||
| Less: Net earnings (loss) available to noncontrolling interests | 23 | 18 | 7 | |||||||||||
| Net earnings (loss) available to Whirlpool | $ | 318 | $ | (323) | $ | 481 | ||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 14, 2024 | |
| 2022 | Feb 10, 2023 | |
| 2021 | Feb 10, 2022 | |
| 2020 | Feb 11, 2021 | |
| 2019 | Feb 11, 2020 | |
| 2018 | Feb 12, 2019 | |
| 2017 | Feb 13, 2018 | |
| 2016 | Feb 13, 2017 | |
| 2015 | Feb 16, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.