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• The Procter & Gamble (P&G) of major home appliances.
• The Ford or General Motors (GM) of kitchen and laundry appliances.
• Samsung or LG, but exclusively for major home appliances.

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Whirlpool (WHR) major products include:

• Refrigerators: Appliances designed to preserve food and beverages by maintaining low temperatures.
• Washing Machines: Used for cleaning clothes and textiles through agitation with water and detergent.
• Dryers: Appliances that remove moisture from clothing and other textiles, typically using heat.
• Dishwashers: Automatic machines for cleaning dishware, cutlery, and cooking utensils.
• Cooking Appliances: Encompassing ranges, ovens, cooktops, and microwaves used for preparing food.
• Freezers: Dedicated appliances for long-term frozen food storage.

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Whirlpool (WHR) Major Customers

Whirlpool Corporation primarily sells its major home appliances to other companies, which then distribute or resell these products to end-consumers, or utilize them in new construction and property management. Therefore, Whirlpool's major customers are primarily large retailers and, to a lesser extent, businesses within the building and property management sectors.

Major Customer Companies:

• The Home Depot, Inc. (Symbol: HD) - As one of the largest home improvement retailers globally, The Home Depot accounts for a significant portion of Whirlpool's sales, reselling appliances to individual consumers and professional contractors.
• Lowe's Companies, Inc. (Symbol: LOW) - Another leading home improvement retailer, Lowe's is a crucial channel for Whirlpool's various appliance brands. Collectively, The Home Depot and Lowe's represent a substantial percentage of Whirlpool's consolidated net sales.
• Best Buy Co., Inc. (Symbol: BBY) - A prominent consumer electronics retailer, Best Buy also holds a significant market share in major appliances, making it a key distribution partner for Whirlpool.
• Building Trade and Property Management Companies - Beyond retail, Whirlpool also directly supplies appliances to businesses involved in new home construction, multi-family housing projects, and property management for apartment complexes and other commercial properties. This segment represents a significant B2B customer base, though it comprises numerous individual companies rather than one or two dominant publicly traded entities.

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• Nidec Corporation (TYO: 6594)

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Marc Bitzer, Chairman and Chief Executive Officer

Marc Bitzer was named Chief Executive Officer in October 2017 and Chairman of the Board in January 2019. He joined Whirlpool Europe in 1999 as Vice President of the Bauknecht brand group. Prior to joining Whirlpool, Bitzer worked for eight years at the Boston Consulting Group in Munich and Toronto, becoming a Vice President in 1999. His career at Whirlpool includes roles as Senior Vice President of Marketing Sales and Services for Whirlpool Europe, President of Whirlpool Europe, President of Whirlpool North America, and President of U.S. operations. He also serves on the Supervisory Board of BMW AG.

Roxanne Warner, Executive Vice President and Chief Financial Officer (Effective January 1, 2026)

Roxanne Warner was promoted to Executive Vice President and Chief Financial Officer, effective January 1, 2026. She has been with Whirlpool Corporation since 2008 and previously served as Executive Vice President of Finance and Controller.

Juan Carlos Puente, Executive President, Whirlpool North America and Global Strategic Sourcing (Effective January 1, 2026)

Juan Carlos Puente was elected to the newly created position of Executive President, Whirlpool North America and Global Strategic Sourcing, effective January 1, 2026. Puente joined Whirlpool in 1997 and has held leadership roles across North America, Latin America, and Europe, most recently serving as Executive Vice President and President of Whirlpool Latin America.

Ludovic Beaufils, Executive President, KitchenAid Small Appliances, Whirlpool Latin America, Global Information Technology, and Design (Effective January 1, 2026)

Ludovic Beaufils was named Executive President, KitchenAid Small Appliances, Whirlpool Latin America, Global Information Technology, and Design, effective January 1, 2026. He joined Whirlpool in 2006 and has served in multiple senior roles in North America and Europe. Previously, he was Executive Vice President and President of KitchenAid Small Appliances.

Danielle Brown, Senior Vice President, Chief Information Officer

Danielle Brown has been the Chief Information Officer and Senior Vice President of Whirlpool Corporation since 2020. Before joining Whirlpool, she served as Chief Information Officer at Brunswick Corporation and also held positions at DuPont.

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Key Risks to Whirlpool (WHR)

1. Intense Competition: Whirlpool faces significant competition in the global major home appliance industry from a substantial number of competitors, many of whom possess strong consumer brand equity, such as Samsung, LG, Electrolux, and General Electric. This intense rivalry can lead to promotional pricing, potentially eroding Whirlpool's market share and overall financial performance. Additionally, some competitors have reportedly resorted to tariff evasion tactics, such as mislabeling or false country-of-origin claims, which can create an unfair competitive environment for Whirlpool.
2. Cyclicality of the Housing Market and Macroeconomic Conditions: Whirlpool's business performance is highly susceptible to cyclical trends in the economy, particularly those impacting the housing market. Factors such as elevated mortgage rates, weak existing home sales, and general economic uncertainty can significantly depress consumer demand for major appliances, directly affecting Whirlpool's sales and profitability.
3. Supply Chain Disruptions, International Operations, and Trade Policies: As a global company, Whirlpool is exposed to considerable risks stemming from its international operations. These include potential disruptions in its supply chain due to labor and component shortages, major transportation issues, geopolitical instability, and changes in foreign regulations. Furthermore, trade tariffs and disputes between countries can disrupt supply chains, increase operational costs, and negatively impact profitability.

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Addressable Markets for Whirlpool's Main Products and Services

• Home Appliances (Overall)
  • Global: The home appliances market is valued at approximately USD 534.70 billion in 2025, with projections to reach USD 675.31 billion by 2030.
  • Asia-Pacific: This region holds the largest share of the global home appliances market, accounting for 46% of global revenue in 2024.
  • North America: The major home appliances market in North America is experiencing a CAGR of over 3% over the next five years. The U.S. Major Household Appliance Manufacturing industry revenue is estimated at $24.2 billion in 2025.
• Kitchen Appliances (Overall)
  • Global: The global kitchen appliances market size was valued at USD 242.96 billion in 2024, with an estimation to reach USD 353.96 billion by 2033. Another report indicates a global market size of USD 217.74 billion in 2022, projected to reach USD 356.47 billion by 2030.
  • North America: This region dominated the kitchen appliances market, holding over 42.2% in 2024.
  • U.S.: The kitchen appliances market in the U.S. is expected to grow significantly, reaching USD 60.14 billion by 2032.
• Refrigerators
  • Global: The global refrigerators market size is projected to reach $85.6 billion by the end of 2025. Another estimate places the global refrigerator market at approximately USD 130.7 billion in 2025.
  • North America: The North American market holds 26.70% of the global refrigerator market revenue in 2025.
  • Europe: The European market accounts for 21.10% of the global refrigerator market revenue in 2025.
  • Asia-Pacific: The Asia Pacific refrigerator market was valued at around USD 61.4 billion in 2023.
• Washing Machines and Dryers (Household Laundry Equipment)
  • Global: The global washing machines and dryers market size is projected to reach $84.6 billion by the end of 2025. The global washers & dryers market size is also projected to grow from $85.3 billion in 2023 to $120.9 billion by 2032. The global household laundry equipment market size is expected to reach $111.65 billion in 2025.
  • North America: This market holds 33.75% of the global washing machines and dryers market revenue in 2025.
  • Europe: The European market holds 20.80% of the global washing machines and dryers market revenue in 2025.
• Cooking Appliances
  • Global: The global household cooking appliance market size is valued at USD 285.89 billion in 2025 and is predicted to increase to approximately USD 495.45 billion by 2034.
  • U.S.: The U.S. household cooking appliance market size is evaluated at USD 88.37 billion in 2025 and is predicted to be worth around USD 154.31 billion by 2034.
  • Asia Pacific: This region dominated the global household cooking appliance market and contributed the largest market share of 38.64% in 2024.
• Small Appliances
  • Global: The global small appliance market size will be USD 194.2156 billion in 2025. Another report estimates the global small home appliances market at USD 140.60 billion in 2025, growing to USD 186.44 billion by 2030. The global small appliances industry was valued at US$ 241.5 billion in 2023 and is expected to reach US$ 392.2 billion by the end of 2034.
  • North America: This region held a major market share of more than 40% of the global revenue for small appliances, with a market size of USD 77.68624 million in 2025.
  • Europe: This region accounted for a market share of over 30% of the global revenue for small appliances, with a market size of USD 58.26468 million in 2025.
  • Asia Pacific: This region held a market share of around 23% of the global small appliance revenue, with a market size of USD 44.666959 billion in 2025. Asia-Pacific also commanded 46.2% share of the small home appliances market size in 2025.

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Whirlpool Corporation (NYSE: WHR) anticipates several key drivers for its future revenue growth over the next two to three years, focusing on strategic initiatives and market recoveries.

1. New Product Launches and Innovation: Whirlpool is heavily investing in product innovation and new launches across its segments. The company expects strong net sales growth in its Small Domestic Appliances (SDA) Global business in 2025 due to new product introductions in high-potential categories like espresso machines, cordless appliances, and blenders. Additionally, new product releases, including a major KitchenAid refresh and a 30% product turnover in North America, have been significant growth drivers, with Whirlpool planning to launch over 100 new products globally in 2025.

2. U.S. Housing Market Recovery: The company is strategically positioned to benefit from an eventual recovery in the U.S. housing market, which it projects to begin a multi-year rebound in 2026 as interest rates ease. Whirlpool's strong relationships with homebuilders are expected to facilitate the placement of its appliances in new constructions, capitalizing on the current shortfall of three to four million housing units in the U.S.

3. Growth in Small Domestic Appliances (SDA) Global and Select Major Domestic Appliances (MDA) Regions: The SDA Global segment has consistently delivered strong performance, achieving double-digit net sales growth year-over-year in Q3 2025, driven by successful new product launches. Major Domestic Appliances (MDA) in Asia has also shown significant net sales growth, propelled by industry strength and market share gains. Similarly, MDA Latin America has delivered solid net sales growth through strong share gains.

4. Strategic Portfolio Transformation and Focus on Core Markets: Whirlpool has been undergoing a portfolio transformation, including the divestiture of its European operations and a planned reduction of its ownership stake in Whirlpool of India. This strategy aims to optimize capital, reduce debt, and sharpen the company's focus on high-margin, core markets like the Americas, thereby driving more efficient and profitable revenue growth.

5. Normalization of Promotional Environment and Easing Tariff Pressures: While primarily impacting profitability, the normalization of the highly promotional environment caused by foreign competitors pre-loading Asian-produced inventory, along with the easing of tariff-related headwinds expected in 2026, is anticipated to support better pricing and reduce the need for aggressive discounting. This stabilization of market dynamics will allow for improved net price realization and more sustainable revenue growth.

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Share Repurchases

• Whirlpool authorized a $2 billion share repurchase program in April 2021, adding to an existing $531 million unused authorization from December 2020.
• An additional $2 billion was authorized for share repurchases in February 2022, with approximately $1.5 billion remaining under the program as of December 31, 2021.
• As of December 31, 2024, the company had approximately $2.5 billion remaining under its share repurchase authorizations, and repurchased around $50 million of stock during 2024.

Share Issuance

• Whirlpool experienced a net decrease in its shares outstanding over the period, from 62.9 million in 2020 to 55.4 million in 2024, and 55.9 million as of November 2025, indicating net repurchases rather than issuances.

Outbound Investments

• In November 2022, Whirlpool acquired InSinkErator, a Wisconsin-based garbage disposal manufacturer.
• On April 2, 2024, Whirlpool completed a transaction with Arçelik A. Ş., forming Beko Europe B.V., a new European appliance company in which Whirlpool holds a 25% stake, and also sold its Middle East and North Africa business to Arçelik.
• Whirlpool plans to reduce its ownership stake in its Indian subsidiary to approximately 20% by mid-to-late 2025, with an expected net cash generation of $550 million to $600 million from the anticipated transaction.

Capital Expenditures

• Whirlpool's capital expenditures were $410 million in 2020, $525 million in 2021, $570 million in 2022, $539 million in 2023, and $356 million in 2024.
• Capital expenditures are forecast at approximately $400 million for 2025.
• In October 2025, Whirlpool announced a planned $300 million investment in its U.S. laundry manufacturing facilities in Clyde and Marion, Ohio, to expand production of next-generation washers and dryers and create 400-600 new jobs.