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Whirlpool Announces Fourth-Quarter and Full-Year Results; Provides 2025 Guidance

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— Fourth-quarter net sales decline of (18.7)% due to the Europe divestiture; organic net sales(1) growth of 1.9% driven by strong small domestic appliances and international businesses

— Delivered approximately $300 million of net cost take out in 2024, as expected

— Q4 GAAP net earnings margin (loss) of (9.5)%; GAAP earnings (loss) per diluted share of $(7.10) driven by the non-cash impact of Maytag brand impairment, GAAP tax rate of (44)%

— Q4 Ongoing (non-GAAP) EBIT margin(2) of 6.0%; ongoing earnings per diluted share(3) of $4.57 supported by favorable adjusted (non-GAAP) effective tax rate of (54)%

— 2025 outlook includes full-year GAAP earnings per diluted share of approximately $8.75, and ongoing earnings per diluted share(3) of approximately $10.00; including GAAP and adjusted (non-GAAP) tax rate of 20 to 25%; cash provided by operating activities of approximately $1 billion and free cash flow(4) of approximately $500 to $600 million

— Intend to reduce ownership stake in Whirlpool of India Ltd. to ~20% in 2025 via market sale

— Expect to pay down approximately $700 million of debt in 2025

BENTON HARBOR, Mich., Jan. 29, 2025 /PRNewswire/ — Whirlpool Corporation (NYSE: WHR), today reported fourth-quarter and full-year 2024 financial results.

“In 2024, we continued to make progress in our operations and delivered on our cost take out commitment of $300 million while achieving the closure of the Europe transaction, supporting our ongoing portfolio transformation,” said Marc Bitzer. “In 2025, we expect to deliver more than $200 million of cost take out and position our business for the eventual U.S. housing recovery.”
MARC BITZER, CHAIRMAN AND CHIEF EXECUTIVE OFFICER 

Earnings Results

Fourth Quarter Results

Full Year Results

2024*

2023

Change

2024*

2023

Change

Net sales ($M)

$4,136

$5,088

(18.7) %

$16,607

$19,455

(14.6) %

Organic net sales ($M)(1)

$4,174

$4,254

1.9 %

$16,052

$15,991

(0.4) %

GAAP net earnings (loss) available to Whirlpool ($M)

$(393)

$491

nm

$(323)

$481

nm

Ongoing EBIT(2) ($M)

$248

$266

(6.8) %

$887

$1,191

(25.5) %

GAAP net earnings margin

(9.5) %

9.7 %

(19.2pts)

(1.9) %

2.5 %

(4.4pts)

Ongoing EBIT margin(2)

6.0 %

5.2 %

0.8pts

5.3 %

6.1 %

(0.8pts)

GAAP earnings (loss) per diluted share

$(7.10)

$8.90

nm

$(5.87)

$8.72

nm

Ongoing earnings per diluted share(3)

$4.57

$3.85

18.7 %

$12.21

$16.16

(24.4) %

*Excludes net sales from our previously-owned MDA Europe business; full-year results exclude net sales from the second through fourth quarter

Free Cash Flow

2024

2023

Change

Cash provided by (used in) operating activities ($M)

$835

$915

$(80)

Free cash flow(4) ($M)

$385

$366

$19

“We are proud of the actions we took to strengthen our balance sheet, paying down $500 million in debt and driving significant working capital efficiency,” said Jim Peters. “In 2025, our clear capital allocation priorities along with the anticipated India transaction will maximize shareholder value and further strengthen our balance sheet.”
JIM PETERS, CHIEF FINANCIAL AND ADMINISTRATIVE OFFICER

SEGMENT REVIEW

SEGMENT INFORMATION ($M)

Q4 2024

Q4 2023

Change

MDA North America

Net Sales

$2,595

$2,632

(1.4) %

EBIT

$173

$213

(18.8) %

     % of sales

6.7 %

8.1 %

(1.4pts)

MDA Latin America

Net Sales

$920

$958

(4.0) %

EBIT

$70

$50

40.0 %

     % of sales

7.6 %

5.2 %

2.4pts

MDA Asia

Net Sales

$238

$221

7.6 %

EBIT

$3

$(1)

nm

     % of sales

1.2 %

(0.5) %

1.7pts

SDA Global

Net Sales

$384

$363

5.7 %

EBIT

$48

$50

(4.0) %

     % of sales

12.5 %

13.8 %

(1.3pts)

MDA: Major Domestic Appliances; SDA: Small Domestic Appliances

MDA NORTH AMERICA

Excluding currency, net sales decreased 1.2 percent year-over-year, and EBIT margin(5) decreased year-over-year, driven by a sizeable trade inventory reduction coupled with strong sell through in the quarter, negatively impacting price/mix

MDA LATIN AMERICA

Excluding currency, net sales increased 7.3 percent year-over-year, with strong industry demand in Brazil and MexicoEBIT margin(5) increased year-over-year, driven by cost take out actions and fixed cost leverage

MDA ASIA

Excluding currency, net sales increased 8.8 percent year-over-year, with increased volumes from share gains and industry growthEBIT margin(5) increased year-over-year, driven by fixed cost leverage

SDA GLOBAL

Excluding currency, net sales increased 6.4 percent year-over-year, driven by strong direct-to-consumer sales and new product launchesEBIT margin(5) decreased year-over-year, impacted by marketing investments in new product launches

FULL-YEAR 2025 OUTLOOK

Guidance Summary

2024 Reported

2024 Like-for- Like (6)

2025 Guidance

Net sales ($B)

$16.6

~$15.4

~$15.8

Cash provided by operating activities ($M)

$835

N/A

~$1,000

Free cash flow ($M)(4)

$385

N/A

$500 – $600

GAAP net earnings margin (%)

(1.9) %

N/A

3.0 %

Ongoing EBIT margin (%)(2)

5.3 %

~5.8%

~6.8%

GAAP earnings per diluted share

$(5.87)

N/A

~$8.75

Ongoing earnings per diluted share(3)

$12.21

N/A

~$10.00

GAAP tax rate

(5.5) %

N/A

20 – 25%

Adjusted (non-GAAP) tax rate

(28.6) %

N/A

20 – 25%

Expect full-year net sales of approximately $15.8 billion; approximately 3% growth on a like-for-like(6) basisExpect to deliver more than $200 million of structural cost take out actionsExpect full-year GAAP earnings per diluted share of approximately $8.75 and full-year ongoing earnings per diluted share(3) of approximately $10.00Cash provided by operating activities of approximately $1 billion and free cash flow(4) of $500 to $600 millionExpect net cash proceeds of $550 to $600 million from the anticipated India transactionOur capital allocation priorities demonstrate our strong commitment to strengthen our balance sheet; expect approximately $700 million of debt pay down in 2025

(1)  

A reconciliation of organic net sales, a non-GAAP financial measure, to reported net sales and other important information, appears below.

(2)        

A reconciliation of earnings before interest and taxes (EBIT) and ongoing EBIT, non-GAAP financial measures, to reported net earnings (loss) available to Whirlpool, and a reconciliation of EBIT margin and ongoing EBIT margin, non-GAAP financial measures, to net earnings (loss) margin and other important information, appears below.

(3)        

A reconciliation of ongoing earnings per diluted share, a non-GAAP financial measure, to reported net earnings (loss) per diluted share available to Whirlpool and other important information, appears below.

(4)   

A reconciliation of free cash flow, a non-GAAP financial measure, to cash provided by (used in) operating activities and other important information, appears below.

(5)        

Segment EBIT represents our consolidated EBIT broken down by the Company’s reportable segments and are metrics used by the chief operating decision maker in accordance with ASC 280. Consolidated EBIT also includes corporate “Other/Eliminations” of $(507) million and $67 million for the fourth quarters of 2024 and 2023, respectively.

(6)        

Like-for-like refers to pro forma results for 2024, which exclude the first quarter results for the historical Europe major domestic appliances business (MDA Europe) and July through December results for the Whirlpool of India business, to provide a comparative baseline for 2025 guidance. This comparison uses a prior period baseline that is aligned to the ongoing business expectations for 2025, with the Europe transaction closed April 1, 2024 and the intended Whirlpool of India transaction expected to close by mid to late 2025. The like-for-like GAAP net earnings margin and corresponding reconciliation cannot be provided without unreasonable effort or expense. Please see below for a reconciliation of ongoing EBIT for the full year to GAAP net earnings.

ABOUT WHIRLPOOL CORPORATION

Whirlpool Corporation (NYSE: WHR) is a leading home appliance company, in constant pursuit of improving life at home. As the last-remaining major U.S.-based manufacturer of kitchen and laundry appliances, the company is driving meaningful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, JennAir, Maytag, Amana, Brastemp, Consul, and InSinkErator. In 2024, the company reported approximately $17 billion in annual sales – close to 90% of which were in the Americas –  44,000 employees and 40 manufacturing and technology research centers. Additional information about the company can be found at WhirlpoolCorp.com. 

WEBSITE DISCLOSURE

We routinely post important information for investors on our website, WhirlpoolCorp.com, in the “Investors” section. We also intend to update the “Hot Topics Q&A” portion of this webpage as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the “Investors” section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our webpage is not incorporated by reference into, and is not a part of, this document.

WHIRLPOOL ADDITIONAL INFORMATION

This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries (“Whirlpool”) within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Whirlpool intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with those safe harbor provisions. Any statements made in this press release that are not statements of historical fact, including statements regarding future financial results, long-term value creation goals, restructuring expectations, productivity, raw material prices and related costs, supply chain, portfolio transformation expectations, asset impairment, debt repayment expectations, India transaction timing and benefits expectations, trade customer inventory expectations, and the impact of housing recovery-related benefits on our operations are forward-looking statements and should be evaluated as such. Such statements can be identified by the use of terminology such as “may,” “could,” “will,” “should,” “possible,” “plan,” “predict,” “forecast,” “potential,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “may impact,” “on track,” “margin lift,” and similar words or expressions. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool’s forward-looking statements. Among these factors are: (1) intense competition in the home appliance industry, and the impact of the changing retail environment, including direct-to-consumer sales; (2) Whirlpool’s ability to maintain or increase sales to significant trade customers; (3) Whirlpool’s ability to maintain its reputation and brand image; (4) the ability of Whirlpool to achieve its business objectives and successfully manage its strategic portfolio transformation; (5) Whirlpool’s ability to understand consumer preferences and successfully develop new products; (6) Whirlpool’s ability to obtain and protect intellectual property rights; (7) acquisition, divestiture, and investment-related risks, including risks associated with our past acquisitions; (8) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost-effective manner; (9) risks related to our international operations; (10) Whirlpool’s ability to respond to unanticipated social, political and/or economic events, including epidemics/pandemics; (11) information technology system and cloud failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; (12) product liability and product recall costs; (13) Whirlpool’s ability to attract, develop and retain executives and other qualified employees; (14) the impact of labor relations; (15) fluctuations in the cost of key materials (including steel, resins, and base metals) and components and the ability of Whirlpool to offset cost increases; (16) Whirlpool’s ability to manage foreign currency fluctuations; (17) impacts from goodwill, intangible asset and/or inventory impairment charges; (18) health care cost trends, regulatory changes and variations between results and estimates that could increase future funding obligations for pension and postretirement benefit plans; (19) impacts from credit rating agency downgrades; (20) litigation, tax, and legal compliance risk and costs; (21) the effects and costs of governmental investigations or related actions by third parties; (22) changes in the legal and regulatory environment including environmental, health and safety regulations, data privacy, taxes and generative AI; (23) the impacts of changes in foreign trade policies, including tariffs; (24) Whirlpool’s ability to respond to the impact of climate change and climate change or other environmental regulation; and (25) the uncertain global economy and changes in economic conditions. In addition, factors that could cause actual results to differ materially from our India transaction expectations include, among other things, failure or delays in launching transaction based on Board approval, market conditions or other factors, failure or delays in share settlement and closing, transaction proceeds being lower than expected, alternative uses for proceeds received, brand license valuation expectations not being met, and strategic, economic or industry expectations for India not being realized. Additional information concerning these and other factors can be found in Whirlpool’s filings with the Securities and Exchange Commission, including the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. These cautionary statements should not be construed by you to be exhaustive and the forward-looking statements are made only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

WHIRLPOOL CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF INCOME (LOSS) (UNAUDITED)

FOR THE PERIODS ENDED DECEMBER 31

(Millions of dollars, except per share data)

 

Three Months Ended

Twelve Months Ended

2024

2023

2024

2023

Net sales

$       4,136

$        5,088

$       16,607

$         19,455

Expenses

Cost of products sold

3,465

4,296

14,026

16,285

Gross margin

671

792

2,581

3,170

Selling, general and administrative

418

557

1,684

1,993

Intangible amortization

7

1

31

40

Restructuring costs

(2)

2

79

16

Impairment of goodwill and other intangibles

381

—

381

—

Loss (gain) on sale and disposal of businesses

4

(180)

264

106

Operating profit

(136)

412

143

1,015

Other (income) expense

Interest and sundry (income) expense

—

(6)

(27)

71

Interest expense

83

92

358

351

Earnings (loss) before income taxes

(218)

326

(188)

593

Income tax expense (benefit)

95

(191)

10

77

Equity method investment income (loss), net of tax

(76)

(25)

(107)

(28)

Net earnings (loss)

(391)

492

(305)

488

Less: Net earnings (loss) available to noncontrolling interests

2

1

18

7

Net earnings (loss) available to Whirlpool

$         (393)

$           491

$           (323)

$               481

Per share of common stock

Basic net earnings (loss) available to Whirlpool

$        (7.10)

$          8.93

$          (5.87)

$              8.76

Diluted net earnings (loss) available to Whirlpool

$        (7.10)

$          8.90

$          (5.87)

$              8.72

Dividends declared

$          1.75

$          1.75

$            7.00

$              7.00

Weighted-average shares outstanding (in millions)

Basic

55.4

55.1

55.1

55.0

Diluted

55.4

55.2

55.1

55.2

 

WHIRLPOOL CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(Millions of dollars, except share data)

 

December 31, 2024

December 31, 2023

(Unaudited)

Assets

Current assets

Cash and cash equivalents

$          1,275

$          1,570

Accounts receivable, net of allowance of $46 and $47, respectively

1,317

1,529

Inventories

2,035

2,247

Prepaid and other current assets

612

717

Assets held for sale

—

144

Total current assets

5,239

6,207

Property, net of accumulated depreciation of $5,414 and $5,259, respectively

2,275

2,234

Right of use assets

841

721

Goodwill

3,322

3,330

Other intangibles, net of accumulated amortization of $447 and $440, respectively

2,717

3,124

Deferred income taxes

1,433

1,317

Other noncurrent assets

474

379

Total assets

$       16,301

$       17,312

Liabilities and stockholders’ equity

Current liabilities

Accounts payable

$          3,530

$          3,598

Accrued expenses

455

491

Accrued advertising and promotions

682

603

Employee compensation

228

238

Notes payable

18

17

Current maturities of long-term debt

1,850

800

Other current liabilities

560

614

Liabilities held for sale

—

587

Total current liabilities

7,323

6,948

Noncurrent liabilities

Long-term debt

4,758

6,414

Pension benefits

122

147

Postretirement benefits

96

107

Lease liabilities

711

612

Other noncurrent liabilities

357

547

Total noncurrent liabilities

6,045

7,827

Stockholders’ equity

Common stock, $1 par value, 250 million shares authorized, 65 million and 114 million shares issued, respectively, and 55 million and 55 million shares outstanding, respectively

64

114

Additional paid-in capital

3,462

3,078

Retained earnings

1,311

8,358

Accumulated other comprehensive loss

(1,545)

(2,178)

Treasury stock, 9 million and 60 million shares, respectively

(609)

(7,010)

Total Whirlpool stockholders’ equity

2,683

2,362

Noncontrolling interests

250

175

Total stockholders’ equity

2,933

2,537

Total liabilities and stockholders’ equity

$       16,301

$       17,312

 

WHIRLPOOL CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE PERIODS ENDED DECEMBER 31

(Millions of dollars)

 

Twelve Months Ended

2024

2023

Operating activities

Net earnings (loss)

$           (305)

$              488

Adjustments to reconcile net earnings to cash provided by (used in) operating activities:

Depreciation and amortization

333

361

Impairment of goodwill and other intangibles

381

—

Loss (gain) on sale and disposal of businesses

264

106

Equity method investment (income) loss, net of tax

107

28

Changes in assets and liabilities:

Accounts receivable

(14)

159

Inventories

172

(123)

Accounts payable

125

1

Accrued advertising and promotions

63

(37)

Accrued expenses and current liabilities

7

122

Taxes deferred and payable, net

(183)

(97)

Accrued pension and postretirement benefits

(24)

(59)

Employee compensation

97

103

Other

(188)

(137)

Cash provided by (used in) operating activities

835

915

Investing activities

Capital expenditures

(451)

(549)

Proceeds from sale of assets and businesses

95

10

Acquisition of businesses, net of cash acquired

—

(14)

Cash held by divested businesses

(245)

—

Other

(1)

—

Cash provided by (used in) investing activities

(602)

(553)

Financing activities

Net proceeds from borrowings of long-term debt

300

304

Net repayments of long-term debt

(801)

(750)

Net proceeds (repayments) from short-term borrowings

11

34

Dividends paid

(384)

(384)

Repurchase of common stock

(50)

—

Sale of minority interest in subsidiary

462

—

Common stock issued

—

4

Other

(14)

—

Cash provided by (used in) financing activities

(476)

(792)

Effect of exchange rate changes on cash and cash equivalents

(149)

45

Less: change in cash classified as held for sale

—

(3)

Increase (decrease) in cash and cash equivalents

(391)

(388)

Cash and cash equivalents at beginning of year (1)

1,667

1,958

Cash and cash equivalents at end of period

$          1,275

$          1,570

(1) Cash and cash equivalent at the beginning of 2024 include $1,570 million of cash and cash equivalents and cash of $97 million classified as held for sale as of December 31, 2023.

 

SUPPLEMENTAL INFORMATION – CONSOLIDATED FINANCIAL STATEMENTS RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Millions of dollars except per share data) (Unaudited)

We supplement the reporting of our financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial measures, some of which we refer to as “ongoing” measures. These measures may include earnings before interest and taxes (EBIT), EBIT margin, ongoing EBIT, ongoing EBIT margin, ongoing earnings per diluted share, ongoing interest and sundry (income) expense, adjusted effective tax rate, organic net sales, net debt leverage (Net Debt/Ongoing EBITDA), return on invested capital (ROIC) and free cash flow.

Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.

Sales excluding foreign currency: Current period net sales translated in functional currency, to U.S. dollars using the applicable prior period’s exchange rate compared to the applicable prior period net sales. Management believes that sales excluding foreign currency provides stockholders with a clearer basis to assess our results over time, excluding the impact of exchange rate fluctuations.
Organic net sales: Sales excluding the impact of certain acquisitions or divestitures, and foreign currency. Management believes that organic net sales provides stockholders with a clearer basis to assess our results over time, excluding the impact of exchange rate fluctuations and certain acquisitions and/or divestitures.
Ongoing EBIT margin: Ongoing earnings before interest and taxes divided by net sales. Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.
Ongoing earnings per diluted share: Diluted net earnings per share from continuing operations, adjusted to exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations. Ongoing measures provide a better baseline for analyzing trends in our underlying businesses.
Ongoing interest and sundry (income) expense: Reported interest and sundry (income) expense adjusted to exclude certain unique items. Management believes that ongoing interest and sundry (income) expense provides stockholders with a meaningful, consistent comparison of the Company’s interest and sundry (income) expense, excluding the impact of certain unique items.
Ongoing equity method income (loss): Reported equity method income (loss) adjusted to exclude equity method investee restructuring charges. Management believes that ongoing equity method income (loss) provides stockholders with a meaningful, consistent comparison of the Company’s equity method income (loss), excluding the impact of equity method investee restructuring charges.
Net debt leverage: Net debt to ongoing earnings before interest, taxes, depreciation, and amortization (EBITDA) ratio is net debt outstanding, including long-term debt, current maturities of long-term debt, and notes payable, less cash and cash equivalents, divided by ongoing EBITDA. Management believes that net debt leverage provides stockholders with a view of our ability to generate earnings sufficient to service our debt.
Return on invested capital: Ongoing EBIT after taxes divided by total invested capital, defined as total assets less non-interest bearing current liabilities (NIBCLS). NIBCLS is defined as current liabilities less current maturities of long-term debt and notes payable. This ROIC definition may differ from other companies’ methods and therefore may not be comparable to those used by other companies. Management believes that ROIC provides stockholders with a view of capital efficiency, a key driver of stockholder value creation.
Adjusted effective tax rate: Effective tax rate, excluding pre-tax income and tax effect of certain unique items. Management believes that adjusted tax rate provides stockholders with a meaningful, consistent comparison of the Company’s effective tax rate, excluding the pre-tax income and tax effect of certain unique items.
Free cash flow: Cash provided by (used in) operating activities less capital expenditures. Management believes that free cash flow provides stockholders with a relevant measure of liquidity and a useful basis for assessing the Company’s ability to fund its activities and obligations.

Whirlpool does not provide a non-GAAP reconciliation for its forward-looking long-term value creation goals, such as organic net sales, EBIT, free cash flow conversion, free cash flow benefit as a result of Europe transaction closing, ROIC and net debt leverage, as these long-term management goals are not annual guidance, and the reconciliation of these long-term measures would rely on market factors and certain other conditions and assumptions that are outside of the Company’s control.

We believe that these non-GAAP measures provide meaningful information to assist investors and stockholders in understanding our financial results and assessing our prospects for future performance, and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP financial measures, provide a more complete understanding of our business. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. These ongoing financial measures should not be considered in isolation or as a substitute for reported net earnings available to Whirlpool per diluted share, net earnings, net earnings available to Whirlpool, net earnings margin, return on assets, net sales, effective tax rate and cash provided by (used in) operating activities, the most directly comparable GAAP financial measures.

We also disclose segment EBIT as an important financial metric used by the Company’s Chief Operating Decision Maker to evaluate performance and allocate resources in accordance with ASC 280 – Segment Reporting.

GAAP net earnings available to Whirlpool per basic or diluted share (as applicable) and ongoing earnings per diluted share are presented net of tax, while individual adjustments in each reconciliation are presented on a pre-tax basis; the income tax impact line item aggregates the tax impact for these adjustments. The tax impact of individual line item adjustments may not foot precisely to the aggregate income tax impact amount, as each line item adjustment may include non-taxable components. Historical quarterly earnings per share amounts are presented based on a normalized tax rate adjustment to reconcile quarterly tax rates to full-year tax rate expectations. We strongly encourage investors and stockholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

FOURTH-QUARTER 2024 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE

The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the three months ended December 31, 2024. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our fourth-quarter GAAP tax rate was (43.6)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our fourth-quarter adjusted tax rate (non-GAAP) of (53.8)%.

Three Months Ended

Earnings Before Interest & Taxes Reconciliation:

December 31, 2024

Net earnings (loss) available to Whirlpool

$                             (393)

Net earnings (loss) available to noncontrolling interests

2

Income tax expense (benefit)

95

Interest expense

83

Earnings before interest & taxes

$                             (212)

Net sales

$                           4,136

Net earnings (loss) margin

(9.5) %

 

Results classification

Earnings before
interest & taxes

Earnings per
diluted share

Reported measure

$                   (212)

$                     (7.10)

Restructuring expense (a)

Restructuring costs

(2)

(0.04)

Impairment of goodwill,
intangibles and other assets (b)

Impairment of goodwill
and other intangibles

381

6.88

Impact of M&A
transactions (c)

(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative

9

0.16

Legacy EMEA legal matters (d)

Interest and sundry
(income) expense

(2)

(0.04)

Equity method investee –
restructuring charges (e)

Equity method investment
income (loss), net of tax

74

1.34

Income tax impact

Income tax impact

4.47

Normalized tax rate
adjustment (f)

Normalized tax rate
adjustment

(1.10)

Ongoing measure

$                     248

$                       4.57

Net sales

$                  4,136

Ongoing EBIT margin

6.0 %

Note: Numbers may not reconcile due to rounding.

FOURTH-QUARTER 2023 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE

The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the three months ended December 31, 2023. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our fourth-quarter GAAP tax rate was (58.6)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our fourth-quarter adjusted tax rate (non-GAAP) of (19.0)%.

Three Months Ended

Earnings Before Interest & Taxes Reconciliation:

December 31, 2023

Net earnings (loss) available to Whirlpool

$                              491

Net earnings (loss) available to noncontrolling interests

1

Income tax expense (benefit)

(191)

Interest expense

92

Earnings before interest & taxes

$                              393

Net sales

$                           5,088

Net earnings (loss) margin

9.7 %

 

Results classification

Earnings before
interest & taxes

Earnings per
diluted share

Reported measure

$                     393

$                       8.90

Impact of M&A transactions (c)

(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative & including
equity method investment

(123)

(2.23)

Legacy EMEA legal matters (d)

Interest and sundry
(income) expense

(4)

(0.06)

Total income tax impact

(0.44)

Normalized tax rate adjustment (f)

(2.32)

Ongoing measure

$                     266

$                       3.85

Net sales

$                  5,088

Ongoing EBIT margin

5.2 %

Note: Numbers may not reconcile due to rounding.

FULL-YEAR 2024 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE

The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the twelve months ended December 31, 2024. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our full-year GAAP tax rate was (43.6)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of (28.6)%.

Twelve Months Ended

Earnings Before Interest & Taxes Reconciliation:

December 31, 2024

Net earnings (loss) available to Whirlpool

$                            (323)

Net earnings (loss) available to noncontrolling interests

18

Income tax expense (benefit)

10

Interest expense

358

Earnings before interest & taxes

$                               63

Net sales

$                        16,607

Net earnings (loss) margin

(1.9) %

 

Results classification

Earnings before
interest & taxes

Earnings per
diluted share

Reported measure

$                       63

$                     (5.87)

Restructuring expense (a)

Restructuring costs

79

1.44

Impairment of goodwill,
intangibles and other assets (b)

Impairment of goodwill
and other intangibles

381

6.92

Impact of M&A transactions (c)

(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative

292

5.30

Legacy EMEA legal matters (d)

Interest and sundry
(income) expense

(2)

(0.04)

Equity method investee –
restructuring charges (e)

Equity method investment
income (loss), net of tax

74

1.34

Total income tax impact

4.28

Normalized tax rate adjustment (f)

(1.16)

Ongoing measure

$                     887

$                     12.21

Net Sales

$                16,607

Ongoing EBIT Margin

5.3 %

Note: Numbers may not reconcile due to rounding.

FULL-YEAR 2023 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE 

The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the twelve months ended December 31, 2023. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our full-year GAAP tax rate was 13.0%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of (6.7)%.

Twelve Months Ended

Earnings Before Interest & Taxes Reconciliation:

December 31, 2023

Net earnings (loss) available to Whirlpool

$                              481

Net earnings (loss) available to noncontrolling interests

7

Income tax expense (benefit)

77

Interest expense

351

Earnings before interest & taxes

$                              916

Net sales

$                         19,455

Net earnings (loss) margin

2.5 %

 

Results classification

Earnings before
interest & taxes

Earnings per
diluted share

Reported measure

$                     916

$                       8.72

Impact of M&A transactions (c)

(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative & including
equity method investment

181

3.27

Legacy EMEA legal matters (d)

Interest and sundry
(income) expense

94

1.71

Total income tax impact

0.35

Normalized tax rate adjustment (f)

2.11

Ongoing measure

$                  1,191

$                     16.16

Net Sales

$                19,455

Ongoing EBIT Margin

6.1 %

Note: Numbers may not reconcile due to rounding

FULL-YEAR 2025 OUTLOOK FOR ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE 

The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings available to Whirlpool and net earnings per diluted share available to Whirlpool, for the twelve months ending December 31, 2025. Net earnings margin is calculated by dividing net earnings available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our anticipated full-year GAAP tax rate is approximately 20 – 25%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our anticipated full-year adjusted tax (non-GAAP) rate of 20 – 25%.

Twelve Months Ending

December 31, 2025

Results classification

Earnings before
interest & taxes*

Earnings per
diluted share

Reported measure

                          ~$975 

                    ~$8.75 

Restructuring Expense

Restructuring Costs

                               ~75 

                       ~1.25 

Impact of M&A transactions

(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative

                               ~20 

                       ~0.25 

Total income tax impact

                      (~0.25)

Ongoing measure

                      ~$1,070 

                  ~$10.00  

Note: Numbers may not reconcile due to rounding.

*Earnings Before Interest & Taxes (EBIT) is a non-GAAP measure. The Company does not provide a forward-looking quantitative reconciliation of EBIT to the most directly comparable GAAP financial measure, net earnings available to Whirlpool, because the net earnings available to noncontrolling interests item of such reconciliation — which has historically represented a relatively insignificant amount of the Company’s overall net earnings — implicates the Company’s projections regarding the earnings of the Company’s non wholly-owned subsidiaries and joint ventures that cannot be quantified precisely or without unreasonable efforts.

FOOTNOTES

 

a.   

RESTRUCTURING EXPENSE – 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 million in employee termination costs and $7 million other associated costs.

 

During the second quarter of 2024, the Company evaluated additional restructuring actions as part of the Company’s organizational simplification efforts. Total costs for these actions were $58 million, which were primarily employee termination costs.

b.    

IMPAIRMENT OF GOODWILL, INTANGIBLES AND OTHER ASSETS – During the fourth quarter of 2024, we determined that the carrying value of the Maytag trademark exceeded its fair value, resulting in an impairment charge of $381 million.

c.    

IMPACT OF M&A TRANSACTIONS – On January 16, 2023, the Company signed a contribution agreement to contribute our European major domestic appliance business into a newly formed entity with Arcelik.  In connection with the transaction, which closed on April 1, 2024, the Company recorded a loss on disposal of $298 million and $106 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively.

 

Additionally, the Company incurred other unique transaction related costs related to portfolio transformation for a total of $28 million and $75 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively. These transaction costs are recorded in Selling, General and Administrative expenses on our Consolidated  Statements of Comprehensive Income (Loss).

 

The Company also recorded a gain of $34 million during the third quarter of 2024 related to the sale of the Company’s Brastemp-branded water filtration subscription business related to our portfolio transformation.

d.    

LEGACY EMEA LEGAL MATTERS – During the fourth quarter of 2024 we recorded immaterial amounts related to  legacy matters  of our European major domestic appliance business.

 

During the first quarter of 2023, the Company accrued $62 million related to the Competition Investigation and unrelated trade customer insolvency matter of our European major domestic appliance business. During the second quarter of 2023, the accrual was increased by $36 million resulting in an aggregate amount of $98 million for the six months ended June 30, 2023. An immaterial adjustment was made in the fourth quarter of 2023 related to these matters. For certain additional information, see Note 7 to the Consolidated Financial Statements.

e.    

EQUITY METHOD INVESTEE – RESTRUCTURING CHARGES – During the fourth quarter of 2024, we recorded our proportionate share of restructuring charges related to certain previously announced restructuring actions by our European equity method investee.

f.    

NORMALIZED TAX RATE ADJUSTMENT – For the full year 2024, the Company calculated a GAAP tax rate of (5.5)%.  Ongoing earnings per share was calculated using an adjusted tax rate of (28.6)%, which excludes the tax impacts related to M&A transactions, the Maytag intangible impairment charge, and certain other tax impacts related to the Europe transaction.

 

For the full-year 2023, the Company calculated a GAAP tax rate of 13%. Ongoing earnings per share was calculated using an adjusted tax rate of (6.7)%, which excludes certain tax related impacts of M&A transactions and certain tax related impacts  to legal entity restructuring transactions.

ONGOING EBIT EXCLUDING MDA EUROPE FIRST QUARTER AND JULY THROUGH DECEMBER INDIA

The reconciliation provided below reconciles the impact of removing Q1 MDA Europe and July through December India from our net sales and ongoing EBIT, for the twelve months ended December 31, 2024 for the Whirlpool business. Please see elsewhere in this Supplemental Information section for a reconciliation of Ongoing EBIT to GAAP reported net earnings (loss) available to Whirlpool. 

2024 As
Reported

Q1 2024
MDA
Europe*

July –
December
2024 India**

2024
Like-for-Like

Net Sales (in billions)

$16.6

$0.8

$0.4

         ~$15.4     

Ongoing EBIT (in millions)

887

(9)

3

             ~893     

Ongoing EBIT Margin

5.3 %

(1.1) %

0.7 %

          ~5.8          %

Note: Numbers may not reconcile due to rounding.

 

*Q1 historical segment financial data (unaudited).

** July through December India financial data (unaudited).

FREE CASH FLOW

Free cash flow is cash provided by (used in) operating activities after capital expenditures. The reconciliation provided below reconciles twelve months ended December 31, 2024 and 2023 and 2025 full-year free cash flow with cash provided by (used in) operating activities, the most directly comparable GAAP financial measure. Free cash flow as a percentage of net sales is calculated by dividing free cash flow by net sales.

Twelve Months Ended

December 31,

(millions of dollars)

2024

2023

2025
Outlook

Cash provided by (used in) operating activities

$835

$915

~$1,000

Capital expenditures

(451)

(549)

(~450)

Free cash flow

$385

$366

$500 – $600

Cash provided by (used in) investing activities*

(602)

(553)

Cash provided by (used in) financing activities*

(476)

(792)

*Financial guidance on a GAAP basis for cash provided by (used in) financing activities and cash provided by (used in) investing activities has not been provided because in order to prepare any such estimate or projection, the Company would need to rely on market factors and certain other conditions and assumptions that are outside of its control.

ORGANIC NET SALES

The reconciliation provided below reconciles the non-GAAP financial measure organic net sales to GAAP reported net sales, for twelve months ended December 31, 2023 and 2024 for the Whirlpool business.

Twelve Months Ended

December 31,

(Approximate impact in dollars)

2024

2023

Change

Net Sales

$16,607

$19,455

(14.6) %

Less: EMEA Divested Business

804

3,403

Less: Currency

(188)

—

Organic Net Sales

$15,991

$16,052

(0.4) %

The reconciliation provided below reconciles the non-GAAP financial measure organic net sales to GAAP reported net sales, for three months ended December 31, 2023 and 2024 for the Whirlpool business.

Three Months Ended

December 31,

(Approximate impact in dollars)

2024

2023

Change

Net Sales

$4,136

$5,088

(18.7) %

Less: EMEA Divested Business

—

914

Less: Currency

(118)

—

Organic Net Sales

$4,254

$4,174

1.9 %

The reconciliation provided below reconciles the non-GAAP financial measure organic net sales to GAAP reported net sales, for three months ended September 30, 2023 and 2024 for the Whirlpool business.

Three Months Ended

September 30,

(Approximate impact in dollars)

2024

2023

Change

Net Sales

$3,993

$4,926

(18.9) %

Less: EMEA Divested Business

—

829

Less: Currency

(76)

—

Organic Net Sales

$4,069

$4,097

(0.7) %

The reconciliation provided below reconciles the non-GAAP financial measure organic net sales to GAAP reported net sales, for three months ended June 30, 2023 and 2024 for the Whirlpool business.

Three Months Ended

June 30,

(Approximate impact in dollars)

2024

2023

Change

Net Sales

$3,989

$4,792

(16.8) %

Less: EMEA Divested Business

—

814

Less: Currency

(37)

—

Organic Net Sales

$4,026

$3,978

1.2 %

The reconciliation provided below reconciles the non-GAAP financial measure organic net sales to GAAP reported net sales, for three months ended March 31, 2023 and 2024 for the Whirlpool business.

Three Months Ended

March 31,

(Approximate impact in dollars)

2024

2023

Change

Net Sales

$4,490

$4,649

(3.4) %

Less: EMEA Divested Business

804

846

Less: Currency

43

—

Organic Net Sales

$3,643

$3,803

(4.2) %

Note: Numbers may not reconcile due to rounding.

 

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SOURCE Whirlpool Corporation

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Algorized and ZHAW School of Engineering Launch Research on Predicting Human Movement Around Collaborative Robots, funded by InnoSuisse

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A two-year program studies how sensor fusion enhances human presence detection and safe human-machine interaction.

ETOY, Switzerland, Oct. 20, 2026 /PRNewswire/ — Robots working beside people need a reliable estimate of human movement. Their controllers also need to know how far they can trust that estimate. Algorized and ZHAW Zurich University of Applied Sciences Institute of Signal Processing and Wireless Communications ISC have launched a two-year research program to study both questions. The collaboration is funded by InnoSuisse.

The program, “Real-Time Human Perception via Edge-AI Wireless Sensor Fusion for Collaborative Robotics”, runs from September 2026 for two years. It builds on earlier research by Algorized and ISC on ultra-wideband (UWB) radar.

The program aims to combine raw wireless and optical signals in one fusion layer between a robot’s sensors and its controller. Researchers aim to weight each input by confidence and produce a calibrated estimate of a person’s position and predicted path.

Algorized processes raw data with one foundation model to detect human presence and classify whether it is a human or an object. The program tests whether combining raw inputs in sensor fusion, before each sensor makes its own decision, creates a holistic layer for the human-aware machines.

Each sensor type adds different information. UWB radar and Wi-Fi sensing can help detect a person behind a shelf or a machine. Millimeter-wave radar holds its lock through dust, steam, glare and darkness. RGB and time-of-flight cameras add spatial and semantic detail. The program studies how these inputs work together.

The research has four goals. The first three are to sense people in approach to the robot, tell living from non-living objects, and track and predict each person’s path. The fourth is to send the robot controller a graded instruction: continue, slow down, or stop. The inference target is under 100 milliseconds on standard industrial edge hardware. Algorized’s planned safety functions cover presence detection, localization and tracking.

A model of this kind needs its own training data. That data must come from real facilities with people moving through them. Researchers who understand the physics must interpret it. The goal is a core model that transfers across sensor types, vendors and sites without retraining for each deployment.

“Machines enter the physical world,” said Natalya Lopareva, CEO and Founder of Algorized. “For robots to coexist with humans, they need to understand the people around them. We are exploring every sensor and every layer of compute to make shared spaces safe. That takes research, and we are doing it together with the ISC at the ZHAW School of Engineering.”

“The program brings ISC sensing research into real industrial sites. Researchers will combine radar, Wi-Fi, and optical signals to distinguish approaching people from other objects and then estimate the person’s position and movement. The program investigates how the reliability of this estimation can be measured and how to predict where a person will go next,” said Marc Kuhn, Deputy Head of ISC at the ZHAW School of Engineering.

About Algorized

Algorized builds the edge-native nervous system for Physical AI. Its foundation model senses human presence, vital signs, and intent through occlusion – delivering real-time human-aware perception from standard wireless sensors, where cameras and light-based systems go blind. Backed by the Amazon Industrial Innovation Fund and rooted in four years of Swiss sensing research, Algorized partners with silicon manufacturers and industrial OEMs across robotics, automotive, and smart spaces. Learn more at www.algorized.com.

About the ZHAW School of Engineering

The School of Engineering is one of eight schools of the ZHAW Zurich University of Applied Sciences. With 14 institutes and centres, the ZHAW School of Engineering is one of Switzerland’s leading institutions for technical education and research. It provides high-quality degree programmes and continuing education and develops innovative solutions for industry, focusing on the areas of energy, mobility, information and health.

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SOURCE Algorized

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Yoodli Named 2026 Inc. Power Partner for Helping Enterprise Teams Build Skills That Show Up on the Job

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Recognition follows a year in which Yoodli customers including Google and Intuit earned 11 Brandon Hall Group awards for programs built on Yoodli

SEATTLE, Oct. 20, 2026 /PRNewswire/ — Yoodli, the AI Platform for Human Skills, has been named a winner of the 2026 Inc. Power Partner Awards, which recognize the B2B companies that entrepreneurs and businesses rely on to grow.

Inc. selected this year’s honorees for a proven track record of helping companies build and scale, across areas from hiring and compliance to technology, fundraising, and marketing.

“Business owners have no shortage of tools at their disposal, and B2B companies need to make clear why their products and services are worth the investment,” says Bonny Ghosh, editorial director at Inc. “The companies on this year’s Power Partners list have done just that. They don’t just have customers, they have superfans and evangelists. Across industries like marketing, financial services, and technology, they’ve proved their dedication to helping fellow business owners grow and succeed.”

“The best validation we get isn’t an award for Yoodli. It’s watching our customers’ teams get recognized for the work they do with us,” said Varun Puri, co-founder and CEO of Yoodli. “Organizations are under real pressure to get their people ready for an AI-first world, and practice alone doesn’t get them there. Our job is to help skills carry over into the moments that matter, and to show leaders the results.”

“Being a Power Partner means our customers’ results are the scoreboard,” said Mike Rich, head of partnerships at Yoodli. “We work alongside training firms, consultancies, and enablement leaders who build skills programs for their own clients. Together we create immersive training experiences and demonstrate measurable outcomes.”

“Every training company says their program works. The hard part is proving it,” said Jeff Bittner, senior director of digital and AI at Braintrust and a member of Yoodli’s Customer Advisory Board. “In two and a half years with Yoodli, we’ve mastered it. Every seller starts with a baseline and a personal record to beat, allowing us to coach the cause instead of the symptom. We’ve seen enterprise clients with hundreds of users adopt at 96%, and others increase their connection level from 22% to 67% in three months. That’s what a real partner does. We make our clients better by providing tools that move the needle.”

Yoodli was recognized for the measurable outcomes its customers have achieved in 2026. Google’s GBOedu Commercial Enablement team won seven awards at the 2026 Brandon Hall Group HCM Excellence Awards (three gold, three silver, one bronze) for scaling AI roleplay practice across its sellers with Yoodli. Intuit’s Global Sales Enablement team earned four Brandon Hall Group awards for programs powered by Yoodli, including gold in Learning & Development Strategy and in Leadership Development.

The company also reached several milestones this year. Yoodli was named to TIME’s Best Inventions of 2026 in the Education category and to LinkedIn’s 2026 Top Startups list for Seattle. It grew past 100 employees and moved into a new headquarters at Pier 70 on the Seattle waterfront. Organizations including Google, Snowflake, Databricks, and Intuit use Yoodli to coach, train, and measure skills across their workforce.

For more information on Inc.’s Power Partner Awards or to view the complete list of honorees, visit inc.com/power-partner-awards.

About Yoodli

Yoodli is the AI Platform for Human Skills. Through AI coaching, learning journey creation, roleplays, personas, and measurement, Yoodli helps people get measurably better in their careers and helps organizations upskill their workforce for an AI-first world. Proven in high-stakes revenue teams and built for company-wide scale, Yoodli is used by organizations including Google, Snowflake, Databricks, and Intuit. Learn more at yoodli.ai.

Media Contact:
Sage Quiamno
press@yoodli.ai
+1 (808) 232-1321

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SOURCE Yoodli

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RBC tops JD Power Retail Banking Satisfaction Study among Big Five banks for third consecutive year

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TORONTO, Oct. 20, 2026 /CNW/ — RBC is pleased to be named Highest in Customer Satisfaction Among the Big Five Retail Banks by JD Power for the third year in a row, and the fourth time in five years. The recognition stems from the JD Power 2026 Canada Retail Banking Satisfaction StudySM, which gathers feedback from thousands of retail banking customers nationwide.

“The trust clients place in us reveals itself in moments big and small, and this study captures that,” said Erica Nielsen, Group Head, Personal Banking, RBC. “We are grateful to our clients who continue to choose RBC, and this award belongs to the employees who show up for them with care and expertise.”

RBC earned an Overall Satisfaction score of 619, finishing nine points ahead of the Big Five average of 610 and holding the number one position among the Big Five across all seven dimensions measured in the study, including Digital Channels and Problem Resolution. The bank’s eight-point improvement outpaced the industry average gain. RBC stands out most in Level of Trust, Account Offerings meeting my needs, and Allowing me to bank how and when I want, where it holds significant leads over the average.

The study also points to continued momentum, with RBC building on its strengths in Digital Channels and Account Offerings, along with improvements in Online Chat, New Account Opening, Product/Fees, and Convenience.

“We keep the client at the centre of everything we do, and that focus is reflected in the areas where we are leading. Whether someone is opening an account online, chatting with us through our digital channels, or sitting down with an advisor, we look across every part of RBC to make sure each experience is built around them. I want to thank our teams across the country for making that commitment felt every day.”

The JD Power 2026 Canada Retail Banking Satisfaction Study drew on responses from 14,038 retail banking customers surveyed in two waves between January and February and between July and August 2026.

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 105,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.‎

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.

For more information, please contact:
Habiba Ahmad, RBC Communications, 437-993-3245

SOURCE RBC Royal Bank

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