WHIRLPOOL CORP /DE/

Previous wording

The following Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of the results of operations and financial condition of the Company and generally discusses the results of operations for the current three and six months ended periods compared to the same prior-year periods. MD&A is provided as a supplement to, and should be read in connection with, the Consolidated Condensed Financial Statements and Notes to the Consolidated Condensed Financial Statements included in this Form 10-Q.

Current wording

The following Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of the results of operations and financial condition of the Company and generally discusses the results of operations for the current three and nine months ended periods compared to the same prior-year periods. MD&A is provided as a supplement to, and should be read in connection with, the Consolidated Condensed Financial Statements and Notes to the Consolidated Condensed Financial Statements included in this Form 10-Q.

Previous wording

Whirlpool delivered second-quarter net earnings (loss) available to Whirlpool of $65 million (net earnings margin of 1.7%), or $1.17 per share, compared to net earnings (loss) available to Whirlpool of $219 million (net earnings margin of 5.5%), or $3.96 per share in the same prior-year period. Whirlpool delivered cash provided by (used in) operating activities of $(702) million for the six months ended June 30, 2025, compared to $(485) million in the same prior year period and had capital expenditures of $154 million and $228 million, respectively.

Current wording

Whirlpool delivered third-quarter net earnings (loss) available to Whirlpool of $73 million (net earnings margin of 1.8%), or $1.29 per share, compared to net earnings (loss) available to Whirlpool of $109 million (net earnings margin of 2.7%), or $2.00 per share in the same prior-year period. Whirlpool delivered cash provided by (used in) operating activities of $(669) million for the nine months ended September 30, 2025, compared to $(271) million in the same prior year period and had capital expenditures of $239 million and $315 million, respectively.

Previous wording

We continue to take actions to deliver shareholder value as we navigate through a challenging macro environment in North America. We remain confident in delivering approximately $200 million of cost take out, implementing previously announced pricing actions, introducing over 100 new products, and expanding margins in 2025.

Current wording

We continue to take actions to deliver shareholder value as we navigate through a challenging macro environment in North America. We expect to deliver approximately $200 million of cost take out and introduce over 100 new products.

Previous wording

Consolidated net sales decreased 5.4% and 12.8% for the three and six months ended June 30, 2025 compared to the same periods in 2024. The decrease for the three and six months ended June 30, 2025 was primarily driven by lower volume and the unfavorable impact of foreign currency, partially offset by favorable product price/mix. Excluding the impact of foreign currency, net sales decreased 3.2% and 10.1% for the three and six months ended June 30, 2025, compared to the same periods in 2024. The decrease for the six months ended was primarily driven by the deconsolidation of our European major domestic appliances business, which had approximately $800 million of sales for the six months ended June 30, 2024 (representing 9.5% of total net sales for the period).

Current wording

Consolidated net sales decreased 8.4% for the nine months ended September 30, 2025 compared to the same period in 2024. The decrease was primarily driven by the deconsolidation of our European major domestic appliances business, which had approximately $800 million of sales for the nine months ended September 30, 2024 (representing 6.5% of total net sales for the period). Excluding the impact of foreign currency, net sales decreased 6.5% for the nine months ended September 30, 2025, compared to the same period in 2024.

Previous wording

The consolidated gross margin percentage for the three and six months ended June 30, 2025 increased to 16.2% and 16.5% compared to 15.7% and 14.9% in the same prior-year period. The increase was primarily driven by cost take out and favorable product price/mix, partially offset by lower volume.

Current wording

The consolidated gross margin percentage for the three months ended September 30, 2025 was 14.7% compared to 16.1% in the same prior-year period. The decrease was primarily driven by increased tariff cost in the current period. The consolidated gross margin percentage for the nine months ended September 30, 2025 was 15.8% compared to 15.3% in the same prior-year period. The increase was primarily driven by cost take out and favorable product price/mix.

Previous wording

Net sales decreased 4.7% and 2.6% for the three and six months ended June 30, 2025 compared to the same periods in 2024. The decrease was primarily driven by unfavorable volume partially offset by favorable product price/mix. Excluding the impact from foreign currency, net sales decreased 4.6% and 2.3% for the three and six months ended June 30, 2025, compared to the same periods in 2024.

Current wording

Net sales increased 2.8% for the three months ended September 30, 2025 and decreased 0.7% for the nine months ended September 30, 2025 compared to the same periods in 2024. The increase for the three months ended was primarily driven by favorable volume and favorable product price/mix. The decrease for the nine months ended was primarily driven by unfavorable volume partially offset by favorable product price/mix. Excluding the impact from foreign currency, net sales increased 2.9% for the three months ended September 30, 2025 and decreased 0.5% for the nine months ended September 30, 2025, compared to the same periods in 2024.

Previous wording

Cost of products sold for the three and six months ended June 30, 2025 decreased 7.2% and 0.8% compared to the same periods in 2024. The decrease for the three months ended was primarily driven by lower volume and cost take out. The decrease for the six months ended was primarily driven by cost take out partially offset by increased volume.

Current wording

Cost of products sold for the three and nine months ended September 30, 2025 increased 5.4% and decreased 0.8% compared to the same periods in 2024. The increase for the three months ended was primarily driven by higher volume and increased tariff cost, partially offset by cost take out. The decrease for the nine months ended was primarily driven by cost take out and lower volume, partially offset by increased tariff cost.

Previous wording

EBIT increased for the three and six months ended June 30, 2025 compared to the same periods in 2024. The increase was primarily driven by favorable product price/mix. EBIT margin was 17.3% and 17.9% for the three and six months ended June 30, 2025 compared to 13.9% and 16.3% for the same periods in 2024.

Current wording

EBIT decreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024. The decrease for the three and nine months ended was primarily due to increased tariff cost, partially offset by cost take out and favorable product price/mix. EBIT margin was 4.9% and 5.6% for the three and nine months ended September 30, 2025, compared to 7.3% and 6.4% for the same periods in 2024.

Previous wording

Net sales decreased 10.0% and 10.9% for the three and six months ended June 30, 2025, compared to the same periods in 2024. The decrease was primarily driven by unfavorable impacts of foreign currency partially offset by favorable product price/mix. Excluding the impact from foreign currency, net sales decreased 0.9% and increased 0.7% for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024.

Current wording

Net sales decreased 5.2% and 9.0% for the three and nine months ended September 30, 2025, compared to the same periods in 2024. The decrease was primarily driven by lower volume. Unfavorable foreign currency also impacted the nine months ended September 30, 2025. Excluding the impact from foreign currency, net sales decreased 6.3% and 1.6% for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024.

Previous wording

EBIT decreased for the three and six months ended months ended June 30, 2025 compared to the same periods in 2024. The decrease for the three and six months ended was primarily driven by unfavorable currency partially offset by favorable cost take out and product price/mix. In addition, the decrease for the six months ended was also unfavorably impacted by an indirect tax benefit in the same period in 2024. EBIT margin was 6.0% and 6.3% for the three and six months ended June 30, 2025, compared to 5.8% and 6.7% for the same periods in 2024.

Current wording

EBIT decreased for the three and nine months ended months ended September 30, 2025 compared to the same periods in 2024. The decrease for the three and nine months ended was primarily driven by the challenging macro environment in Argentina and unfavorable product price/mix, partially offset by cost take out. In addition, the decrease for the nine months ended September 30, 2025 was driven by an indirect tax benefit in the same period in 2024. EBIT margin was 5.7% and 6.0% for the three and nine months ended September 30, 2025, compared to 6.9% and 6.8% for the same periods in 2024.

Previous wording

EBIT decreased for the three and six months ended June 30, 2025 compared to the same periods in 2024. The decrease for the three and six months ended was primarily due to lower volume partially offset by cost take out. EBIT margin was 5.9% and 6.0% for the three and six months ended June 30, 2025, compared to 6.3% and 6.0% for the same periods in 2024.

Current wording

EBIT decreased for the three months ended September 30, 2025 and increased for the nine months ended September 30, 2025 compared to the same periods in 2024. The decrease for the three months ended was primarily driven by lower volume, partially offset by cost take out. The increase for the nine months ended was primarily driven by cost take out. EBIT margin was 1.8% and 5.6% for the three and nine months ended September 30, 2025 compared to 2.9% and 4.6% for the same periods in 2024.

Previous wording

Consolidated selling, general and administrative expenses decreased for the six months ended June 30, 2025, compared to the same period in 2024 primarily due to the disposal of our European major domestic appliance business on April 1, 2024.

Current wording

Consolidated selling, general and administrative expenses increased for the three months ended September 30, 2025, compared to the same period in 2024 primarily due to increased marketing spend. Consolidated selling, general and administrative expenses decreased for the nine months ended September 30, 2025, compared to the same period in 2024 primarily due to the disposal of our European major domestic appliance business on April 1, 2024.

Previous wording

We incurred restructuring charges of $2 million and $11 million for the three and six months ended June 30, 2025 compared to $50 million and $73 million for the same periods in 2024. For additional information, see Note 11 to the Consolidated Condensed Financial Statements.

Current wording

We incurred restructuring charges of $6 million and $17 million for the three and nine months ended September 30, 2025 compared to $8 million and $81 million for the same periods in 2024. For additional information, see Note 11 to the Consolidated Condensed Financial Statements.

Previous wording

For the full year 2025, we expect to incur approximately $50 million of restructuring charges, inclusive of the restructuring charges recorded for the six months ended June 30, 2025. Substantially all will result in cash settlement.

Current wording

For the full year 2025, we expect to incur approximately $50 million ofrestructuring charges, inclusive of the restructuring charges recorded for the nine months ended September 30, 2025. We expect a significant portion of these actions to result in cash settlement.

Previous wording

There were no amounts recorded to (Gain) loss on sale and disposal of businesses for the three and six months ended June 30, 2025, compared to $45 million and $292 million for the same periods of 2024. The amounts recorded in 2024 were related to the divestiture of our European major domestic appliance business and were primarily due to fair value fluctuations driven by seasonality of net working capital, and transaction costs.

Current wording

(Gain) loss on sale and disposal of businesses was $(30) million for the three and nine months ended September 30, 2025, compared to $(32) million and $260 million for the same periods of 2024, respectively. The amounts recorded in 2024 were primarily related to the divestiture of our European major domestic appliance business and were due to fair value fluctuations driven by seasonality of net working capital, and transaction costs. The amount recorded in the third quarter of 2025 is for a release of previously accrued tax related indemnity for the aforementioned European transaction.

Previous wording

Net interest and sundry (income) expense was $(4) million and $(36) million for the three and six months ended June 30, 2025 compared to $7 million and $(21) million in the same prior year periods in 2024.

Current wording

Net interest and sundry (income) expense was $(5) million and $(41) million for the three and nine months ended September 30, 2025 compared to $(6) million and $(27) million in the same prior year periods.

Previous wording

Income tax expense was $29 million and $72 million for the three and six months ended June 30, 2025 compared to income tax benefit of $206 million and $130 million in the same prior year periods of 2024. The tax benefits recognized in 2024 were related to the completion of legal entity restructuring projects in connection with the disposal of our European major appliance business, partially offset by associated valuation allowances. For more information, see Note 12 to the Consolidated Condensed Financial Statements.

Current wording

Income tax expense was $33 million and $105 million for the three and nine months ended September 30, 2025 compared to income tax expense (benefit) of $45 million and $(85) million in the same prior year periods. The tax benefits recognized in 2024 were related to the completion of legal entity restructuring projects in connection with the disposal of our European major appliance business, partially offset by associated valuation allowances. For more information, see Note 12 to the Consolidated Condensed Financial Statements.

Previous wording

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing its impact on our consolidated financial statements.

Current wording

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enactedin the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We have completed our assessment and recognized certain impacts in the period, the remaining impacts will be recognized in future quarters based on effective dates.

Previous wording

Our objective is to finance our business through operating cash flow and the appropriate mix of long-term and short-term debt. By diversifying the maturity structure, we avoid concentrations of debt, reducing liquidity risk. We have varying needs for short-term working capital financing as a result of the nature of our business. We regularly review our capital structure and liquidity priorities, which include funding innovation and growth through capital expenditures and research and development expenditures as well as opportunistic mergers and acquisitions; and providing returns to shareholders through dividends, share repurchases and debt repayment.

Current wording

Our objective is to finance our business through operating cash flow and the appropriate mix of long-term and short-term debt. By diversifying the maturity structure, we avoid concentrations of debt, reducing liquidity risk. We have varying needs for short-term working capital financing as a result of the nature of our business. We regularly review our capital structure and liquidity priorities, which include funding innovation and growth through capital expenditures and research and development expenditures as well as opportunistic mergers and acquisitions; debt repayment; and providing returns to shareholders through dividends and share repurchases.

Previous wording

The Company believes that free cash flow provides stockholders with a relevant measure of liquidity and a useful basis for assessing Whirlpool's ability to fund its activities and obligations. Whirlpool has historically been able to leverage its free cash flow generation to fund our operations, pay for any debt servicing costs and allocate capital for reinvestment in our business, funding share repurchases and dividend payments.

Current wording

Whirlpool has historically been able to leverage its free cash flow generation to fund our operations, pay for any debt servicing costs and allocate capital for reinvestment in our business, funding share repurchases and dividend payments.

Previous wording

On February 20, 2024, Whirlpool’s wholly-owned subsidiary, Whirlpool Mauritius Limited, executed the sale of 30.4 million equity shares of Whirlpool India via an on-market trade. The transaction reduced Whirlpool’s ownership in Whirlpool India from 75% to 51%, and generated sales proceeds of approximately $462 million on settlement. The Company used transaction proceeds to reduce debt. We have announced our intent to reduce our ownership stake in Whirlpool India and continue to evaluate various transaction structures, including via market sale and negotiated transaction. We are targeting transaction completion around the end of 2025. Transaction proceeds are expected to further reduce debt. Sale of Whirlpool India shares is subject to Company board approval, and we have not recorded any impact relating to this announcement as of June 30, 2025.

Current wording

On February 20, 2024, Whirlpool’s wholly-owned subsidiary, Whirlpool Mauritius Limited, executed the sale of 30.4 million equity shares of Whirlpool India via an on-market trade. The transaction reduced Whirlpool’s ownership in Whirlpool India from 75% to 51%, and generated sales proceeds of approximately $462 million on settlement. The Company used transaction proceeds to reduce debt. We have announced our intent to reduce our ownership stake in Whirlpool India and continue to evaluate various transaction structures, including via market sale and negotiated transaction. In October 2025, we signed certain brand license, technology license, and transition services agreements with Whirlpool India. We expect to announce a share sale by the end of 2025, and we are targeting transaction completion by the first half of 2026. Transaction proceeds are expected to further reduce debt. Sale of Whirlpool India shares is subject to Company board approval, andwe have not recorded any impact relating to this announcement as of September 30, 2025.

Previous wording

During the second quarter, our senior unsecured debt was downgraded to a non-investment grade rating from Moody’s Investors Service, Inc. (to Ba1, with negative outlook), S&P Global Ratings (to BB+, with stable outlook), and Fitch Ratings, Inc. (to BB+, with negative outlook). As a result of these downgrades, our debt currently has a non-investment grade rating from these rating agencies, which has partially reduced access to and increased costs associated with accessing certain types of financing that are typically reserved for investment-grade companies (e.g. commercial paper). Please see Part II, Item 1A “Risk Factors” for a discussion of impacts related to potential further developments or downgrades to our credit ratings.

Current wording

During the second quarter, our senior unsecured debt was downgraded to a non-investment grade rating from Moody’s Investors Service, Inc. (to Ba1, with negative outlook), S&P Global Ratings (to BB+, with stable outlook, since revised to negative), and Fitch Ratings, Inc. (to BB+, with negative outlook). As a result of these downgrades, our debt currently has a non-investment grade rating from these rating agencies, which has partially reduced access to and increased costs associated with accessing certain types of financing that are typically reserved for investment-grade companies (e.g. commercial paper). Please see Part II, Item 1A “Risk Factors” for a discussion of impacts related to potential further developments or downgrades to our credit ratings.

Previous wording

Our short-term potential uses of liquidity include funding our business operations, ongoing capital spending, debt repayment, and returns to shareholders. As of June 30, 2025, we had $1.5 billion of debt maturing within the next twelve months (primarily composed of $950 million of Amended Long-Term Facility debt and $300 million of maturing term loan debt), which we expect to pay through refinancing, free cash flow generation, cash on hand and potential transaction proceeds.

Current wording

Our short-term potential uses of liquidity include funding our business operations, ongoing capital spending, debt repayment, and returns to shareholders. As of September 30, 2025, we had $1.4 billion of debt maturing within the next twelve months (primarily composed of $1.1 billion of Amended Long-Term Facility debt and $300 million of maturing term loan debt), which we expect to pay through refinancing, free cash flow generation, cash on hand and potential transaction proceeds.

Previous wording

The Company had cash and cash equivalents of approximately $1.1 billion at June 30, 2025. For cash in each of its foreign subsidiaries, the Company makes an assertion regarding the amount of earnings intended for permanent reinvestment, with the balance available to be repatriated to the United States. The cash held by foreign subsidiaries for permanent reinvestment is generally used to finance the subsidiaries' operational activities and expected future foreign investments. Our intent is to permanently reinvest these funds outside of the United States and our current plans do not demonstrate a need to repatriate the cash to fund our U.S. operations. However, if these funds were repatriated, we would be required to accrue and pay applicable United States taxes (if any) and withholding taxes payable to various countries. It is not practicable to estimate the amount of the deferred tax liability associated with the repatriation of cash due to the complexity of its hypothetical calculation.

Current wording

The Company had cash and cash equivalents of approximately $934 million at September 30, 2025. For cash in each of its foreign subsidiaries, the Company makes an assertion regarding the amount of earnings intended for permanent reinvestment, with the balance available to be repatriated to the United States. The cash held by foreign subsidiaries for permanent reinvestment is generally used to finance the subsidiaries' operational activities and expected future foreign investments. Our primary intent is to reinvest these funds outside of the United States. However, if these funds were repatriated, we would be required to accrue and pay applicable United States taxes (if any) and withholding taxes payable to various countries. It is not practicable to estimate the amount of the deferred tax liability associated with the repatriation of cash due to the complexity of its hypothetical calculation.

Previous wording

At June 30, 2025, we had cash or cash equivalents greater than 1% of our consolidated assets in Brazil (2.6%) and India (2.1%). In addition, we had third-party accounts receivable outside of the United States greater than 1% of our consolidated assets in Mexico, which represented 1.0%. We continue to monitor general financial instability and uncertainty globally.

Current wording

At September 30, 2025, we had cash or cash equivalents greater than 1% of our consolidated assets in Brazil (2.4%) and India (1.8%). In addition, we had third-party accounts receivable outside of the United States greater than 1% of our consolidated assets in Mexico, which represented 1.1%. We continue to monitor general financial instability and uncertainty globally.

Previous wording

At June 30, 2025, we had $950 million outstanding under the Amended Long-Term Facility and $300 million outstanding under the Term Loan Agreement. In addition to the committed $3.5 billion Amended Long-Term Facility and the committed $1.5 billion Term Loan Agreement (of which $1.2 billion has been repaid as of June 30, 2025), we have committed credit facilities in Brazil and India. These committed credit facilities provide borrowings up to approximately $195 million at June 30, 2025

Current wording

At September 30, 2025, we had $1.1 billion outstanding under the Amended Long-Term Facility and $300 million outstanding under the Term Loan Agreement. In addition to the committed $3.5 billion Amended Long-Term Facility and the committed $1.5 billion Term Loan Agreement (of which $1.2 billion has been repaid as of September 30, 2025), we have committed credit facilities in Brazil and India. These Brazil and India committed credit facilities provide borrowings up to approximately $199 million at September 30, 2025

Previous wording

As of June 30, 2025, we have $1.2 billion of notes payable outstanding. This includes the current portion of the outstanding amount under the Amended Long-Term Facility that is expected to be repaid in the next twelve months, commercial paper, and short-term borrowings payable to banks, which are generally used to fund working capital requirements. For additional information, see Note 5 to the Consolidated Condensed Financial Statements.

Current wording

As of September 30, 2025, we have $1.1 billion of notes payable outstanding. This includes the current portion of the outstanding amount under the Amended Long-Term Facility that is expected to be repaid in the next twelve months, and short-term borrowings payable to banks, which are generally used to fund working capital requirements. For additional information, see Note 5 to the Consolidated Condensed Financial Statements.

Previous wording

Cash used in operating activities increased during the six months ended June 30, 2025 compared to the same prior year period. The increase in cash used in operating activities was primarily driven by fluctuations in working capital.

Current wording

Cash used in operating activities increased during the nine months ended September 30, 2025 compared to the same prior year period. The increase in cash used in operating activities was primarily driven by fluctuations in working capital.

Previous wording

Cash used in investing activities during the six months ended June 30, 2025 decreased compared to the same period in 2024, primarily driven by lower capital expenditures.

Current wording

Cash used in investing activities during the nine months ended September 30, 2025 decreased compared to the same prior year period. In the prior year period, $245 million of cash was contributed as part of the European major domestic appliance transaction. For additional information, see Note 14 to the Consolidated Condensed Financial Statements.

Previous wording

Cash provided by financing activities during the six months ended June 30, 2025 increased compared to the same period in 2024, primarily driven by the drawdown of a portion of our Amended Long-Term Facility in the current period and the sale of minority interest shares in Whirlpool India in the prior-year period. For additional information, see Note 5 to the Consolidated Condensed Financial Statements.

Current wording

Cash provided by financing activities during the nine months ended September 30, 2025 increased compared to the same period in 2024, primarily driven bythe drawdown of a portion of our Amended Long-Term Facility in the current period. For additional information, see Note 5 to the Consolidated Condensed Financial Statements.

Previous wording

The Company had total committed credit facilities of approximately $4.0 billion at June 30, 2025. These facilities are geographically reflective of the Company's global operations. The Company is confident that the committed credit facilities are sufficient to support its global operations. At June 30, 2025, we had $1.25 billion drawn on the committed facilities, which includes $950 million outstanding under the Amended Long-Term Facility and $300 million outstanding under the Term Loan Agreement. We had no borrowings outstanding under the Amended Long-Term Facility and $1.5 billion outstanding under the Term Loan Agreement at December 31, 2024, respectively.

Current wording

The Company had total committed credit facilities of approximately $4.0 billion at September 30, 2025. These facilities are geographically reflective of the Company's global operations. The Company is confident that the committed credit facilities are sufficient to support its global operations. At September 30, 2025, we had $1.4 billion drawn on the committed facilities, which includes $1.1 billion outstanding under the Amended Long-Term Facility and $300 million outstanding under the Term Loan Agreement. We had no borrowings outstanding under the Amended Long-Term Facility, and $1.5 billion outstanding under the Term Loan Agreement at December 31, 2024, respectively.

Previous wording

On April 14, 2025, our Board of Directors approved a quarterly dividend on our common stock of $1.75 per share.

Current wording

On both August 18, 2025 and October 20, 2025, our Board of Directors approved a quarterly dividend on our common stock of $0.90 per share.

Previous wording

In the ordinary course of business, we enter into agreements with financial institutions to issue bank guarantees, letters of credit, and surety bonds. These agreements are primarily associated with unresolved tax matters in Brazil, as is customary under local regulations, and other governmental obligations and debt agreements. At June 30, 2025, we had approximately $334 million outstanding under these agreements.

Current wording

In the ordinary course of business, we enter into agreements with financial institutions to issue bank guarantees, letters of credit, and surety bonds. These agreements are primarily associated with unresolved tax matters in Brazil, as is customary under local regulations, and other governmental obligations and debt agreements. At September 30, 2025, we had approximately $433 million outstanding under these agreements.

Previous wording

Earnings per diluted share presented below are net of tax. We currently estimate our anticipated 2025 full-year GAAP tax rate between 20 and 25%. We currently estimate earnings per diluted share for 2025 as follows:

Current wording

Earnings per diluted share presented below are net of tax. We currently estimate our anticipated 2025 full-year GAAP tax of ~8.8%. We currently estimate earnings per diluted share for 2025 as follows:

Previous wording

For the full-year 2025, we expect to generate cash from operating activities of approximately $850 million and capital expenditures of approximately $450 million.

Current wording

For the full-year 2025, we expect to generate cash from operating activities of approximately $600 million and capital expenditures of approximately $400 million.

Previous wording

The recent imposition of significant trade policy and tariff actions by the U.S. government, including but not limited to tariffs on imported steel and aluminum products, multiple tariffs on certain imports from China, tariffs on certain imports from Canada and Mexico, and baseline tariffs on most imports from most other countries, are creating significant uncertainty and potential risks for our business. These actions have increased the cost of certain raw materials and components, impacting our cost of products sold, and have led to "pre-loading" of finished product inventories by foreign competitors. Pre-loading by competitors can delay expected positive impacts of tariffs on appliances and impact competitors’ go-to-market actions. These actions have also created significant uncertainty and potential risks for our business.

Current wording

The recent imposition of significant trade policy and tariff actions by the U.S. government, including but not limited to tariffs on imported steel, aluminum and copper products, multiple tariffs on certain imports from China, tariffs on certain imports from Canada and Mexico, and country-specific reciprocal tariffs, are creating significant uncertainty and potential risks for our business. These actions have increased the cost of certain raw materials and components, impacting our cost of products sold, and have led to "pre-loading" of finished product inventories by foreign competitors. Pre-loading by competitors can delay expected positive impacts of tariffs on appliances and impact competitors’ go-to-market actions. These actions have also created significant uncertainty and potential risks for our business.

Previous wording

During the second quarter, home appliance imports were added as derivative steel products under Section 232, effective June 23, 2025. This action, coupled with other tariff and trade policy actions taken by the U.S. government, is expected to help close long-standing loopholes and help support a level playing field for domestic producers.

Current wording

During the second quarter, home appliance imports were added as derivative steel products under Section 232, effective June 23, 2025. This action, coupled with other tariff and trade policy actions taken by the U.S.

Previous wording

While we continue to actively explore opportunities to mitigate certain increased costs, there can be no guarantee that we will be able to fully offset the impact of these tariffs. Furthermore, the imposition of retaliatory tariffs from other countries on our exported products could negatively affect our sales and marketplace access in those countries. The long-term effects of these tariffs and any future trade policy changes on the global economy and our industry remain uncertain and could have a material adverse effect on our financial statements in any particular reporting period.

Current wording

While we continue to actively explore and implement opportunities to mitigate certain increased costs, as further set forth in "Risk Factors," there can be no guarantee that we will be able to fully offset the impact of these tariffs. Furthermore, the imposition of retaliatory tariffs from other countries on our exported products could negatively affect our sales and marketplace access in those countries. The long-term effects of these tariffs and any future trade policy changes on the global economy and our industry remain uncertain and could have a material adverse effect on our financial statements in any particular reporting period.