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A Message from
Jim Peters
EVP and Chief
Financial Officer

I am proud of our global team’s strong execution of our operational priorities in 2023, delivering $800 million of cost take out alongside share gains throughout the Americas. We reduced our debt by $500 million and announced actions for additional significant debt reduction in 2024, adding further balance sheet flexibility to deliver our shareholder-friendly capital allocation priorities, while our ongoing portfolio transformation remains on track toward creating a higher-growth, higher-margin business.

Financial summary

We delivered $16.16 ongoing EPS(a) in a dynamic macroeconomic environment, with strong replacement demand and share gains offset by softening discretionary spending, due to a sharp decline in existing U.S. home sales, and a normalized promotional environment resulting in revenue of $19 billion and ongoing EBIT margin(a) of 6.1%.

CLear Capital Allocation Priorities

Fund innovation and growth:

In 2023, we invested over $1 billion in capital expenditures and research and development, and continue to deliver first-to-market products and innovation to drive further growth and margin expansion.

Demonstrated commitment to shareholder returns:

2023 marked the 68th consecutive year of steady or increasing quarterly dividends, with approximately $384 million in dividends paid.

Maintain investment grade credit rating:

Our debt levels are temporarily elevated from borrowings related to the InSinkErator acquisition. We continue to make significant progress toward returning our debt leverage to historical norms, and expect to continue this trend into 2024.

In closing, we strengthened our leading North America share position and significantly reduced cost. At the same time, there were areas where we fell short of our expectations, with the promotional environment normalizing at pre-COVID levels earlier than we anticipated, putting pressure on our EBIT margins. We are committed to strengthening our balance sheet and maintaining financial flexibility while we continue to invest in innovative products that improve life at home for our consumers.

Jim Peters
Executive Vice President, Chief Financial Officer and President, Whirlpool Asia

(a) The ongoing measures, including ongoing earnings before interest and taxes and ongoing earnings per diluted share, are non-GAAP measures. Please see Financial Reconciliations for a reconciliation of these non-GAAP measures to their equivalent GAAP measures.