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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

For the Fiscal Year Ended January 3, 2004

For the transition period from              to             

Commission file number 1-655

MAYTAG CORPORATION

403 West Fourth Street North, Newton, Iowa 50208

Registrant’s telephone number, including area code: 641-792-7000

Securities registered pursuant to Section 12(b) of the Act:

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  x

Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2).    Yes  x    No  ¨

The aggregate market value of the voting stock (common stock) held by non-affiliates of the registrant as of the close of business on June 28, 2003 was $1,920,660,190. The number of shares outstanding of the registrant’s common stock (par value $1.25) as of the close of business on June 28, 2003 was 78,554,609.

DOCUMENTS INCORPORATED BY REFERENCE

As noted in Part III of this Form 10-K, portions of the registrant’s proxy statement for its annual meeting of shareholders to be held May 13, 2004 have been incorporated by reference.

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MAYTAG CORPORATION

2003 ANNUAL REPORT ON FORM 10-K CONTENTS

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PART I

Item 1. Business.

Maytag is a leading producer of home and commercial appliances. Its products are sold to customers throughout North America and in international markets. Maytag was organized as a Delaware corporation in 1925.

Maytag is among the top three major appliance companies in the North American market, offering consumers a full line of washers, dryers, dishwashers, refrigerators and ranges distributed through large and small retailers across the U.S. and Canada. Maytag also has a significant presence in the commercial laundry market. Maytag’s Hoover brand is the market leader in North American floor care products.

Maytag owns Dixie-Narco, one of the original brand names in the vending machine industry and currently the leading manufacturer of soft drink can and bottle vending machines in the U.S. Dixie-Narco venders are sold primarily to major soft drink bottlers such as Coca-Cola and Pepsico.

In commercial cooking appliances, Maytag owns Jade Range, a leading manufacturer of premium-priced commercial ranges and commercial-style ranges for the residential market.

Maytag makes significant annual capital investments so that it has demonstrable and superior product innovations in its strongest brands. Superior product performance reinforces brand positioning; product and brand positioning drive average pricing and distribution.

The Company operates in two business segments: home appliances and commercial appliances. Sales to Sears, Roebuck and Co. represented 15%, 13% and 12% of consolidated net sales in 2003, 2002 and 2001, respectively. Financial and other information relating to these reportable business segments is included in Part II, Items 7 and 8.

HOME APPLIANCES

The home appliance segment represented 94.7 percent of consolidated net sales in 2003.

The operations of the Company’s home appliance segment manufacture laundry products, dishwashers, refrigerators, cooking appliances and floor care products. These products are primarily sold to major national retailers and independent retail dealers in North America and targeted international markets. These products are sold primarily under the Maytag, Amana, Hoover, Jenn-Air and Magic Chef brand names. Included in this segment is Maytag International, Inc., the Company’s international marketing subsidiary that administers the sale of home appliances and licensing of certain home appliance brands in markets outside the United States. The Company also has increased emphasis on its in-home service business, Maytag Services, which repairs not only Maytag brand appliances but other brands as well.

A portion of the Company’s operations and sales is outside the United States. The Company also outsources certain components and products from outside the United States. The risks involved in foreign operations vary from country to country and include tariffs, trade restrictions, changes in currency values, economic conditions and international relations.

The Company uses basic raw materials such as steel, copper, aluminum, rubber and plastic in its manufacturing processes in addition to purchased motors, compressors, timers, valves and other components. These materials are supplied by established sources, and the Company anticipates that such sources will, in general, be able to meet its future requirements.

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The Company holds a number of patents that are important in the manufacture of its products. The Company also holds a number of trademark registrations of which the most important are ADMIRAL, AMANA, HOOVER, JENN-AIR, MAGIC CHEF, MAYTAG, and the associated corporate symbols.

The Company’s home appliance business is generally not considered seasonal.

A portion of the Company’s accounts receivable is concentrated among major retailers. A significant loss of business with any of these national retailers could have an adverse impact on the Company’s ongoing operations.

The dollar amount of backlog orders of the Company is not considered significant for home appliances in relation to the total annual dollar volume of sales. Because it is the Company’s practice to maintain a level of inventory sufficient to cover anticipated shipments and, since orders are generally shipped upon receipt, a large backlog would be unusual.

The home appliance market is highly competitive with the two principal major domestic appliance competitors being larger than the Company. The Company is focused on growth through product innovation that supports superior product performance in the Company’s premium brands. The Company uses brand image, product quality, customer service, advertising and warranty as competitive tools.

Expenditures for company-sponsored research and development activities relating to the development of new products and the improvement of existing products are included in Part II, Item 8. Most of the research and development expenditures relate to the home appliance segment.

Although the Company has manufacturing sites with environmental concerns, compliance with laws and regulations regarding the discharge of materials into the environment or relating to the protection of the environment have not had a significant effect on capital expenditures, earnings, or the Company’s competitive position.

The Company has been identified as one of a group of potentially responsible parties by state and federal environmental protection agencies in remedial activities related to various “superfund” sites in the United States. The Company presently does not anticipate any significant adverse effect upon its earnings or financial condition arising from resolution of these matters. Additional information regarding environmental remediation is included in Part II, Item 8.

With regard to appliances, the Company is subject to changes in government mandated energy and environmental standards that may become effective over the next several years. The Company is in compliance with existing standards where it does business. As any new standards that affect the entire appliance industry become effective, the Company intends to be in compliance with those new standards.

The number of employees of the Company in the home appliance segment was approximately 19,400 as of both January 3, 2004 and December 28, 2002. Approximately 40 percent and 44 percent of these employees were covered by collective bargaining agreements as of January 3, 2004, and December 28, 2002, respectively. Collective bargaining agreements covering two of Maytag’s manufacturing sites are scheduled for negotiations in 2004.

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COMMERCIAL APPLIANCES

The commercial appliance segment represented 5.3 percent of consolidated net sales in 2003.

The operations of the Company’s commercial appliance segment manufacture commercial cooking equipment under the Jade brand name and vending equipment under the Dixie-Narco brand name. These products are primarily sold to distributors, soft drink bottlers, restaurant chains and dealers in North America and targeted international markets. Over the last several years, the Company has increased its emphasis in the vender refurbishment and coin changer businesses.

The Company uses steel as a basic raw material in its manufacturing processes in addition to purchased motors, compressors and other components. These materials are supplied by established sources, and the Company anticipates that such sources will, in general, be able to meet its future requirements.

The Company holds a number of patents that are important in the manufacture of its products. The Company also holds a number of trademark registrations of which the most important are DIXIE-NARCO and JADE and the associated corporate symbols.

Commercial appliance sales are considered seasonal to the extent that the Company normally experiences lower sales in the fourth quarter compared to other quarters.

Within the commercial appliance segment, the Company’s vending equipment sales are dependent upon a few major soft drink suppliers. Therefore, the loss of one or more of these customers could have a significant adverse effect on the commercial appliance segment.

The dollar amount of backlog orders of the Company is not considered significant for commercial appliances in relation to the total annual dollar volume of sales. Because it is the Company’s practice to maintain a level of inventory sufficient to cover shipments and since orders are generally shipped upon receipt, a large backlog would be unusual.

The Company uses brand image, product quality, product innovation, customer service, warranty and price as competitive tools.

Expenditures for Company-sponsored research and development activities relating to the development of new products and the improvement of existing products are included in Part II, Item 8.

Although the Company has manufacturing sites with environmental concerns, compliance with laws and regulations regarding the discharge of materials into the environment or relating to the protection of the environment have not had a significant effect on capital expenditures, earnings or the Company’s competitive position.

The number of employees of the Company in the commercial appliance segment as of January 3, 2004 and December 28, 2002 was approximately 1,240 and 1,265, respectively.

AVAILABLE INFORMATION

The Company maintains an Internet website at www.maytagcorp.com where its Annual Report on Form 10K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments to those reports are available, without charge, as reasonably practicable following the time they are filed with or furnished to the SEC.

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Item 2. Properties.

The Company’s corporate headquarters is located in Newton, Iowa. Major offices and manufacturing facilities in the United States related to the home appliance segment are located in: Newton, Iowa; Galesburg, Illinois; Cleveland, Tennessee; Jackson, Tennessee; Milan, Tennessee; Herrin, Illinois; Amana, Iowa; Florence, South Carolina; Searcy, Arkansas; North Canton, Ohio; and El Paso, Texas. The Company also has facilities that are located in Reynosa, Mexico and Juarez, Mexico. The Company has announced its plan to close the facility located in Galesburg, Illinois, by the end of 2004. The Company also leases office space in Chicago, Illinois.

Major offices and manufacturing facilities in the United States related to the commercial appliance segment are located in Williston, South Carolina, and leased in Brea, California.

The facilities for the home appliance and commercial appliances segments are well maintained, suitably equipped and in good operating condition. The facilities had sufficient capacity to meet production needs in 2003, and the Company expects that such capacity will be adequate for planned production in 2004. The Company’s major capital projects and planned capital expenditures for 2004 are described in Part II, Item 7.

The Company also owns or leases sales offices and warehouses in many large metropolitan areas throughout the United States and Canada. Lease commitments are included in Part II, Item 8.

Item 3. Legal Proceedings.

The Company is involved in contractual disputes, environmental, administrative and legal proceedings and investigations of various types. Although any litigation, proceeding or investigation has an element of uncertainty, the Company believes that the outcome of any proceeding, lawsuit or claim which is pending or threatened, or all of them combined, will not have a significant adverse impact on its consolidated financial position. The Company’s contingent liabilities are discussed in Part II, Item 8.

Item 4. Submission of Matters to a Vote of Security Holders.

The Company did not submit any matters to a vote of security holders during the fourth quarter of 2003 through a solicitation of proxies or otherwise.

EXECUTIVE OFFICERS OF THE REGISTRANT

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Each of the executive officers has served the Company in various executive or administrative positions for at least the last five years except for:

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PART II

Item 5. Market for Registrant’s Common Equity and Related Stockholder Matters.

The principal U.S. market the Company’s common stock is traded on is the New York Stock Exchange under the symbol MYG. As of February 2, 2004, the Company had 19,562 shareowners of record.

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Item 6. Selected Financial Data

Note: The twelve months ended January 3, 2004 consisted of 53 weeks; all other years in this table consisted of 52 weeks.

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Company Profile

Maytag manufactures and sells home and commercial appliances throughout North America and in international markets. Financial results are reported for two segments: home appliances and commercial appliances. The home appliance segment includes sales of major appliances, floor care products, international export sales and in-home appliance service operations. The commercial appliance segment includes sales of vending equipment and commercial cooking products.

Executive Summary

U.S. industry unit shipments of major appliances reached a record level in 2003 as the industry was up 5 percent versus 2002. Floor care industry unit shipments in the U.S. increased by 3 percent in 2003 although there was a dramatic shift in consumer demand to lower priced products. This shift in demand had a significant impact on Maytag’s results as Maytag historically sells at higher price points. In commercial appliances, based on internal estimates, unit sales in the cold beverage vending industry were down by approximately 15 percent in 2003.

In 2003, Maytag maintained its market share in U.S. major appliances with improvements in the cooking and dishwasher categories offset by decreases in laundry and refrigeration. The Company increased unit sales due to the strong industry shipments as well as new product introductions by Maytag. The unit increases in major appliances, however, were partially offset by a decline in market share and lower pricing in the floor care product category (sold under the Hoover brand). In the commercial segment, Maytag offset the impact of declining industry volume with sales of refurbished products and higher priced glass front venders.

Consolidated net sales increased to $4.8 billion in 2003, a 3 percent increase over 2002. This increase was driven primarily by growth in major appliances partially offset by the impact of lower volume and pricing in certain product categories, particularly in floor care. Maytag ended the year with sales momentum generated by new product introductions in the cooking, laundry, and floor care product lines. For major appliances, this momentum resulted in a higher market share in the second half of 2003 as compared to the first half of 2003 and also as compared to the same period in the prior year.

Consolidated earnings per share decreased to $1.53 in 2003 from $2.40 in 2002. Excluding items such as restructuring charges that affected comparability, earnings per share decreased to $2.20 in 2003 from $2.93 per share in 2002. Comparable earnings were primarily impacted by the deterioration in volume, pricing and product mix in the floor care product line. In addition, earnings were negatively impacted by a significant increase in pension and postretirement medical costs. These higher costs were partially offset by higher sales revenue, the effect of favorable foreign currency exchange rates, primarily for the Canadian dollar, and lower interest costs as Maytag reduced debt in 2003. For a complete listing of items affecting comparability, see “GAAP to Non-GAAP Reconciliation” in this Management’s Discussion and Analysis.

As part of an effort to improve profitability, Maytag reduced salaried headcount by approximately 8 percent in the second quarter of 2003. The salaried headcount reduction is expected to reduce annualized costs by $40 million. Maytag recorded a restructuring charge of $16.5 million associated with this action in the second quarter 2003. Maytag also recorded restructuring charges in both 2003 and 2002 for the anticipated closing of the Galesburg refrigeration plant in 2004. Maytag expects to generate $35 million in annual cost savings from the refrigeration restructuring when fully implemented in 2005. In total, restructuring costs were comparable for both years.

In the fourth quarter of 2003, Maytag negotiated a new union contract with the employees at its North Canton, Ohio facility, a primary location for floor care production. The new contract provides for more flexibility in floor care manufacturing operations and a substantial reduction of annual benefit costs starting in 2004. As a result of these actions, Maytag recorded an $11.2 million non-cash impairment charge in the fourth quarter for the assets employed in a product line that will be exited in the first quarter of 2004.

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Collective bargaining agreements covering two of Maytag’s manufacturing sites are scheduled for negotiations in 2004. If agreement is not reached in a timely manner, any resulting work stoppage could have an adverse impact on Maytag’s results of operations.

Maytag had strong cash flows from operating activities in 2003. Cash flow from operations in 2003 was $354 million, net of $265 million of voluntary contributions to the pension plan. In 2002, cash flow from operations was $365 million, net of $190 million of voluntary pension contributions. A significant contributor to cash flow from operations in 2003 was a $103 million increase in accounts payable as the Company made a concerted effort to extend payment terms. In addition to increased funding of the pension plan in 2003, the Company utilized cash flow from operations to fund $199 million in capital expenditures, reduce debt by $128 million, and pay $56.5 million in dividends to shareholders.

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Business Results