Annual report [Section 13 and 15(d), not S-K Item 405]

Intangible Assets

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Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
(5) Intangible Assets
Goodwill
Changes in the carrying amount of goodwill are as follows:
QxH QVC International CBI Corporate and Other
amounts in millions
Balance at January 1, 2024 $ 2,367  785  12  3,164 
Impairment (902) —  —  (902)
Exchange rate fluctuations —  (45) —  (45)
Balance at December 31, 2024 1,465  740  12  2,217 
Impairment (1,465) (12) (1,477)
Exchange rate fluctuations —  60  —  60 
Balance at December 31, 2025 $ —  800  —  800 
    
Intangible Assets
Other intangible assets consist of the following:
December 31, 2025 December 31, 2024
Gross carrying amount Accumulated amortization Intangible assets, net Gross carrying amount Accumulated amortization Intangible assets, net Weighted average remaining life (years)
amounts in millions
Purchased and internally developed software $ 1,230  (1,015) 215  1,195  (943) 252  2
Affiliate and customer relationships 2,835  (2,788) 47  2,816  (2,722) 94  1
Television distribution rights 161  (93) 68  535  (489) 46  1
Other 54  (48) 6  46  (36) 10  2
Intangible assets subject to amortization $ 4,280  (3,944) 336  4,592  (4,190) 402 
Tradenames (indefinite life) $ 1,190  —  1,190  2,120  —  2,120  N/A
As of December 31, 2025, QVC Group expects that amortization expense will be as follows for the next five years (amounts in millions):
2026 $ 225 
2027 76 
2028 33 
2029 2 
2030 — 
Impairment of goodwill and intangible assets
As a result of recent financial performance, macroeconomic conditions, declines in stock price and credit rating downgrades, it was determined during the second quarter of 2025 that an indication of impairment existed for the QxH reporting unit including goodwill and the QVC and HSN tradenames. The fair value of the tradenames was determined using the relief from royalty method, primarily using a discounted cash flow model using projections of future operating performance (income approach) and applying a royalty rate (market approach) (Level 3), and an impairment in the amount of $930 million for the QVC and HSN tradenames was recorded during the second quarter of 2025, in impairment of intangible assets in the consolidated statements of operations. The fair value of the QxH reporting unit was determined using a discounted cash flow method (Level 3), and a goodwill impairment in the amount of $1,465 million was recorded during the second quarter of 2025 in impairment of goodwill in the consolidated statements of operations. During the Company's annual impairment test it was determined that it was more likely than not that an impairment existed for the CBI reporting unit's goodwill, as a result of recent financial performance and macroeconomic trends. The Company performed a quantitative analysis using a discounted cash flow method (Level 3), and a goodwill impairment in the amount of $12 million was recorded during the fourth quarter of 2025 in impairment of goodwill in the consolidated statements of operations. The Company utilized the assistance of a third party specialist when determining the above noted fair values for all years.
During prior years, indications of impairment existed for the QxH reporting unit including goodwill and the QVC and HSN tradenames. The fair value of the tradenames was determined using the relief from royalty method, primarily using a discounted cash flow model using projections of future operating performance (income approach) and applying a
royalty rate (market approach) (Level 3), and an impairment in the amount of $578 million for the QVC and HSN tradenames, was recorded during the fourth quarter of 2024, in impairment of intangible assets in the consolidated statements of operations. The fair value of the QxH reporting unit was determined using a discounted cash flow method (Level 3), and goodwill impairments in the amounts of $902 million and $326 million for QxH were recorded in 2024 and 2023, respectively, in impairment of goodwill in the consolidated statements of operations. The Company utilized the assistance of a third party specialist when determining the above noted fair values.
As of December 31, 2025 the Company had accumulated goodwill impairment losses of $5,228 million and $12 million attributed to the QxH reporting unit and CBI, respectively.