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

Debt (Tables)

v3.26.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Long-Term Debt, Unclassified [Abstract]  
Schedule of Long-Term Debt Instruments
Debt is summarized as follows:
Outstanding
principal
December 31, 2025		 Carrying value
December 31, 2025 December 31, 2024
amounts in millions
Corporate level debentures
8.5% Senior Debentures due 2029
 $ 287  286  286 
8.25% Senior Debentures due 2030
 505  503  503 
4% Exchangeable Senior Debentures due 2029 (1)(2)(3)
339  24  128 
3.75% Exchangeable Senior Debentures due 2030 (1)(2)(3)
427  28  154 
Subsidiary level notes and facilities
QVC 4.45% Senior Secured Notes due 2025(3)
—  —  585 
QVC 4.75% Senior Secured Notes due 2027(2)
44  44  44 
QVC 4.375% Senior Secured Notes due 2028(2)
72  72  72 
QVC 6.875% Senior Secured Notes due 2029(2)
605  605  605 
QVC 5.45% Senior Secured Notes due 2034(2)
400  400  400 
QVC 5.95% Senior Secured Notes due 2043(2)
300  300  300 
QVC 6.375% Senior Secured Notes due 2067(2)
225  225  225 
QVC 6.25% Senior Secured Notes due 2068(2)
500  500  500 
QVC Senior Secured Credit Facility(2)
2,900  2,900  1,195 
Finance lease obligations 2  2  — 
Deferred loan costs(2)
—  (24) (29)
Total consolidated QVC Group debt $ 6,606  5,865  4,968 
Less current classification (5,075) (867)
Total long-term debt $ 790  4,101 
_________________________________
(1)Measured at fair value
(2)Classified as current as of December 31, 2025
(3)Classified as current as of December 31, 2024
Schedule of Annual Principal Maturities Based on Stated Maturity Dates
The annual principal maturities of QVC Group's debt, based on stated maturity dates, for each of the next five years are as follows:
(in millions) Debt (1)
2026 $ 2,900 
2027 $ 44 
2028 $ 72 
2029 $ 1,231 
2030 $ 932 
(1) Amounts exclude the issue discounts on the 5.45% Senior Secured Notes due 2034 and 5.95% Senior Secured Notes due 2043.
Schedule of Fair Value of Debt Securities that are not Reported at Fair Value The fair value of QVC Group's publicly traded debt securities that are not reported at fair value in the accompanying condensed consolidated balance sheet at December 31, 2025 are as follows (amounts in millions):
December 31,
2025 2024
Senior debentures $ 44  374 
QVC senior secured notes $ 846  1,942