Information About QVC Group's Operating Segments (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract] |
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| Schedule of Performance Measures |
Performance Measures
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Year ended December 31, 2025 |
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QxH |
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QVC Int'l |
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CBI |
|
Corporate and other |
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Total |
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amounts in millions |
| Total revenue, net |
$ |
5,936 |
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|
2,357 |
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|
937 |
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|
— |
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|
9,230 |
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| Cost of goods sold (excluding depreciation and amortization) |
3,979 |
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|
1,526 |
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|
559 |
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— |
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|
6,064 |
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| Gross profit |
1,957 |
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|
831 |
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|
378 |
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— |
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|
3,166 |
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| Operating expense |
454 |
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|
183 |
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|
38 |
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— |
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|
675 |
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| Advertising expense |
330 |
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|
39 |
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|
163 |
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— |
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|
532 |
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| SG&A (excluding stock based compensation and advertising) |
656 |
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|
316 |
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|
161 |
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|
55 |
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|
1,188 |
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| Adjusted OIBDA |
$ |
517 |
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|
293 |
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16 |
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(55) |
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|
771 |
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Year ended December 31, 2024 |
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QxH |
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QVC Int'l |
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CBI |
|
Corporate and other |
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Total |
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amounts in millions |
| Total revenue, net |
$ |
6,598 |
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|
2,399 |
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|
1,040 |
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|
— |
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|
10,037 |
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| Cost of goods sold (excluding depreciation and amortization) |
4,373 |
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|
1,532 |
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|
619 |
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— |
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|
6,524 |
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| Gross profit |
2,225 |
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|
867 |
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|
421 |
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— |
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|
3,513 |
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| Operating expense |
512 |
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|
181 |
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|
41 |
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— |
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|
734 |
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| Advertising expense |
277 |
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|
35 |
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|
172 |
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— |
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|
484 |
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| SG&A (excluding stock based compensation and advertising) |
671 |
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|
318 |
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|
172 |
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|
31 |
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|
1,192 |
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| Adjusted OIBDA |
$ |
765 |
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|
333 |
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|
36 |
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(31) |
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1,103 |
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Year ended December 31, 2023 |
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QxH |
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QVC Int'l |
|
CBI |
|
Corporate and other |
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Total |
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amounts in millions |
| Total revenue, net |
$ |
6,995 |
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|
2,454 |
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|
1,165 |
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|
301 |
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|
10,915 |
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| Cost of goods sold (excluding depreciation, amortization, and Rocky Mount inventory losses) |
4,711 |
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|
1,562 |
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|
717 |
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|
240 |
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|
7,230 |
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| Gross profit |
2,284 |
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|
892 |
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|
448 |
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|
61 |
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|
3,685 |
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| Operating expense |
549 |
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|
190 |
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|
45 |
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|
11 |
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|
795 |
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| Advertising expense |
251 |
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|
38 |
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|
178 |
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30 |
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|
497 |
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| SG&A (excluding stock based compensation and advertising) |
738 |
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|
339 |
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|
158 |
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|
84 |
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1,319 |
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| Adjusted OIBDA |
$ |
746 |
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|
325 |
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|
67 |
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(64) |
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1,074 |
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| Schedule of Other Information by Segment |
Other Information
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December 31, 2025 |
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December 31, 2024 |
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December 31, 2023 |
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Depreciation |
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Amortization |
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Depreciation |
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Amortization |
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Depreciation |
|
Amortization |
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amounts in millions |
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| QxH |
$ |
91 |
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|
224 |
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51 |
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252 |
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|
59 |
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265 |
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| QVC International |
27 |
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27 |
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26 |
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22 |
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31 |
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17 |
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| CBI |
16 |
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|
13 |
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13 |
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19 |
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9 |
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17 |
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| Corporate and other |
— |
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— |
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— |
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— |
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5 |
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4 |
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| Consolidated QVC Group |
$ |
134 |
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|
264 |
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|
90 |
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|
293 |
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|
104 |
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|
303 |
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December 31, 2025 |
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December 31, 2024 |
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Total
assets |
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Capital
expenditures |
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Total
assets |
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Capital
expenditures |
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amounts in millions |
| QxH |
$ |
4,780 |
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|
97 |
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6,388 |
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|
122 |
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| QVC International |
1,927 |
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37 |
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1,761 |
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|
51 |
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| CBI |
495 |
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|
23 |
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|
567 |
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|
26 |
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| Corporate and other |
441 |
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— |
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|
527 |
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— |
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| Consolidated QVC Group |
$ |
7,643 |
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|
157 |
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9,243 |
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|
199 |
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Property and equipment, net of accumulated depreciation, by segment was as follows:
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Years ended December 31, |
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2025 |
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2024 |
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amounts in millions |
| QxH |
$ |
166 |
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|
259 |
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| QVC International |
150 |
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151 |
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| CBI |
85 |
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|
92 |
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| Consolidated QVC Group |
$ |
401 |
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|
502 |
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| Schedule of Reconciliation of Adjusted OIBDA to Operating Income and Earnings (Loss) From Continuing Operations Before Income Taxes |
The following table provides a reconciliation of consolidated segment Adjusted OIBDA to operating income and earnings (loss) from continuing operations before income taxes:
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Years ended December 31, |
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2025 |
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2024 |
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2023 |
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amounts in millions |
| Consolidated segment Adjusted OIBDA |
$ |
771 |
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|
1,103 |
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|
1,074 |
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| Depreciation and amortization |
(398) |
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|
(383) |
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(407) |
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| Impairment of intangible assets |
(930) |
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|
(578) |
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— |
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| Impairment of goodwill |
(1,477) |
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(902) |
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(326) |
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| Gains on sale of assets and sale leaseback transactions |
5 |
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1 |
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|
113 |
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| Restructuring, penalties and fire related (costs), net of recoveries |
(53) |
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(18) |
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|
189 |
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| Stock-based compensation |
(16) |
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(32) |
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(53) |
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| Operating income |
(2,098) |
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(809) |
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|
590 |
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| Interest expense |
(496) |
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(468) |
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(451) |
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| Interest and dividend income |
50 |
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50 |
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52 |
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| Realized and unrealized gains (losses) on financial instruments, net |
(40) |
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|
(60) |
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(61) |
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| Loss on disposition of Zulily, net |
— |
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— |
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(64) |
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| Tax sharing income (expense) with Liberty Broadband |
10 |
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(4) |
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|
(11) |
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| Other, net |
(9) |
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— |
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|
11 |
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| Earnings (loss) from continuing operations before income taxes |
$ |
(2,583) |
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(1,291) |
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|
66 |
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| Schedule of Revenue by Geographic Area |
Revenue by Geographic Area
The following table summarizes net revenue generated by subsidiaries located within the identified geographic areas:
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Years ended December 31, |
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2025 |
|
2024 |
|
2023 |
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amounts in millions |
| United States |
$ |
6,873 |
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|
7,638 |
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8,442 |
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| Japan |
825 |
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|
870 |
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|
945 |
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| Germany |
784 |
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|
785 |
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|
788 |
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| Other foreign countries |
748 |
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|
744 |
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|
740 |
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| Consolidated QVC Group |
$ |
9,230 |
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|
10,037 |
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10,915 |
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| Schedule of Long-Lived Assets by Geographic Area |
Property and Equipment by Geographic Area
The following table summarizes property and equipment, net of accumulated depreciation, based on physical location:
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Years ended December 31, |
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2025 |
|
2024 |
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amounts in millions |
| U.S. |
$ |
251 |
|
|
351 |
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| Japan |
79 |
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|
81 |
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| Other foreign countries |
71 |
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|
70 |
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| Consolidated QVC Group |
$ |
401 |
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|
502 |
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