Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Net earnings (loss) $ (2,176) $ 190
Adjustments to reconcile net earnings (loss) to net cash provided (used) by operating activities:    
Depreciation and amortization 290 267
Goodwill and Intangible Asset Impairment 2,395 0
Stock-based compensation 14 15
Gain on sale leaseback transaction 0 (1)
Change in fair value of financial instruments and noncash interest (2) (2)
Deferred income tax expense (benefit) (222) (89)
Other charges, net 85 76
Decrease (increase) in trade and other receivables 306 410
Decrease (increase) in inventories (93) (246)
Decrease (increase) in other current assets 22 31
(Decrease) increase in accounts payable (129) (59)
(Decrease) increase in accrued and other liabilities (316) (246)
Net cash provided (used) by operating activities 174 346
Cash flows from investing activities:    
Capital expenditures (88) (118)
Expenditures for television distribution rights (89) (23)
Proceeds from sale of fixed assets 0 6
Other investing activities, net (11) (2)
Net cash provided (used) by investing activities (188) (137)
Cash flows from financing activities:    
Borrowings of debt 1,986 1,895
Repayments of debt (868) (2,248)
Proceeds from Contributed Capital   277
Dividends paid to noncontrolling interest (22) (51)
Other financing activities, net (3) (1)
Net cash provided (used) by financing activities 1,051 (219)
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash 22 2
Net increase (decrease) in cash, cash equivalents and restricted cash 1,059 (8)
Cash, cash equivalents and restricted cash, beginning of period 315 322
Cash, cash equivalents and restricted cash, end of period 1,374 314
Qurate    
Cash flows from financing activities:    
Dividends paid to QVC Group, Inc. (42) (91)
LMC    
Cash flows from financing activities:    
Proceeds from Contributed Capital $ 0 $ 277