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

Consolidated Statements of Operations

v3.26.1
Consolidated Statements of Operations - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Total revenue, net $ 8,293 $ 8,997 $ 9,449
Operating costs and expenses:      
Cost of goods sold (exclusive of depreciation and amortization) 5,505 5,905 6,273
Operating expense 637 693 739
Selling, general and administrative, including stock-based compensation 1,356 1,321 1,403
Depreciation and Amortization 369 351 372
Impairment of intangible assets (note 6) 930 578 0
Impairment of goodwill 1,465 902 326
Gains on sales of assets and sale leaseback transactions (5) (1) (113)
Restructuring, penalties and fire related costs, net of (recoveries) (note 12) 53 18 (196)
Operating expenses 10,310 9,767 8,804
Operating (loss) income (2,017) (770) 645
Other (expense) income:      
Interest expense (286) (267) (247)
Interest income 35 16 19
Other (expense) income (12) 2 (1)
Nonoperating expense (263) (249) (229)
Earnings (loss) before income taxes (2,280) (1,019) 416
Income tax (expense) benefit 153 (3) (205)
Net earnings (loss) (2,127) (1,022) 211
Less: net (earnings) loss attributable to the noncontrolling interest (41) (47) (52)
Net earnings (loss) attributable to QVC, Inc. stockholder $ (2,168) $ (1,069) $ 159