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

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net earnings (loss) $ (2,127) $ (1,022) $ 211
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:      
Depreciation and Amortization 369 351 372
Impairment of intangibles assets 930 578 0
Impairment of goodwill 1,465 902 326
Stock-based compensation 15 20 37
Gains on sales of assets and sale leaseback transactions (5) (1) (113)
Deferred income tax expense (benefit) (222) (225) 55
Non-cash lease expense 101 105 101
Other charges, net (1) (16) (31)
Gain on insurance proceeds, net of fire related costs 0 0 (225)
Insurance proceeds received for operating expenses and business interruption losses 0 0 226
Changes in operating assets and liabilities      
Decrease (increase) in trade and other receivables 118 142 38
Decrease (increase) in inventories 92 (53) 184
Decrease (increase) in other current assets 4 6 (14)
(Decrease) increase in accounts payable (72) (102) (1)
(Decrease) increase in accrued and other liabilities (248) (150) (72)
Net cash provided (used) by operating activities 419 535 1,094
Investing activities:      
Capital expenditures (132) (173) (182)
Expenditures for television distribution rights (93) (37) (113)
Proceeds from sale of fixed assets 12 6 208
Proceeds from derivative instruments 0 0 167
Payments for derivative instruments 0 0 (179)
Insurance proceeds received for fixed asset loss 0 0 54
Other investing activities (8) (2) (2)
Net cash provided (used) by investing activities (221) (206) (47)
Financing activities:      
Borrowings of debt 1,986 2,014 1,152
Repayments of debt (868) (2,452) (1,750)
Dividends paid to noncontrolling interest (44) (51) (53)
Other financing activities, net (5) (1) 0
Net cash provided (used) by financing activities 1,027 (321) (1,088)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 17 (15) (4)
Net increase (decrease) in cash, cash equivalents and restricted cash 1,242 (7) (45)
Cash, cash equivalents and restricted cash, beginning of year 315 322 367
Cash, cash equivalents and restricted cash, end of year 1,557 315 322
QVC Group      
Financing activities:      
Dividends paid to QVC Group, Inc. (42) (108) (437)
Liberty      
Financing activities:      
Capital contributions received from QVC Group, Inc. $ 0 $ 277 $ 0