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

Revenue

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Revenue
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregated revenue by segment and product category consisted of the following:

Year ended December 31, 2025
(in millions) QxH QVC-International Total
Home $ 2,389  956  3,345 
Apparel 1,094  422  1,516 
Beauty 883  545  1,428 
Accessories 708  206  914 
Electronics 441  66  507 
Jewelry 273  161  434 
Other revenue 148  1  149 
Total net revenue $ 5,936  2,357  8,293 
Year ended December 31, 2024
(in millions) QxH QVC-International Total
Home $ 2,626  975  3,601 
Apparel 1,177  418  1,595 
Beauty 1,010  566  1,576 
Accessories 799  208  1,007 
Electronics 539  69  608 
Jewelry 293  161  454 
Other revenue 154  2  156 
Total net revenue $ 6,598  2,399  8,997 
Year ended December 31, 2023
(in millions) QxH QVC-International Total
Home $ 2,768  982  3,750 
Apparel 1,207  436  1,643 
Beauty 1,083  588  1,671 
Accessories 846  208  1,054 
Electronics 617  68  685 
Jewelry 304  165  469 
Other revenue 170  7  177 
Total net revenue $ 6,995  2,454  9,449 

Consumer Product Revenue and Other Revenue

QVC's revenue includes sales of consumer products in the following categories; home, apparel, beauty, accessories, electronics and jewelry, which are primarily sold through live merchandise-focused televised shopping programs and via our websites and other interactive media.

Other revenue consists primarily of income generated from our PLCC in the U.S. in which a large consumer financial services company provides revolving credit directly to QVC's customers for the sole purpose of purchasing merchandise or services with a PLCC. In return, the Company receives a portion of the net economics of the credit card program.

Revenue Recognition

Revenue is recognized when obligations with the Company's customers are satisfied; generally this occurs at the time of shipment to its customers consistent with when control of the shipped product passes. The recognized revenue reflects the consideration the Company expects to receive in exchange for transferring goods, net of allowances for returns.

The Company generally recognizes revenue related to the PLCC over time as the PLCC is used by QVC's customers.

Sales, value add, use and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue.

The Company has elected to treat shipping and handling activities that occur after the customer obtains control of the goods as a fulfillment cost and not as a promised good or service. Accordingly, the Company accrues the related shipping costs and recognizes revenue upon delivery of the goods to the shipping carrier. In electing this accounting policy, all shipping and handling activities are treated as fulfillment costs.

The Company generally extends payment terms with its customers of one year or less and does not consider the time value of money when recognizing revenue.
Significant Judgments
Our products are generally sold with a right of return and we may provide other credits or incentives, which are accounted for as variable consideration when estimating the amount of revenue to recognize. Returns and credits are estimated at contract inception and updated at the end of each reporting period as additional information becomes available. The Company has determined that it is generally the principal in vendor arrangements as the Company can establish control over the goods prior to shipment. Accordingly, the Company records revenue for these arrangements on a gross basis.

A summary of activity in the allowance for sales returns, recorded on a gross basis for the years ended December 31, 2025, 2024 and 2023, was as follows:
(in millions) Balance
beginning
of year		 Additions-
charged
to earnings		 Deductions Balance
end of
year
2025 $ 171  1,423  (1,454) 140 
2024 197  1,603  (1,629) 171 
2023 182  1,721  (1,706) 197