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

Debt (Tables)

v3.26.1
Debt (Tables)
12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt and Finance Lease Obligations
Long-term debt and finance lease obligations consisted of the following:
December 31,
(in millions) 2025 2024
4.45% Senior Secured Notes due 2025, net of original issue discount1
$ —  585 
4.75% Senior Secured Notes due 20272
44  44 
4.375% Senior Secured Notes due 20282
72  72 
6.875% Senior Secured Notes due 20292
605  605 
5.45% Senior Secured Notes due 2034, net of original issue discount2
400  400 
5.95% Senior Secured Notes due 2043, net of original issue discount2
300  300 
6.375% Senior Secured Notes due 20672
225  225 
6.25% Senior Secured Notes due 20682
500  500 
Senior secured credit facility2
2,900  1,195 
Finance lease obligations — 
Less: debt issuance costs, net2
(24) (28)
Total debt 5,024  3,898 
Less: current portion (5,023) (585)
Total long-term debt $ 3,313 
(1) Classified as current as of December 31, 2024
(2) Classified as current as of December 31, 2025
Schedule of Maturities of Long-term Debt
The annual principal maturities of QVC's debt, based on stated maturity dates, for each of the next five years are as follows:
(in millions) Debt (1)
2026 $ 2,900 
2027 44 
2028 72 
2029 605 
2030 — 
(1) Amounts exclude the issue discounts on 5.45% Senior Secured Notes due 2034 and 5.95% Senior Secured Notes due 2043.
Debt Securities That Are Not Reported At Fair Value The fair value of QVC's publicly traded debt securities that are not reported at fair value in the accompanying condensed consolidated balance sheet at December 31, 2025 are as follows:
December 31,
(in millions) 2025 2024
Senior secured notes $ 846  1,942