Information about QVC's Operating Segments (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Segment Reporting [Abstract] |
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| Schedule of Revenue and Adjusted OIBDA by Segment |
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Year ended December 31, 2025 |
| (in millions) |
QxH |
QVC-International |
Total |
| Total revenue, net |
$ |
5,936 |
|
2,357 |
|
8,293 |
|
| Cost of goods sold (exclusive of depreciation and amortization) |
3,979 |
|
1,526 |
|
5,505 |
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| Segment gross profit |
1,957 |
|
831 |
|
2,788 |
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| Operating expense |
454 |
|
183 |
|
637 |
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| Advertising expense |
330 |
|
39 |
|
369 |
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| SG&A, excluding stock-based compensation and advertising expense |
656 |
|
316 |
|
972 |
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| Adjusted OIBDA |
$ |
517 |
|
293 |
|
810 |
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Year ended December 31, 2024 |
| (in millions) |
QxH |
QVC-International |
Total |
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| Total revenue, net |
$ |
6,598 |
|
2,399 |
|
8,997 |
|
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| Cost of goods sold (exclusive of depreciation and amortization) |
4,373 |
|
1,532 |
|
5,905 |
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| Segment gross profit |
2,225 |
|
867 |
|
3,092 |
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| Operating expense |
512 |
|
181 |
|
693 |
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| Advertising expense |
277 |
|
35 |
|
312 |
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| SG&A, excluding stock-based compensation and advertising expense |
671 |
|
318 |
|
989 |
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| Adjusted OIBDA |
$ |
765 |
|
333 |
|
1,098 |
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Year ended December 31, 2023 |
| (in millions) |
QxH |
QVC-International |
Total |
| Total revenue, net |
$ |
6,995 |
|
2,454 |
|
9,449 |
|
| Cost of goods sold (exclusive of depreciation and amortization) |
4,711 |
|
1,562 |
|
6,273 |
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| Segment gross profit |
2,284 |
|
892 |
|
3,176 |
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| Operating expense |
549 |
|
190 |
|
739 |
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| Advertising expense |
251 |
|
38 |
|
289 |
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| SG&A, excluding stock-based compensation and advertising expense |
738 |
|
339 |
|
1,077 |
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| Adjusted OIBDA |
$ |
746 |
|
325 |
|
1,071 |
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| Schedule of Depreciation and Amortization by Segment |
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Years ended December 31, |
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2025 |
2024 |
2023 |
| (in millions) |
Depreciation |
Amortization |
Depreciation |
Amortization |
Depreciation |
Amortization |
| QxH |
$ |
91 |
|
223 |
|
51 |
|
252 |
|
59 |
|
265 |
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| QVC-International |
27 |
|
28 |
|
26 |
|
22 |
|
31 |
|
17 |
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| Consolidated QVC |
$ |
118 |
|
251 |
|
77 |
|
274 |
|
90 |
|
282 |
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| Schedule of Total Assets and Capital Expenditures by Segment |
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Years ended December 31, |
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2025 |
2024 |
| (in millions) |
Total
assets |
Capital
expenditures |
Total
assets |
Capital
expenditures |
| QxH |
$ |
6,529 |
|
96 |
|
8,128 |
|
122 |
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| QVC-International |
1,927 |
|
36 |
|
1,761 |
|
51 |
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| Consolidated QVC |
$ |
8,456 |
|
132 |
|
9,889 |
|
173 |
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| Schedule of Property and Equipment, Net by Segment |
Property and equipment, net of accumulated depreciation, by segment was as follows:
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December 31, |
| (in millions) |
2025 |
2024 |
| QxH |
$ |
166 |
|
259 |
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| QVC-International |
150 |
|
151 |
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| Consolidated QVC |
$ |
316 |
|
410 |
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| Reconciliation of Adjusted OIBDA to Income before Income Taxes |
The following table provides a reconciliation of Adjusted OIBDA to income before income taxes:
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Years ended December 31, |
| (in millions) |
2025 |
2024 |
2023 |
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| Adjusted OIBDA |
$ |
810 |
|
1,098 |
|
1,071 |
|
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| Depreciation and amortization |
(369) |
|
(351) |
|
(372) |
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| Impairment of intangible assets |
(930) |
|
(578) |
|
— |
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| Impairment of goodwill |
(1,465) |
|
(902) |
|
(326) |
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| Gains on sales of assets and sale leaseback transactions |
5 |
|
1 |
|
113 |
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Restructuring, penalties and fire related (costs), net of recoveries |
(53) |
|
(18) |
|
196 |
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| Stock-based compensation |
(15) |
|
(20) |
|
(37) |
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| Operating (loss) income |
(2,017) |
|
(770) |
|
645 |
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| Interest expense |
(286) |
|
(267) |
|
(247) |
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| Interest income |
35 |
|
16 |
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19 |
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| Other (loss) income |
(12) |
|
2 |
|
(1) |
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| (Loss) income before income taxes |
$ |
(2,280) |
|
(1,019) |
|
416 |
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| Schedule of Net Revenue by Geographic Area |
The following table summarizes net revenues based on revenues generated by subsidiaries located within the identified geographic area:
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Years ended December 31, |
| (in millions) |
2025 |
2024 |
2023 |
| United States |
$ |
5,936 |
|
6,598 |
|
6,995 |
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| Japan |
825 |
|
870 |
|
945 |
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| Germany |
784 |
|
785 |
|
788 |
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| United Kingdom |
636 |
|
629 |
|
594 |
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| Other countries |
112 |
|
115 |
|
127 |
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| Consolidated QVC |
$ |
8,293 |
|
8,997 |
|
9,449 |
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| Schedule of Property and Equipment, Net by Physical Location |
The following table summarizes property and equipment, net of accumulated depreciation, based on physical location:
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December 31, |
| (in millions) |
2025 |
2024 |
| United States |
$ |
166 |
|
259 |
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| Japan |
79 |
|
81 |
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| Other countries |
71 |
|
70 |
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| Consolidated QVC |
$ |
316 |
|
410 |
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