$QVCG

QVC Group, Inc.

CIK:0001254699|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 1,765	$ 1,984	$ 3,534	$ 3,889
Operating costs and expenses:
Cost of goods sold (excluding depreciation and amortization shown separately below)	1,164	1,281	2,344	2,552
Operating expense	135	154	272	308
Selling, general and administrative, including stock-based compensation and pre-petition charges	333	328	665	627
Depreciation and amortization	71	98	145	193
(Gain) loss on sale of assets	0	0	(10)	0
Impairment of intangible assets (note 4)	0	930	0	930
Impairment of goodwill	0	1,465	0	1,465
Restructuring Costs	0	0	0	57
Operating expenses	1,703	4,256	3,416	6,132
Operating (loss) income	62	(2,272)	118	(2,243)
Other (expense) income:
Reorganization Items	59	0	59	0
Interest Expense, Nonoperating	(15)	(66)	(91)	(130)
Investment Income, Interest	9	3	20	7
Other Income	0	(9)	1	(13)
Nonoperating Income (Expense)	(65)	(72)	(129)	(136)
Earnings (loss) before income taxes	(3)	(2,344)	(11)	(2,379)
Income tax (expense) benefit	(18)	190	(26)	192
Net earnings (loss)	(21)	(2,154)	(37)	(2,187)
Less net earnings (loss) attributable to the noncontrolling interest	10	11	19	20
Net earnings (loss) attributable to QVC, Inc. shareholder	(31)	$ (2,165)	(56)	$ (2,207)
Intangible Asset, Excluding Goodwill, Indefinite-Lived, Impairment Loss, Segment [Extensible Enumeration]		QxH [Member]		QxH [Member]
Impairment of goodwill	$ 0	$ 1,465	$ 0	$ 1,465

Condensed Consolidated Statements of Cash Flows $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Cash flows from operating activities:
Net earnings (loss)	$ (21)	$ (37)	$ (2,187)
Adjustments to reconcile net earnings (loss) to net cash provided (used) by operating activities:
Depreciation and amortization	71	145	193
Lease expense, Noncash		49
Debtor Reorganization Items, Other Expense (Income)		27	0
(Gain) loss on sale of assets		(10)	0
Deferred income tax expense (benefit)		(1)	(230)
Impairment of intangible assets (note 4)	0	0	930
Impairment of goodwill	0	0	1,465
Stock-based compensation		0	8
Other, net		(10)	12
Change in operating assets and liabilities
Decrease (increase) in trade and other receivables		344	315
Decrease (increase) in inventories		22	(85)
Decrease (increase) in other assets		(33)	31
(Decrease) increase in accounts payable		(270)	(157)
(Decrease) increase in accrued and other liabilities		(170)	(248)
Net cash provided (used) by operating activities		56	98
Cash flows from investing activities:
Capital expenditures		(65)	(63)
Expenditures for television distribution rights		(15)	(88)
Proceeds from sale of fixed assets		12	0
Payment for (Proceeds from) Other Investing Activity		1	(7)
Net cash provided (used) by investing activities		(67)	(158)
Cash flows from financing activities:
Dividends paid to noncontrolling interest		(16)	(22)
Borrowings of debt		0	1,011
Repayments of debt		0	(867)
Proceeds from (Payment for) Other Financing Activity		(7)	(2)
Net cash provided (used) by financing activities		(23)	78
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash		(11)	27
Net increase (decrease) in cash, cash equivalents and restricted cash		(45)	45
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	1,512	1,512	360
Cash and cash equivalents	1,019	1,019
Restricted Cash and Cash Equivalent, Current	$ 493	493
Qurate
Cash flows from financing activities:
Dividends paid to QVC Group, Inc.		$ 0	$ (42)

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,019	$ 1,496
Trade and other receivables, net of allowance for credit losses of $62 million and $76 million, respectively	669	1,016
Inventories	805	832
Other current assets	650	219
Total current assets	3,143	3,563
Property and equipment, net of accumulated depreciation of $908 million and $897 million, respectively	288	316
Goodwill	777	800
Tradenames	1,190	1,190
Intangible assets subject to amortization, net (note 4)	246	315
Operating lease right-of-use assets	450	461
Note receivable - related party (note 1)	0	1,740
Other noncurrent assets	80	54
Assets held for sale noncurrent (note 6)	17	17
Total assets	6,191	8,456
Current liabilities:
Accounts payable	391	664
Accrued liabilities	538	727
Current debt (note 5)	1	5,023
Other current liabilities	49	52
Total current liabilities	979	6,466
Long-term debt (note 5)	0	1
Deferred Income Tax Liabilities, Net	171	173
Operating lease liabilities	450	460
Other liabilities	69	88
Liabilities subject to compromise (note 2)	5,093	0
Total liabilities	6,762	7,188
Equity:
Common stock, $0.01 par value, 1 authorized share	0	0
Additional paid-in capital	9,462	11,205
Accumulated deficit	(9,804)	(9,748)
Accumulated other comprehensive earnings (loss)	(303)	(262)
Total stockholder's equity (deficit)	(645)	1,195
Noncontrolling interest in equity of subsidiary	74	73
Total equity	(571)	1,268
Total liabilities and equity	$ 6,191	$ 8,456