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Information About QVC Group's Operating Segments
 12 Months Ended
Dec. 31, 2025
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]  
Information About QVC Group's Operating Segments (15) Information About QVC Group's Operating Segments
QVC Group, through its ownership interests in subsidiaries and other companies, is primarily engaged in the video and on-line commerce industries. QVC Group identifies its reportable segments as (A) those operating segments that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA or total assets and (B) those equity method affiliates whose share of earnings represent 10% or more of QVC Group's annual pre-tax earnings. The segment presentation for prior periods has been conformed to the current period segment presentation.
QVC Group’s chief operating decision maker, the chief executive officer, evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue, cost of goods sold, gross profit, operating expense, advertising expense, SG&A and Adjusted OIBDA, in addition to average sales price per unit, number of units shipped and revenue or sales per customer equivalent. In addition, QVC Group reviews nonfinancial measures such as unique website visitors, conversion rates and active customers, as appropriate.
For segment reporting purposes, QVC Group defines Adjusted OIBDA as revenue less cost of goods sold, operating expenses, and SG&A excluding stock-based compensation and, where applicable, separately identified items impacting comparability. QVC Group believes this measure is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform
analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock-based compensation, and where applicable, separately identified impairments, litigation settlements, restructuring, penalties, fire related costs, net of recoveries (including Rocky Mount inventory losses) and gains on sales of assets and sale leaseback transactions, that are included in the measurement of operating income (loss) pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. QVC Group generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices.
For the year ended December 31, 2025, QVC Group has identified the following operating segments as its reportable segments, which are also operating segments:
•QxH – QxH markets and sells a wide variety of consumer products in the U.S., primarily by means of its televised shopping programs and via the internet through their websites and mobile applications;
•QVC International – QVC International markets and sells a wide variety of consumer products in several foreign countries, primarily by means of its televised shopping programs and via the internet through its international websites and mobile applications; and
•CBI – CBI consists of a portfolio of aspirational home and apparel brands in the U.S. that sell merchandise through brick-and-mortar retail locations as well as via the internet through their websites.
QVC Group's operating segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, distribution channels and marketing strategies. The accounting policies of the segments are the same as those described in the Company's summary of significant accounting policies.
Performance Measures
Year ended December 31, 2025
QxHQVC Int'lCBICorporate and other Total
amounts in millions
Total revenue, net$5,936 2,357 937 — 9,230 
Cost of goods sold (excluding depreciation and amortization)3,979 1,526 559 — 6,064 
Gross profit 1,957 831 378 — 3,166 
Operating expense 454 183 38 — 675 
Advertising expense 330 39 163 — 532 
SG&A (excluding stock based compensation and advertising)656 316 161 55 1,188 
Adjusted OIBDA$517 293 16 (55)771 
Year ended December 31, 2024
QxHQVC Int'lCBICorporate and other Total
amounts in millions
Total revenue, net$6,598 2,399 1,040 — 10,037 
Cost of goods sold (excluding depreciation and amortization)4,373 1,532 619 — 6,524 
Gross profit 2,225 867 421 — 3,513 
Operating expense 512 181 41 — 734 
Advertising expense 277 35 172 — 484 
SG&A (excluding stock based compensation and advertising) 671 318 172 31 1,192 
Adjusted OIBDA $765 333 36 (31)1,103 
Year ended December 31, 2023
QxHQVC Int'lCBICorporate and other Total
amounts in millions
Total revenue, net$6,995 2,454 1,165 301 10,915 
Cost of goods sold (excluding depreciation, amortization, and Rocky Mount inventory losses) 4,711 1,562 717 240 7,230 
Gross profit 2,284 892 448 61 3,685 
Operating expense 549 190 45 11 795 
Advertising expense 251 38 178 30 497 
SG&A (excluding stock based compensation and advertising) 738 339 158 84 1,319 
Adjusted OIBDA $746 325 67 (64)1,074 
Other Information
December 31, 2025December 31, 2024December 31, 2023
DepreciationAmortizationDepreciationAmortizationDepreciationAmortization
amounts in millions
QxH$91 224 51 252 59 265 
QVC International 27 27 26 22 31 17 
CBI16 13 13 19 9 17 
Corporate and other— — — — 5 4 
Consolidated QVC Group$134 264 90 293 104 303 

December 31, 2025December 31, 2024
Total
assets		Capital
expenditures		Total
assets		Capital
expenditures
amounts in millions
QxH$4,780 97 6,388 122 
QVC International 1,927 37 1,761 51 
CBI495 23 567 26 
Corporate and other441 — 527 — 
Consolidated QVC Group$7,643 157 9,243 199 
Property and equipment, net of accumulated depreciation, by segment was as follows:
Years ended December 31,
20252024
amounts in millions
QxH$166 259 
QVC International150 151 
CBI85 92 
Consolidated QVC Group$401 502 
The following table provides a reconciliation of consolidated segment Adjusted OIBDA to operating income and earnings (loss) from continuing operations before income taxes:
Years ended December 31,
202520242023
amounts in millions
Consolidated segment Adjusted OIBDA$771 1,103 1,074 
Depreciation and amortization(398)(383)(407)
Impairment of intangible assets(930)(578)— 
Impairment of goodwill(1,477)(902)(326)
Gains on sale of assets and sale leaseback transactions5 1 113 
Restructuring, penalties and fire related (costs), net of recoveries(53)(18)189 
Stock-based compensation(16)(32)(53)
Operating income(2,098)(809)590 
Interest expense(496)(468)(451)
Interest and dividend income50 50 52 
Realized and unrealized gains (losses) on financial instruments, net(40)(60)(61)
Loss on disposition of Zulily, net— — (64)
Tax sharing income (expense) with Liberty Broadband10 (4)(11)
Other, net(9)— 11 
Earnings (loss) from continuing operations before income taxes$(2,583)(1,291)66 
Revenue by Geographic Area
The following table summarizes net revenue generated by subsidiaries located within the identified geographic areas:
Years ended December 31,
202520242023
amounts in millions
United States$6,873 7,638 8,442 
Japan825 870 945 
Germany784 785 788 
Other foreign countries748 744 740 
Consolidated QVC Group$9,230 10,037 10,915 
Property and Equipment by Geographic Area
The following table summarizes property and equipment, net of accumulated depreciation, based on physical location:
Years ended December 31,
20252024
amounts in millions
U.S.$251 351 
Japan79 81 
Other foreign countries71 70 
Consolidated QVC Group$401 502