v3.26.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Long-Term Debt, Unclassified [Abstract]  
Schedule of Long-Term Debt Instruments
Debt is summarized as follows:
Outstanding
principal
December 31, 2025		Carrying value
December 31, 2025December 31, 2024
amounts in millions
Corporate level debentures
8.5% Senior Debentures due 2029
$287 286 286 
8.25% Senior Debentures due 2030
505 503 503 
4% Exchangeable Senior Debentures due 2029 (1)(2)(3)
339 24 128 
3.75% Exchangeable Senior Debentures due 2030 (1)(2)(3)
427 28 154 
Subsidiary level notes and facilities
QVC 4.45% Senior Secured Notes due 2025(3)
— — 585 
QVC 4.75% Senior Secured Notes due 2027(2)
44 44 44 
QVC 4.375% Senior Secured Notes due 2028(2)
72 72 72 
QVC 6.875% Senior Secured Notes due 2029(2)
605 605 605 
QVC 5.45% Senior Secured Notes due 2034(2)
400 400 400 
QVC 5.95% Senior Secured Notes due 2043(2)
300 300 300 
QVC 6.375% Senior Secured Notes due 2067(2)
225 225 225 
QVC 6.25% Senior Secured Notes due 2068(2)
500 500 500 
QVC Senior Secured Credit Facility(2)
2,900 2,900 1,195 
Finance lease obligations2 2 — 
Deferred loan costs(2)
— (24)(29)
Total consolidated QVC Group debt$6,606 5,865 4,968 
Less current classification(5,075)(867)
Total long-term debt$790 4,101 
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(1)Measured at fair value
(2)Classified as current as of December 31, 2025
(3)Classified as current as of December 31, 2024
Schedule of Annual Principal Maturities Based on Stated Maturity Dates
The annual principal maturities of QVC Group'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$1,231 
2030$932 
(1) Amounts exclude the issue discounts on the 5.45% Senior Secured Notes due 2034 and 5.95% Senior Secured Notes due 2043.
Schedule of Fair Value of Debt Securities that are not Reported at Fair Value The fair value of QVC Group'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 (amounts in millions):
December 31,
20252024
Senior debentures$44 374 
QVC senior secured notes$846 1,942