QVC Group, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data QVC Group, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10,647	10,404	14,070	13,458	14,177	14,044	12,106	10,915	10,037	9,230
Cost of revenue		6,789	9,209	8,899	9,291	9,231	8,417	7,230	6,524	6,064
Gross profit		3,615	4,861	4,559	4,886	4,813	3,784	3,685	3,513	3,166
Selling, general and administrative	1,190	1,188	1,897	1,758	1,885	1,930	1,945	1,869	1,708	1,736
Operating income	968	1,043	1,324	184	1,572	1,087	-2,041	590	-809	-2,098
Interest expense	363	355	381	374	408	468	456	451	468	496
Interest income						5	10	52	50	50
Other non-operating income	123	7	-441	-806	-521	-449	-267	-524	-482	-485
Pre-tax income	1,091	1,050	883	-622	1,051	638	-2,308	66	-1,291	-2,583
Income tax	316	-985	60	-217	-203	217	224	160	-41	-185
Net income to minority interests	39	46	48	51	58	81	62	51	40	41
Net income	1,235	2,441	916	-456	1,196	340	-2,594	-145	-1,290	-2,439
EBITDA	1,842	1,768	1,961	790	2,134	1,624	-1,560	997	-426	-1,700
EPS, basic				-54.00	144.00	42.00	-341.50	-18.50	-163.00	-302.97
EPS, diluted				-54.00	142.00	41.00	-341.50	-18.50	-163.00	-302.97
Shares, basic (weighted)	476	445	462	8.48	8.32	8.06	7.6	7.74	7.92	8.05
Shares, diluted (weighted)	481	448	465	8.48	8.42	8.3	7.66	7.74	7.92	8.05

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	825	903	653	673	806	587	1,275	1,121	905	1,972
Receivables	1,308	1,726	1,835	1,854	1,640	1,679	1,394	1,308	1,143	1,040
Inventory	968	1,411	1,474	1,413	1,301	1,623	1,346	1,044	1,061	972
Other current assets	68	125	224	434	473	235	210	209	190	239
Total current assets	3,169	4,165	4,186	4,576	4,565	4,448	4,275	3,682	3,299	4,223
Property, plant and equipment	1,131	1,341	1,322	1,351	1,300	1,030	570	512	502	401
Lease right-of-use assets				397	371	351	585	635	600	570
Goodwill	6,052	7,082	7,017	6,576	6,638	6,339	3,501	3,164	2,217	800
Intangible assets	1,005	1,248	1,058	955	779	745	612	526	402	336
Other non-current assets	32	359	267	679	549	251	310	151	103	106
Total assets	20,355	24,122	17,841	17,305	16,999	16,202	12,571	11,368	9,243	7,643
Accounts payable	790	1,151	1,204	1,091	1,305	1,429	976	895	776	701
Accrued liabilities	706	1,125	1,182	1,173	1,418	1,236	1,133	983	953	801
Short-term debt	876	996	1,410	1,557	1,750	1,315	828	642	867	5,075
Total current liabilities	2,534	3,441	3,951	4,001	4,704	4,224	3,099	2,617	2,724	6,674
Long-term debt	7,166	7,553	5,963	5,855	5,186	5,674	5,525	4,698	4,101	790
Lease liabilities				349	320	303	518	615	598	580
Other non-current liabilities	158	242	258	761	768	404	198	148	120	106
Total liabilities	13,494	14,039	12,097	12,333	13,266	13,216	12,046	10,879	10,128	10,660
Total debt	8,042	8,549	7,373	7,412	6,936	6,989	6,353	5,340	4,968	5,865
Paid-in capital		1,043					53	99	138	142
Retained earnings	7,032	9,068	5,675	4,891	3,522	2,925	337	196	-1,094	-3,533
Other comprehensive income	-266	-133	-55	-55	72	-79	18	86	-15	291
Shareholders' equity	6,772	9,984	5,624	4,840	3,598	2,850	412	385	-971	-3,100
Minority interests	89	99	120	132	135	136	113	104	86	83
Total equity	6,861	10,083	5,744	4,936	3,689	2,986	525	489	-885	-3,017
Total liabilities and equity	20,355	24,122	17,841	17,305	16,999	16,202	12,571	11,368	9,243	7,643

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,274	2,487	964	-405	1,254	421	-2,532	-94	-1,250	-2,398
Depreciation and amortization	874	725	637	606	562	537	481	407	383	398
Stock-based compensation	97	123	88	71	64	72	60	53	32	16
Deferred income tax	191	-1,157	-185	-243	-348	-4	12	80	-211	-230
Change in receivables			-75	-18	232	27	124	36	144
Change in inventory			-106	62	133	-440	254	257	-28	112
Change in payables	-117	225	56	-122	185	147	-446	-34	-104	-89
Cash from operations	1,443	1,490	1,273	1,284	2,455	1,225	194	919	525	274
Capital expenditures	-233	-956	-275	-325	-257	-244	-268	-230	-199	-156
Acquisitions		22
Purchases of investments	-86	-159	-100	-141	-119	-202	-7	-179	0	0
Sales and maturities of investments	1,174							167	0	0
Cash from investing	-1,492	-391	47	-600	-161	-501	601	-54	-225	-245
Debt issued	3,427	2,469	4,221	3,161	1,300	1,037	3,029	1,267	2,014	1,986
Debt repaid	-4,498	-2,631	-4,395	-3,274	-2,079	-594	-3,008	-2,258	-2,454	-870
Share buybacks	-799	-765	-988	-392	-70	-365
Dividends paid					-1,251	-503	-12	-8	-4	-1
Cash from financing	-1,572	-1,036	-1,574	-661	-2,181	-914	-72	-1,010	-498	1,064
Exchange rate effect	-20	13	2	-2	20	-28
Net change in cash	-1,624	76	-252	21	133	-218	689	-149	-213	1,110
Free cash flow	1,210	534	998	959	2,198	981	-74	689	326	118
Interest paid	354	343	362	360	392	458	447	471	458	414
Income taxes paid	204	158	226	175	116	29	284	107	153	106

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.03 on August 6, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	34.0%	Gross profit / revenue.
Operating margin	2.6%	Operating income / revenue.
EBITDA margin	6.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.1%	Pre-tax income / revenue.
Net margin	-2.3%	Net income / revenue.
FCF margin	0.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.2%	Cash from operations / revenue.
Return on assets (ROA)	-2.9%	Net income / average total assets.
Return on invested capital (ROIC)	13.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	20.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.8%	Capital expenditures / revenue.
D&A / revenue	4.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-8.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-8.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-8.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-9.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-5.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-8.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-47.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	12.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-35.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-63.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-44.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-17.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-15.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-14.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.36x	Current assets / current liabilities.
Quick ratio	1.88x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.24x	(Cash + short-term investments) / current liabilities.
Debt / assets	93.5%	Total debt / total assets.
Liabilities / assets	153.5%	Total liabilities / total assets.
Net debt	$5.17B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	8.97x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.53x	Operating income / interest expense.
Working capital	$2.59B	Current assets - current liabilities.
Goodwill and intangibles / assets	14.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$4.86B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.27x	Revenue / average total assets.
Fixed asset turnover	23.7x	Revenue / average property, plant and equipment.
Inventory turnover	6.15x	Cost of revenue / average inventory.
Days inventory	59 days	365 x average inventory / cost of revenue.
Receivables turnover	12.7x	Revenue / average receivables.
Days sales outstanding	29 days	365 x average receivables / revenue.
Days payables	27 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	61 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	82.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$25.20	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$1,093.00	Revenue / diluted weighted shares.
FCF per share	$4.20	Free cash flow / diluted weighted shares.
Operating cash flow per share	$23.60	Cash from operations / diluted weighted shares.
Book value per share	-$471.83	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$600.32	Tangible book value / shares outstanding.
Cash per share	$168.89	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	0.0%	Dividends paid / free cash flow, when free cash flow is positive.

What was QVC Group, Inc.'s revenue in fiscal 2025?

QVC Group, Inc. reported revenue of $9.23B for fiscal 2025, 8% lower than the year before.

Was QVC Group, Inc. profitable in fiscal 2025?

No. It reported a net loss of $2.44B.

How much free cash flow did QVC Group, Inc. generate in fiscal 2025?

Cash from operations of $274.0M minus capital expenditures of $156.0M left free cash flow of $118.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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