QVC INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data QVC 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	8,682	8,771	11,282	10,986	11,472	11,354	9,887	9,449	8,997	8,293
Cost of revenue	5,540	5,598	7,248	7,148	7,418	7,368	6,846	6,273	5,905	5,505
Gross profit	3,142	3,173	4,034	3,838	4,054	3,986	3,136	3,176	3,092	2,788
Selling, general and administrative	728	744
Operating expenses	7,479	7,462	9,770	9,659	9,905	9,847	11,286	8,804
Operating income	1,203	1,309	1,512	1,327	1,567	1,507	-1,399	645	-770	-2,017
Interest expense								247	267	286
Interest income								19	16	35
Other non-operating income	-176	-223	-250	-248	-320	-248	-191	-229	-249	-263
Pre-tax income	1,027	1,086	1,262	1,079	1,247	1,259	-1,590	416	-1,019	-2,280
Income tax	385	139	334	262	345	408	220	205	3	-153
Net income to minority interests	38	46	46	50	58	64	57	52	47	41
Net income	604	901	882	767	844	787	-1,867	159	-1,069	-2,168
EBITDA	1,808	1,828	1,923	1,795	2,020	1,936	-998	1,017	-419	-1,648

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	284	282	543	561	682	510	357	307	297	1,496
Receivables	1,246	1,680	1,787	1,813	1,602	1,645	1,362	1,295	1,134	1,016
Inventory	950	1,204	1,280	1,214	1,119	1,355	1,035	860	901	832
Other current assets	46	71	216	184	293	180	144	162	172	219
Total current assets	2,536	3,245	3,833	3,780	3,704	3,699	2,908	2,639	2,504	3,563
Property, plant and equipment	1,031	1,170	1,165	1,215	1,178	919	472	427	410	316
Lease right-of-use assets			0	214	221	201	419	510	482	461
Goodwill	4,995	5,979	5,972	5,971	6,034	5,968	3,470	3,151	2,204	800
Intangible assets	2,738	3,770	3,666	3,498	3,454	3,407	3,184	3,111	385	315
Other non-current assets	62	77	80	109	79	62	68	54	44	54
Total assets	11,545	14,319	14,856	14,927	16,558	16,141	12,404	11,720	9,889	8,456
Accounts payable	678	958	1,008	913	1,127	1,271	832	838	722	664
Accrued liabilities	769	1,057	1,026	1,045	1,302	1,179	911	938	874	727
Deferred revenue	69	70	24
Short-term debt	14	17	421	18	410	20	216	424	585	5,023
Total current liabilities	1,461	2,032	2,455	1,976	2,839	2,470	2,016	2,251	2,233	6,466
Long-term debt	5,275	5,633	4,699	5,101	4,549	5,023	4,721	3,911	3,313	1
Lease liabilities				190	195	177	377	488	475	460
Other non-current liabilities	136	128	173	322	324	294	141	112	105	88
Total liabilities	7,650	8,523	8,027	8,123	8,423	8,420	7,832	7,383	6,520	7,188
Total debt	5,289	5,650	5,120	5,119	4,959	5,043	4,937	4,335	3,898	5,024
Paid-in capital	6,851	8,576	9,123	9,208	10,741	10,687	10,869	10,901	11,201	11,205
Retained earnings	-2,832	-2,797	-2,269	-2,390	-2,722	-2,942	-6,080	-6,361	-7,538	-9,748
Other comprehensive income	-224	-93	-144	-144	-17	-146	-312	-290	-370	-262
Shareholders' equity	3,795	5,686	6,710	6,674	8,002	7,599	4,477	4,250	3,293	1,195
Minority interests	100	110	119	130	133	122	95	87	76	73
Total equity	3,895	5,796	6,829	6,768	8,091	7,721	4,572	4,337	3,369	1,268
Total liabilities and equity	11,545	14,319	14,856	14,927	16,558	16,141	12,404	11,720	9,889	8,456

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	642	947	928	817	902	851	-1,810	211	-1,022	-2,127
Depreciation and amortization	605	519	411	468	453	429	401	372	351	369
Stock-based compensation	32	39	46	39	37	44	36	37	20	15
Deferred income tax	-43	-327	-26	-9	-2	-82	-61	55	-225	-222
Change in receivables	117	-127	-110	-10	229	71	144	38	142	118
Change in inventory	-38	-43	-113	68	115	-388	296	184	-53	92
Cash from operations	1,178	1,202	1,156	1,322	2,234	1,169	409	1,094	535	419
Capital expenditures				-291	-218	-210	-216	-182	-173	-132
Cash from investing	-221	-181	-413	-407	-279	-255	638	-47	-206	-221
Dividends paid	-703	-866	-367	-879
Cash from financing	-981	-1,038	-485	-894	-1,854	-1,057	-1,165	-1,088	-321	1,027
Exchange rate effect	-20	13	2	-2	20	-28	-34	-4	-15	17
Net change in cash	-44	-4	260	19	121	-171	-152	-45	-7	1,242
Free cash flow				1,031	2,016	959	193	912	362	287
Interest paid	210	211	241	238	247	249	233	271	259	292
Income taxes paid	105	81	134	87	97	132	126	89	87	120

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 $11.99 on August 6, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.3%	Gross profit / revenue.
Operating margin	4.3%	Operating income / revenue.
EBITDA margin	8.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.1%	Pre-tax income / revenue.
Net margin	-0.2%	Net income / revenue.
Operating cash flow margin	4.7%	Cash from operations / revenue.
Effective tax rate	73.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	-0.3%	Net income / average total assets.
Return on invested capital (ROIC)	9.4%	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%.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	4.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-7.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-6.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-9.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.8%	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	-7.2%	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	-21.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.8%	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	-28.4%	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	-20.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	14.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-32.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-63.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-35.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-31.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-14.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-12.0%	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	-12.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.21x	Current assets / current liabilities.
Quick ratio	2.23x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.54x	(Cash + short-term investments) / current liabilities.
Debt / assets	81.5%	Total debt / total assets.
Liabilities / assets	109.2%	Total liabilities / total assets.
Net debt	$3.54B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.32x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$2.16B	Current assets - current liabilities.
Goodwill and intangibles / assets	16.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.67B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.28x	Revenue / average total assets.
Fixed asset turnover	27.6x	Revenue / average property, plant and equipment.
Receivables turnover	11.9x	Revenue / average receivables.
Days sales outstanding	31 days	365 x average receivables / revenue.

Valuation

Metric	Value	How it is calculated
Market cap	$12.0	Share price x shares outstanding.
Enterprise value	$3.54B	Market cap + total debt - cash - short-term investments.
P/S	0.00x	Market cap / revenue.
P/OCF	0.00x	Market cap / cash from operations, when positive.
EV/Sales	0.45x	Enterprise value / revenue.
EV/EBIT	10.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.32x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-141,666,667.0%	Net income / market cap (the inverse of P/E).

What was QVC INC's revenue in fiscal 2025?

QVC INC reported revenue of $8.29B for fiscal 2025, 7.8% lower than the year before.

Was QVC INC profitable in fiscal 2025?

No. It reported a net loss of $2.17B.

How much free cash flow did QVC INC generate in fiscal 2025?

Cash from operations of $419.0M minus capital expenditures of $132.0M left free cash flow of $287.0M.

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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