v3.25.2
Information about QVC's Operating Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment reporting disclosure
The Company's chief operating decision maker ("CODM") is the Company's Chief Executive Officer who has ultimate responsibility for enterprise decisions. QVC's CODM determines, in particular, resource allocation for, and monitors performance of, the consolidated enterprise, QxH, and QVC International. The segment managers have responsibility for operating decisions, allocating resources and assessing performance within their respective segments. QVC's CODM relies on internal management reporting that analyzes enterprise results and segment results to the Adjusted OIBDA level (see below).
For the three and six months ended June 30, 2025 and 2024, QVC has identified QxH and QVC International as its two operating segments. Both operating segments (which are also the reportable segments) are retailers of a wide range of consumer products, which are marketed and sold primarily by merchandise-focused televised-shopping programs as well as via the internet (including social media) and mobile applications in certain markets.
The Company evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as net revenue, Adjusted OIBDA (defined below), gross margin, average sales price per unit, number of units shipped and revenue or sales per customer. For segment reporting purposes, the Company defines Adjusted OIBDA, as net revenue less cost of goods sold, operating expenses, and selling, general and administrative expenses (excluding stock-based compensation, and restructuring costs). The Company believes this measure is an important indicator of the operational strength and performance of its segments by identifying those items that are not directly a reflection of each segment's performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking among the Company's businesses and identify strategies to improve performance. This measure of performance excludes depreciation, amortization, impairment of goodwill and intangible assets, gains on sale of assets and sale-leaseback transactions, restructuring, and stock-based compensation that are included in the measurement of operating income pursuant to U.S. GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net earnings (loss), cash flow provided by operating activities and other measures of financial performance prepared in accordance with U.S. GAAP. The segment presentation for prior periods has been conformed to the current period segment presentation.
Disaggregated revenue by segment and product category consisted of the following:
Three months ended June 30, 2025Six months ended June 30, 2025
(in millions)QxHQVC Int'lTotalQxHQVC Int'lTotal
Home$527 233 760 1,065 456 1,521 
Apparel299 112 411 557 211 768 
Beauty208 138 346 419 258 677 
Accessories180 56 236 353 102 455 
Jewelry62 37 99 125 70 195 
Electronics76 16 92 165 31 196 
Other revenue39 1 40 75 2 77 
Total net revenue$1,391 593 1,984 2,759 1,130 3,889 
Three months ended June 30, 2024Six months ended June 30, 2024
(in millions)QxHQVC Int'lTotalQxHQVC Int'lTotal
Home$596 221 817 1,185 458 1,643 
Apparel328 105 433 610 213 823 
Beauty239 141 380 478 270 748 
Accessories212 53 265 413 101 514 
Jewelry73 39 112 153 72 225 
Electronics73 16 89 181 31 212 
Other revenue37 1 38 77 3 80 
Total net revenue$1,558 576 2,134 3,097 1,148 4,245 
Performance measures
Three months ended June 30, 2025Six months ended June 30, 2025
(in millions)QxHQVC-Int'lTotalQxHQVC-Int'lTotal
Net revenue$1,391 593 1,984 2,759 1,130 3,889 
Costs of goods sold (exclusive of depreciation and amortization)900 381 1,281 1,823 729 2,552 
Segment gross profit491 212 703 936 401 1,337 
Operating expense107 47 154 218 90 308 
Advertising68 10 78 123 18 141 
Selling, general and administrative, excluding stock-based compensation and advertising166 80 246 323 155 478 
Adjusted OIBDA$150 75 225 272 138 410 
Three months ended June 30, 2024Six months ended June 30, 2024
(in millions)QxHQVC-Int'lTotalQxHQVC-Int'lTotal
Net revenue$1,558 576 2,134 3,097 1,148 4,245 
Costs of goods sold (exclusive of depreciation and amortization)1,007 367 1,374 2,014 733 2,747 
Segment gross profit551 209 760 1,083 415 1,498 
Operating expense122 45 167 247 90 337 
Advertising63 9 72 116 16 132 
Selling, general and administrative, excluding stock-based compensation and advertising172 78 250 341 157 498 
Adjusted OIBDA$194 77 271 379 152 531 
Other information

June 30, 2025
(in millions)Total
assets		Capital
expenditures		Property and equipment, net
QxH$5,476 49 215 
QVC International1,899 14 158 
Consolidated QVC$7,375 63 373 
June 30, 2024
(in millions)Total
assets		Capital
expenditures		Property and equipment, net
QxH$9,493 61 252 
QVC International1,748 20 146 
Consolidated QVC$11,241 81 398 
The following table provides a reconciliation of Adjusted OIBDA to operating income and earnings before income taxes:
Three months ended June 30,Six months ended June 30,
(in millions)2025202420252024
Adjusted OIBDA$225 271 410 531 
Gain on sale leaseback transaction— — — 1 
Restructuring costs
— (18)(57)(18)
Impairment of goodwill and intangible assets(2,395)— (2,395)— 
Stock-based compensation(4)(2)(8)(14)
Depreciation and amortization(98)(88)(193)(180)
Operating income (loss)(2,272)163 (2,243)320 
Interest expense, net(63)(67)(123)(129)
Foreign currency gain (loss)(9)1 (13)— 
Earnings (loss) before income taxes$(2,344)97 (2,379)191