v3.26.1
Information about QVC's Operating Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment reporting disclosure Information about QVC's Operating Segments
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 (defined below).
For the three months ended March 31, 2026 and 2025, 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 total revenue, net, 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 total revenue, net less cost of goods sold, operating expenses, and selling, general and administrative expenses excluding stock-based compensation, and, where applicable, separately identified items impacting comparability. 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 and amortization, stock-based compensation, and where applicable, separately identified impairments, litigation settlements, restructuring (benefits) costs, pre-petition charges (primarily professional fees directly related to, and incurred prior to, the filing of the Chapter 11 Cases), and (gain) loss on sale of assets, that are included in the measurement of operating income (loss) 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.
Disaggregated revenue by segment and product category consisted of the following:
Three months ended March 31, 2026Three months ended March 31, 2025
(in millions)QxHQVC-InternationalTotalQxHQVC-InternationalTotal
Home$497 223 720 538 223 761 
Apparel247 96 343 258 99 357 
Beauty179 115 294 211 120 331 
Accessories147 48 195 173 46 219 
Jewelry65 37 102 63 33 96 
Electronics60 19 79 89 15 104 
Other revenue36 — 36 36 1 37 
Total net revenue$1,231 538 1,769 1,368 537 1,905 
Performance measures
Three months ended March 31, 2026Three months ended March 31, 2025
(in millions)QxHQVC-Int'lTotalQxHQVC-Int'lTotal
Total revenue, net$1,231 538 1,769 1,368 537 1,905 
Costs of goods sold (excluding depreciation and amortization)824 356 1,180 923 348 1,271 
Segment gross profit407 182 589 445 189 634 
Operating expense92 45 137 111 43 154 
Advertising70 8 78 55 8 63 
Selling, general and administrative (excluding stock-based compensation, advertising and pre-petition charges)153 80 233 157 75 232 
Adjusted OIBDA$92 49 141 122 63 185 

Other information
March 31, 2026
(in millions)Total
assets		Property and equipment, net
QxH1
$6,120 159 
QVC International1,870 140 
Consolidated QVC$7,990 299 
(1) QxH Property and equipment, net as of March 31, 2026 excludes assets classified as assets held for sale in the condensed consolidated balance sheet.
March 31, 2025
(in millions)Total
assets		Property and equipment, net
QxH$7,891 235 
QVC International1,784 153 
Consolidated QVC$9,675 388 
March 31, 2026March 31, 2025
(in millions)Capital expendituresCapital expenditures
QxH$28 25 
QVC International4 5 
Consolidated QVC$32 30 
March 31, 2026March 31, 2025
(in millions)DepreciationAmortizationDepreciationAmortization
QxH$9 52 28 55 
QVC International6 7 6 6 
Consolidated QVC$15 59 34 61 
The following table provides a reconciliation of Adjusted OIBDA to operating income and earnings before income taxes:
Three months ended March 31,
(in millions)20262025
Adjusted OIBDA$141 185 
Depreciation and amortization(74)(95)
(Gain) loss on sale of assets10 — 
Pre-petition charges(21)— 
Stock-based compensation— (4)
Restructuring benefits (costs)
— (57)
Operating income (loss)56 29 
Interest expense(76)(64)
Interest income11 4 
Other income (expense)1 (4)
Earnings (loss) before income taxes$(8)(35)