v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net earnings (loss) $ (16) $ (33)
Adjustments to reconcile net earnings (loss) to net cash provided (used) by operating activities:    
Depreciation and amortization 74 95
(Gain) loss on sale of assets (10) 0
Deferred income tax expense (benefit) (9) 2
Lease expense, Noncash 24 26
Stock-based compensation 0 4
Other charges, net (6) (3)
Decrease (increase) in trade and other receivables 264 298
Decrease (increase) in inventories (33) (92)
Decrease (increase) in other current assets 5 31
(Decrease) increase in accounts payable (219) (106)
(Decrease) increase in accrued and other liabilities (172) (176)
Net cash provided (used) by operating activities (98) 46
Cash flows from investing activities:    
Capital expenditures (32) (30)
Expenditures for television distribution rights (6) (43)
Proceeds from sale of fixed assets 12 0
Payment for (Proceeds from) Other Investing Activity (1) 1
Net cash provided (used) by investing activities (25) (74)
Cash flows from financing activities:    
Dividends paid to noncontrolling interest (8) (11)
Borrowings of debt 0 866
Repayments of debt 0 (797)
Proceeds from (Payment for) Other Financing Activity (2) (1)
Net cash provided (used) by financing activities (10) 15
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash (7) 12
Net increase (decrease) in cash, cash equivalents and restricted cash (140) (1)
Cash, cash equivalents and restricted cash, beginning of period 1,557 315
Cash, cash equivalents and restricted cash, end of period 1,417 314
Qurate    
Cash flows from financing activities:    
Dividends paid to QVC Group, Inc. $ 0 $ (42)