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Information About QVC Group's Operating Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]  
Information About QVC Group's Operating Segments
(10) Information About QVC Group's Operating Segments
QVC Group, through its ownership interests in subsidiaries and other companies, is primarily engaged in the video and online commerce industries. QVC Group identifies its reportable segments as (A) those operating segments that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA (as defined below) or total assets and (B) those equity method affiliates whose share of earnings represent 10% or more of QVC Group's annual pre-tax earnings.
The QVC Group Chief Operating Decision Maker (“CODM”), the Chief Executive Officer, evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue, cost of goods sold, gross profit, operating expense, advertising expense, selling, general and administrative expenses (“SG&A”) and Adjusted OIBDA (as defined below), in addition to average sales price per unit, number of units shipped and revenue or sales per customer equivalent. In addition, QVC Group reviews nonfinancial measures such as unique website visitors, conversion rates and active customers, as appropriate.
For segment reporting purposes, QVC Group defines Adjusted OIBDA as total revenue, net less cost of goods sold, operating expenses, and SG&A excluding stock-based compensation and, where applicable, separately identified items impacting comparability. QVC Group believes this measure is an important indicator of the operational strength and
performance of its businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between 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 GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income (loss), net earnings (loss), cash flows provided by operating activities and other measures of financial performance prepared in accordance with GAAP. QVC Group generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices.
For the six months ended June 30, 2026, QVC Group has identified the following operating segments as its reportable segments:
•QxH – QVC U.S. and HSN market and sell a wide variety of consumer products in the U.S., primarily by means of their televised shopping programs and via the internet through their websites (including social media) and mobile applications.
•QVC International – QVC International markets and sells a wide variety of consumer products in several foreign countries, primarily by means of its televised shopping programs and via the internet through its international websites (including social media) and mobile applications.
•CBI – CBI consists of a portfolio of aspirational home and apparel brands in the U.S. that sell merchandise through brick-and-mortar retail locations as well as via the internet through their websites.
QVC Group's operating segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, distribution channels and marketing strategies. The accounting policies of the segments are the same as those described in the Company's Summary of Significant Accounting Policies in the 2025 10-K.
Performance Measures
Disaggregated total revenue, net by segment and product category consisted of the following:
Three months ended June 30, 2026
QxHQVC Int'l CBI Total
in millions
Home $468 227 197 892 
Apparel 277 97 36 410 
Beauty 173 126 — 299 
Accessories 155 48 — 203 
Jewelry63 35 — 98 
Electronics 44 16 — 60 
Other revenue 36 — — 36 
Total revenue, net$1,216 549 233 1,998 
Six months ended June 30, 2026
QxHQVC Int'l CBI Total
in millions
Home $965 450 344 1,759 
Apparel 524 193 77 794 
Beauty 352 241 — 593 
Accessories 302 96 — 398 
Jewelry128 72 — 200 
Electronics 104 35 — 139 
Other revenue 72 — — 72 
Total revenue, net$2,447 1,087 421 3,955 

Three months ended June 30, 2025
QxHQVC Int'l CBITotal
in millions
Home $527 233 214 974 
Apparel 299 112 38 449 
Beauty 208 138 — 346 
Accessories 180 56 — 236 
Jewelry62 37 — 99 
Electronics76 16 — 92 
Other revenue 39 1 — 40 
Total revenue, net$1,391 593 252 2,236 
Six months ended June 30, 2025
QxHQVC Int'l CBITotal
in millions
Home $1,065 456 374 1,895 
Apparel 557 211 78 846 
Beauty 419 258 — 677 
Accessories 353 102 — 455 
Jewelry125 70 — 195 
Electronics165 31 — 196 
Other revenue 75 2 — 77 
Total revenue, net$2,759 1,130 452 4,341 
Other performance measures reviewed by the CODM are as follows:
Three months ended June 30, 2026
QxHQVC Int'lCBICorporate and other Total
amounts in millions
Total revenue, net$1,216 549 233 — 1,998 
Cost of goods sold (excluding depreciation and amortization) 805 359 129 — 1,293 
Gross profit 411 190 104 — 705 
Operating expense 90 45 10 — 145 
Advertising expense 73 13 42 — 128 
SG&A (excluding stock-based compensation, advertising and pre-petition charges) 149 79 33 8 269 
Adjusted OIBDA$99 53 19 (8)163 


Six months ended June 30, 2026
QxHQVC Int'lCBICorporate and other Total
amounts in millions
Total revenue, net$2,447 1,087 421 — 3,955 
Cost of goods sold (excluding depreciation and amortization) 1,629 715 237 — 2,581 
Gross profit 818 372 184 — 1,374 
Operating expense 182 90 19 — 291 
Advertising expense 143 21 83 — 247 
SG&A (excluding stock-based compensation, advertising and pre-petition charges) 302 159 72 14 547 
Adjusted OIBDA$191 102 10 (14)289 


Three months ended June 30, 2025
QxHQVC Int'lCBICorporate and other Total
amounts in millions
Total revenue, net$1,391 593 252 — 2,236 
Cost of goods sold (excluding depreciation and amortization) 900 381 141 — 1,422 
Gross profit 491 212 111 — 814 
Operating expense 107 47 10 — 164 
Advertising expense 68 10 45 — 123 
SG&A (excluding stock-based compensation, advertising and pre-petition charges) 166 80 39 4 289 
Adjusted OIBDA$150 75 17 (4)238 
Six months ended June 30, 2025
QxHQVC Int'lCBICorporate and other Total
amounts in millions
Total revenue, net$2,759 1,130 452 — 4,341 
Cost of goods sold (excluding depreciation and amortization) 1,823 729 256 — 2,808 
Gross profit 936 401 196 — 1,533 
Operating expense 218 90 19 — 327 
Advertising expense 123 18 84 — 225 
SG&A (excluding stock-based compensation, advertising and pre-petition charges) 323 155 80 8 566 
Adjusted OIBDA$272 138 13 (8)415 

Other Information
June 30, 2026December 31, 2025
Total assetsProperty and equipment, netTotal assetsProperty and equipment, net
amounts in millions
QxH (1)$4,290 153 4,780 166 
QVC International 1,901 135 1,927 150 
CBI485 85 495 85 
Corporate and other311 — 441 — 
Consolidated QVC Group$6,987 373 7,643 401 
(1) QxH Property and equipment, net as of June 30, 2026 and December 31, 2025 excludes assets classified as assets held for sale in the condensed consolidated balance sheet.
Six months ended June 30,
20262025
Capital ExpendituresCapital Expenditures
amounts in millions
QxH$55 49 
QVC International10 14 
CBI8 9 
Consolidated QVC Group$73 72 
Three months ended June 30,
20262025
DepreciationAmortizationDepreciationAmortization
amounts in millions
QxH$9 49 26 58 
QVC International7 6 7 7 
CBI4 4 3 4 
Consolidated QVC Group$20 59 36 69 
Six months ended June 30,
20262025
DepreciationAmortizationDepreciationAmortization
amounts in millions
QxH$18 101 53 113 
QVC International13 13 14 13 
CBI7 7 8 6 
Consolidated QVC Group$38 121 75 132 

    The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes:
Three months ended
June 30,		Six months ended
June 30,
2026202520262025
amounts in millions
Adjusted OIBDA$163 238 289 415 
Depreciation and amortization(79)(105)(159)(207)
Gain (loss) on sale of assets— — 10 — 
Pre-petition charges(33)(6)(74)(6)
Stock-based compensation— (4)— (8)
Impairment of intangible assets— (930)— (930)
Impairment of goodwill— (1,465)— (1,465)
Restructuring benefits (costs)— — — (57)
Operating income (loss) 51 (2,272)66 (2,258)
Reorganization items, net(49)— (49)— 
Interest expense(26)(117)(158)(229)
Interest and dividend income12 7 24 15 
Realized and unrealized gains (losses) on financial instruments, net8 (21)87 (36)
Other, net— (8)1 (6)
Earnings (loss) before income taxes$(4)(2,411)(29)(2,514)