v3.26.1
Information about QVC's Operating Segments
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 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 (as 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 pre-petition charges, 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 flows 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 June 30, 2026Six months ended June 30, 2026
(in millions)QxHQVC-Int'lTotalQxHQVC-Int'lTotal
Home$468 227 695 965 450 1,415 
Apparel277 97 374 524 193 717 
Beauty173 126 299 352 241 593 
Accessories155 48 203 302 96 398 
Jewelry63 35 98 128 72 200 
Electronics44 16 60 104 35 139 
Other revenue36 — 36 72 — 72 
Total revenue, net$1,216 549 1,765 2,447 1,087 3,534 
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 revenue, net$1,391 593 1,984 2,759 1,130 3,889 
Performance measures
Three months ended June 30, 2026Six months ended June 30, 2026
(in millions)QxHQVC-Int'lTotalQxHQVC-Int'lTotal
Total revenue, net$1,216 549 1,765 2,447 1,087 3,534 
Costs of goods sold (excluding depreciation and amortization)805 359 1,164 1,629 715 2,344 
Segment gross profit411 190 601 818 372 1,190 
Operating expense90 45 135 182 90 272 
Advertising73 13 86 143 21 164 
Selling, general and administrative (excluding stock-based compensation, advertising and pre-petition charges)149 79 228 302 159 461 
Adjusted OIBDA$99 53 152 191 102 293 
Three months ended June 30, 2025Six months ended June 30, 2025
(in millions)QxHQVC-Int'lTotalQxHQVC-Int'lTotal
Total revenue, net$1,391 593 1,984 2,759 1,130 3,889 
Costs of goods sold (excluding 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, advertising and pre-petition charges)166 80 246 323 155 478 
Adjusted OIBDA$150 75 225 272 138 410 
Other information
June 30, 2026
(in millions)Total assetsProperty and equipment, net
QxH1
$4,290 153 
QVC International1,901 135 
Consolidated QVC$6,191 288 
(1) QxH Property and equipment, net as of June 30, 2026 excludes assets classified as assets held for sale in the condensed consolidated balance sheet.
December 31, 2025
(in millions)Total assetsProperty and equipment, net
QxH1
$6,529 166 
QVC International1,927 150 
Consolidated QVC$8,456 316 
(1) QxH Property and equipment, net as of December 31, 2025 excludes assets classified as assets held for sale in the condensed consolidated balance sheet.
Six months ended June 30,
20262025
(in millions)Capital expendituresCapital expenditures
QxH$55 49 
QVC International10 14 
Consolidated QVC$65 63 
Three months ended June 2026Six months ended June 2026
(in millions)DepreciationAmortizationDepreciationAmortization
QxH$9 49 18 101 
QVC International7 6 13 13 
Consolidated QVC$16 55 31 114 
Three months ended June 2025Six months ended June 2025
(in millions)DepreciationAmortizationDepreciationAmortization
QxH$26 58 53 113 
QVC International7 7 14 13 
Consolidated QVC$33 65 67 126 
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)2026202520262025
Adjusted OIBDA$152 225 293 410 
Depreciation and amortization(71)(98)(145)(193)
(Gain) loss on sale of assets— — 10 — 
Pre-petition charges(19)— (40)— 
Stock-based compensation— (4)— (8)
Impairment of intangible assets— (930)— (930)
Impairment of goodwill— (1,465)— (1,465)
Restructuring benefits (costs)
— — — (57)
Operating income (loss)62 (2,272)118 (2,243)
Reorganization items, net(59)— (59)— 
Interest expense(15)(66)(91)(130)
Interest income9 3 20 7 
Other (expense) income— (9)1 (13)
Earnings (loss) before income taxes$(3)(2,344)$(11)(2,379)