Qvc Inc Financials

QVCC

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Qvc Inc (QVCC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 27/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Qvc Inc has an operating margin of -8.6%, meaning the company retains $-9 of operating profit per $100 of revenue. This below-average margin results in a low score of 3/100, suggesting thin profitability after operating expenses. This is down from 6.8% the prior year.

Growth

Qvc Inc's revenue declined 4.8% year-over-year, from $9.4B to $9.0B. This contraction results in a growth score of 25/100.

Leverage

Qvc Inc carries a low D/E ratio of 1.01, meaning only $1.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 82/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Qvc Inc's current ratio of 1.12 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 17/100, which could limit financial flexibility.

Cash Flow

Qvc Inc has a free cash flow margin of 4.0%, earning a moderate score of 35/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Qvc Inc generates a -32.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 3.7% the prior year.

Piotroski F-Score Neutral

5/9

Qvc Inc passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-0.50x

For every $1 of reported earnings, Qvc Inc generates $-0.50 in operating cash flow ($535.0M OCF vs -$1.1B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-3.1x

Qvc Inc earns $-3.1 in operating income for every $1 of interest expense (-$770.0M vs $251.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$9.0B

YoY-4.8%

5Y CAGR-3.9%

10Y CAGR+0.2%

Qvc Inc generated $9.0B in revenue in fiscal year 2024. This represents a decrease of 4.8% from the prior year.

EBITDA

-$419.0M

YoY-141.2%

Qvc Inc's EBITDA was -$419.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 141.2% from the prior year.

Net Income

-$1.1B

YoY-772.3%

Qvc Inc reported -$1.1B in net income in fiscal year 2024. This represents a decrease of 772.3% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$362.0M

YoY-60.3%

5Y CAGR-18.9%

Qvc Inc generated $362.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 60.3% from the prior year.

Cash & Debt

$297.0M

YoY-3.3%

5Y CAGR-11.9%

10Y CAGR-1.5%

Qvc Inc held $297.0M in cash against $3.3B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

YoY+0.0%

5Y CAGR+0.0%

10Y CAGR+0.0%

Qvc Inc had 1 shares outstanding in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

34.4%

YoY+0.8pp

5Y CAGR-0.6pp

10Y CAGR-2.6pp

Qvc Inc's gross margin was 34.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.8 percentage points from the prior year.

Operating Margin

-8.6%

YoY-15.4pp

5Y CAGR-20.6pp

10Y CAGR-23.1pp

Qvc Inc's operating margin was -8.6% in fiscal year 2024, reflecting core business profitability. This is down 15.4 percentage points from the prior year.

Net Margin

-11.9%

YoY-13.6pp

5Y CAGR-18.9pp

10Y CAGR-18.6pp

Qvc Inc's net profit margin was -11.9% in fiscal year 2024, showing the share of revenue converted to profit. This is down 13.6 percentage points from the prior year.

Return on Equity

-32.5%

YoY-36.2pp

5Y CAGR-44.0pp

10Y CAGR-44.5pp

Qvc Inc's ROE was -32.5% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 36.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$173.0M

YoY-4.9%

5Y CAGR-9.9%

Qvc Inc invested $173.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 4.9% from the prior year.

QVCC Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$9.0B-4.8%	$9.4B-4.4%	$9.9B-12.9%	$11.4B-1.0%	$11.5B+4.4%	$11.0B
Cost of Revenue	$5.9B-5.9%	$6.3B-8.4%	$6.8B-7.1%	$7.4B-0.7%	$7.4B+3.8%	$7.1B
Gross Profit	$3.1B-2.6%	$3.2B+1.3%	$3.1B-21.3%	$4.0B-1.7%	$4.1B+5.6%	$3.8B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	-$770.0M-219.4%	$645.0M+146.1%	-$1.4B-192.8%	$1.5B-3.8%	$1.6B+18.1%	$1.3B
Interest Expense	-$251.0M-10.1%	-$228.0M0.0%	-$228.0M+8.4%	-$249.0M+3.1%	-$257.0M-7.1%	-$240.0M
Income Tax	$3.0M-98.5%	$205.0M-6.8%	$220.0M-46.1%	$408.0M+18.3%	$345.0M+31.7%	$262.0M
Net Income	-$1.1B-772.3%	$159.0M+108.5%	-$1.9B-337.2%	$787.0M-6.8%	$844.0M+10.0%	$767.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$2.0B-0.1%	$2.0B+4.1%	$1.9B-28.4%	$2.7B+27.2%	$2.1B-2.0%	$2.1B+1.1%	$2.1B-25.6%	$2.8B
Cost of Revenue	$1.3B+2.8%	$1.3B+0.8%	$1.3B-29.1%	$1.8B+31.2%	$1.4B-0.6%	$1.4B+0.1%	$1.4B-27.9%	$1.9B
Gross Profit	$665.0M-5.4%	$703.0M+10.9%	$634.0M-27.0%	$868.0M+19.6%	$726.0M-4.5%	$760.0M+3.0%	$738.0M-20.9%	$933.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$91.0M+104.0%	-$2.3B-7934.5%	$29.0M+102.3%	-$1.3B-864.6%	$164.0M+0.6%	$163.0M+3.8%	$157.0M+238.9%	-$113.0M
Interest Expense	-$66.0M-4.8%	-$63.0M-5.0%	-$60.0M0.0%	-$60.0M+3.2%	-$62.0M+7.5%	-$67.0M-8.1%	-$62.0M-1.6%	-$61.0M
Income Tax	$15.0M+107.9%	-$190.0M-9400.0%	-$2.0M+97.7%	-$87.0M-422.2%	$27.0M-12.9%	$31.0M-3.1%	$32.0M0.0%	$32.0M
Net Income	$2.0M+100.1%	-$2.2B-5054.8%	-$42.0M+96.6%	-$1.2B-2500.0%	$51.0M-3.8%	$53.0M+3.9%	$51.0M+122.5%	-$227.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

QVCC Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$9.9B-15.6%	$11.7B-5.5%	$12.4B-23.2%	$16.1B-2.5%	$16.6B+10.9%	$14.9B
Current Assets	$2.5B-5.1%	$2.6B-9.3%	$2.9B-21.4%	$3.7B-0.1%	$3.7B-2.0%	$3.8B
Cash & Equivalents	$297.0M-3.3%	$307.0M-14.0%	$357.0M-30.0%	$510.0M-25.2%	$682.0M+21.6%	$561.0M
Inventory	$901.0M+4.8%	$860.0M-16.9%	$1.0B-23.6%	$1.4B+21.1%	$1.1B-7.8%	$1.2B
Accounts Receivable	$1.1B-12.4%	$1.3B-4.9%	$1.4B-17.2%	$1.6B+2.7%	$1.6B-11.6%	$1.8B
Goodwill	$2.2B-30.1%	$3.2B-9.2%	$3.5B-41.9%	$6.0B-1.1%	$6.0B+1.1%	$6.0B
Total Liabilities	$6.5B-11.7%	$7.4B-5.7%	$7.8B-7.0%	$8.4B0.0%	$8.4B+3.7%	$8.1B
Current Liabilities	$2.2B-0.8%	$2.3B+11.7%	$2.0B-18.4%	$2.5B-13.0%	$2.8B+43.7%	$2.0B
Long-Term Debt	$3.3B-15.3%	$3.9B-17.2%	$4.7B-6.0%	$5.0B+10.4%	$4.5B-10.8%	$5.1B
Total Equity	$3.3B-22.5%	$4.3B-5.1%	$4.5B-41.1%	$7.6B-5.0%	$8.0B+19.9%	$6.7B
Retained Earnings	-$7.5B-18.5%	-$6.4B-4.6%	-$6.1B-106.7%	-$2.9B-8.1%	-$2.7B-13.9%	-$2.4B

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$8.3B+12.9%	$7.4B-23.8%	$9.7B-2.2%	$9.9B0.0%	$9.9B-12.0%	$11.2B-1.2%	$11.4B-2.9%	$11.7B
Current Assets	$3.4B+44.7%	$2.3B+2.2%	$2.3B-9.2%	$2.5B+2.8%	$2.4B+5.1%	$2.3B-2.9%	$2.4B-9.7%	$2.6B
Cash & Equivalents	$1.4B+281.7%	$360.0M+14.6%	$314.0M+5.7%	$297.0M0.0%	$297.0M-5.7%	$315.0M+1.3%	$311.0M+1.3%	$307.0M
Inventory	$1.0B+0.6%	$1.0B+1.1%	$1.0B+11.1%	$901.0M-19.0%	$1.1B+17.1%	$950.0M-0.6%	$956.0M+11.2%	$860.0M
Accounts Receivable	$829.0M+1.0%	$821.0M-1.3%	$832.0M-26.6%	$1.1B+30.0%	$872.0M-1.4%	$884.0M-8.8%	$969.0M-25.2%	$1.3B
Goodwill	$808.0M-1.1%	$817.0M-63.4%	$2.2B+1.2%	$2.2B-30.3%	$3.2B+1.6%	$3.1B-0.5%	$3.1B-0.7%	$3.2B
Total Liabilities	$7.1B+15.7%	$6.1B-3.6%	$6.3B-2.8%	$6.5B-2.8%	$6.7B-2.9%	$6.9B-2.2%	$7.1B-4.3%	$7.4B
Current Liabilities	$1.3B-0.3%	$1.3B-5.3%	$1.4B-37.3%	$2.2B+2.0%	$2.2B+5.9%	$2.1B-0.6%	$2.1B-7.6%	$2.3B
Long-Term Debt	$5.0B+24.1%	$4.0B+2.0%	$4.0B+19.8%	$3.3B-2.5%	$3.4B-8.0%	$3.7B-1.9%	$3.8B-3.7%	$3.9B
Total Equity	$1.2B-1.2%	$1.2B-63.7%	$3.3B-1.1%	$3.3B-28.9%	$4.6B+8.8%	$4.3B+0.6%	$4.2B-0.5%	$4.3B
Retained Earnings	-$9.8B0.0%	-$9.8B-28.4%	-$7.6B-1.1%	-$7.5B-19.7%	-$6.3B+0.2%	-$6.3B+0.7%	-$6.4B+0.1%	-$6.4B

QVCC Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$535.0M-51.1%	$1.1B+167.5%	$409.0M-65.0%	$1.2B-47.7%	$2.2B+69.0%	$1.3B
Capital Expenditures	$173.0M-4.9%	$182.0M-15.7%	$216.0M+2.9%	$210.0M-3.7%	$218.0M-25.1%	$291.0M
Free Cash Flow	$362.0M-60.3%	$912.0M+372.5%	$193.0M-79.9%	$959.0M-52.4%	$2.0B+95.5%	$1.0B
Investing Cash Flow	-$206.0M-338.3%	-$47.0M-107.4%	$638.0M+350.2%	-$255.0M+8.6%	-$279.0M+31.4%	-$407.0M
Financing Cash Flow	-$321.0M+70.5%	-$1.1B+6.6%	-$1.2B-10.2%	-$1.1B+43.0%	-$1.9B-107.4%	-$894.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	$879.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	$76.0M+46.2%	$52.0M+13.0%	$46.0M-75.7%	$189.0M+92.9%	$98.0M-40.2%	$164.0M+95.2%	$84.0M-74.5%	$330.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$30.0M+64.3%	-$84.0M-13.5%	-$74.0M-7.2%	-$69.0M-50.0%	-$46.0M+25.8%	-$62.0M-113.8%	-$29.0M+54.7%	-$64.0M
Financing Cash Flow	$973.0M+1444.4%	$63.0M+320.0%	$15.0M+114.7%	-$102.0M-12.1%	-$91.0M-2.2%	-$89.0M-128.2%	-$39.0M+84.3%	-$249.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

QVCC Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	34.4%+0.8pp	33.6%+1.9pp	31.7%-3.4pp	35.1%-0.2pp	35.3%+0.4pp	34.9%
Operating Margin	-8.6%-15.4pp	6.8%+21.0pp	-14.1%-27.4pp	13.3%-0.4pp	13.7%+1.6pp	12.1%
Net Margin	-11.9%-13.6pp	1.7%+20.6pp	-18.9%-25.8pp	6.9%-0.4pp	7.4%+0.4pp	7.0%
Return on Equity	-32.5%-36.2pp	3.7%+45.4pp	-41.7%-52.1pp	10.4%-0.2pp	10.5%-0.9pp	11.5%
Return on Assets	-10.8%-12.2pp	1.4%+16.4pp	-15.0%-19.9pp	4.9%-0.2pp	5.1%-0.0pp	5.1%
Current Ratio	1.12-0.1	1.17-0.3	1.44-0.1	1.50+0.2	1.30-0.6	1.91
Debt-to-Equity	1.01+0.1	0.92-0.1	1.05+0.4	0.66+0.1	0.57-0.2	0.76
FCF Margin	4.0%-5.6pp	9.7%+7.7pp	1.9%-6.5pp	8.5%-9.1pp	17.6%+8.2pp	9.4%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	33.6%-1.9pp	35.4%+2.2pp	33.3%+0.7pp	32.6%-2.1pp	34.7%-0.9pp	35.6%+0.7pp	35.0%+2.1pp	32.9%
Operating Margin	4.6%+119.1pp	-114.5%-116.0pp	1.5%+48.7pp	-47.1%-55.0pp	7.8%+0.2pp	7.6%+0.2pp	7.4%+11.4pp	-4.0%
Net Margin	0.1%+109.2pp	-109.1%-106.9pp	-2.2%+43.8pp	-46.0%-48.5pp	2.4%-0.0pp	2.5%+0.1pp	2.4%+10.4pp	-8.0%
Return on Equity	0.2%+183.2pp	-183.0%-181.7pp	-1.3%+35.9pp	-37.2%-38.3pp	1.1%-0.2pp	1.3%+0.0pp	1.2%+6.6pp	-5.3%
Return on Assets	0.0%+29.4pp	-29.4%-28.9pp	-0.4%+11.9pp	-12.4%-12.9pp	0.5%+0.0pp	0.5%+0.0pp	0.4%+2.4pp	-1.9%
Current Ratio	2.54+0.8	1.75+0.1	1.62+0.5	1.120.0	1.110.0	1.12-0.0	1.15-0.0	1.17
Debt-to-Equity	4.30+0.9	3.42+2.2	1.22+0.2	1.01+0.3	0.73-0.1	0.87-0.0	0.89-0.0	0.92
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Qvc Inc's annual revenue?

Qvc Inc (QVCC) reported $9.0B in total revenue for fiscal year 2024. This represents a -4.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Qvc Inc's revenue growing?

Qvc Inc (QVCC) revenue declined by 4.8% year-over-year, from $9.4B to $9.0B in fiscal year 2024.

Is Qvc Inc profitable?

No, Qvc Inc (QVCC) reported a net income of -$1.1B in fiscal year 2024, with a net profit margin of -11.9%.

What is Qvc Inc's EBITDA?

Qvc Inc (QVCC) had EBITDA of -$419.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Qvc Inc have?

As of fiscal year 2024, Qvc Inc (QVCC) had $297.0M in cash and equivalents against $3.3B in long-term debt.

What is Qvc Inc's gross margin?

Qvc Inc (QVCC) had a gross margin of 34.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Qvc Inc's operating margin?

Qvc Inc (QVCC) had an operating margin of -8.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Qvc Inc's net profit margin?

Qvc Inc (QVCC) had a net profit margin of -11.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Qvc Inc's return on equity (ROE)?

Qvc Inc (QVCC) has a return on equity of -32.5% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Qvc Inc's free cash flow?

Qvc Inc (QVCC) generated $362.0M in free cash flow during fiscal year 2024. This represents a -60.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Qvc Inc's operating cash flow?

Qvc Inc (QVCC) generated $535.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Qvc Inc's total assets?

Qvc Inc (QVCC) had $9.9B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Qvc Inc's capital expenditures?

Qvc Inc (QVCC) invested $173.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Qvc Inc have outstanding?

Qvc Inc (QVCC) had 1 shares outstanding as of fiscal year 2024.

What is Qvc Inc's current ratio?

Qvc Inc (QVCC) had a current ratio of 1.12 as of fiscal year 2024, which is considered adequate.

What is Qvc Inc's debt-to-equity ratio?

Qvc Inc (QVCC) had a debt-to-equity ratio of 1.01 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Qvc Inc's return on assets (ROA)?

Qvc Inc (QVCC) had a return on assets of -10.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Qvc Inc's Piotroski F-Score?

Qvc Inc (QVCC) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Qvc Inc's earnings high quality?

Qvc Inc (QVCC) has an earnings quality ratio of -0.50x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Qvc Inc cover its interest payments?

Qvc Inc (QVCC) has an interest coverage ratio of -3.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Qvc Inc?

Qvc Inc (QVCC) scores 27 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.