QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) Financials

QVCC

FY2025 annual

Revenue $8.3B -7.8% YoY

Net Income -$2.2B -102.8% YoY

Free Cash Flow $287.0M -20.7% YoY

Operating Cash Flow $419.0M -21.7% YoY

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported May 15, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed May 15, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the QVCC SEC filings page.

QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) reported $8.3B in revenue for fiscal year 2025, down 7.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI QVCC FY2025 2026-10-03

QVCC's reported gross margin remains stable, but deepening losses and short-term obligations now dominate how the business is financed.

FY2025 still produced positive operating cash flow of $419M and free cash flow of $287M. That contrasts with a net loss of $2.2B, while free cash flow was lower than FY2024's $362M; cash generation did not improve alongside worsening earnings.

Gross margin stayed relatively steady at 33.6% in FY2025 versus 34.4% in FY2024. Operating margin, however, fell to -24.3% from -8.6%, placing the deterioration below gross profit and pointing to heavier costs or charges after production.

The financing profile changed abruptly: long-term debt fell from $3.3B to $1M, while current liabilities rose from $2.2B to $6.5B. The current ratio fell from 1.1x to 0.6x, and equity shrank to $1.2B, indicating that reported obligations are now more concentrated in the near-term-liability bucket.

Financial Health Signals

Financial health score not available

QVC, Inc. 6.250% Senior Secured Notes due 2068 does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Neutral

5/9

QVC, Inc. 6.250% Senior Secured Notes due 2068 passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

N/A

QVC, Inc. 6.250% Senior Secured Notes due 2068 reported a net loss of $2.2B while generating $419.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

QVC, Inc. 6.250% Senior Secured Notes due 2068 reported an operating loss of $2.0B against $286.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.8B

YoY-7.1%

QoQ-27.0%

5Y CAGR-8.2%

10Y CAGR-1.3%

QVC, Inc. 6.250% Senior Secured Notes due 2068 generated $1.8B in revenue in Q1 2026. This represents a decrease of 7.1% from the same quarter a year earlier. Against the prior quarter it is down 27.0%.

EBITDA

$130.0M

YoY+4.8%

QoQ-39.3%

5Y CAGR-23.1%

QVC, Inc. 6.250% Senior Secured Notes due 2068's EBITDA was $130.0M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.8% from the same quarter a year earlier. Against the prior quarter it is down 39.3%.

Net Income

-$25.0M

YoY+40.5%

QoQ-167.6%

QVC, Inc. 6.250% Senior Secured Notes due 2068 reported -$25.0M in net income in Q1 2026. This represents an increase of 40.5% from the same quarter a year earlier. Against the prior quarter it is down 167.6%.

EPS (Diluted)

Not reported for Q1 2026.

Cash & Balance Sheet

Cash & Debt

$1.4B

YoY+351.3%

QoQ-5.3%

5Y CAGR+17.3%

10Y CAGR+14.7%

QVC, Inc. 6.250% Senior Secured Notes due 2068 held $1.4B in cash against $1.0M in long-term debt as of Q1 2026, with $6.1B of liabilities due within a year.

Shares Outstanding

YoY0.0%

QoQ0.0%

5Y CAGR0.0%

10Y CAGR0.0%

QVC, Inc. 6.250% Senior Secured Notes due 2068 had 1 shares outstanding in Q1 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.

Free Cash Flow

Not reported for Q1 2026.

Dividends Per Share

Not reported for Q1 2026.

Margins & Returns

Gross Margin

33.3%

YoY0.0pp

QoQ+0.9pp

5Y change-1.8pp

QVC, Inc. 6.250% Senior Secured Notes due 2068's gross margin was 33.3% in Q1 2026, indicating the percentage of revenue retained after direct costs. That is unchanged from the same quarter a year earlier. Against the prior quarter it is up 0.9 percentage points.

Operating Margin

3.2%

YoY+1.7pp

QoQ-2.4pp

5Y change-10.9pp

10Y change-9.8pp

QVC, Inc. 6.250% Senior Secured Notes due 2068's operating margin was 3.2% in Q1 2026, reflecting core business profitability. This is up 1.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.4 percentage points.

Net Margin

-1.4%

YoY+0.8pp

QoQ-2.9pp

5Y change-9.6pp

10Y change-7.6pp

QVC, Inc. 6.250% Senior Secured Notes due 2068's net profit margin was -1.4% in Q1 2026, showing the share of revenue converted to profit. This is up 0.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.9 percentage points.

Return on Equity

-2.2%

YoY-0.9pp

QoQ-5.3pp

5Y change-5.0pp

10Y change-5.4pp

QVC, Inc. 6.250% Senior Secured Notes due 2068's ROE was -2.2% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is down 0.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 5.3 percentage points.

Capital Allocation

None of these metrics is reported for Q1 2026.

QVCC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

QVCC quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$8.2B	$8.3B-7.8%	$9.0B-4.8%	$9.4B-4.4%	$9.9B-12.9%	$11.4B-1.0%	$11.5B+4.4%	$11.0B-2.6%	$11.3B+28.6%	$8.8B+1.0%	$8.7B-0.7%	$8.7B-0.7%	$8.8B+2.1%	$8.6B+1.3%	$8.5B+3.0%	$8.3B
Cost of Revenue	$5.4B	$5.5B-6.8%	$5.9B-5.9%	$6.3B-8.4%	$6.8B-7.1%	$7.4B-0.7%	$7.4B+3.8%	$7.1B-1.4%	$7.2B+29.5%	$5.6B+1.0%	$5.5B+0.2%	$5.5B-0.3%	$5.5B+1.5%	$5.5B+0.8%	$5.4B+2.7%	$5.3B
Gross Profit	$2.7B	$2.8B-9.8%	$3.1B-2.6%	$3.2B+1.3%	$3.1B-21.3%	$4.0B-1.7%	$4.1B+5.6%	$3.8B-4.9%	$4.0B+27.1%	$3.2B+1.0%	$3.1B-2.3%	$3.2B-1.2%	$3.3B+3.0%	$3.2B+2.0%	$3.1B+3.6%	$3.0B
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$744.0M+2.2%	$728.0M-2.3%	$745.0M-3.2%	$770.0M+3.4%	$745.0M+26.7%	$588.0M+9.9%	$535.0M
Operating Income	-$2.0B	-$2.0B-161.9%	-$770.0M-219.4%	$645.0M+146.1%	-$1.4B-192.8%	$1.5B-3.8%	$1.6B+18.1%	$1.3B-12.2%	$1.5B+15.5%	$1.3B+8.8%	$1.2B-5.6%	$1.3B-0.3%	$1.3B+2.7%	$1.2B-1.8%	$1.3B+11.5%	$1.1B
EBITDA	N/A	-$1.6B-293.3%	-$419.0M-141.2%	$1.0B+201.9%	-$998.0M-151.5%	$1.9B-4.2%	$2.0B+12.5%	$1.8B-6.7%	$1.9B+5.2%	$1.8B+1.1%	$1.8B-3.0%	$1.9B-0.2%	$1.9B+3.5%	$1.8B+0.5%	$1.8B+4.9%	$1.7B
Interest Expense	$298.0M	$286.0M+7.1%	$267.0M+8.1%	$247.0M+208.3%	-$228.0M+8.4%	-$249.0M+3.1%	-$257.0M-7.1%	-$240.0M+1.2%	-$243.0M-13.6%	-$214.0M-1.9%	-$210.0M-1.0%	-$208.0M+13.0%	-$239.0M-211.7%	$214.0M-8.2%	$233.0M+1.7%	$229.0M
Income Tax	-$143.0M	-$153.0M-5200.0%	$3.0M-98.5%	$205.0M-6.8%	$220.0M-46.1%	$408.0M+18.3%	$345.0M+31.7%	$262.0M-21.6%	$334.0M+140.3%	$139.0M-63.9%	$385.0M-1.0%	$389.0M+9.9%	$354.0M+0.3%	$353.0M-10.4%	$394.0M+15.2%	$342.0M
Net Income	-$2.2B	-$2.2B-102.8%	-$1.1B-772.3%	$159.0M+108.5%	-$1.9B-337.2%	$787.0M-6.8%	$844.0M+10.0%	$767.0M-13.0%	$882.0M-2.1%	$901.0M+49.2%	$604.0M-3.8%	$628.0M+5.7%	$594.0M+1.0%	$588.0M-5.8%	$624.0M+11.4%	$560.0M

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'25	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'24
Revenue	$1.8B-7.1%	$2.4B-8.9%	$2.0B-5.3%	$2.0B-7.0%	$1.9B-9.8%	$2.7B-6.3%	$2.1B-4.6%	$2.1B-4.0%
Cost of Revenue	$1.2B-7.2%	$1.6B-8.7%	$1.3B-3.6%	$1.3B-6.8%	$1.3B-7.4%	$1.8B-5.9%	$1.4B-4.1%	$1.4B-5.6%
Gross Profit	$589.0M-7.1%	$786.0M-9.4%	$665.0M-8.4%	$703.0M-7.5%	$634.0M-14.1%	$868.0M-7.0%	$726.0M-5.7%	$760.0M-1.0%
Operating Income	$56.0M+93.1%	$135.0M+110.8%	$91.0M-44.5%	-$2.3B-1493.9%	$29.0M-81.5%	-$1.3B-1009.7%	$164.0M+6.5%	$163.0M-56.4%
EBITDA	$130.0M+4.8%	$214.0M+118.3%	$188.0M-25.1%	-$2.2B-966.1%	$124.0M-50.2%	-$1.2B-5218.2%	$251.0M-0.4%	$251.0M-46.4%
Interest Expense	$76.0M+18.8%	$351.0M-23.4%	-$66.0M-6.5%	-$63.0M+6.0%	$64.0M+203.2%	$458.0M+10.6%	-$62.0M+1.6%	-$67.0M0.0%
Income Tax	$8.0M+500.0%	$24.0M+127.6%	$15.0M-44.4%	-$190.0M-712.9%	-$2.0M-106.3%	-$87.0M-371.9%	$27.0M-20.6%	$31.0M-64.8%
Net Income	-$25.0M+40.5%	$37.0M+103.0%	$2.0M-96.1%	-$2.2B-4184.9%	-$42.0M-182.4%	-$1.2B-439.2%	$51.0M0.0%	$53.0M-75.1%

Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

QVCC Balance Sheet

QVCC quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$8.5B-14.5%	$9.9B-15.6%	$11.7B-5.5%	$12.4B-23.2%	$16.1B-2.5%	$16.6B+10.9%	$14.9B+0.5%	$14.9B+3.8%	$14.3B+24.0%	$11.5B-4.3%	$12.1B-1.4%	$12.2B-6.4%	$13.1B-2.8%	$13.4B	N/A
Current Assets	$3.6B+42.3%	$2.5B-5.1%	$2.6B-9.3%	$2.9B-21.4%	$3.7B-0.1%	$3.7B-2.0%	$3.8B-1.4%	$3.8B+18.1%	$3.2B+28.0%	$2.5B-5.3%	$2.7B+7.7%	$2.5B-8.6%	$2.7B0.0%	$2.7B	N/A
Cash & Equivalents	$1.5B+403.7%	$297.0M-3.3%	$307.0M-14.0%	$357.0M-30.0%	$510.0M-25.2%	$682.0M+21.6%	$561.0M+3.3%	$543.0M+92.6%	$282.0M-0.7%	$284.0M-13.1%	$327.0M-5.8%	$347.0M0.0%	$347.0M-35.7%	$540.0M-3.6%	$560.0M
Inventory	$832.0M-7.7%	$901.0M+4.8%	$860.0M-16.9%	$1.0B-23.6%	$1.4B+21.1%	$1.1B-7.8%	$1.2B-5.2%	$1.3B+6.3%	$1.2B+26.7%	$950.0M+2.3%	$929.0M+5.3%	$882.0M-5.3%	$931.0M+2.4%	$909.0M	N/A
Accounts Receivable	$1.0B-10.4%	$1.1B-12.4%	$1.3B-4.9%	$1.4B-17.2%	$1.6B+2.7%	$1.6B-11.6%	$1.8B+1.5%	$1.8B+6.4%	$1.7B+34.8%	$1.2B-9.1%	$1.4B+14.5%	$1.2B+7.7%	$1.1B+5.3%	$1.1B	N/A
Goodwill	$800.0M-63.7%	$2.2B-30.1%	$3.2B-9.2%	$3.5B-41.9%	$6.0B-1.1%	$6.0B+1.1%	$6.0B0.0%	$6.0B-0.1%	$6.0B+19.7%	$5.0B-0.8%	$5.0B-1.1%	$5.1B-2.0%	$5.2B-0.7%	$5.2B-0.1%	$5.2B
Total Liabilities	$7.2B+10.2%	$6.5B-11.7%	$7.4B-5.7%	$7.8B-7.0%	$8.4B0.0%	$8.4B+3.7%	$8.1B+1.2%	$8.0B-5.8%	$8.5B+11.4%	$7.7B-3.7%	$7.9B+10.6%	$7.2B+6.9%	$6.7B+1.7%	$6.6B	N/A
Current Liabilities	$6.5B+189.6%	$2.2B-0.8%	$2.3B+11.7%	$2.0B-18.4%	$2.5B-13.0%	$2.8B+43.7%	$2.0B-19.5%	$2.5B+20.8%	$2.0B+39.1%	$1.5B-5.1%	$1.5B+1.1%	$1.5B+3.8%	$1.5B-4.3%	$1.5B	N/A
Non-Current Liabilities	$722.0M-83.2%	$4.3B-16.5%	$5.1B-11.8%	$5.8B-2.3%	$6.0B+6.6%	$5.6B-9.2%	$6.1B+10.3%	$5.6B-14.2%	$6.5B+4.9%	$6.2B-3.3%	$6.4B+13.2%	$5.7B+7.8%	$5.2B+3.5%	$5.1B	N/A
Long-Term Debt	$1.0M-100.0%	$3.3B-15.3%	$3.9B-17.2%	$4.7B-6.0%	$5.0B+10.4%	$4.5B-10.8%	$5.1B+8.6%	$4.7B-16.6%	$5.6B+6.8%	$5.3B-2.2%	$5.4B+17.8%	$4.6B+20.5%	$3.8B+9.7%	$3.5B	N/A
Total Equity	$1.2B-63.7%	$3.3B-22.5%	$4.3B-5.1%	$4.5B-41.1%	$7.6B-5.0%	$8.0B+19.9%	$6.7B-0.5%	$6.7B+18.0%	$5.7B+49.8%	$3.8B-5.6%	$4.0B-18.7%	$4.9B-20.6%	$6.2B-7.0%	$6.7B-16.6%	$8.0B
Retained Earnings	-$9.7B-29.3%	-$7.5B-18.5%	-$6.4B-4.6%	-$6.1B-106.7%	-$2.9B-8.1%	-$2.7B-13.9%	-$2.4B-5.3%	-$2.3B+18.9%	-$2.8B+1.2%	-$2.8B-6.1%	-$2.7B-47.9%	-$1.8B-191.1%	-$620.0M-285.1%	-$161.0M	N/A

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'25	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'24
Total Assets	$8.0B-17.4%	$8.5B-14.5%	$8.3B-15.8%	$7.4B-34.4%	$9.7B-14.9%	$9.9B-15.6%	$9.9B-15.8%	$11.2B-7.1%
Current Assets	$3.2B+39.9%	$3.6B+42.3%	$3.4B+38.0%	$2.3B+0.3%	$2.3B-4.7%	$2.5B-5.1%	$2.4B+2.3%	$2.3B-12.5%
Cash & Equivalents	$1.4B+351.3%	$1.5B+403.7%	$1.4B+362.6%	$360.0M+14.3%	$314.0M+1.0%	$297.0M-3.3%	$297.0M+6.5%	$315.0M-51.5%
Inventory	$860.0M-14.1%	$832.0M-7.7%	$1.0B-8.5%	$1.0B+6.5%	$1.0B+4.7%	$901.0M+4.8%	$1.1B+8.9%	$950.0M+1.8%
Accounts Receivable	$750.0M-9.9%	$1.0B-10.4%	$829.0M-4.9%	$821.0M-7.1%	$832.0M-14.1%	$1.1B-12.4%	$872.0M-6.6%	$884.0M-3.8%
Goodwill	$782.0M-64.9%	$800.0M-63.7%	$808.0M-74.4%	$817.0M-73.8%	$2.2B-28.7%	$2.2B-30.1%	$3.2B-8.2%	$3.1B-10.3%
Total Liabilities	$6.8B+6.9%	$7.2B+10.2%	$7.1B+5.5%	$6.1B-11.5%	$6.3B-10.3%	$6.5B-11.7%	$6.7B-6.3%	$6.9B-7.7%
Current Liabilities	$6.1B+334.8%	$6.5B+189.6%	$1.3B-39.6%	$1.3B-35.9%	$1.4B-32.7%	$2.2B-0.8%	$2.2B+12.0%	$2.1B+11.3%
Non-Current Liabilities	$691.0M-86.0%	$722.0M-83.2%	$5.8B+27.4%	$4.8B-1.1%	$4.9B-0.9%	$4.3B-16.5%	$4.5B-13.2%	$4.8B-14.0%
Long-Term Debt	$1.0M-100.0%	$1.0M-100.0%	$5.0B+47.8%	$4.0B+9.5%	$4.0B+5.4%	$3.3B-15.3%	$3.4B-16.1%	$3.7B-17.6%
Total Equity	$1.1B-65.0%	$1.2B-63.7%	$1.2B-74.7%	$1.2B-72.2%	$3.3B-22.9%	$3.3B-22.5%	$4.6B+2.8%	$4.3B-6.1%
Retained Earnings	-$9.8B-28.2%	-$9.7B-29.3%	-$9.8B-55.4%	-$9.8B-55.2%	-$7.6B-20.0%	-$7.5B-18.5%	-$6.3B-4.3%	-$6.3B-4.2%

Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.

QVCC Cash Flow Statement

QVCC quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$275.0M	$419.0M-21.7%	$535.0M-51.1%	$1.1B+167.5%	$409.0M-65.0%	$1.2B-47.7%	$2.2B+69.0%	$1.3B+14.4%	$1.2B-3.8%	$1.2B+2.0%	$1.2B+14.6%	$1.0B-16.4%	$1.2B+26.3%	$973.0M-19.3%	$1.2B+47.4%	$818.0M
Depreciation & Amortization	N/A	$369.0M+5.1%	$351.0M-5.6%	$372.0M-7.2%	$401.0M-6.5%	$429.0M-5.3%	$453.0M-3.2%	$468.0M+13.9%	$411.0M-20.8%	$519.0M-14.2%	$605.0M+2.9%	$588.0M+0.2%	$587.0M+5.2%	$558.0M+6.1%	$526.0M-8.4%	$574.0M
Stock-Based Compensation	N/A	$15.0M-25.0%	$20.0M-45.9%	$37.0M+2.8%	$36.0M-18.2%	$44.0M+18.9%	$37.0M-5.1%	$39.0M-15.2%	$46.0M+17.9%	$39.0M+21.9%	$32.0M+3.2%	$31.0M-29.5%	$44.0M+15.8%	$38.0M+11.8%	$34.0M+54.5%	$22.0M
Capital Expenditures	N/A	$132.0M-23.7%	$173.0M-4.9%	$182.0M-15.7%	$216.0M+2.9%	$210.0M-3.7%	$218.0M-25.1%	$291.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	$287.0M-20.7%	$362.0M-60.3%	$912.0M+372.5%	$193.0M-79.9%	$959.0M-52.4%	$2.0B+95.5%	$1.0B	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$172.0M	-$221.0M-7.3%	-$206.0M-338.3%	-$47.0M-107.4%	$638.0M+350.2%	-$255.0M+8.6%	-$279.0M+31.4%	-$407.0M+1.5%	-$413.0M-128.2%	-$181.0M+18.1%	-$221.0M+22.5%	-$285.0M-35.1%	-$211.0M+21.9%	-$270.0M+21.5%	-$344.0M-34.4%	-$256.0M
Financing Cash Flow	$1.0B	$1.0B+419.9%	-$321.0M+70.5%	-$1.1B+6.6%	-$1.2B-10.2%	-$1.1B+43.0%	-$1.9B-107.4%	-$894.0M-84.3%	-$485.0M+53.3%	-$1.0B-5.8%	-$981.0M-29.1%	-$760.0M+29.8%	-$1.1B-41.8%	-$763.0M+11.5%	-$862.0M-37.5%	-$627.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$879.0M+139.5%	$367.0M-57.6%	$866.0M+23.2%	$703.0M	N/A	N/A	N/A	N/A	N/A

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'25	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'24
Operating Cash Flow	-$98.0M-313.0%	$245.0M+29.6%	$76.0M-22.4%	$52.0M-68.3%	$46.0M-45.2%	$189.0M-42.7%	$98.0M-43.4%	$164.0M-60.4%
Depreciation & Amortization	$74.0M-22.1%	$79.0M-6.0%	$97.0M+11.5%	$98.0M+11.4%	$95.0M+3.3%	$84.0M-7.7%	$87.0M-11.2%	$88.0M-6.4%
Stock-Based Compensation	$0-100.0%	N/A	$6.0M+500.0%	$4.0M+100.0%	$4.0M-66.7%	N/A	$1.0M-85.7%	$2.0M-81.8%
Investing Cash Flow	-$25.0M+66.2%	-$33.0M+52.2%	-$30.0M+34.8%	-$84.0M-35.5%	-$74.0M-155.2%	-$69.0M-7.8%	-$46.0M-21.1%	-$62.0M+11.4%
Financing Cash Flow	-$10.0M-166.7%	-$24.0M+76.5%	$973.0M+1169.2%	$63.0M+170.8%	$15.0M+138.5%	-$102.0M+59.0%	-$91.0M+81.5%	-$89.0M+15.2%
Dividends Paid	$42.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.

QVCC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

QVCC quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Gross Margin	33.6%-0.8pp	34.4%+0.8pp	33.6%+1.9pp	31.7%-3.4pp	35.1%-0.2pp	35.3%+0.4pp	34.9%-0.8pp	35.8%-0.4pp	36.2%0.0pp	36.2%-0.6pp	36.8%-0.2pp	37.0%+0.3pp	36.6%+0.3pp	36.4%+0.2pp	36.2%
Operating Margin	-24.3%-15.8pp	-8.6%-15.4pp	6.8%+21.0pp	-14.1%-27.4pp	13.3%-0.4pp	13.7%+1.6pp	12.1%-1.3pp	13.4%-1.5pp	14.9%+1.1pp	13.9%-0.7pp	14.6%+0.1pp	14.5%+0.1pp	14.4%-0.5pp	14.9%+1.1pp	13.8%
Net Margin	-26.1%-14.3pp	-11.9%-13.6pp	1.7%+20.6pp	-18.9%-25.8pp	6.9%-0.4pp	7.4%+0.4pp	7.0%-0.8pp	7.8%-2.4pp	10.3%+3.3pp	7.0%-0.2pp	7.2%+0.4pp	6.8%-0.1pp	6.8%-0.5pp	7.3%+0.6pp	6.8%
Return on Equity	-181.4%-149.0pp	-32.5%-36.2pp	3.7%+45.4pp	-41.7%-52.1pp	10.4%-0.2pp	10.5%-0.9pp	11.5%-1.6pp	13.1%-2.7pp	15.8%-0.1pp	15.9%+0.3pp	15.6%+3.6pp	12.0%+2.6pp	9.4%+0.1pp	9.3%+2.3pp	7.0%
Return on Assets	-25.6%-14.8pp	-10.8%-12.2pp	1.4%+16.4pp	-15.0%-19.9pp	4.9%-0.2pp	5.1%0.0pp	5.1%-0.8pp	5.9%-0.3pp	6.3%+1.1pp	5.2%0.0pp	5.2%+0.4pp	4.9%+0.4pp	4.5%-0.1pp	4.6%	N/A
Current Ratio	0.55-0.6x	1.12-0.1x	1.17-0.3x	1.44-0.1x	1.50+0.2x	1.30-0.6x	1.91+0.4x	1.560.0x	1.60-0.1x	1.740.0x	1.74+0.1x	1.63-0.2x	1.86+0.1x	1.78	N/A
Debt-to-Equity	0.00-1.0x	1.01+0.1x	0.92-0.1x	1.05+0.4x	0.66+0.1x	0.57-0.2x	0.76+0.1x	0.70-0.3x	0.99-0.4x	1.390.0x	1.34+0.4x	0.93+0.3x	0.61+0.1x	0.52	N/A
Asset Turnover	0.98+0.1x	0.91+0.1x	0.810.0x	0.80+0.1x	0.700.0x	0.690.0x	0.740.0x	0.76+0.1x	0.61-0.1x	0.750.0x	0.730.0x	0.72+0.1x	0.660.0x	0.63	N/A
FCF Margin	3.5%-0.6pp	4.0%-5.6pp	9.7%+7.7pp	1.9%-6.5pp	8.5%-9.1pp	17.6%+8.2pp	9.4%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'25	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'24
Gross Margin	33.3%0.0pp	32.5%-0.2pp	33.6%-1.1pp	35.4%-0.2pp	33.3%-1.7pp	32.6%-0.3pp	34.7%-0.4pp	35.6%+1.1pp
Operating Margin	3.2%+1.7pp	5.6%+52.7pp	4.6%-3.2pp	-114.5%	1.5%-5.9pp	-47.1%-43.2pp	7.8%+0.8pp	7.6%-9.2pp
Net Margin	-1.4%+0.8pp	1.5%+47.5pp	0.1%-2.3pp	-109.1%	-2.2%-4.6pp	-46.0%-38.0pp	2.4%+0.1pp	2.5%-7.1pp
Return on Equity	-2.2%-0.9pp	3.1%+40.3pp	0.2%-0.9pp	-183.0%-184.3pp	-1.3%-2.5pp	-37.2%-31.8pp	1.1%0.0pp	1.3%-3.5pp
Return on Assets	-0.3%+0.1pp	0.4%+12.8pp	0.0%-0.5pp	-29.4%-29.8pp	-0.4%-0.9pp	-12.4%-10.4pp	0.5%+0.1pp	0.5%-1.3pp
Current Ratio	0.52-1.1x	0.55-0.6x	2.54+1.4x	1.75+0.6x	1.62+0.5x	1.12-0.1x	1.11-0.1x	1.12-0.3x
Debt-to-Equity	0.00-1.2x	0.00-1.0x	4.30+3.6x	3.42+2.6x	1.22+0.3x	1.01+0.1x	0.73-0.2x	0.87-0.1x
Asset Turnover	0.220.0x	0.290.0x	0.240.0x	0.27+0.1x	0.200.0x	0.270.0x	0.210.0x	0.190.0x

Not reported in any period shown, so not listed: FCF Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.

Note: The current ratio is below 1.0 (0.55), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Where QVC, Inc. 6.250% Senior Secured Notes due 2068 Ranks

Frequently Asked Questions

What is QVC, Inc. 6.250% Senior Secured Notes due 2068's annual revenue?

QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) reported $8.3B in total revenue for fiscal year 2025. This represents a -7.8% 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. 6.250% Senior Secured Notes due 2068's revenue growing?

QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) revenue declined by 7.8% year-over-year, from $9.0B to $8.3B in fiscal year 2025.

Is QVC, Inc. 6.250% Senior Secured Notes due 2068 profitable?

No, QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) reported a net income of -$2.2B in fiscal year 2025, with a net profit margin of -26.1%.

What is QVC, Inc. 6.250% Senior Secured Notes due 2068's EBITDA?

QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) had EBITDA of -$1.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does QVC, Inc. 6.250% Senior Secured Notes due 2068 have?

As of fiscal year 2025, QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) had $1.5B in cash and equivalents against $1.0M in long-term debt.

What is QVC, Inc. 6.250% Senior Secured Notes due 2068's gross margin?

QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) had a gross margin of 33.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is QVC, Inc. 6.250% Senior Secured Notes due 2068's operating margin?

QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) had an operating margin of -24.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is QVC, Inc. 6.250% Senior Secured Notes due 2068's net profit margin?

QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) had a net profit margin of -26.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is QVC, Inc. 6.250% Senior Secured Notes due 2068's return on equity (ROE)?

QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) has a return on equity of -181.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is QVC, Inc. 6.250% Senior Secured Notes due 2068's free cash flow?

QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) generated $287.0M in free cash flow during fiscal year 2025. This represents a -20.7% 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. 6.250% Senior Secured Notes due 2068's operating cash flow?

QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) generated $419.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are QVC, Inc. 6.250% Senior Secured Notes due 2068's total assets?

QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) had $8.5B in total assets as of fiscal year 2025, including both current and long-term assets.

What are QVC, Inc. 6.250% Senior Secured Notes due 2068's capital expenditures?

QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) invested $132.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does QVC, Inc. 6.250% Senior Secured Notes due 2068 have outstanding?

QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) had 1 shares outstanding as of fiscal year 2025.

What is QVC, Inc. 6.250% Senior Secured Notes due 2068's current ratio?

QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) had a current ratio of 0.55 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is QVC, Inc. 6.250% Senior Secured Notes due 2068's debt-to-equity ratio?

QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is QVC, Inc. 6.250% Senior Secured Notes due 2068's return on assets (ROA)?

QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) had a return on assets of -25.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is QVC, Inc. 6.250% Senior Secured Notes due 2068's Piotroski F-Score?

QVC, Inc. 6.250% Senior Secured Notes due 2068 (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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are QVC, Inc. 6.250% Senior Secured Notes due 2068's earnings high quality?

QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) reported a net loss of $2.2B while generating $419.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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. 6.250% Senior Secured Notes due 2068 cover its interest payments?

QVC, Inc. 6.250% Senior Secured Notes due 2068 (QVCC) reported an operating loss of $2.0B against $286.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.