QVC Group Inc Financials

QVCGB

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

Financial Health Signals

Financial Profile 13/100

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

Profitability

QVC Group Inc has an operating margin of -8.1%, meaning the company retains $-8 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from 5.4% the prior year.

Growth

QVC Group Inc's revenue declined 8% year-over-year, from $10.9B to $10.0B. This contraction results in a growth score of 6/100.

Liquidity

QVC Group Inc's current ratio of 1.21 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 28/100, which could limit financial flexibility.

Cash Flow

QVC Group Inc's free cash flow margin of 3.3% results in a low score of 16/100. Capital expenditures of $199.0M absorb a large share of operating cash flow.

Piotroski F-Score Neutral

4/9

QVC Group Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

-0.41x

For every $1 of reported earnings, QVC Group Inc generates $-0.41 in operating cash flow ($525.0M OCF vs -$1.3B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-1.7x

QVC Group Inc earns $-1.7 in operating income for every $1 of interest expense (-$809.0M vs $468.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows QVC Group Inc (QVCGB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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).

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Key Financial Metrics

Revenue

$10.0B

YoY-8.0%

5Y CAGR-5.7%

10Y CAGR-0.4%

QVC Group Inc generated $10.0B in revenue in fiscal year 2024. This represents a decrease of 8.0% from the prior year.

EBITDA

-$426.0M

YoY-142.7%

QVC Group Inc's EBITDA was -$426.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 142.7% from the prior year.

Free Cash Flow

$326.0M

YoY-52.7%

5Y CAGR-19.4%

10Y CAGR-13.6%

QVC Group Inc generated $326.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 52.7% from the prior year.

Net Income

-$1.3B

YoY-789.7%

QVC Group Inc reported -$1.3B in net income in fiscal year 2024. This represents a decrease of 789.7% from the prior year.

EPS (Diluted)

$-3.26

YoY-781.1%

QVC Group Inc earned $-3.26 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 781.1% from the prior year.

Cash & Debt

$905.0M

YoY-19.3%

5Y CAGR+6.1%

10Y CAGR-8.9%

QVC Group Inc held $905.0M in cash against $4.1B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

35.0%

YoY+1.2pp

5Y CAGR+1.1pp

QVC Group Inc's gross margin was 35.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.2 percentage points from the prior year.

Operating Margin

-8.1%

YoY-13.5pp

5Y CAGR-9.4pp

10Y CAGR-19.4pp

QVC Group Inc's operating margin was -8.1% in fiscal year 2024, reflecting core business profitability. This is down 13.5 percentage points from the prior year.

Net Margin

-12.8%

YoY-11.5pp

5Y CAGR-9.5pp

10Y CAGR-18.0pp

QVC Group Inc's net profit margin was -12.8% in fiscal year 2024, showing the share of revenue converted to profit. This is down 11.5 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$199.0M

YoY-13.5%

5Y CAGR-9.3%

10Y CAGR-1.9%

QVC Group Inc invested $199.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 13.5% from the prior year.

QVCGB Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$10.0B-8.0%	$10.9B-9.8%	$12.1B-13.8%	$14.0B-0.9%	$14.2B+5.3%	$13.5B
Cost of Revenue	$6.5B-9.8%	$7.2B-14.1%	$8.4B-8.8%	$9.2B-0.6%	$9.3B+4.4%	$8.9B
Gross Profit	$3.5B-4.7%	$3.7B-2.6%	$3.8B-21.4%	$4.8B-1.5%	$4.9B+7.2%	$4.6B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.7B-8.6%	$1.9B-3.9%	$1.9B+0.8%	$1.9B+2.4%	$1.9B+7.2%	$1.8B
Operating Income	-$809.0M-237.1%	$590.0M+128.9%	-$2.0B-287.8%	$1.1B-30.9%	$1.6B+754.3%	$184.0M
Interest Expense	$468.0M+3.8%	$451.0M-1.1%	$456.0M-2.6%	$468.0M+14.7%	$408.0M+9.1%	$374.0M
Income Tax	-$41.0M-125.6%	$160.0M-28.6%	$224.0M+3.2%	$217.0M+206.9%	-$203.0M+6.5%	-$217.0M
Net Income	-$1.3B-789.7%	-$145.0M+94.4%	-$2.6B-862.9%	$340.0M-71.6%	$1.2B+362.3%	-$456.0M
EPS (Diluted)	$-3.26-781.1%	$-0.37+94.6%	$-6.83-932.9%	$0.82-71.1%	$2.84+363.0%	$-1.08

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$2.2B-1.0%	$2.2B+6.2%	$2.1B-28.5%	$2.9B+22.3%	$2.4B+2.8%	$2.3B-25.5%	$3.1B+26.8%	$2.5B
Cost of Revenue	$1.5B+2.7%	$1.4B+2.6%	$1.4B-29.4%	$2.0B+28.2%	$1.5B+1.4%	$1.5B-27.5%	$2.1B+30.0%	$1.6B
Gross Profit	$752.0M-7.6%	$814.0M+13.2%	$719.0M-26.6%	$980.0M+12.0%	$875.0M+5.3%	$831.0M-21.5%	$1.1B+20.9%	$876.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$428.0M+1.4%	$422.0M+10.2%	$383.0M-19.7%	$477.0M+14.1%	$418.0M+2.5%	$408.0M-20.0%	$510.0M+22.9%	$415.0M
Operating Income	$60.0M+102.6%	-$2.3B-16328.6%	$14.0M+101.1%	-$1.3B-870.3%	$165.0M+13.8%	$145.0M+240.8%	-$103.0M-168.2%	$151.0M
Interest Expense	$134.0M+14.5%	$117.0M+4.5%	$112.0M-2.6%	$115.0M-3.4%	$119.0M+1.7%	$117.0M+1.7%	$115.0M-3.4%	$119.0M
Income Tax	$17.0M+108.4%	-$202.0M-1583.3%	-$12.0M+87.2%	-$94.0M-726.7%	$15.0M-34.8%	$23.0M-43.9%	$41.0M+95.2%	$21.0M
Net Income	-$80.0M+96.4%	-$2.2B-2122.0%	-$100.0M+92.2%	-$1.3B-6530.0%	$20.0M+2100.0%	-$1.0M+99.6%	-$273.0M-27400.0%	$1.0M
EPS (Diluted)	$-9.89+96.4%	$-275.46-110084.0%	$-0.25-316.7%	$-0.06-102.3%	$2.57	N/A	$-0.70	$0.00

QVCGB Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$9.2B-18.7%	$11.4B-9.6%	$12.6B-22.4%	$16.2B-4.7%	$17.0B-1.8%	$17.3B
Current Assets	$3.3B-10.4%	$3.7B-13.9%	$4.3B-3.9%	$4.4B-2.6%	$4.6B-0.2%	$4.6B
Cash & Equivalents	$905.0M-19.3%	$1.1B-12.1%	$1.3B+117.2%	$587.0M-27.2%	$806.0M+19.8%	$673.0M
Inventory	$1.1B+1.6%	$1.0B-22.4%	$1.3B-17.1%	$1.6B+24.8%	$1.3B-7.9%	$1.4B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$2.2B-29.9%	$3.2B-9.6%	$3.5B-44.8%	$6.3B-4.5%	$6.6B+0.9%	$6.6B
Total Liabilities	$10.1B-6.9%	$10.9B-9.7%	$12.0B-8.9%	$13.2B-0.4%	$13.3B+7.6%	$12.3B
Current Liabilities	$2.7B+4.1%	$2.6B-15.6%	$3.1B-26.6%	$4.2B-10.2%	$4.7B+17.6%	$4.0B
Long-Term Debt	$4.1B-12.7%	$4.7B-15.0%	$5.5B-2.6%	$5.7B+9.4%	$5.2B-11.4%	$5.9B
Total Equity	-$971.0M-352.2%	$385.0M-6.6%	$412.0M-85.5%	$2.9B-20.8%	$3.6B-25.7%	$4.8B
Retained Earnings	-$1.1B-658.2%	$196.0M-41.8%	$337.0M-88.5%	$2.9B-17.0%	$3.5B-28.0%	$4.9B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$7.6B+12.9%	$6.7B-25.4%	$9.0B-2.8%	$9.2B-15.5%	$10.9B-0.4%	$11.0B-3.4%	$11.4B-0.6%	$11.4B
Current Assets	$4.1B+30.7%	$3.1B+2.5%	$3.0B-8.3%	$3.3B-3.4%	$3.4B+0.9%	$3.4B-8.0%	$3.7B+5.7%	$3.5B
Cash & Equivalents	$1.8B+102.6%	$897.0M+7.7%	$833.0M-8.0%	$905.0M-25.2%	$1.2B+9.8%	$1.1B-1.7%	$1.1B+2.0%	$1.1B
Inventory	$1.2B-0.3%	$1.2B+0.8%	$1.2B+11.6%	$1.1B-5.4%	$1.1B-1.1%	$1.1B+8.6%	$1.0B-15.1%	$1.2B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$821.0M-1.1%	$830.0M-63.0%	$2.2B+1.2%	$2.2B-29.1%	$3.1B-0.5%	$3.1B-0.7%	$3.2B-8.5%	$3.5B
Total Liabilities	$10.5B+9.9%	$9.6B-2.9%	$9.9B-2.5%	$10.1B-3.7%	$10.5B-1.1%	$10.6B-2.3%	$10.9B+1.3%	$10.7B
Current Liabilities	$1.6B-0.8%	$1.6B-9.9%	$1.8B-33.3%	$2.7B+7.1%	$2.5B0.0%	$2.5B-2.8%	$2.6B+6.6%	$2.5B
Long-Term Debt	$5.8B+20.2%	$4.8B+1.6%	$4.8B+16.0%	$4.1B-8.5%	$4.5B-1.5%	$4.6B-3.1%	$4.7B-2.8%	$4.8B
Total Equity	-$3.1B-3.1%	-$3.0B-203.8%	-$981.0M-1.0%	-$971.0M-396.0%	$328.0M+28.6%	$255.0M-33.8%	$385.0M-34.7%	$590.0M
Retained Earnings	-$3.5B-2.3%	-$3.4B-186.1%	-$1.2B-9.1%	-$1.1B-608.8%	$215.0M+10.3%	$195.0M-0.5%	$196.0M-58.1%	$468.0M

QVCGB Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$525.0M-42.9%	$919.0M+373.7%	$194.0M-84.2%	$1.2B-50.1%	$2.5B+91.2%	$1.3B
Capital Expenditures	$199.0M-13.5%	$230.0M-14.2%	$268.0M+9.8%	$244.0M-5.1%	$257.0M-20.9%	$325.0M
Free Cash Flow	$326.0M-52.7%	$689.0M+1031.1%	-$74.0M-107.5%	$981.0M-55.4%	$2.2B+129.2%	$959.0M
Investing Cash Flow	-$225.0M-316.7%	-$54.0M-109.0%	$601.0M+220.0%	-$501.0M-211.2%	-$161.0M+73.2%	-$600.0M
Financing Cash Flow	-$498.0M+50.7%	-$1.0B-1302.8%	-$72.0M+92.1%	-$914.0M+58.1%	-$2.2B-230.0%	-$661.0M
Dividends Paid	$4.0M-50.0%	$8.0M-33.3%	$12.0M-97.6%	$503.0M-59.8%	$1.3B	N/A
Share Buybacks	N/A	N/A	N/A	$365.0M+421.4%	$70.0M-82.1%	$392.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$4.0M-95.3%	$86.0M+243.3%	-$60.0M-128.3%	$212.0M-20.6%	$267.0M+926.9%	$26.0M-91.8%	$317.0M+136.6%	$134.0M
Capital Expenditures	$31.0M-18.4%	$38.0M+11.8%	$34.0M-45.2%	$62.0M+14.8%	$54.0M+35.0%	$40.0M-49.4%	$79.0M+71.7%	$46.0M
Free Cash Flow	-$27.0M-156.3%	$48.0M+151.1%	-$94.0M-162.7%	$150.0M-29.6%	$213.0M+1621.4%	-$14.0M-105.9%	$238.0M+170.5%	$88.0M
Investing Cash Flow	-$36.0M+59.6%	-$89.0M-14.1%	-$78.0M-2.6%	-$76.0M-13.4%	-$67.0M-116.1%	-$31.0M+56.9%	-$72.0M-33.3%	-$54.0M
Financing Cash Flow	$974.0M+1446.0%	$63.0M+14.5%	$55.0M+164.0%	-$86.0M-3.6%	-$83.0M-4050.0%	-$2.0M+99.1%	-$234.0M+48.0%	-$450.0M
Dividends Paid	$0	$0-100.0%	$1.0M	$0	$0-100.0%	$4.0M	$0-100.0%	$1.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

QVCGB Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	35.0%+1.2pp	33.8%+2.5pp	31.3%-3.0pp	34.3%-0.2pp	34.5%+0.6pp	33.9%
Operating Margin	-8.1%-13.5pp	5.4%+22.3pp	-16.9%-24.6pp	7.7%-3.4pp	11.1%+9.7pp	1.4%
Net Margin	-12.8%-11.5pp	-1.3%+20.1pp	-21.4%-23.8pp	2.4%-6.0pp	8.4%+11.8pp	-3.4%
Return on Equity	N/A	N/A	N/A	11.9%-21.3pp	33.2%	N/A
Return on Assets	-14.0%-12.7pp	-1.3%+19.4pp	-20.6%-22.7pp	2.1%-4.9pp	7.0%+9.7pp	-2.6%
Current Ratio	1.21-0.2	1.41+0.0	1.38+0.3	1.05+0.1	0.97-0.2	1.14
Debt-to-Equity	-4.22-16.4	12.20-1.2	13.41+11.4	1.99+0.5	1.44+0.2	1.21
FCF Margin	3.3%-3.1pp	6.3%+6.9pp	-0.6%-7.6pp	7.0%-8.5pp	15.5%+8.4pp	7.1%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	34.0%-2.4pp	36.4%+2.2pp	34.2%+0.9pp	33.3%-3.1pp	36.4%+0.9pp	35.5%+1.8pp	33.7%-1.7pp	35.3%
Operating Margin	2.7%+104.3pp	-101.6%-102.3pp	0.7%+43.8pp	-43.2%-50.0pp	6.9%+0.7pp	6.2%+9.5pp	-3.3%-9.4pp	6.1%
Net Margin	-3.6%+95.8pp	-99.4%-94.6pp	-4.8%+38.9pp	-43.7%-44.5pp	0.8%+0.9pp	-0.0%+8.7pp	-8.7%-8.7pp	0.0%
Return on Equity	N/A	N/A	N/A	N/A	6.1%	N/A	N/A	0.2%
Return on Assets	-1.1%+32.1pp	-33.2%-32.1pp	-1.1%+12.8pp	-13.9%-14.1pp	0.2%+0.2pp	-0.0%+2.4pp	-2.4%-2.4pp	0.0%
Current Ratio	2.49+0.6	1.89+0.2	1.66+0.5	1.21-0.1	1.34+0.0	1.33-0.1	1.41-0.0	1.42
Debt-to-Equity	-1.89-0.3	-1.62+3.2	-4.85-0.6	-4.22-17.9	13.67-4.2	17.85+5.6	12.20+4.0	8.19
FCF Margin	-1.2%-3.4pp	2.1%+6.6pp	-4.5%-9.6pp	5.1%-3.8pp	8.8%+9.4pp	-0.6%-8.2pp	7.6%+4.0pp	3.5%

Note: Shareholder equity is negative (-$971.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

What is QVC Group Inc's annual revenue?

QVC Group Inc (QVCGB) reported $10.0B in total revenue for fiscal year 2024. This represents a -8.0% 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 Group Inc's revenue growing?

QVC Group Inc (QVCGB) revenue declined by 8% year-over-year, from $10.9B to $10.0B in fiscal year 2024.

Is QVC Group Inc profitable?

No, QVC Group Inc (QVCGB) reported a net income of -$1.3B in fiscal year 2024, with a net profit margin of -12.8%.

What is QVC Group Inc's earnings per share (EPS)?

QVC Group Inc (QVCGB) reported diluted earnings per share of $-3.26 for fiscal year 2024. This represents a -781.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is QVC Group Inc's EBITDA?

QVC Group Inc (QVCGB) had EBITDA of -$426.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does QVC Group Inc have?

As of fiscal year 2024, QVC Group Inc (QVCGB) had $905.0M in cash and equivalents against $4.1B in long-term debt.

What is QVC Group Inc's gross margin?

QVC Group Inc (QVCGB) had a gross margin of 35.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is QVC Group Inc's operating margin?

QVC Group Inc (QVCGB) had an operating margin of -8.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is QVC Group Inc's net profit margin?

QVC Group Inc (QVCGB) had a net profit margin of -12.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is QVC Group Inc's free cash flow?

QVC Group Inc (QVCGB) generated $326.0M in free cash flow during fiscal year 2024. This represents a -52.7% 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 Group Inc's operating cash flow?

QVC Group Inc (QVCGB) generated $525.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are QVC Group Inc's total assets?

QVC Group Inc (QVCGB) had $9.2B in total assets as of fiscal year 2024, including both current and long-term assets.

What are QVC Group Inc's capital expenditures?

QVC Group Inc (QVCGB) invested $199.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

What is QVC Group Inc's current ratio?

QVC Group Inc (QVCGB) had a current ratio of 1.21 as of fiscal year 2024, which is considered adequate.

What is QVC Group Inc's debt-to-equity ratio?

QVC Group Inc (QVCGB) had a debt-to-equity ratio of -4.22 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

QVC Group Inc (QVCGB) had a return on assets of -14.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

Why is QVC Group Inc's debt-to-equity ratio negative or unusual?

QVC Group Inc (QVCGB) has negative shareholder equity of -$971.0M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is QVC Group Inc's Piotroski F-Score?

QVC Group Inc (QVCGB) has a Piotroski F-Score of 4 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 Group Inc's earnings high quality?

QVC Group Inc (QVCGB) has an earnings quality ratio of -0.41x, 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 Group Inc cover its interest payments?

QVC Group Inc (QVCGB) has an interest coverage ratio of -1.7x, 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 Group Inc?

QVC Group Inc (QVCGB) scores 13 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.