QVC, Inc. reported a weak quarter while entering a Chapter 11 restructuring. For the three months ended March 31, 2026, total revenue fell to $1,769 million from $1,905 million, driven mainly by lower units shipped at its QxH segment.
The company posted a net loss of $16 million, with a loss attributable to the QVC, Inc. shareholder of $25 million, versus a $42 million loss a year earlier. Adjusted OIBDA declined to $141 million from $185 million, reflecting weaker gross profit and higher advertising and consulting costs.
QVC ended the quarter with $1,310 million of cash and cash equivalents, but carried $5,025 million of debt, most classified as current after breaching its net leverage covenant and as its credit facility approaches maturity. On April 16, 2026, QVC Group and affiliates commenced voluntary Chapter 11 cases and entered a Restructuring Support Agreement covering about $2.2 billion of QVC Notes, $1.5 billion of LINTA Notes, and $2.9 billion under the credit facility. The plan contemplates issuing roughly $1.3 billion of new takeback debt and giving credit facility and QVC Notes holders distributable cash and 100% of the equity in a reorganized QVC. Management states there is substantial doubt about QVC’s ability to continue as a going concern.
QVC, Inc. reported a weak quarter while entering a Chapter 11 restructuring. For the three months ended March 31, 2026, total revenue fell to $1,769 million from $1,905 million, driven mainly by lower units shipped at its QxH segment.
The company posted a net loss of $16 million, with a loss attributable to the QVC, Inc. shareholder of $25 million, versus a $42 million loss a year earlier. Adjusted OIBDA declined to $141 million from $185 million, reflecting weaker gross profit and higher advertising and consulting costs.
QVC ended the quarter with $1,310 million of cash and cash equivalents, but carried $5,025 million of debt, most classified as current after breaching its net leverage covenant and as its credit facility approaches maturity. On April 16, 2026, QVC Group and affiliates commenced voluntary Chapter 11 cases and entered a Restructuring Support Agreement covering about $2.2 billion of QVC Notes, $1.5 billion of LINTA Notes, and $2.9 billion under the credit facility. The plan contemplates issuing roughly $1.3 billion of new takeback debt and giving credit facility and QVC Notes holders distributable cash and 100% of the equity in a reorganized QVC. Management states there is substantial doubt about QVC’s ability to continue as a going concern.
QVC, Inc. and affiliates entered a Restructuring Support Agreement with key noteholders and lenders and have begun a prepackaged Chapter 11 process in the Southern District of Texas. The plan targets restructuring about $2.15 billion of QVC notes, $1.5 billion of LINTA notes and $2.9 billion under the revolving credit facility.
The company is operating as a debtor-in-possession and has sought first-day relief so trade, contract and lease claims and other non‑funded general unsecured claims are expected to be unimpaired and paid in the ordinary course. Milestones contemplate plan confirmation within 75 days of the petition date and emergence within about 90 days, subject to court approval.
The filing states that QVC and LINTA notes will be cancelled and holders will receive plan distributions in satisfaction of their claims. It further states that existing QVC Group equity interests are expected to be cancelled for no consideration, and cautions that trading in the company’s securities is highly speculative during the Chapter 11 cases.