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Information About QVC Group's Operating Segments | 3 Months Ended
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Mar. 31, 2026
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract] |
Information About QVC Group's Operating Segments | (9) Information About QVC Group's Operating Segments QVC Group, through its ownership interests in subsidiaries and other companies, is primarily engaged in the video and online commerce industries. QVC Group identifies its reportable segments as (A) those operating segments that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA (as defined below) or total assets and (B) those equity method affiliates whose share of earnings represent 10% or more of QVC Group's annual pre-tax earnings. The QVC Group Chief Operating Decision Maker (“CODM”), the Chief Executive Officer, primarily evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue, cost of goods sold, gross profit, operating expense, advertising expense, selling, general and administrative expenses (“SG&A”) and Adjusted OIBDA (as defined below), in addition to average sales price per unit, number of units shipped and revenue or sales per customer equivalent. In addition, QVC Group reviews nonfinancial measures such as unique website visitors, conversion rates and active customers, as appropriate. For segment reporting purposes, QVC Group defines Adjusted OIBDA as total revenue, net less cost of goods sold, operating expenses, and SG&A excluding stock-based compensation and, where applicable, separately identified items impacting comparability. QVC Group believes this measure is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between 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 GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income (loss), net earnings (loss), cash flows provided by operating activities and other measures of financial performance prepared in accordance with GAAP. QVC Group generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices. For the three months ended March 31, 2026, QVC Group has identified the following operating segments as its reportable segments: •QxH – QVC U.S. and HSN market and sell a wide variety of consumer products in the U.S., primarily by means of their televised shopping programs and via the Internet through their websites (including social media) and mobile applications. •QVC International – QVC International markets and sells a wide variety of consumer products in several foreign countries, primarily by means of its televised shopping programs and via the Internet through its international websites (including social media) and mobile applications. •CBI – CBI consists of a portfolio of aspirational home and apparel brands in the U.S. that sell merchandise through brick-and-mortar retail locations as well as via the Internet through their websites. QVC Group's operating segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, distribution channels and marketing strategies. The accounting policies of the segments are the same as those described in the Company's Summary of Significant Accounting Policies in the 2025 10-K. Performance Measures Disaggregated total revenue, net by segment and product category consisted of the following:
| Three months ended March 31, 2026
| QxH |  | QVC Int'l |  | CBI |  |  |  | Total
| in millions
Home | $ | 497 |  |  | 223 |  |  | 147 |  |  |  |  | 867 |
Apparel | 247 |  |  | 96 |  |  | 41 |  |  |  |  | 384 |
Beauty | 179 |  |  | 115 |  |  | — |  |  |  |  | 294 |
Accessories | 147 |  |  | 48 |  |  | — |  |  |  |  | 195 |
Jewelry | 65 |  |  | 37 |  |  | — |  |  |  |  | 102 |
Electronics | 60 |  |  | 19 |  |  | — |  |  |  |  | 79 |
Other revenue | 36 |  |  | — |  |  | — |  |  |  |  | 36 |
Total revenue, net | $ | 1,231 |  |  | 538 |  |  | 188 |  |  |  |  | 1,957 |
| Three months ended March 31, 2025
| QxH |  | QVC Int'l |  | CBI |  |  |  | Total
| in millions
Home | $ | 538 |  |  | 223 |  |  | 160 |  |  |  |  | 921 |
Apparel | 258 |  |  | 99 |  |  | 40 |  |  |  |  | 397 |
Beauty | 211 |  |  | 120 |  |  | — |  |  |  |  | 331 |
Accessories | 173 |  |  | 46 |  |  | — |  |  |  |  | 219 |
Jewelry | 63 |  |  | 33 |  |  | — |  |  |  |  | 96 |
Electronics | 89 |  |  | 15 |  |  | — |  |  |  |  | 104 |
Other revenue | 36 |  |  | 1 |  |  | — |  |  |  |  | 37 |
Total revenue, net | $ | 1,368 |  |  | 537 |  |  | 200 |  |  |  |  | 2,105 |
Other performance measures reviewed by the CODM are as follows:
| Three months ended March 31, 2026
| QxH |  | QVC Int'l |  | CBI |  | Corporate and other |  | Total
| amounts in millions
Total revenue, net | $ | 1,231 |  |  | 538 |  |  | 188 |  |  | — |  |  | 1,957 |
Cost of goods sold (excluding depreciation and amortization) | 824 |  |  | 356 |  |  | 108 |  |  | — |  |  | 1,288 |
Gross profit | 407 |  |  | 182 |  |  | 80 |  |  | — |  |  | 669 |
Operating expense | 92 |  |  | 45 |  |  | 9 |  |  | — |  |  | 146 |
Advertising expense | 70 |  |  | 8 |  |  | 41 |  |  | — |  |  | 119 |
SG&A (excluding stock-based compensation, advertising and pre-petition charges) | 153 |  |  | 80 |  |  | 39 |  |  | 6 |  |  | 278 |
Adjusted OIBDA | $ | 92 |  |  | 49 |  |  | (9) |  |  | (6) |  |  | 126 |
| Three months ended March 31, 2025
| QxH |  | QVC Int'l |  | CBI |  | Corporate and other |  | Total
| amounts in millions
Total revenue, net | $ | 1,368 |  |  | 537 |  |  | 200 |  |  | — |  |  | 2,105 |
Cost of goods sold (excluding depreciation and amortization) | 923 |  |  | 348 |  |  | 115 |  |  | — |  |  | 1,386 |
Gross profit | 445 |  |  | 189 |  |  | 85 |  |  | — |  |  | 719 |
Operating expense | 111 |  |  | 43 |  |  | 9 |  |  | — |  |  | 163 |
Advertising expense | 55 |  |  | 8 |  |  | 39 |  |  | — |  |  | 102 |
SG&A (excluding stock-based compensation, advertising and pre-petition charges) | 157 |  |  | 75 |  |  | 41 |  |  | 4 |  |  | 277 |
Adjusted OIBDA | $ | 122 |  |  | 63 |  |  | (4) |  |  | (4) |  |  | 177 |
Other Information
| March 31, 2026 |  | December 31, 2025
| Total assets |  | Property and equipment, net |  | Total assets |  | Property and equipment, net
| amounts in millions
QxH (1) | $ | 4,377 |  |  | 159 |  |  | 4,780 |  |  | 166 |
QVC International | 1,870 |  |  | 140 |  |  | 1,927 |  |  | 150 |
CBI | 473 |  |  | 85 |  |  | 495 |  |  | 85 |
Corporate and other | 355 |  |  | — |  |  | 441 |  |  | — |
Consolidated QVC Group | $ | 7,075 |  |  | 384 |  |  | 7,643 |  |  | 401 |
(1) QxH Property and equipment, net as of March 31, 2026 and December 31, 2025 excludes assets classified as assets held for sale in the condensed consolidated balance sheet.
| March 31, 2026 |  | March 31, 2025
| Depreciation |  | Amortization |  | Capital Expenditures |  | Depreciation |  | Amortization |  | Capital Expenditures
| amounts in millions
QxH | $ | 9 |  |  | 52 |  |  | 28 |  |  | 28 |  |  | 55 |  |  | 25 |
QVC International | 6 |  |  | 7 |  |  | 4 |  |  | 6 |  |  | 6 |  |  | 5 |
CBI | 3 |  |  | 3 |  |  | 4 |  |  | 4 |  |  | 3 |  |  | 4 |
Consolidated QVC Group | $ | 18 |  |  | 62 |  |  | 36 |  |  | 38 |  |  | 64 |  |  | 34 |
The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes:
| Three months ended March 31,
| 2026 |  | 2025
| amounts in millions
Adjusted OIBDA | $ | 126 |  |  | 177 |
Depreciation and amortization | (80) |  |  | (102) |
Gain (loss) on sale of assets | 10 |  |  | — |
Pre-petition charges | (41) |  |  | — |
Stock-based compensation | — |  |  | (4) |
Restructuring benefits (costs) | — |  |  | (57) |
Operating income (loss) | 15 |  |  | 14 |
Interest expense | (132) |  |  | (112) |
Realized and unrealized gains (losses) on financial instruments, net | 79 |  |  | (15) |
Interest and dividend income | 12 |  |  | 8 |
Other, net | 1 |  |  | 2 |
Earnings (loss) before income taxes | $ | (25) |  |  | (103) |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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