QVCAQRetail-Catalog & Mail-Order HousesIFRS · EUR

Old QVC Group, Inc.

Old QVC Group, Inc. owns controlling and noncontrolling interests in video and online commerce businesses centered on QVC and HSN. Its principal operations combine televised shopping, digital commerce, mobile applications and social media, alongside Cornerstone Brands’ portfolio of home and apparel brands, serving customers in the United States and selected international markets.

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Revenue9,230m EUR
−8.0 %y/y
Operating profit (EBIT)-2,098m EUR
−159.3 %y/y
EBIT margin-22.7%
−14.7 ppy/y
Net income-2,439m EUR
−89.1 %y/y
Free cash flow118m EUR
−63.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-5051015bn EUR2020: 14.2 bn EUR2020: EBIT 1.6 bn EUR20202021: 14.0 bn EUR2021: EBIT 1.1 bn EUR20212022: 12.1 bn EUR2022: EBIT -2.0 bn EUR20222023: 10.9 bn EUR2023: EBIT 0.59 bn EUR20232024: 10.0 bn EUR2024: EBIT -0.81 bn EUR20242025: 9.2 bn EUR2025: EBIT -2.1 bn EUR20259.2-2.1
RevenueOperating profit (EBIT)
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Business

Share of revenue
QxH64 %

QVC U.S. and HSN sell merchandise through televised and digital shopping channels.

QVC International26 %

International QVC operations combine local television, websites, apps and social commerce.

Cornerstone Brands10 %

A portfolio of aspirational home and apparel brands sold through direct-to-consumer channels.

Products

Reported · share of revenue
44.6%18.2%15.5%9.9%FY2025100 %
  • Home44.6 %
  • Apparel18.2 %
  • Beauty15.5 %
  • Accessories9.9 %
  • Electronics5.5 %
  • Other6.3 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company sells directly to consumers seeking convenient, curated access to merchandise presented through demonstrations, hosts and video-rich content. QxH serves U.S. television and digital shoppers, while QVC International serves customers in Germany, Japan, the United Kingdom and Italy through locally tailored programming and digital platforms. Cornerstone Brands targets consumers interested in aspirational home and apparel products. Customer retention, repeat purchasing and the ability to attract viewers from linear television to digital channels are central to the model.

U.S. QVC and HSN consumers

Buy demonstrated consumer products through television, websites, apps and related digital channels.

International QVC consumers

Customers in Germany, Japan, the U.K. and Italy buy locally sourced merchandise through QVC programming and digital platforms.

Home and lifestyle consumers

Purchase aspirational home products marketed through Cornerstone Brands’ direct-to-consumer portfolio.

Apparel consumers

Buy apparel and related lifestyle merchandise from Cornerstone Brands’ specialty offerings.

Strategy

The company is repositioning its traditional video-commerce model toward live social shopping across streaming, social media and digital platforms. Priorities include growing digital engagement, retaining existing customers, attracting new audiences and improving the integration of QVC and HSN operations. The strategy is intended to offset changes in television viewing habits while preserving QVC’s merchandising, programming and customer relationships.

Expand live social and streaming commerceMedium term

Digital platforms can replace declining linear television reach and broaden customer acquisition.

Increase customer retention and digital conversionShort term

Repeat purchasing and digital engagement support revenue resilience as viewing habits change.

Integrate QVC and HSN operationsMedium term

Operational integration can improve use of programming, fulfillment and merchandising capabilities.

Preserve international market relevanceLong term

Local sourcing and market-specific programming differentiate QVC across foreign markets.

Geography

2025

The company’s largest operating base is the United States through QVC U.S. and HSN. QVC International distributes televised and recorded programming primarily in Germany, Japan, the United Kingdom and Italy, with websites, mobile applications and social media supporting each market. QVC-Japan operates through a 60%-owned joint venture with Mitsui. International operations require local product sourcing and create exposure to foreign currencies, market-specific regulation and differing consumer behavior.

United States74 %
Japan8.9 %
Germany8.5 %
Other countries (US filing)8.1 %

Share of the revenue the company reports by geography.

Risks

The company faces substantial financial risk from QVC’s secured indebtedness and the scheduled maturity of its $2.9 billion credit facility in October 2026, creating dependence on refinancing or restructuring. Its business model is also exposed to declining linear television usage, distributor decisions, changing channel placement and competition for digital attention. Consumer protection, privacy, payment, e-commerce and merchandise regulations apply across multiple jurisdictions, while sourcing, foreign exchange and economic conditions can affect product availability and demand.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Refinancing and going-concern risk1High secured indebtedness2Regulatory and consumer claims3Demand and sourcing volatility6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Refinancing and going-concern riskImpact: CriticalLikelihood: High

    The $2.9 billion credit facility is scheduled to mature in October 2026, while leverage conditions could accelerate repayment.

    Exposure: QVC secured debt and consolidated liquidity

  2. High secured indebtednessImpact: CriticalLikelihood: High

    QVC had $5.046 billion of secured debt as of September 30, 2025, restricting financial flexibility.

    Exposure: QVC capital structure

  3. Regulatory and consumer claimsImpact: HighLikelihood: Low

    The company markets merchandise and accepts payments across jurisdictions with changing consumer, privacy and e-commerce rules.

    ExposureProduct claimsPaymentsDataImported merchandise
  4. Linear television audience declineImpact: High

    Video-on-demand, internet video and changing viewing habits may reduce program reach and purchasing activity.

    Exposure: QxH and international television commerce

  5. Distribution and channel-position riskImpact: High

    Cable and satellite operators determine whether programming is carried and how prominently it is positioned.

    Exposure: Televised shopping audience

  6. Demand and sourcing volatilityImpact: MediumLikelihood: High

    Discretionary demand, product availability, trade conditions and the ability to source compelling products affect sales.

    ExposureQVCHSNCornerstone merchandise
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Accounting

Judgemental items
Goodwill and tradename impairment

QxH recorded $930 million of tradename impairment and $1.465 billion of goodwill impairment in the second quarter of 2025.

Impact: Can materially reduce operating income, assets and equity.

Level 3 fair-value measurement

Tradename and reporting-unit valuations use discounted cash flow, royalty-rate and other unobservable assumptions.

Impact: Small changes in forecasts, discount rates or royalty rates can change impairment charges.

Debt classification and going concern

The credit facility maturity and leverage provisions may require current classification and expanded liquidity disclosures.

Impact: Can materially affect reported current liabilities and going-concern conclusions.

Foreign-currency translation

QVC International operates across several currencies and reports consolidated results in U.S. dollars.

Impact: Exchange-rate movements affect reported revenue and operating results.

Joint venture accounting

QVC-Japan is owned 60% by QVC and 40% by Mitsui, with profits and losses shared by ownership interest.

Impact: Results and distributions reflect ownership and noncontrolling-interest considerations.

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Last updated: 24/09/2026

Old QVC Group, Inc. – Retail-Catalog & Mail-Order Houses | Financial Analysis – Clarifo