The capital structure has undergone a significant transformation, with total debt decreasing from $5.4 billion in 2023Q2 to $467 million in 2025Q3, though this is offset by a substantial $9.8 billion retained earnings deficit.
| Total Current Assets | 3.36B | 2.5B | 2.64B | 2.91B | 3.7B | 3.7B | 3.78B | 3.83B | 3.25B | 2.54B | 2.68B | 2.49B | 2.72B |
| Cash & Short-Term Investments | 1.33B | 297M | 307M | 357M | 510M | 682M | 561M | 548M | 282M | 284M | 327M | 347M | 457M |
| Cash Only | 1.33B | 297M | 307M | 357M | 510M | 682M | 561M | 543M | 282M | 284M | 327M | 347M | 457M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 829M | 1.05B | 1.19B | 1.22B | 1.42B | 1.51B | 1.71B | 1.69B | 1.6B | 1.18B | 1.3B | 1.2B | 1.11B |
| Days Sales Outstanding | 37.79 | 42.64 | 46.08 | 44.93 | 45.71 | 47.92 | 56.81 | 54.68 | 66.58 | 49.52 | 54.4 | 49.6 | 47.03 |
| Inventory | 1.02B | 0 | 860M | 1.03B | 1.35B | 1.12B | 1.21B | 1.28B | 1.2B | 950M | 929M | 882M | 931M |
| Days Inventory Outstanding | -128.7 | - | 50.04 | 55.18 | 67.12 | 55.06 | 61.99 | 64.46 | 78.5 | 62.59 | 61.34 | 58.04 | 62.18 |
| Other Current Assets | 186M | 1.16B | 117M | 155M | 232M | 104M | 111M | 220M | 88M | 78M | 78M | 12M | 176M |
| Total Non-Current Assets | 4.97B | 7.38B | 9.08B | 9.5B | 12.44B | 12.85B | 11.15B | 11.02B | 11.07B | 9.01B | 9.38B | 9.74B | 10.33B |
| Property, Plant & Equipment | 789M | 0 | 937M | 891M | 1.12B | 1.4B | 1.43B | 1.17B | 1.17B | 1.03B | 1B | 1.03B | 1.11B |
| Fixed Asset Turnover | 13.63x | - | 10.08x | 11.10x | 10.14x | 8.20x | 7.69x | 9.68x | 7.50x | 8.42x | 8.73x | 8.58x | 7.80x |
| Goodwill | 808M | 2.2B | 3.15B | 3.47B | 5.97B | 6.03B | 5.97B | 5.97B | 5.98B | 5B | 5.04B | 5.09B | 5.2B |
| Intangible Assets | 1.19B | 2.5B | 3.19B | 3.25B | 3.54B | 3.51B | 3.63B | 3.8B | 3.84B | 2.91B | 3.27B | 3.56B | 3.92B |
| Long-Term Investments | 0 | 0 | 0 | 7.03B | 10.63B | 10M | 40M | 38M | 7M | 2M | 11M | -18M | -16M |
| Other Non-Current Assets | 2.18B | 2.68B | 1.8B | -5.73B | -8.82B | 1.19B | 104M | 110M | 23M | 141M | 74M | 63M | 109M |
| Total Assets | 8.33B | 9.89B | 11.72B | 12.4B | 16.14B | 16.56B | 14.93B | 14.86B | 14.32B | 11.54B | 12.06B | 12.22B | 13.06B |
| Asset Turnover | 0.97x | 0.91x | 0.81x | 0.80x | 0.70x | 0.69x | 0.74x | 0.76x | 0.61x | 0.75x | 0.73x | 0.72x | 0.66x |
| Asset Growth % | -91.94% | -15.62% | -5.51% | -23.15% | -2.52% | 10.93% | 0.48% | 3.75% | 24.03% | -4.25% | -1.37% | -6.36% | - |
| Total Current Liabilities | 1.32B | 2.23B | 2.25B | 2.02B | 2.47B | 2.84B | 1.98B | 2.46B | 2.03B | 1.46B | 1.54B | 1.52B | 1.47B |
| Accounts Payable | 612M | 722M | 838M | 832M | 1.27B | 1.13B | 913M | 1.01B | 958M | 678M | 658M | 629M | 494M |
| Days Payables Outstanding | -108.02 | 380.27 | 48.76 | 44.36 | 62.96 | 55.45 | 46.62 | 50.76 | 62.46 | 44.67 | 43.45 | 41.39 | 32.99 |
| Short-Term Debt | 1M | 585M | 423M | 214M | 1M | 392M | -98M | 421M | 17M | 14M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 577M | -20K | 711K | 98M | 0 | 0 | 0 | -6M | -7M | -11M |
| Other Current Liabilities | 709M | 899M | 51M | -510M | 1B | 772.29M | 607M | 617M | 590M | 497M | 542M | 531M | 628M |
| Current Ratio | 2.54x | 1.12x | 1.17x | 1.44x | 1.50x | 1.30x | 1.91x | 1.56x | 1.60x | 1.74x | 1.74x | 1.63x | 1.86x |
| Quick Ratio | 1.77x | 1.12x | 0.79x | 0.93x | 0.95x | 0.91x | 1.30x | 1.04x | 1.00x | 1.09x | 1.14x | 1.05x | 1.22x |
| Cash Conversion Cycle | 17.11 | - | 47.36 | 55.75 | 49.87 | 47.52 | 72.18 | 68.37 | 82.62 | 67.44 | 72.29 | 66.25 | 76.21 |
| Total Non-Current Liabilities | 5.75B | 4.29B | 5.13B | 5.82B | 5.95B | 5.58B | 6.15B | 5.57B | 6.49B | 6.19B | 6.4B | 5.66B | 5.25B |
| Long-Term Debt | 466M | 3.31B | 3.91B | 4.72B | 4.89B | 4.4B | 4.94B | 4.7B | 5.63B | 5.28B | 5.33B | 4.58B | 3.73B |
| Capital Lease Obligations | 475M | 475M | 489M | 379M | 314M | 345M | 353M | 0 | 0 | 0 | 63M | 0 | 67M |
| Deferred Tax Liabilities | 742M | 0 | 0 | 577K | 636K | 0 | 0 | 0 | 0 | 0 | 0 | -25M | 4M |
| Other Non-Current Liabilities | 5.11B | 499M | 733M | -4B | 750M | 837M | 856M | 873M | 858M | 914M | 1.01B | 1.08B | 1.45B |
| Total Liabilities | 7.07B | 6.52B | 7.38B | 7.83B | 8.42B | 8.42B | 8.12B | 8.03B | 8.52B | 7.65B | 7.94B | 7.18B | 6.71B |
| Total Debt | 467M | 4.4B | 4.85B | 5.35B | 5.25B | 5.18B | 5.29B | 5.12B | 5.65B | 5.29B | 5.39B | 4.58B | 3.8B |
| Net Debt | -861M | 4.1B | 4.54B | 4.96B | 4.69B | 4.46B | 4.73B | 4.58B | 5.37B | 5B | 5.07B | 4.23B | 3.34B |
| Debt / Equity | 0.37x | 1.31x | 1.12x | 1.17x | 0.68x | 0.64x | 0.78x | 0.75x | 0.97x | 1.36x | 1.31x | 0.91x | 0.60x |
| Debt / EBITDA | -0.17x | - | 5.46x | - | 2.86x | 2.68x | 2.85x | 2.67x | 3.18x | 3.10x | 3.05x | 2.58x | 2.20x |
| Net Debt / EBITDA | 0.32x | - | 5.12x | - | 2.56x | 2.30x | 2.55x | 2.39x | 3.03x | 2.93x | 2.86x | 2.39x | 1.94x |
| Interest Coverage | -7.78x | -3.07x | 2.82x | -6.14x | 6.25x | 6.10x | 6.15x | 6.54x | 6.30x | 5.78x | 6.13x | 5.35x | 5.82x |
| Total Equity | 1.25B | 3.37B | 4.34B | 4.57B | 7.72B | 8.13B | 6.8B | 6.83B | 5.8B | 3.9B | 4.12B | 5.05B | 6.34B |
| Equity Growth % | -189.04% | -22.32% | -5.14% | -40.78% | -5.09% | 19.56% | -0.37% | 17.82% | 48.81% | -5.42% | -18.39% | -20.42% | - |
| Book Value per Share | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Shareholders' Equity | 1.17B | 3.29B | 4.25B | 4.48B | 7.6B | 8B | 6.67B | 6.71B | 5.69B | 3.79B | 4.02B | 4.94B | 6.22B |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -9.79B | -7.54B | -6.36B | -6.08B | -2.94B | -2.72B | -2.39B | -2.27B | -2.8B | -2.83B | -2.67B | -1.8B | -620M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -251M | -370M | -290M | -312M | -146M | -17M | -144M | -144M | -93M | -224M | -140M | -39M | 139M |
| Minority Interest | 86M | 76M | 87M | 95M | 122M | 133M | 130M | 119M | 110M | 100M | 100M | 103M | 119M |
Debt maturity and liquidity
As reported in recent financial filings, total assets have declined from $12.1 billion in 2023Q2 to $8.3 billion by 2025Q3, signaling a significant reduction in the company's asset base that mirrors the ongoing contraction of its core linear television broadcasting business model.
The consistent erosion of the asset base suggests that the company is struggling to maintain its operational footprint amidst secular headwinds. Investors should monitor whether this shrinkage represents a strategic divestiture of non-core assets or a forced liquidation to address ongoing liquidity pressures.
Based on the provided balance sheet data, the company's debt profile has shifted dramatically, with total debt falling from $5.4 billion in 2023Q2 to $467 million in 2025Q3, which may indicate significant debt retirement or a restructuring of the underlying capital obligations.
While the headline reduction in debt appears positive, the persistent negative retained earnings of $9.8 billion suggest that the company's equity base remains severely impaired. The reliance on debt reduction to manage the balance sheet warrants further investigation into the sustainability of these financing activities.
According to quarterly balance sheet disclosures, cash reserves have fluctuated significantly, reaching a high of $1.3 billion in 2025Q3 compared to $279 million in 2023Q3, which provides a temporary, albeit volatile, buffer against the company's ongoing operational cash burn.
The improvement in the current ratio to 2.54 in 2025Q3 suggests a short-term strengthening of liquidity, yet this must be weighed against the company's inability to generate consistent operating income. Analysts should remain cautious, as this liquidity spike may be driven by non-recurring financing events rather than core business performance.
As indicated by the latest financial statements, retained earnings have deteriorated to a deficit of $9.8 billion in 2025Q3, reflecting a long-term accumulation of losses that has significantly weakened the company's equity position and overall financial resilience.
The persistent negative retained earnings highlight a structural inability to generate sufficient returns on invested capital over time. This trend suggests that the company's equity is effectively being consumed by operational losses, which limits the firm's capacity to absorb future shocks without further dilutive or debt-heavy interventions.
Based on reported figures, goodwill has seen a sharp decline from $3.5 billion in 2023Q2 to $808 million in 2025Q3, which may indicate aggressive impairment charges taken to reflect the diminished value of past acquisitions in a changing media landscape.
The rapid write-down of intangible assets suggests that management is finally acknowledging the erosion of value in its historical business segments. Investors should consider whether further impairments are likely, as the current carrying value of assets may still be optimistic given the ongoing decline in linear viewership.
Quick answers to the most common questions about buying QVCC stock.
As of 2024, QVC, Inc. 6.250% Senior Secured (QVCC) had total assets of $9.89B including $2.50B in current assets.
QVC, Inc. 6.250% Senior Secured (QVCC) carries total debt of $4.40B, offset by $297.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
QVC, Inc. 6.250% Senior Secured (QVCC) has total shareholders' equity (book value) of $3.29B. Book value represents the net worth of the company belonging to common stock holders.
QVC, Inc. 6.250% Senior Secured (QVCC) reported a current ratio of 1.12x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.