The company's top-line performance remains under pressure with a 5.3% year-over-year revenue contraction in 2025Q3, while operating margins have exhibited extreme volatility, including a deep loss of $2.3 billion in 2025Q2.
| Sales/Revenue | 8.53B | 9B | 9.45B | 9.89B | 11.35B | 11.47B | 10.99B | 11.28B | 8.77B | 8.68B | 8.74B | 8.8B | 8.62B |
| Revenue Growth % | -7.02% | -4.78% | -4.43% | -12.92% | -1.03% | 4.42% | -2.62% | 28.63% | 1.03% | -0.7% | -0.66% | 2.06% | - |
| Cost of Goods Sold | -2.15B | 693M | 6.27B | 6.85B | 7.37B | 7.42B | 7.15B | 7.25B | 5.6B | 5.54B | 5.53B | 5.55B | 5.46B |
| COGS % of Revenue | - | 7.7% | 66.39% | 69.24% | 64.89% | 64.66% | 65.06% | 64.24% | 63.82% | 63.81% | 63.23% | 63.03% | 63.38% |
| Gross Profit | 6.71B | 8.3B | 3.18B | 3.04B | 3.99B | 4.05B | 3.84B | 4.03B | 3.17B | 3.14B | 3.21B | 3.25B | 3.16B |
| Gross Margin % | 78.7% | 92.3% | 33.61% | 30.76% | 35.11% | 35.34% | 34.94% | 35.76% | 36.18% | 36.19% | 36.77% | 36.97% | 36.62% |
| Gross Profit Growth % | - | 161.46% | 4.44% | -23.71% | -1.68% | 5.63% | -4.86% | 27.14% | 0.99% | -2.27% | -1.2% | 3.04% | - |
| Operating Expenses | 3.19B | 989M | 2.53B | 4.44B | 2.49B | 2.49B | 2.51B | 2.53B | 1.87B | 1.91B | 1.96B | 2.03B | 1.96B |
| OpEx % of Revenue | - | 10.99% | 26.79% | 44.91% | 21.9% | 21.68% | 22.88% | 22.4% | 21.35% | 21.96% | 22.37% | 23.04% | 22.71% |
| Selling, General & Admin | 1.33B | 989M | 2.14B | 2.06B | 2.03B | 2.03B | 1.9B | 2.02B | 1.31B | 1.33B | 1.35B | 1.39B | 1.35B |
| SG&A % of Revenue | - | 10.99% | 22.67% | 20.88% | 17.87% | 17.72% | 17.25% | 17.91% | 14.89% | 15.37% | 15.46% | 15.77% | 15.71% |
| Research & Development | 11M | 0 | 15M | 15M | 15M | 15M | 15M | 15M | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.16% | 0.15% | 0.13% | 0.13% | 0.14% | 0.13% | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 374M | 2.36B | 442M | 439M | 604M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -3.31B | -770M | 645M | -1.4B | 1.51B | 1.57B | 1.48B | 1.6B | 1.35B | 1.2B | 1.27B | 1.28B | 1.25B |
| Operating Margin % | -38.8% | -8.56% | 6.83% | -14.15% | 13.27% | 13.67% | 13.43% | 14.2% | 15.37% | 13.86% | 14.58% | 14.53% | 14.44% |
| Operating Income Growth % | - | -219.38% | 146.1% | -192.83% | -3.89% | 6.31% | -7.93% | 18.84% | 12.05% | -5.65% | -0.31% | 2.73% | - |
| EBITDA | -2.69B | -270M | 888M | -1.11B | 1.83B | 1.94B | 1.86B | 1.92B | 1.77B | 1.71B | 1.77B | 1.77B | 1.73B |
| EBITDA Margin % | -31.5% | -3% | 9.4% | -11.23% | 16.16% | 16.88% | 16.91% | 17% | 20.23% | 19.67% | 20.24% | 20.15% | 20% |
| EBITDA Growth % | -553.89% | -130.41% | 180% | -160.49% | -5.22% | 4.2% | -3.13% | 8.12% | 3.86% | -3.5% | -0.17% | 2.78% | - |
| D&A (Non-Cash Add-back) | 623M | 500M | 243M | 289M | 328M | 368M | 383M | 316M | 426M | 505M | 495M | 494M | 480M |
| EBIT | -1.94B | -1.27B | 662M | 576M | 1.53B | 1.57B | 1.48B | 1.6B | 1.35B | 1.2B | 1.27B | 1.28B | 1.25B |
| Net Interest Income | -249M | -251M | -229M | 9M | -241M | -3M | 5M | -245M | -214M | -208M | -208M | -239M | -214M |
| Interest Income | 0 | 0 | 0 | 237M | 0 | 254M | 245M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 249M | 251M | 229M | 228M | 241M | 257M | 240M | 245M | 214M | 208M | 208M | 239M | 214M |
| Other Income/Expense | -342M | -249M | -229M | -191M | -248M | -320M | -248M | -250M | -261M | -176M | -224M | -292M | -259M |
| Pretax Income | -3.65B | -1.02B | 416M | -1.59B | 1.26B | 1.25B | 1.08B | 1.26B | 1.09B | 1.03B | 1.05B | 987M | 986M |
| Pretax Margin % | -42.81% | -11.33% | 4.4% | -16.08% | 11.09% | 10.87% | 9.82% | 11.19% | 12.38% | 11.83% | 12.02% | 11.21% | 11.43% |
| Income Tax | 140M | 3M | 205M | 220M | 408M | 345M | 262M | 334M | 139M | 385M | 389M | 354M | 353M |
| Effective Tax Rate % | -3.83% | -0.29% | 49.28% | -13.84% | 32.41% | 27.67% | 24.28% | 26.47% | 12.8% | 37.49% | 37.01% | 35.87% | 35.8% |
| Net Income | -3.39B | -1.07B | 159M | -1.87B | 787M | 844M | 767M | 882M | 901M | 604M | 628M | 594M | 588M |
| Net Margin % | -39.74% | -11.88% | 1.68% | -18.88% | 6.93% | 7.36% | 6.98% | 7.82% | 10.27% | 6.96% | 7.18% | 6.75% | 6.82% |
| Net Income Growth % | -4608.33% | -772.33% | 108.52% | -337.23% | -6.75% | 10.04% | -13.04% | -2.11% | 49.17% | -3.82% | 5.72% | 1.02% | - |
| Net Income (Continuing) | -3.74B | -1.02B | 211M | -1.81B | 851M | 902M | 817M | 928M | 947M | 642M | 662M | 633M | 633M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 86M | 76M | 87M | 95M | 122M | 133M | 130M | 119M | 110M | 100M | 100M | 103M | 119M |
| EPS (Diluted) | - | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EPS Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EPS (Basic) | - | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Basic Shares Outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | - | - | 274.84% | - | 122.36% | 140.28% | 114.6% | 41.61% | 96.12% | 116.39% | 236.47% | 297.14% | 170.92% |
Linear television audience erosion
As indicated by the most recent quarterly filings, QVCC's top-line performance continues to face headwinds, with revenue growth declining by 5.3% year-over-year in 2025Q3, marking a sustained period of contraction that reflects the broader secular challenges facing the company's core linear television broadcasting business model.
The consistent negative growth trajectory suggests that the company is struggling to offset the loss of cable households with its digital and streaming initiatives. Investors should monitor whether this decline represents a structural floor or if the revenue base will continue to erode as the core demographic shifts away from traditional viewing habits.
Based on the provided financial data, gross margin figures have exhibited significant instability, ranging from a low of 2.3% in 2024Q4 to more normalized levels near 35% in other periods, suggesting potential accounting anomalies or significant shifts in the underlying cost of goods sold recognition.
The extreme variance in gross margin warrants further investigation into how the company classifies fulfillment and shipping costs, which appear to be highly sensitive to operational disruptions. Such volatility complicates the assessment of true pricing power and suggests that the company's retail model may be more fragile than headline figures imply.
According to the reported income statements, QVCC has struggled to maintain positive operating margins, with the company recording a significant operating loss of $2.3 billion in 2025Q2, which highlights the difficulty of scaling fixed broadcasting and fulfillment costs against a shrinking revenue base.
The inability to consistently generate positive operating income suggests that the company's high fixed-cost structure is currently misaligned with its current volume. Without a meaningful reduction in SG&A or a stabilization of revenue, the company may continue to face significant pressure on its operating profitability.
While the company has demonstrated an ability to return to profitability in certain quarters, such as the $91 million operating income reported in 2025Q3, the frequent swings into deep losses suggest that the business model remains highly susceptible to operational shocks and inventory management inefficiencies.
Short-sellers would likely focus on the inconsistency of these earnings, arguing that the periodic profitability is insufficient to cover the long-term debt obligations associated with the company's capital structure. The reliance on non-operating items or potential accounting adjustments to reach net income suggests that the underlying quality of earnings warrants skepticism.
Quick answers to the most common questions about buying QVCC stock.
For fiscal year 2024, QVC, Inc. 6.250% Senior Secured (QVCC) reported total revenue of $9.00B. This represents a 4.3% increase compared to $8.62B in 2013.
QVC, Inc. 6.250% Senior Secured (QVCC) reported a net loss of $1.07B for the fiscal year ending 2024.
QVC, Inc. 6.250% Senior Secured (QVCC) reported an operating income of $-770.0M, resulting in an operating profit margin of -8.6%. This margin reflects the operational efficiency of the business before interest and taxes.
QVC, Inc. 6.250% Senior Secured (QVCC) generated $8.30B in gross profit for the year, representing a gross profit margin of 92.3%. This demonstrates the company's core pricing power and production efficiency.