Top-line performance remains under pressure with a 5.3% year-over-year revenue decline as of 2025Q3, compounded by extreme margin volatility that saw operating margins swing to -114.5% in 2025Q2.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| 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 | 8.52B |
| 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% | 1.26% | - |
| 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 | 5.42B |
| 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% | 63.63% |
| 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 | 3.1B |
| 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% | 36.37% |
| 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% | 1.97% | - |
| Operating Expenses | 3.29B | 3.86B | 2.53B | 4.44B | 2.49B | 2.49B | 2.51B | 2.53B | 1.87B | 1.91B | 1.96B | 2.03B | 1.96B | 1.83B |
| OpEx % of Revenue | - | 42.93% | 26.79% | 44.91% | 21.9% | 21.68% | 22.88% | 22.4% | 21.35% | 21.96% | 22.37% | 23.04% | 22.71% | 21.5% |
| 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 | 1.3B |
| 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% | 15.3% |
| Research & Development | 11M | 0 | 15M | 15M | 15M | 15M | 15M | 15M | 0 | 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 | 2.87B | 374M | 2.36B | 442M | 439M | 604M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -3.41B | -770M | 645M | -1.4B | 1.51B | 1.57B | 1.48B | 1.6B | 1.35B | 1.2B | 1.27B | 1.28B | 1.25B | 1.27B |
| Operating Margin % | -39.92% | -8.56% | 6.83% | -14.15% | 13.27% | 13.67% | 13.43% | 14.2% | 15.37% | 13.86% | 14.58% | 14.53% | 14.44% | 14.89% |
| 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% | -1.81% | - |
| EBITDA | -3.08B | -566M | 888M | -1.11B | 1.83B | 1.94B | 1.86B | 1.92B | 1.77B | 1.71B | 1.77B | 1.77B | 1.73B | 1.73B |
| EBITDA Margin % | -36.09% | -6.29% | 9.4% | -11.23% | 16.16% | 16.88% | 16.91% | 17% | 20.23% | 19.67% | 20.24% | 20.15% | 20% | 20.34% |
| EBITDA Growth % | -619.22% | -163.74% | 180% | -160.49% | -5.22% | 4.2% | -3.13% | 8.12% | 3.86% | -3.5% | -0.17% | 2.78% | -0.4% | - |
| D&A (Non-Cash Add-back) | 327M | 204M | 243M | 289M | 328M | 368M | 383M | 316M | 426M | 505M | 495M | 494M | 480M | 464M |
| EBIT | -2.06B | 727M | 662M | 576M | 1.53B | 1.57B | 1.48B | 1.6B | 1.35B | 1.2B | 1.27B | 1.28B | 1.25B | 667M |
| Net Interest Income | -380M | -251M | -229M | -237M | -241M | -254M | -245M | -245M | -214M | -208M | -208M | -239M | -214M | -185M |
| Interest Income | 251M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 631M | 251M | 229M | 237M | 241M | 254M | 245M | 245M | 214M | 208M | 208M | 239M | 214M | 185M |
| Other Income/Expense | -247M | -249M | -229M | -191M | -248M | -320M | -248M | -250M | -261M | -176M | -224M | -292M | -259M | -187M |
| 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 | 1.08B |
| 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% | 12.69% |
| Income Tax | 140M | 3M | 205M | 220M | 408M | 345M | 262M | 334M | 139M | 385M | 389M | 354M | 353M | 394M |
| 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% | 36.45% |
| Net Income | -3.46B | -1.07B | 159M | -1.87B | 787M | 844M | 767M | 882M | 901M | 604M | 628M | 594M | 588M | 624M |
| Net Margin % | -40.5% | -11.88% | 1.68% | -18.88% | 6.93% | 7.36% | 6.98% | 7.82% | 10.27% | 6.96% | 7.18% | 6.75% | 6.82% | 7.33% |
| Net Income Growth % | -49257.14% | -772.33% | 108.52% | -337.23% | -6.75% | 10.04% | -13.04% | -2.11% | 49.17% | -3.82% | 5.72% | 1.02% | -5.77% | - |
| Net Income (Continuing) | -3.79B | -1.02B | 211M | -1.81B | 851M | 902M | 817M | 928M | 947M | 642M | 662M | 633M | 633M | 624M |
| Discontinued Operations | 0 | 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 | 144M |
| 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 | 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 | 0.00 |
| Diluted Shares Outstanding | 0 | 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 | 0 |
| Dividend Payout Ratio | - | - | 274.84% | - | 122.36% | 140.28% | 114.6% | 41.61% | 96.12% | 116.39% | 236.47% | 297.14% | 170.92% | 291.19% |
Secular linear viewership decline
As indicated by the most recent quarterly data, QVCD has experienced a consistent downward trend in top-line performance, with revenue growth rates remaining negative for ten consecutive quarters, culminating in a 5.3% year-over-year decline as of 2025Q3, reflecting significant challenges in maintaining its legacy customer base.
The persistent revenue decay suggests that the company's transition to digital and streaming platforms has yet to achieve the scale necessary to offset the structural erosion of its linear television audience. Investors should monitor whether the current rate of decline stabilizes or accelerates as the cord-cutting phenomenon continues to impact the primary customer acquisition funnel.
Based on reported financial statements, gross margins have exhibited significant instability, fluctuating from a low of 2.3% in 2024Q4 to a more normalized range near 35% in other periods, suggesting that accounting adjustments or inventory-related charges are creating substantial noise in the underlying retail unit economics.
The extreme variance in gross margin performance warrants further investigation into the company's inventory management and return reserve policies. Such volatility complicates the assessment of true pricing power and suggests that the business may be susceptible to sudden margin compression during periods of promotional intensity or supply chain disruption.
According to the provided income statement data, operating margins have frequently dipped into negative territory, including a notable -114.5% margin in 2025Q2, which highlights a failure to achieve sufficient operating leverage as fixed costs associated with studio production and fulfillment continue to weigh on the bottom line.
The inability to maintain positive operating margins during periods of revenue contraction suggests that the company's cost structure remains overly rigid. This lack of scalability implies that management's efforts to streamline operations have not yet successfully decoupled profitability from the declining volume of the legacy broadcasting business.
As reported in recent filings, net income has been highly erratic, swinging from a $213 million profit in 2023Q2 to a $2.2 billion loss in 2025Q2, indicating that headline earnings are heavily influenced by non-operating charges and potential impairment events rather than core operational performance.
The significant disconnect between operating income and net income suggests that investors should focus on cash-based metrics rather than reported EPS, which appears to be distorted by one-time items. The recurring nature of these large swings warrants caution, as they may mask the true underlying cash-generating capacity of the business.
Based on the provided figures, the company's reliance on a shrinking linear television funnel presents a fundamental risk, as evidenced by the negative operating margins and the persistent revenue decline that suggest the current business model may be struggling to remain competitive against more efficient digital-native e-commerce platforms.
Short-sellers would likely focus on the disconnect between the company's high-margin broadcasting identity and the reality of its retail fulfillment costs, which appear to be eroding profitability. The potential for further impairment charges and the ongoing need for capital to fund the digital pivot remain significant concerns for long-term sustainability.
Quick answers to the most common questions about buying QVCD stock.
For fiscal year 2024, QVC, Inc. 6.375% Senior Secured (QVCD) reported total revenue of $9.00B. This represents a 5.6% increase compared to $8.52B in 2012.
QVC, Inc. 6.375% Senior Secured (QVCD) reported a net loss of $1.07B for the fiscal year ending 2024.
QVC, Inc. 6.375% Senior Secured (QVCD) 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. 6.375% Senior Secured (QVCD) 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.