Revenue growth remains in a persistent state of contraction, with the 2025Q4 top-line decline of 9.1% compounded by gross margin compression to 22.7%.
| Metric | Dec'25 | 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 9.23B | 10.04B | 10.91B | 12.11B | 14.04B | 14.18B | 13.46B | 14.07B | 10.4B | 10.65B | 9.17B | 10.03B | 10.22B | 9.89B | 9.62B | 8.93B | 8.3B | 8.08B | 9.42B | 7.33B | 6.5B |
| Revenue Growth % | -8.04% | -8.04% | -9.84% | -13.8% | -0.94% | 5.34% | -4.35% | 35.24% | -2.28% | 16.12% | -8.57% | -1.87% | 3.35% | 2.83% | 7.66% | 7.55% | 2.8% | -14.26% | 28.62% | 12.69% | - |
| Cost of Goods Sold | 6.06B | 6.52B | 7.23B | 8.42B | 9.23B | 9.29B | 8.9B | 9.21B | 6.79B | 6.91B | 5.85B | 6.38B | 6.53B | 6.31B | 6.11B | 5.71B | 5.33B | 5.97B | 5.56B | 5.16B | 4.68B |
| COGS % of Revenue | 65.7% | 65% | 66.24% | 69.53% | 65.73% | 65.54% | 66.12% | 65.45% | 65.25% | 64.88% | 63.77% | 63.6% | 63.93% | 63.78% | 63.58% | 63.87% | 64.2% | 73.92% | 58.99% | 70.45% | 72.02% |
| Gross Profit | 3.17B | 3.51B | 3.69B | 3.69B | 4.81B | 4.89B | 4.56B | 4.86B | 3.62B | 3.74B | 3.32B | 3.65B | 3.69B | 3.58B | 3.5B | 3.23B | 2.97B | 2.11B | 2.24B | 2.17B | 1.82B |
| Gross Margin % | 34.3% | 35% | 33.76% | 30.47% | 34.27% | 34.46% | 33.88% | 34.55% | 34.75% | 35.12% | 36.23% | 36.4% | 36.07% | 36.22% | 36.42% | 36.13% | 35.8% | 26.08% | 23.8% | 29.55% | 27.98% |
| Gross Profit Growth % | -9.88% | -4.67% | -0.11% | -23.35% | -1.49% | 7.17% | -6.21% | 34.47% | -3.32% | 12.55% | -8.99% | -0.98% | 2.93% | 2.26% | 8.52% | 8.54% | 41.1% | -6.06% | 3.6% | 19.02% | - |
| Operating Expenses | 2.81B | 4.32B | 3.1B | 5.73B | 3.73B | 3.31B | 4.38B | 3.54B | 2.57B | 2.77B | 2.15B | 2.44B | 2.53B | 2.41B | 2.37B | 2.12B | 1.93B | 1.2B | 1.02B | 1.03B | 903M |
| OpEx % of Revenue | 30.43% | 43.06% | 28.36% | 47.33% | 26.53% | 23.38% | 32.51% | 25.14% | 24.72% | 26.03% | 23.47% | 24.37% | 24.77% | 24.33% | 24.59% | 23.69% | 23.26% | 14.87% | 10.86% | 14.13% | 13.89% |
| Selling, General & Admin | 1.74B | 2.44B | 2.66B | 2.78B | 2.81B | 2.75B | 0 | 1.9B | 1.19B | 1.19B | 875M | 1.07B | 1.14B | 943M | 858M | 746M | 1.37B | 584M | 594M | 544M | 454M |
| SG&A % of Revenue | 18.81% | 24.33% | 24.41% | 22.96% | 19.97% | 19.41% | - | 13.48% | 11.42% | 11.18% | 9.54% | 10.72% | 11.16% | 9.54% | 8.92% | 8.35% | 16.45% | 7.23% | 6.3% | 7.43% | 6.98% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.07B | 1.88B | 431M | 2.95B | 921M | 562M | 4.38B | 1.64B | 1.38B | 1.58B | 1.28B | 1.37B | 1.39B | 1.46B | 1.51B | 1.37B | 566M | 617M | 429M | 491M | 449M |
| Operating Income | 357M | -809M | 590M | -2.04B | 1.09B | 1.57B | 184M | 1.32B | 1.04B | 968M | 1.17B | 1.21B | 1.16B | 1.18B | 1.14B | 1.11B | 1.04B | 906M | 961M | 1.13B | 916M |
| Operating Margin % | 3.87% | -8.06% | 5.41% | -16.86% | 7.74% | 11.09% | 1.37% | 9.41% | 10.03% | 9.09% | 12.76% | 12.03% | 11.3% | 11.88% | 11.82% | 12.44% | 12.53% | 11.21% | 10.2% | 15.42% | 14.09% |
| Operating Income Growth % | 144.13% | -237.12% | 128.91% | -287.76% | -30.85% | 754.35% | -86.1% | 26.94% | 7.75% | -17.27% | -2.99% | 4.42% | -1.7% | 3.34% | 2.34% | 6.72% | 14.9% | -5.72% | -14.96% | 23.36% | - |
| EBITDA | 755M | -426M | 997M | -1.56B | 1.62B | 2.13B | 790M | 1.96B | 1.77B | 1.84B | 1.83B | 1.86B | 1.78B | 1.77B | 1.78B | 1.68B | 1.61B | 1.47B | 1.5B | 1.62B | 1.36B |
| EBITDA Margin % | 8.18% | -4.24% | 9.13% | -12.89% | 11.56% | 15.05% | 5.87% | 13.94% | 16.99% | 17.3% | 19.93% | 18.51% | 17.46% | 17.86% | 18.49% | 18.83% | 19.35% | 18.16% | 15.89% | 22.13% | 21% |
| EBITDA Growth % | 277.23% | -142.73% | 163.91% | -196.06% | -23.9% | 170.13% | -59.71% | 10.92% | -4.02% | 0.82% | -1.56% | 4.04% | 1.02% | -0.67% | 5.71% | 4.67% | 9.54% | -2% | -7.65% | 18.75% | - |
| D&A (Non-Cash Add-back) | 398M | 383M | 407M | 481M | 537M | 562M | 606M | 637M | 725M | 874M | 657M | 650M | 629M | 591M | 641M | 571M | 566M | 561M | 536M | 491M | 449M |
| EBIT | -2.09B | 688M | 524M | 595M | 1.45B | 1.46B | 1.35B | 1.26B | 1.41B | 1.45B | 1.26B | 1.19B | 1.14B | 1.25B | 1.25B | 1.55B | 963M | 427M | 1.11B | 1.13B | 916M |
| Net Interest Income | -496M | -468M | -451M | -456M | -468M | -408M | -374M | -381M | -355M | -363M | -283M | -312M | -290M | -322M | -317M | -626M | -504M | -1.64B | -421M | -377M | -336M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4M | 8M | 22M | 44M | 40M | 35M |
| Interest Expense | 496M | 468M | 451M | 456M | 468M | 408M | 374M | 381M | 355M | 363M | 283M | 312M | 290M | 322M | 317M | 626M | 512M | 1.67B | 465M | 417M | 371M |
| Other Income/Expense | -2.94B | -482M | -524M | -267M | -449M | -521M | -372M | -441M | 7M | 123M | -192M | -326M | -309M | -243M | -204M | -79M | -590M | -2.14B | 1.36B | -287M | -345M |
| Pretax Income | -2.58B | -1.29B | 66M | -2.31B | 638M | 1.05B | -188M | 883M | 1.05B | 1.09B | 978M | 880M | 846M | 932M | 933M | 1.03B | 451M | -1.24B | 2.32B | 843M | 571M |
| Pretax Margin % | -27.98% | -12.86% | 0.6% | -19.06% | 4.54% | 7.41% | -1.4% | 6.28% | 10.09% | 10.25% | 10.67% | 8.78% | 8.28% | 9.43% | 9.7% | 11.55% | 5.43% | -15.32% | 24.63% | 11.51% | 8.78% |
| Income Tax | -185M | -41M | 160M | 224M | 217M | -203M | 217M | 60M | -985M | 316M | 304M | 306M | 346M | 357M | 353M | 160M | 154M | -493M | 321M | 252M | 225M |
| Effective Tax Rate % | 7.16% | 3.18% | 242.42% | -9.71% | 34.01% | -19.31% | -115.43% | 6.8% | -93.81% | 28.96% | 31.08% | 34.77% | 40.9% | 38.3% | 37.83% | 15.5% | 34.15% | 39.82% | 13.83% | 29.89% | 39.4% |
| Net Income | -2.44B | -1.29B | -145M | -2.59B | 340M | 1.2B | -456M | 916M | 2.44B | 1.24B | 640M | 537M | 438M | 466M | 905M | 1.93B | 258M | -781M | 441M | 511M | 298M |
| Net Margin % | -26.42% | -12.85% | -1.33% | -21.43% | 2.42% | 8.44% | -3.39% | 6.51% | 23.46% | 11.6% | 6.98% | 5.36% | 4.29% | 4.71% | 9.41% | 21.59% | 3.11% | -9.67% | 4.68% | 6.98% | 4.58% |
| Net Income Growth % | -89.07% | -789.66% | 94.41% | -862.94% | -71.57% | 362.28% | -149.78% | -62.47% | 97.65% | 92.97% | 19.18% | 22.6% | -6.01% | -48.51% | -53.06% | 647.29% | 133.03% | -277.1% | -13.7% | 71.48% | - |
| Net Income (Continuing) | -2.4B | -1.25B | -94M | -2.53B | 421M | 1.25B | -405M | 823M | 2.04B | 775M | 674M | 574M | 500M | 575M | 580M | 872M | 297M | -745M | 441M | 736M | 346M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 141M | 452M | 499M | 0 | -15M | -17M | -46M | 378M | 1.1B | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 83M | 86M | 104M | 113M | 136M | 135M | 132M | 120M | 99M | 99M | 98M | 101M | 124M | 149M | 134M | 129M | 129M | 154M | 107M | 96M | 232M |
| EPS (Diluted) | -302.97 | -162.88 | -18.73 | -341.50 | 41.00 | 142.00 | -53.77 | 98.49 | 272.43 | -2.87 | 37.39 | 44.06 | 44.42 | 130.99 | 75.50 | 156.50 | 18.09 | -1.31 | 137.45 | 58.53 | 5.50 |
| EPS Growth % | -86.01% | -769.62% | 94.52% | -932.93% | -71.13% | 364.09% | -154.59% | -63.85% | 9592.33% | -107.68% | -15.14% | -0.81% | -66.09% | 73.5% | -51.76% | 765.12% | 1480.92% | -100.95% | 134.84% | 964.18% | - |
| EPS (Basic) | -302.97 | -162.88 | -18.73 | -341.32 | 42.00 | 143.75 | -53.77 | 99.13 | 274.27 | -2.73 | 37.89 | 44.63 | 45.05 | 133.28 | 76.50 | 158.50 | 18.30 | 142.12 | 137.99 | 58.53 | 5.50 |
| Diluted Shares Outstanding | 8.05M | 7.92M | 7.76M | 7.66M | 8.3M | 8.42M | 8.48M | 9.3M | 8.96M | 9.17M | 9.5M | 9.84M | 10.54M | 10.9M | 11.57M | 12M | 14.27M | 11.88M | 12.72M | 13.4M | 14.01M |
| Basic Shares Outstanding | 8.05M | 7.92M | 7.74M | 7.6M | 8.06M | 8.32M | 8.48M | 9.24M | 8.9M | 9.17M | 9.5M | 9.68M | 10.38M | 10.9M | 11.57M | 12M | 14.1M | 11.88M | 12.68M | 13.4M | 14.01M |
| Dividend Payout Ratio | - | - | - | - | 147.94% | 104.6% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Secular linear television decline
As reported in recent quarterly filings, QVCGA has experienced a consistent pattern of top-line decay, with revenue growth rates remaining negative across the last ten quarters, culminating in a 9.1% year-over-year decline in 2025Q4 as the company struggles to offset the erosion of its linear television reach.
The persistent negative growth trajectory suggests that the company's core discovery-based commerce model is failing to transition effectively to digital-first platforms. Investors should monitor whether the recent divestiture of Zulily and ongoing Project Athens initiatives can stabilize the top line or if the business is locked in a structural decline.
Based on the provided income statement data, gross margins have demonstrated significant volatility, dropping to a low of 22.7% in 2025Q4, which highlights the company's inability to maintain pricing power amidst rising fulfillment costs and the high return rates inherent in its apparel and home goods categories.
The compression of gross margins appears to be a direct consequence of the company's reliance on high-cost logistics and a shrinking customer base that is increasingly sensitive to price. This trend suggests that the firm's competitive moat is being eroded by both operational inefficiencies and a shift in consumer behavior away from traditional television shopping.
According to historical financial statements, QVCGA's high fixed-cost base, once a driver of profitability, has become a significant liability, as evidenced by operating margins that swung to a negative 101.6% in 2025Q2, reflecting the company's inability to scale its broadcasting infrastructure against a rapidly declining revenue base.
The inability to achieve positive operating leverage indicates that the company's fixed costs are too high for its current scale of operations. This suggests that management's efforts to optimize the cost structure are currently insufficient to counteract the negative impact of declining viewership on the bottom line.
As indicated by the income statement, net income has been consistently negative, with extreme volatility such as the $2.2 billion loss in 2025Q2, suggesting that non-operating items and goodwill impairments are masking the underlying cash-generative potential of the core retail operations for the average equity investor.
The frequent and large-scale impairment charges warrant further investigation into the carrying value of the company's assets and the sustainability of its current capital structure. Investors should be wary of relying on headline EPS figures, as they appear heavily influenced by accounting adjustments rather than core operational performance.
While the company maintains a cash balance of $1.97 billion, the persistent negative net margins and the ongoing erosion of the core customer base suggest that the current liquidity position may be more vulnerable than the market anticipates if debt maturities cannot be refinanced on favorable terms.
Short-sellers likely focus on the company's inability to generate consistent positive net income, viewing the cash reserves as a temporary buffer rather than a sign of long-term viability. The reliance on debt to fund operations in a high-rate environment poses a significant risk to the company's future solvency.
Quick answers to the most common questions about buying QVCGA stock.
For fiscal year 2025, QVC Group Inc. (QVCGA) reported total revenue of $9.23B. This represents a 42.0% increase compared to $6.50B in 2005.
QVC Group Inc. (QVCGA) reported a net loss of $2.44B for the fiscal year ending 2025.
QVC Group Inc. (QVCGA) reported an operating income of $357.0M, resulting in an operating profit margin of 3.9%. This margin reflects the operational efficiency of the business before interest and taxes.
QVC Group Inc. (QVCGA) generated $3.17B in gross profit for the year, representing a gross profit margin of 34.3%. This demonstrates the company's core pricing power and production efficiency.