Free cash flow remains highly unstable, with margins fluctuating between -6.5% and 8.4% over the last ten quarters, indicating significant difficulty in maintaining consistent cash-generating capacity.
| 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 |
|---|
| Cash from Operations | 274M | 525M | 919M | 194M | 1.23B | 2.46B | 1.28B | 1.27B | 1.49B | 1.44B | 1B | 1.22B | 985M | 1.47B | 988M | 1.29B | 1.09B | 508M | 604M | 553M | 754M |
| Operating CF Margin % | 2.97% | 5.23% | 8.42% | 1.6% | 8.72% | 17.32% | 9.54% | 9.05% | 14.32% | 13.55% | 10.96% | 12.21% | 9.64% | 14.89% | 10.27% | 14.42% | 13.09% | 6.29% | 7.74% | 7.55% | 11.6% |
| Operating CF Growth % | -47.81% | -42.87% | 373.71% | -84.16% | -50.1% | 91.2% | 0.86% | -14.56% | 3.26% | 43.58% | -17.89% | 24.26% | -33.08% | 48.99% | -23.29% | 18.49% | 113.98% | -15.89% | 9.22% | -26.66% | - |
| Net Income | -2.4B | -1.25B | -94M | -2.53B | 421M | 1.25B | -405M | 823M | 2.04B | 775M | 674M | 574M | 500M | 575M | 580M | 872M | 297M | -745M | 441M | 511M | 298M |
| Depreciation & Amortization | 398M | 383M | 407M | 481M | 537M | 562M | 606M | 637M | 725M | 874M | 657M | 650M | 629M | 591M | 641M | 571M | 566M | 561M | 536M | 491M | 449M |
| Stock-Based Compensation | 16M | 32M | 53M | 60M | 72M | 64M | 71M | 88M | 123M | 97M | 60M | 83M | 110M | 84M | 49M | 67M | 38M | 23M | 0 | 0 | 0 |
| Deferred Taxes | -230M | -211M | 80M | 12M | -4M | -348M | -243M | -185M | -1.16B | 191M | -122M | -160M | -132M | -177M | -109M | -144M | -203M | -828M | -128M | -262M | -185M |
| Other Non-Cash Items | 2.55B | 1.54B | 363M | 2.44B | 481M | 97M | 1.59B | 151M | -316M | -513M | -22M | -188M | 265M | 46M | 21M | -371M | 242M | 1.74B | -42M | -6M | 109M |
| Working Capital Changes | -58M | 31M | 110M | -269M | -282M | 826M | -337M | -241M | 80M | 19M | -242M | 265M | -387M | 353M | -194M | 293M | 147M | -239M | -203M | -181M | 83M |
| Change in Receivables | 104M | 144M | 36M | 124M | 27M | 232M | -18M | -75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 112M | -28M | 257M | 254M | -440M | 133M | 62M | -106M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -89M | -104M | -34M | -446M | 147M | 185M | -122M | 56M | 225M | -117M | 3M | 345M | -337M | 433M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -245M | -225M | -54M | 601M | -501M | -161M | -600M | 47M | -391M | 908M | -909M | -281M | -356M | -458M | -428M | 344M | 48M | -541M | -587M | -1.02B | -171M |
| Capital Expenditures | -249M | -236M | -343M | -313M | -431M | -313M | -325M | -275M | -204M | -233M | -218M | -226M | -291M | -333M | -312M | -258M | -208M | -166M | -289M | -259M | -153M |
| CapEx % of Revenue | 2.7% | 2.35% | 3.14% | 2.59% | 3.07% | 2.21% | 2.41% | 1.95% | 1.96% | 2.19% | 2.38% | 2.25% | 2.85% | 3.37% | 3.24% | 2.89% | 2.5% | 2.05% | 3.7% | 3.54% | 2.35% |
| Acquisitions | 0 | 6M | -41M | 704M | -202M | -119M | -141M | -100M | -137M | -86M | -624M | -4M | -27M | -142M | -56M | 459M | -2M | -51M | -236M | -436M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 4M | -2M | 271M | 197M | 51M | 119M | 7M | -140M | 106M | -36M | -76M | -30M | -38M | -29M | -14M | 171M | -31M | 0 | -62M | -344M | -18M |
| Cash from Financing | 1.06B | -498M | -1.01B | -72M | -914M | -2.18B | -661M | -1.57B | -1.04B | -1.57B | -89M | -1.06B | -686M | -1.14B | -1.01B | -1.9B | -1.07B | 278M | -416M | 446M | -448M |
| Debt Issued (Net) | 1.12B | -440M | -991M | 21M | 443M | -779M | -113M | -174M | -162M | -1.07B | 725M | 797M | 468M | 920M | -405M | -1.81B | -945M | 351M | 780M | 1.04B | -934M |
| Equity Issued (Net) | 0 | -2M | 0 | 0 | -365M | -70M | -392M | -988M | -765M | -500M | -785M | -785M | -1.09B | -815M | -366M | 0 | 0 | -56M | -1.22B | -954M | -85M |
| Dividends Paid | -1M | -4M | -8M | -12M | -503M | -1.25B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -2M | 0 | 0 | -365M | -70M | -392M | -988M | -765M | -500M | -785M | -785M | -1.09B | -815M | -366M | 0 | 0 | -56M | -1.22B | -954M | -85M |
| Other Financing | -51M | -52M | -11M | -81M | -489M | -81M | -156M | -412M | -109M | -1M | -29M | -1.07B | -65M | -1.25B | -242M | -86M | -121M | -17M | 28M | 361M | 571M |
| Net Change in Cash | 1.11B | -213M | -149M | 689M | -218M | 133M | 21M | -252M | 76M | -1.62B | 4M | -173M | -103M | -148M | -506M | -602M | 52M | 275M | -389M | 1M | 90M |
| Free Cash Flow | 25M | 289M | 576M | -119M | 794M | 2.14B | 825M | 858M | 1.24B | 1.21B | 787M | 998M | 694M | 1.14B | 676M | 1.03B | 879M | 342M | 315M | 294M | 601M |
| FCF Margin % | 0.27% | 2.88% | 5.28% | -0.98% | 5.65% | 15.11% | 6.13% | 6.1% | 11.87% | 11.36% | 8.58% | 9.95% | 6.79% | 11.52% | 7.03% | 11.53% | 10.58% | 4.23% | 4.04% | 4.01% | 9.24% |
| FCF Growth % | -91.35% | -49.83% | 584.03% | -114.99% | -62.93% | 159.64% | -3.85% | -30.53% | 2.07% | 53.75% | -21.14% | 43.8% | -39.07% | 68.49% | -34.37% | 17.18% | 157.02% | 8.57% | 7.14% | -51.08% | - |
| FCF per Share | 3.11 | 0.73 | 1.48 | -0.31 | 1.91 | 5.09 | 1.95 | 1.85 | 2.76 | 2.64 | 1.66 | 2.03 | 1.32 | 2.09 | 1.17 | 1.72 | 0.76 | 0.58 | 0.50 | 0.44 | 0.86 |
| FCF Conversion (FCF/Net Income) | -0.11x | -0.41x | -6.34x | -0.07x | 3.60x | 2.05x | -2.82x | 1.39x | 0.61x | 1.17x | 1.57x | 2.35x | 2.25x | 3.16x | 1.09x | 0.67x | 4.21x | -0.65x | 1.37x | 1.08x | 2.53x |
| Interest Paid | 414M | 458M | 471M | 447M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 106M | 153M | 107M | 284M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Linear media audience erosion
As reported in recent financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -26.00 in 2024Q1 to 134.00 in 2023Q3, suggesting that reported net income is a poor proxy for the company's actual cash-generating capacity.
The extreme divergence between accounting losses and cash flow suggests that non-cash impairment charges and working capital swings are heavily distorting the bottom line. Investors should monitor whether this volatility reflects genuine operational instability or merely the accounting treatment of legacy assets.
Based on the provided cash flow data, free cash flow margins have fluctuated wildly between -6.5% and 8.4% over the last ten quarters, indicating that the company struggles to maintain a consistent cash surplus amidst its ongoing transition away from traditional linear television distribution models.
The inability to generate sustained positive free cash flow suggests that the business model is highly sensitive to revenue fluctuations and cost-cutting measures. This inconsistency warrants further investigation into whether the company can achieve a stable cash flow profile without further downsizing its operational footprint.
According to quarterly cash flow filings, working capital changes have been a primary driver of liquidity, with a significant $76.0 million inflow in 2025Q4 contrasting sharply with a $90.0 million outflow in 2025Q1, highlighting the company's reliance on inventory and payable management to bridge cash gaps.
These dramatic shifts in working capital suggest that management is actively utilizing inventory and payment terms to manage liquidity in the face of declining revenue. Such tactics may provide temporary relief but do not address the underlying structural challenges of the retail business.
As indicated by the company's financial disclosures, capital expenditures have remained relatively contained, with CapEx/Revenue ratios hovering between 1.4% and 3.7% over the last ten quarters, suggesting that the firm is not currently engaged in heavy reinvestment to support its legacy broadcast infrastructure.
The low capital intensity may indicate that the company is prioritizing cash preservation over significant infrastructure upgrades. While this supports short-term liquidity, it may also imply a lack of investment in the digital platforms necessary to replace the declining linear television audience.
Quick answers to the most common questions about buying QVCGB stock.
QVC Group Inc. (QVCGB) generated $274.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
QVC Group Inc. (QVCGB) generated $25.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
QVC Group Inc. (QVCGB) spent $249.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, QVC Group Inc. (QVCGB) returned $1.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.