Revenue growth remains in a persistent contractionary phase, with the most recent quarterly decline of 9.1% reflecting the ongoing erosion of the company's core linear media audience.
| 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 | 7.8B | 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% | 3.55% | 6.5% | 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% | 71.25% | 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% | 28.75% | 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 | 1.13B | 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% | 14.48% | 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% | 7.61% | 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 | 536M | 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 | 1.11B | 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% | 14.27% | 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% | -18.6% | -1.5% | 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 | 1.65B | 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% | 21.14% | 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% | -11.04% | 1.73% | 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 | 1.57B | 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 | -515M | -504M | -1.64B | -421M | -377M | -336M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8M | 22M | 44M | 40M | 35M |
| Interest Expense | 496M | 468M | 451M | 456M | 468M | 408M | 374M | 381M | 355M | 363M | 283M | 312M | 290M | 322M | 317M | 515M | 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 | -337M | -287M | -342M |
| 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 | 776M | 843M | 574M |
| 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% | 9.95% | 11.51% | 8.83% |
| Income Tax | -185M | -41M | 160M | 224M | 217M | -203M | 217M | 60M | -985M | 316M | 304M | 306M | 346M | 357M | 353M | 160M | 154M | -493M | 306M | 210M | 228M |
| 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% | 39.43% | 24.91% | 39.72% |
| Net Income | -2.44B | -1.29B | -145M | -2.59B | 340M | 1.2B | -456M | 916M | 2.44B | 1.24B | 640M | 520M | 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% | 5.19% | 4.29% | 4.71% | 9.41% | 21.59% | 3.11% | -9.67% | 5.65% | 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% | 23.08% | 18.72% | -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 | 598M | 298M |
| 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 | -3.25 | -0.37 | -6.83 | 41.00 | 2.84 | -1.08 | 1.45 | 2.70 | 1.03 | 1.35 | 1.06 | 0.83 | 0.86 | 1.56 | 3.21 | 0.22 | -1.31 | 0.69 | 0.73 | 0.43 |
| EPS Growth % | -9222.15% | -778.38% | 94.58% | -116.66% | 1343.66% | 362.96% | -174.48% | -46.3% | 162.14% | -23.7% | 27.36% | 27.71% | -3.49% | -44.87% | -51.4% | 1359.09% | 116.79% | -289.86% | -5.48% | 69.77% | - |
| EPS (Basic) | -302.97 | -3.26 | -0.37 | -6.83 | 42.00 | 2.88 | -1.08 | 1.45 | 2.71 | 1.03 | 1.35 | 1.07 | 0.85 | 0.86 | 1.56 | 3.21 | 0.22 | -1.31 | 0.70 | 0.73 | 0.43 |
| Diluted Shares Outstanding | 8.05M | 396M | 388M | 383M | 415M | 421M | 424M | 465M | 448M | 458.36M | 475M | 492M | 527M | 544.95M | 578.35M | 599.79M | 1.16B | 594M | 636M | 670M | 700.7M |
| Basic Shares Outstanding | 8.05M | 396M | 387M | 380M | 403M | 416M | 424M | 462M | 445M | 458.36M | 475M | 484M | 519M | 544.95M | 578.35M | 599.79M | 1.15B | 594M | 634M | 670M | 700.7M |
| Dividend Payout Ratio | - | - | - | - | 147.94% | 104.6% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Linear media audience erosion
As indicated by recent quarterly filings, QVCGB has experienced a consistent revenue decline, with the most recent period showing a 9.1% year-over-year contraction, reflecting the ongoing challenges of maintaining top-line growth amidst a structural shift away from traditional linear television viewership and consumer engagement models.
The persistent negative growth trajectory suggests that the company's core video commerce model is struggling to offset the loss of cable households. Investors should monitor whether the transition to digital platforms can eventually stabilize revenue, as current figures indicate a lack of growth durability in the existing retail ecosystem.
Based on reported financial data, gross margins have fluctuated between 32.9% and 36.4% over the last ten quarters, highlighting the difficulty in maintaining pricing power while managing the high costs of returns and logistics inherent in the company's specialized retail distribution model.
The variability in gross margins appears to reflect sensitivity to shipping costs and potential promotional activity required to sustain volume. This volatility warrants further investigation into whether the company can achieve structural margin expansion or if it remains tethered to the rising costs of last-mile delivery.
According to the income statement, operating margins have frequently dipped into negative territory, including a notable -101.6% in 2025Q2, which suggests that the company's high fixed-cost base is failing to scale efficiently as revenue continues to decline across its primary business segments.
The inability to maintain positive operating income during periods of revenue contraction indicates a lack of operational flexibility. This suggests that the company's cost structure is heavily weighted toward fixed obligations that do not adjust downward in proportion to the declining top-line performance.
As reported in recent financial statements, net income has been consistently pressured by significant non-operating items and impairment charges, leading to a net margin of -26.42% and suggesting that reported EPS figures may not accurately reflect the underlying cash-generating capability of the core retail operations.
The frequent divergence between operating income and net income implies that legacy goodwill and restructuring costs are heavily impacting the bottom line. Analysts should focus on adjusted metrics to determine if the core business can generate sustainable profitability once these non-recurring charges are stripped away.
Based on an analysis of the provided figures, the company's reliance on a shrinking linear media audience creates a fundamental risk, as evidenced by the 9.1% revenue decline in 2025Q4, which may suggest that the current business model is facing an irreversible long-term secular decline.
Short-sellers would likely focus on the thin operating margins and the potential for further liquidity constraints if revenue continues to contract. The market appears to be pricing in a high probability of continued distress, reflecting skepticism regarding the company's ability to successfully pivot to a digital-first retail strategy.
Quick answers to the most common questions about buying QVCGB stock.
For fiscal year 2025, QVC Group Inc. (QVCGB) reported total revenue of $9.23B. This represents a 42.0% increase compared to $6.50B in 2005.
QVC Group Inc. (QVCGB) reported a net loss of $2.44B for the fiscal year ending 2025.
QVC Group Inc. (QVCGB) 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. (QVCGB) 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.