Free cash flow remains highly inconsistent, oscillating between a peak of $236.0 million in 2023Q4 and a deficit of $137.0 million in 2025Q1, highlighting significant liquidity volatility.
| 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 | -136M | -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 | -360M | 153M | -428M | -5M | 48M | -1.98B | -587M | -1.02B | -171M |
| Capital Expenditures | -249M | -236M | -343M | -313M | -431M | -313M | -325M | -275M | -204M | -233M | -258M | -226M | -352M | -333M | -312M | -258M | -264M | -203M | -289M | -278M | -153M |
| CapEx % of Revenue | 2.7% | 2.35% | 3.14% | 2.59% | 3.07% | 2.21% | 2.41% | 1.95% | 1.96% | 2.19% | 2.81% | 2.25% | 3.44% | 3.37% | 3.24% | 2.89% | 3.18% | 2.51% | 3.7% | 3.79% | 2.35% |
| Acquisitions | 0 | 0 | -41M | 0 | -202M | -119M | -141M | -100M | -137M | -86M | -624M | -4M | -58M | -142M | -56M | 459M | -2M | -51M | -236M | -436M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 4M | 4M | 271M | 901M | 51M | 119M | 7M | -140M | 106M | -36M | -76M | -30M | -38M | -29M | -14M | 171M | -31M | 775M | -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 | -406M | 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 | 1.37B | 1.04B | -934M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | -365M | -70M | -392M | -988M | -765M | -500M | -785M | -785M | -1.09B | -815M | -366M | 0 | -18M | -56M | -2.53B | -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 | 0 | 0 | 0 | -365M | -70M | -392M | -988M | -765M | -500M | -785M | -785M | -1.09B | -815M | -366M | 0 | 0 | -56M | -1.22B | -954M | -85M |
| Other Financing | -51M | -54M | -11M | -81M | -489M | -81M | -156M | -412M | -109M | -1M | -29M | -1.07B | -65M | -1.25B | -242M | -86M | -121M | -17M | 752M | 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 | 36.49 | 74.42 | -15.66 | 95.66 | 254.39 | 97.29 | 92.26 | 137.83 | 98.21 | 63.06 | 86.03 | 61.52 | 97.52 | 56.15 | 85.12 | 38.12 | 13.94 | 20.48 | 18.52 | 10.72 |
| 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 |
Secular linear television decline
According to the provided cash flow data, the relationship between net income and operating cash flow is highly volatile, with the OCF/NI ratio reaching extreme levels such as 134.00 in 2023Q3, suggesting that non-cash charges frequently distort the company's true operational cash generation capabilities.
The persistent gap between net losses and positive operating cash flow indicates that reported net income is heavily impacted by non-cash impairment charges rather than operational cash burn. Investors should interpret this divergence as a sign that the company's accounting earnings are not reflective of its ability to generate liquidity from core retail activities.
As reported in financial statements, QVCGP's free cash flow trajectory remains inconsistent, oscillating between a high of $236.0 million in 2023Q4 and a low of -$137.0 million in 2025Q1, highlighting the difficulty in maintaining stable cash generation amidst a secular decline in the core business.
The inability to sustain positive free cash flow across consecutive quarters suggests that the company's business model is highly sensitive to seasonal fluctuations and inventory management challenges. This instability warrants further investigation into whether the company can maintain sufficient liquidity to meet upcoming debt obligations without further asset divestitures.
Based on the quarterly cash flow data, working capital changes have been a primary driver of cash flow variability, with a significant $182.0 million inflow in 2024Q2 contrasting sharply with a $105.0 million outflow in 2024Q1, reflecting aggressive inventory and payables management cycles.
These erratic swings in working capital suggest that management is actively pulling levers to manage short-term liquidity, likely in response to the pressure of declining sales. Such reliance on working capital optimization to bolster cash flow may indicate that underlying operational cash generation is insufficient to support the current cost structure.
As indicated by recent financial filings, QVCGP has maintained a relatively consistent capital intensity, with CapEx/Revenue ratios hovering between 1.4% and 3.7% over the last ten quarters, suggesting that the company is prioritizing essential maintenance over significant growth-oriented infrastructure investments.
The modest level of capital expenditure appears to reflect a defensive posture, where management is limiting investment to preserve cash in a declining revenue environment. This strategy may be necessary for survival, but it raises questions about the company's ability to innovate its digital platform to offset the loss of linear television reach.
Quick answers to the most common questions about buying QVCGP stock.
QVC Group Inc. (QVCGP) generated $274.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
QVC Group Inc. (QVCGP) 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. (QVCGP) 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. (QVCGP) returned $1.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.