Qvc Group Inc's Business Segments

QVC Group, Inc., formerly known as Qurate Retail, Inc., operates primarily in the video and online commerce industries through its subsidiaries and affiliates across North America, Europe, and Asia. Its principal businesses include consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other equity investments. The company's largest reportable segments are QxH, which comprises QVC U.S. and HSN, Inc., QVC International, and Cornerstone Brands, Inc. In 2025, the company changed its name to QVC Group, Inc. to align with its largest brand and support its growth strategy focused on expanding into live social shopping. QVC Group has a history of corporate transactions, including a 2011 split-off from Liberty Media Corporation (LMC), with which it maintains certain agreements related to services and tax matters. The company has been transitioning general and administrative services from LMC to its own management team. Also in 2025, QVC Group implemented a 1-for-50 reverse stock split of its common stock. The company and certain subsidiaries plan to commence voluntary Chapter 11 bankruptcy cases in April 2026, intending to operate as debtors-in-possession and seek court approval to continue ordinary operations during the proceedings.

The registrant's reportable operating segments include QxH, QVC International, CBI, and Corporate and other. The Corporate and other category comprises corporate activities and various cost method investments. For the year ended December 31, 2025, total net revenue was $5,936 million for QxH, $2,357 million for QVC International, and $937 million for CBI, with no revenue reported for Corporate and other. Operating income (loss) was a loss of $2,235 million for QxH, income of $218 million for QVC International, a loss of $26 million for CBI, and a loss of $55 million for Corporate and other. Adjusted Operating Income Before Depreciation and Amortization (OIBDA) amounted to $517 million for QxH, $293 million for QVC International, $16 million for CBI, and a loss of $55 million for Corporate and other. Consolidated QVC Group revenue decreased by 8.0%, or $807 million, for the year ended December 31, 2025, with declines across all segments compared to the prior year. The consolidated operating loss increased by $1,289 million, primarily due to greater impairments of goodwill and intangible assets. Operating loss increased significantly at QxH, decreased at QVC International, and worsened at CBI. Corporate and other experienced increased operating loss mainly due to higher professional services expenses. Adjusted OIBDA is used as a non-GAAP financial measure to assess business performance excluding certain items not indicative of ongoing trends.