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.
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