QVCG Nasdaq Retail-Catalog & Mail-Order Houses Financials FY2016βFY2025
QVC Group, Inc. had $8.3B of revenue in fiscal 2025, down 7.8% on the year before. Over five years, revenue changed β6.3% a year on average.
Last close Β· Oct 23, 2026
$8.13
8.0%Hi! I read QVC Group, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β7.8%
No. Sales fell 7.8% last year.
Does it make a profit?
β26.1%
No. It lost money last year.
Does profit turn into cash?
3.5%
Partly. 3.5% of sales ends up as free cash.
How healthy are the accounts?
3 / 8
Weak. It passes 3 of 8 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· QVC Group, Inc. had $8.3B of revenue in fiscal 2025, down 7.8% on the year before. Over five years, revenue changed β6.3% a year on average. Its operating margin was β24.3%, down 15.8Β pts: of every 100 in sales, about β24 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· QVC Group, Inc. lost $2.2B in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $287M in fiscal 2025, 3.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $71.3M and sold $55.5M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$71.3M
3 insiders
Sold, 12 months
$55.5M
4 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 9, 2026 | Goldentree Asset Management LP10% owner | Bought | 1,352,000 | $12.35 | $16.7M | Form 4 |
| Oct 9, 2026 | Silver Point Capital, L.P.10% owner | Sold | 1,352,000 | $12.35 | $16.7M | Form 4 |
| Oct 2, 2026 | Goldentree Asset Management LP10% owner | Bought | 250,000 | $13.85 | $3.5M | Form 4 |
| Oct 1, 2026 | Goldentree Asset Management LP10% owner | Bought | 2,872 | $13.62 | $0.0M | Form 4 |
| Sep 30, 2026 | Goldentree Asset Management LP10% owner | Bought | 2,907 | $13.61 | $0.0M | Form 4 |
| Sep 24, 2026 | Steven A. Tananbaum10% owner | Bought | 80,000 | $14.35 | $1.1M | Form 4 |
| Sep 8, 2026 | GoldenTree Asset Management LLC10% owner | Bought | 1,600,000 | $16.25 | $26.0M | Form 4 |
| Sep 8, 2026 | Robert J O'Shea10% owner | Sold | 1,600,000 | $16.25 | $26.0M | Form 4 |
| Sep 3, 2026 | Silver Point Capital L.P.10% owner | Sold | 720,000 | $16.45 | $11.8M | Form 4 |
| Sep 3, 2026 | Goldentree Asset Management LP10% owner | Bought | 720,000 | $16.45 | $11.8M | Form 4 |
| Aug 28, 2026 | Goldentree Asset Management LP10% owner | Bought | 915 | $15.98 | $0.0M | Form 4 |
| Aug 27, 2026 | Goldentree Asset Management LP10% owner | Bought | 22,694 | $15.79 | $0.4M | Form 4 |
| Aug 26, 2026 | GoldenTree Asset Management LLC10% owner | Bought | 412 | $15.29 | $0.0M | Form 4 |
| Aug 25, 2026 | GoldenTree Asset Management LLC10% owner | Bought | 2,039 | $15.23 | $0.0M | Form 4 |
| Aug 24, 2026 | GoldenTree Asset Management LLC10% owner | Bought | 2,690 | $15.23 | $0.0M | Form 4 |
| Aug 21, 2026 | GoldenTree Asset Management LLC10% owner | Bought | 200 | $15.24 | $0.0M | Form 4 |
| Aug 20, 2026 | Oaktree Capital Management LP10% owner | Sold | 5,224 | $15.50 | $0.1M | Form 4 |
| Aug 20, 2026 | GoldenTree Asset Management LLC10% owner | Bought | 300 | $15.25 | $0.0M | Form 4 |
| Aug 19, 2026 | GoldenTree Asset Management LLC10% owner | Bought | 13,980 | $15.21 | $0.2M | Form 4 |
| Aug 18, 2026 | GoldenTree Asset Management LLC10% owner | Bought | 400 | $15.25 | $0.0M | Form 4 |
| Aug 17, 2026 | GoldenTree Asset Management LLC10% owner | Bought | 44,542 | $15.18 | $0.7M | Form 4 |
| Aug 14, 2026 | Goldentree Asset Management LP10% owner | Bought | 22,017 | $15.17 | $0.3M | Form 4 |
| Aug 13, 2026 | Goldentree Asset Management LP10% owner | Bought | 23,321 | $15.22 | $0.4M | Form 4 |
| Aug 11, 2026 | Goldentree Asset Management LP10% owner | Bought | 308 | $15.20 | $0.0M | Form 4 |
| Aug 11, 2026 | Silver Point Capital L.P.10% owner | Sold | 50,000 | $17.50 | $0.9M | Form 4 |
| Aug 10, 2026 | Goldentree Asset Management LP10% owner | Bought | 250,500 | $15.75 | $3.9M | Form 4 |
| Aug 7, 2026 | Goldentree Asset Management LP10% owner | Bought | 400,000 | $15.09 | $6.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· QVC Group, Inc. owes $8.6B more than it holds in cash.
Cash, debt and the ratios that show how comfortably QVC Group, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $510M | $357M | $307M | $297M | $1.5B |
| Debt incl. finance leases | $5.2B | $5.2B | $4.8B | $4.5B | $10.0B |
| Net debt / EBITDA | 2.4x | β | 4.4x | β | β |
| Debt / equity | 0.7x | 1.2x | 1.1x | 1.4x | 8.4x |
| Interest coverage | β | β | 2.6x | β2.9x | β7.1x |
| Current ratio | 1.5x | 1.4x | 1.2x | 1.1x | 0.6x |
| Quick ratio | 0.9x | 0.9x | 0.8x | 0.7x | 0.4x |
| Total assets | $16.1B | $12.4B | $11.7B | $9.9B | $8.5B |
| Total liabilities | $8.4B | $7.8B | $7.4B | $6.5B | $7.2B |
| Shareholders' equity | $7.6B | $4.5B | $4.3B | $3.3B | $1.2B |
| Net debt (β = net cash) | $4.7B | $4.8B | $4.5B | $4.2B | $8.6B |
KIRA Β· Its return on capital was β16.3%: every 100 invested in the business earned about β16 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· QVC Group, Inc. passes 3 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 5 / 8 | 5 / 8 | 5 / 8 | 5 / 8 | 6 / 8 | 3 / 8 | 7 / 8 | 4 / 8 | 3 / 8 |
| Accruals ratio | β5.0% | β2.3% | β1.9% | β3.7% | β8.8% | β2.3% | β15.9% | β7.8% | β14.8% | β28.2% |
| Altman Z'' | 1.03 | 1.23 | 1.67 | 1.73 | 1.44 | 1.48 | β1.28 | β0.58 | β2.30 | β7.44 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $8.7B | $8.8B | $11.3B | $11.0B | $11.5B | $11.4B | $9.9B | $9.4B | $9.0B | $8.3B |
| Net interest income | β$210M | β$214M | β$243M | β$240M | β$257M | β$249M | β$228M | β$228M | β$251M | β |
| Gross profit | $3.1B | $3.2B | $4.0B | $3.8B | $4.1B | $4.0B | $3.1B | $3.2B | $3.1B | $2.8B |
| Operating income | $1.2B | $1.3B | $1.5B | $1.3B | $1.6B | $1.5B | β$1.4B | $645M | β$770M | β$2.0B |
| Interest expense | β | β | β | β | β | β | β | $247M | $267M | $286M |
| Pretax income | $1.0B | $1.1B | $1.3B | $1.1B | $1.2B | $1.3B | β$1.6B | $416M | β$1.0B | β$2.3B |
| Income tax | $385M | $139M | $334M | $262M | $345M | $408M | $220M | $205M | $3.0M | β$153M |
| Net income | $604M | $901M | $882M | $767M | $844M | $787M | β$1.9B | $159M | β$1.1B | β$2.2B |
| Cash flow | ||||||||||
| Cash from operations | $1.2B | $1.2B | $1.2B | $1.3B | $2.2B | $1.2B | $409M | $1.1B | $535M | $419M |
| Capital expenditure | β | β | β | $291M | $218M | $210M | $216M | $182M | $173M | $132M |
| Free cash flow | β | β | β | $1.0B | $2.0B | $959M | $193M | $912M | $362M | $287M |
| Depreciation and amortization | $605M | $519M | $411M | $468M | $453M | $429M | $401M | $372M | $351M | $369M |
| Stock-based compensation | $32.0M | $39.0M | $46.0M | $39.0M | $37.0M | $44.0M | $36.0M | $37.0M | $20.0M | $15.0M |
| Dividends paid | $703M | $866M | $367M | $879M | β | β | β | β | β | β |
| Dividends and buybacks | $703M | $866M | $367M | $879M | β | β | β | β | β | β |
| Balance sheet | ||||||||||
| Cash and short-term investments | $284M | $282M | $543M | $561M | $682M | $510M | $357M | $307M | $297M | $1.5B |
| Total debt | $5.3B | $5.7B | $5.1B | $5.1B | $5.4B | $5.1B | $5.2B | $4.8B | $4.5B | $10.0B |
| Finance lease liabilities | β | β | β | $181M | $168M | $157M | $4.0M | $2.0M | $0.0M | $2.0M |
| Current assets | $2.5B | $3.2B | $3.8B | $3.8B | $3.7B | $3.7B | $2.9B | $2.6B | $2.5B | $3.6B |
| Current liabilities | $1.5B | $2.0B | $2.5B | $2.0B | $2.8B | $2.5B | $2.0B | $2.3B | $2.2B | $6.5B |
| Inventory | $950M | $1.2B | $1.3B | $1.2B | $1.1B | $1.4B | $1.0B | $860M | $901M | $832M |
| Property and equipment, net | $1.0B | $1.2B | $1.2B | $1.2B | $1.2B | $919M | $472M | $427M | $410M | $316M |
| Goodwill | $5.0B | $6.0B | $6.0B | $6.0B | $6.0B | $6.0B | $3.5B | $3.2B | $2.2B | $800M |
| Intangible assets | $2.7B | $3.8B | $3.7B | $3.5B | $3.5B | $3.4B | $3.2B | $3.1B | $385M | $315M |
| Total assets | $11.5B | $14.3B | $14.9B | $14.9B | $16.6B | $16.1B | $12.4B | $11.7B | $9.9B | $8.5B |
| Total liabilities | $7.7B | $8.5B | $8.0B | $8.1B | $8.4B | $8.4B | $7.8B | $7.4B | $6.5B | $7.2B |
| Shareholders' equity | $3.8B | $5.7B | $6.7B | $6.7B | $8.0B | $7.6B | $4.5B | $4.3B | $3.3B | $1.2B |
| Margins | ||||||||||
| Gross margin | 36.2% | 36.2% | 35.8% | 34.9% | 35.3% | 35.1% | 31.7% | 33.6% | 34.4% | 33.6% |
| Operating margin | 13.9% | 14.9% | 13.4% | 12.1% | 13.7% | 13.3% | β14.1% | 6.8% | β8.6% | β24.3% |
| EBITDA margin | 20.8% | 20.8% | 17.0% | 16.3% | 17.6% | 17.1% | β10.1% | 10.8% | β4.7% | β19.9% |
| Net margin | 7.0% | 10.3% | 7.8% | 7.0% | 7.4% | 6.9% | β18.9% | 1.7% | β11.9% | β26.1% |
| FCF margin | β | β | β | 9.4% | 17.6% | 8.4% | 2.0% | 9.7% | 4.0% | 3.5% |
| Net interest share of revenue | β2.4% | β2.4% | β2.2% | β2.2% | β2.2% | β2.2% | β2.3% | β2.4% | β2.8% | β |
| Returns | ||||||||||
| Return on capital | 8.9% | 10.3% | 9.9% | 8.9% | 8.9% | 8.4% | β11.9% | 4.8% | β8.1% | β16.3% |
| Return on capital employed | 11.9% | 10.7% | 12.2% | 10.2% | 11.4% | 11.0% | β13.5% | 6.8% | β10.1% | β101.4% |
| Return on equity | 15.9% | 19.0% | 14.2% | 11.5% | 11.5% | 10.1% | β30.9% | 3.6% | β28.3% | β96.6% |
| Return on assets | 5.2% | 7.0% | 6.0% | 5.2% | 5.4% | 4.8% | β13.1% | 1.3% | β9.9% | β23.6% |
| Return on tangible equity | β | β | β | β | β | β | β | β | β151.8% | β2,710.0% |
| Growth | ||||||||||
| Revenue growth | β | 1.0% | 28.6% | β2.6% | 4.4% | β1.0% | β12.9% | β4.4% | β4.8% | β7.8% |
| Net income growth | β | 49.2% | β2.1% | β13.0% | 10.0% | β6.8% | β337.2% | β | β772.3% | β |
| FCF growth | β | β | β | β | 95.5% | β52.4% | β79.9% | 372.5% | β60.3% | β20.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.8x | 2.9x | 2.4x | 2.7x | 2.4x | 2.4x | β | 4.4x | β | β |
| Debt / equity | 1.4x | 1.0x | 0.8x | 0.8x | 0.7x | 0.7x | 1.2x | 1.1x | 1.4x | 8.4x |
| Interest coverage | β | β | β | β | β | β | β | 2.6x | β2.9x | β7.1x |
| Current ratio | 1.7x | 1.6x | 1.6x | 1.9x | 1.3x | 1.5x | 1.4x | 1.2x | 1.1x | 0.6x |
| Quick ratio | 1.1x | 1.0x | 1.0x | 1.3x | 0.9x | 0.9x | 0.9x | 0.8x | 0.7x | 0.4x |
| Capital allocation | ||||||||||
| Capex / revenue | β | β | β | 2.6% | 1.9% | 1.8% | 2.2% | 1.9% | 1.9% | 1.6% |
| Stock comp / revenue | 0.4% | 0.4% | 0.4% | 0.4% | 0.3% | 0.4% | 0.4% | 0.4% | 0.2% | 0.2% |
| Payouts / FCF | β | β | β | 85.3% | β | β | β | β | β | β |
| Quality scores | ||||||||||
| Piotroski F-score | β | 5.0 | 5.0 | 5.0 | 5.0 | 6.0 | 3.0 | 7.0 | 4.0 | 3.0 |
| Altman Z'' | 1.0 | 1.2 | 1.7 | 1.7 | 1.4 | 1.5 | β1.3 | β0.6 | β2.3 | β7.4 |
| Accruals ratio | β5.0% | β2.3% | β1.9% | β3.7% | β8.8% | β2.3% | β15.9% | β7.8% | β14.8% | β28.2% |
Source: SEC EDGAR XBRL filings (CIK 0001254699). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.