QVC INC
For the period ended Dec 31, 2025. Filed Apr 15, 2026.
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FY2025 · Filed Apr 15, 2026
QVCG$8.03-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| (in millions) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net earnings (loss) | $(2,127) | (1,022) | 211 |
| Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
| Depreciation and Amortization | 369 | 351 | 372 |
| Impairment of intangibles assets | 930 | 578 | — |
| Impairment of goodwill | 1,465 | 902 | 326 |
| Stock-based compensation | 15 | 20 | 37 |
| Gains on sales of assets and sale leaseback transactions | (5) | (1) | (113) |
| Deferred income tax expense (benefit) | (222) | (225) | 55 |
| Non-cash lease expense | 101 | 105 | 101 |
| Other charges, net | (1) | (16) | (31) |
| Gain on insurance proceeds, net of fire related costs | — | — | (225) |
| Insurance proceeds received for operating expenses and business interruption losses | — | — | 226 |
| Changes in operating assets and liabilities | |||
| Decrease (increase) in trade and other receivables | 118 | 142 | 38 |
| Decrease (increase) in inventories | 92 | (53) | 184 |
| Decrease (increase) in other current assets | 4 | 6 | (14) |
| (Decrease) increase in accounts payable | (72) | (102) | (1) |
| (Decrease) increase in accrued and other liabilities | (248) | (150) | (72) |
| Net cash provided (used) by operating activities | 419 | 535 | 1,094 |
| Investing activities: | |||
| Capital expenditures | (132) | (173) | (182) |
| Expenditures for television distribution rights | (93) | (37) | (113) |
| Proceeds from sale of fixed assets | 12 | 6 | 208 |
| Proceeds from derivative instruments | — | — | 167 |
| Payments for derivative instruments | — | — | (179) |
| Insurance proceeds received for fixed asset loss | — | — | 54 |
| Other investing activities | (8) | (2) | (2) |
| Net cash provided (used) by investing activities | (221) | (206) | (47) |
| Financing activities: | |||
| Borrowings of debt | 1,986 | 2,014 | 1,152 |
| Repayments of debt | (868) | (2,452) | (1,750) |
| Dividends paid to noncontrolling interest | (44) | (51) | (53) |
| Dividends paid to QVC Group, Inc. | (42) | (108) | (437) |
| Capital contributions received from QVC Group, Inc. | — | 277 | — |
| Other financing activities, net | (5) | (1) | — |
| Net cash provided (used) by financing activities | 1,027 | (321) | (1,088) |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 17 | (15) | (4) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 1,242 | (7) | (45) |
| Cash, cash equivalents and restricted cash, beginning of year | 315 | 322 | 367 |
| Cash, cash equivalents and restricted cash, end of year | $1,557 | 315 | 322 |
II-26
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