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Old QVC Group cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$95.0M in Q2 2026 · $34.0M over twelve months

Operating cash flow$132M
Capital spending−$37.0M
Free cash flow+$95.0M
Cash conversion cycle70 days

Analysis

In Q2 2026, Old QVC Group generated $132M of operating cash flow and spent $37.0M on capital projects, leaving free cash flow of $95.0M. That is $47.0M more than in Q2 2025 ($48.0M).

Over the twelve months to Jun 30, 2026, operating cash flow was $191M; the largest uses were capital spending ($157M), partners ($38.0M), other investing ($20.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($966M), asset & business sales ($24.0M); the cash balance rose by $933M.

Operating cash flow was $132M against net income of −$30.0M. The largest differences: receivables +$81.0M, depreciation & amortization +$79.0M, inventory +$54.0M.

Its cash conversion cycle was 70 days (receivables 33 + inventory 69 − payables 32).

Free cash flow

Old QVC Group: free cash flow by quarterOld QVC Group: free cash flow by quarter−$23.0MQ3 2024$150MQ4 2024−$94.0MQ1 2025$48.0MQ2 2025−$27.0MQ3 2025$191MQ4 2025−$225MQ1 2026$95.0MQ2 2026
Operating cash flow less capital spending.
Old QVC Group: operating cash flow against capital spendingOld QVC Group: operating cash flow against capital spendingOperating cash flowCapital spending$20.0M$43.0MQ3 2024$212M$62.0MQ4 2024−$60.0M$34.0MQ1 2025$86.0M$38.0MQ2 2025$4.0M$31.0MQ3 2025$244M$53.0MQ4 2025−$189M$36.0MQ1 2026$132M$37.0MQ2 2026
Latest (Q2 2026): Operating cash flow $132M, Capital spending $37.0M.

Capital allocation, year by year

Old QVC Group: where the cash came from (up) and went (down), by fiscal yearOld QVC Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $1.2BFY2021: Net borrowing $425MFY2021: Asset sales $54.0MFY2021: Capital spending −$244MFY2021: Buybacks −$365MFY2021: Dividends −$503M$1.7BFY2021FY2022: Operating cash flow $194MFY2022: Net borrowing $21.0MFY2022: Asset sales $704MFY2022: Capital spending −$268MFY2022: Dividends −$12.0M$919MFY2022FY2023: Operating cash flow $919MFY2023: Net borrowing −$993MFY2023: Asset sales $208MFY2023: Capital spending −$230MFY2023: Dividends −$8.0M$1.1BFY2023FY2024: Operating cash flow $525MFY2024: Net borrowing −$440MFY2024: Asset sales $6.0MFY2024: Capital spending −$199MFY2024: Dividends −$4.0M$531MFY2024FY2025: Operating cash flow $274MFY2025: Net borrowing $1.1BFY2025: Asset sales $12.0MFY2025: Capital spending −$156MFY2025: Dividends −$1.0M$1.4BFY2025
Over these 5 years operating cash flow totalled $3.1B; the largest uses were net borrowing ($1.4B) and capital spending ($1.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.4B
Debt$5.9B
Net debt$4.5B
Due within a year$2.9B

Old QVC Group funds itself: free cash flow was $34.0M over the last twelve months, and $1.4B of cash and investments stands against $5.9B of debt ($2.9B due within a year, 0.5× covered by cash).

Old QVC Group: debt maturities by year (FY2025)Old QVC Group: debt maturities by year (FY2025)$2.9BYear 1$44.0MYear 2$72.0MYear 3$1.2BYear 4$932MYear 5
Principal due in each year as disclosed in the annual report, against $1.4B of cash and investments now.

Where the cash came from and went

Old QVC Group: sources (+) and uses (−) of cash, Q2 2026Old QVC Group: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$132MCash drawn (+) / kept (−)−$69.0MCapital spending−$37.0MOther investing−$9.0MPartners−$8.0MOther financing−$5.0MExchange rates−$4.0M
Old QVC Group: sources (+) and uses (−) of cash, TTM to Q2 2026Old QVC Group: sources (+) and uses (−) of cash, TTM to Q2 2026Net borrowing (+) / repaid (−)$966MCash drawn (+) / kept (−)−$933MOperating cash flow$191MCapital spending−$157MPartners−$38.0MAsset & business sales$24.0MExchange rates−$21.0MOther investing−$20.0MOther financing−$12.0M

From profit to cash

Old QVC Group: net income to operating cash flow, Q2 2026Old QVC Group: net income to operating cash flow, Q2 2026Net income−$30.0MDepreciation & amortization$79.0MDeferred taxes$16.0MGains on investments−$8.0MOther non-cash−$4.0MReceivables$81.0MInventory$54.0MPayables−$39.0MAccrued liabilities$10.0MPrepaid and other assets−$28.0MOperating cash flow$132M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202633693270
Q1 202642694169
Q4 202532553553
Q3 202534754168
Q2 202534764268
Q1 202542734768
Q4 202432553849
Q3 202435734960

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$132M−$37.0M——−$69.0M$95.0M
Q1 2026−$189M−$36.0M—−$7.0M$242M−$225M
Q4 2025$244M−$53.0M—−$2.0M−$169M$191M
Q3 2025$4.0M−$31.0M—$975M−$937M−$27.0M
Q2 2025$86.0M−$38.0M—$74.0M−$75.0M$48.0M
Q1 2025−$60.0M−$34.0M−$1.0M$69.0M$71.0M−$94.0M
Q4 2024$212M−$62.0M—−$86.0M−$33.0M$150M
Q3 2024$20.0M−$43.0M—−$298M$335M−$23.0M

Old QVC Group: income statement and cash flow

Old QVC Group, Q2 2026: revenue $2.0B (-11% year over year), operating margin 2.6%. The chart follows the revenue to costs, profit and cash.

Old QVC Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.