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QVC Group cash flow, quarter by quarter

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

Free cash flow$154M in Q2 2026 · $377M over twelve months

Operating cash flow$154M
Free cash flow+$154M
Cash conversion cycle69 days

Analysis

In Q2 2026, QVC Group generated $154M of operating cash flow. That is $102M more than in Q2 2025 ($52.0M).

Over the twelve months to Jun 30, 2026, operating cash flow was $377M; the largest uses were other investing ($154M), partners ($38.0M), other financing ($11.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($975M), asset & business sales ($24.0M); the cash balance rose by $1.2B.

Operating cash flow was $154M against net income of −$21.0M. The largest differences: receivables +$80.0M, depreciation & amortization +$71.0M, inventory +$55.0M.

Its cash conversion cycle was 69 days (receivables 37 + inventory 65 − payables 33).

Free cash flow

QVC Group: free cash flow by quarterQVC Group: free cash flow by quarter$98.0MQ3 2024$189MQ4 2024$46.0MQ1 2025$52.0MQ2 2025$76.0MQ3 2025$245MQ4 2025−$98.0MQ1 2026$154MQ2 2026
Operating cash flow less capital spending.
QVC Group: operating cash flow against capital spendingQVC Group: operating cash flow against capital spendingOperating cash flowCapital spending$98.0M$0Q3 2024$189M$0Q4 2024$46.0M$0Q1 2025$52.0M$0Q2 2025$76.0M$0Q3 2025$245M$0Q4 2025−$98.0M$0Q1 2026$154M$0Q2 2026
Latest (Q2 2026): Operating cash flow $154M, Capital spending $0.

Capital allocation, year by year

QVC Group: where the cash came from (up) and went (down), by fiscal yearQVC Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingFY2021: Operating cash flow $1.2BFY2021: Net borrowing $687MFY2021: Asset sales $54.0MFY2021: Capital spending −$210M$1.9BFY2021FY2022: Operating cash flow $409MFY2022: Net borrowing $2.2BFY2022: Asset sales $701MFY2022: Capital spending −$216M$3.3BFY2022FY2023: Operating cash flow $1.1BFY2023: Net borrowing −$600MFY2023: Asset sales $208MFY2023: Capital spending −$182M$1.3BFY2023FY2024: Operating cash flow $535MFY2024: Net borrowing −$439MFY2024: Asset sales $6.0MFY2024: Capital spending −$173M$541MFY2024FY2025: Operating cash flow $419MFY2025: Net borrowing $1.1BFY2025: Asset sales $12.0MFY2025: Capital spending −$132M$1.5BFY2025
Over these 5 years operating cash flow totalled $3.6B; the largest uses were net borrowing ($1.0B) and capital spending ($913M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.5B
Debt$5.0B
Net debt$3.5B
Due within a year$2.9B

QVC Group funds itself: free cash flow was $377M over the last twelve months, and $1.5B of cash and investments stands against $5.0B of debt ($2.9B due within a year, 0.5× covered by cash).

QVC Group: debt maturities by year (FY2025)QVC Group: debt maturities by year (FY2025)$2.9BYear 1$44.0MYear 2$72.0MYear 3$605MYear 4
Principal due in each year as disclosed in the annual report, against $1.5B of cash and investments now.

Where the cash came from and went

QVC Group: sources (+) and uses (−) of cash, Q2 2026QVC Group: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$154MCash drawn (+) / kept (−)−$95.0MOther investing−$42.0MPartners−$8.0MOther financing−$5.0MExchange rates−$4.0M
QVC Group: sources (+) and uses (−) of cash, TTM to Q2 2026QVC Group: sources (+) and uses (−) of cash, TTM to Q2 2026Cash drawn (+) / kept (−)−$1.2BNet borrowing (+) / repaid (−)$975MOperating cash flow$377MOther investing−$154MPartners−$38.0MAsset & business sales$24.0MExchange rates−$21.0MOther financing−$11.0M

From profit to cash

QVC Group: net income to operating cash flow, Q2 2026QVC Group: net income to operating cash flow, Q2 2026Net income−$21.0MDepreciation & amortization$71.0MDeferred taxes$8.0MReceivables$80.0MInventory$55.0MPayables−$51.0MAccrued liabilities$2.0MPrepaid and other assets−$38.0MOperating cash flow$154M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202637653369
Q1 202645654267
Q3 202538714267
Q2 202538724366
Q1 202546674866
Q3 202439695058

Every quarter

QuarterOperating cash flowNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$154M—−$95.0M$154M
Q1 2026−$98.0M—$140M−$98.0M
Q4 2025$245M—−$183M$245M
Q3 2025$76.0M$974M−$1.0B$76.0M
Q2 2025$52.0M$75.0M−$46.0M$52.0M
Q1 2025$46.0M$69.0M$1.0M$46.0M
Q4 2024$189M−$1.6B−$1.0M$189M
Q3 2024$98.0M−$117M$16.0M$98.0M

QVC Group: income statement and cash flow

QVC Group, Q2 2026: revenue $1.8B (-11% year over year), operating margin 3.5%. The chart follows the revenue to costs, profit and cash.

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.