Filing Flows › QVC Group (QVCG) › Q4 2025
QVC Group (QVCG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Apr 15, 2026
QVC Group (QVCG) reported revenue of $2.4B for the fourth quarter 2025 (Q4 2025), -9% from a year earlier and +22% from the quarter before. Operating margin was 5.6%, net earnings $37.0M (1.5% of revenue).
QVC Group, Q4 2025: revenue $2.4B (-9% year over year), operating margin 5.6%, net earnings $37.0M, operating cash flow $245M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.4B | +22% | -9% |
| Gross profit | $786M | +18% | -9% |
| Operating profit | $135M | +48% | — |
| Net earnings | $37.0M | 18× | — |
| Operating cash flow | $245M | +222% | +30% |
| Free cash flow | $201M | — | +50% |
What changed
Revenue was $2.4B in Q4 2025, down 9% year over year and up 22% from the previous quarter. Home was the largest line at 42% of revenue.
Gross margin was 32.5%, down 0.2 points from Q4 2024. Operating profit was $0.14B, a 5.6% margin (up 52.7 points year over year). Operating expenses fell 69% while revenue fell 9%. Net earnings were $0.04B. The effective tax rate was 32.9%.
Operating cash flow was $0.24B (up 30% year over year), 500% of net income including minority interests. Non-cash charges added back $0.08B of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items added $0.12B. Capital expenditures of $0.04B left free cash flow of $0.20B.
Questions
What was QVC Group's revenue in the fourth quarter 2025?
QVC Group (QVCG) reported revenue of $2.4B for the fourth quarter 2025 (Q4 2025), -9% from a year earlier and +22% from the quarter before.
Was QVC Group profitable in the fourth quarter 2025?
Operating profit was $135M (5.6% of revenue) and net earnings $37.0M.
Source: QVC Group 10-K on SEC EDGAR.