WEST CHESTER, PA — QVC Group, Inc. (Nasdaq: QVCGA, QVCGP; OTCQB: QVCGB) reported a sharp decline in profitability for the third quarter of 2025, as the company continues to navigate falling television viewership, higher costs, and the financial impact of its ongoing transformation strategy.
Total revenue fell 6% year-over-year to $2.21 billion, while operating income dropped 61% to $60 million. Adjusted OIBDA — a key measure of operating performance — declined 32% to $169 million. Net losses widened to $80 million, compared with a $23 million loss in the same period a year earlier.
President and CEO David Rawlinson said QVC is “early in our WIN growth plan but continue[s] to make progress,” noting that the company slowed the rate of decline in its core QxH segment through growth in social and streaming sales. However, he acknowledged that deleveraging, tariffs, and ongoing investments “pressured our adjusted OIBDA”.
The company’s U.S. QxH unit posted a 7% drop in revenue to $1.42 billion, driven by a 7% decline in units shipped and lower shipping revenue. QVC International revenue decreased 1% to $566 million, or 5% on a constant currency basis, while Cornerstone — which includes brands like Ballard Designs and Frontgate — saw sales fall 8% to $231 million.
QVC’s operating income margins weakened across all divisions, reflecting higher marketing expenses, increased freight and fulfillment costs, and promotional pricing pressures tied to tariffs. QxH’s operating income margin fell to 3.4% from 7% a year earlier, while QVC International’s dropped to 7.6% from 10%. Cornerstone swung to an operating loss of $9 million.
On the balance sheet, cash rose sharply to $1.82 billion from $897 million in the previous quarter, largely from net borrowings. Total debt increased to $6.6 billion, with QVC drawing $2.9 billion under its bank credit facility. The company’s leverage ratio climbed to 4.2x, leaving it reliant on refinancing or repayment by the October 2026 maturity date to maintain compliance with financial covenants.
Despite the challenging quarter, QVC maintained its quarterly dividend of $0.54 per share, payable January 7, 2026, to shareholders of record as of December 19, 2025 — a 10% increase from the prior year’s payout.
Rawlinson said the company remains encouraged by progress made under its WIN growth plan, noting that QVC continues to focus on stabilizing operations and improving performance across its sales platforms.
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