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what it is
QVC sells home, apparel, beauty, electronics, and jewelry through TV, websites, apps, catalogs, and stores.
how it gets paid
Last year Qvc made $10.0B in revenue. home was the main engine at $3.0B, or 30% of sales.
what just happened
Revenue was $6.6B, but the number that matters is EPS collapsing to -$297.70.
At a glance
C balance sheet — red flag territory — real financial stress
5/100 earnings predictability — expect surprises
1.6% return on capital — nothing to write home about
-$163.00 fy2024 eps est
$10B fy2024 rev est
xvary composite: 24/100 — weak
What they do
QVC sells home, apparel, beauty, electronics, and jewelry through TV, websites, apps, catalogs, and stores.
Its only real moat is habit. You turn on the channel, know the hosts, and buy without thinking too hard. QVC still sells across broadcast networks, websites, mobile apps, catalogs, social media, and stores, and that system produced about $10.0 billion in annual revenue in 2024. Distribution footprint (ways it reaches you → lots of shopping touchpoints → harder to fully disappear) is the edge.
How they make money
$10.0B
annual revenue
home
$3.0B
2.0%
apparel
$2.2B
1.0%
beauty
$1.5B
+1.0%
accessories and jewelry
$1.8B
0.0%
electronics
$1.5B
3.0%
The products that matter
live TV retailing
TV & Video Commerce
$6.5B · 65% of revenue
it's still the core business, but revenue fell 10%. When your biggest segment shrinks, the rest of the model has to work harder.
core segment
online and mobile commerce
Online & Digital
$3.0B · 30% of revenue
digital still brings in $3.0B, but a 5% decline says the internet is not rescuing the TV model.
replacement channel
adjacent support revenue
Other Services
$0.5B · 5% of revenue
flat at $0.5B means this segment is steady, but it's too small to offset declines in the other 95% of the business.
too small to matter
Key numbers
$7.7B
long-term debt
This is the whole story. A company worth about $23M in market value carries $7.7B of long-term debt.
8.1%
operating margin
Operating margin → profit from the actual business before interest and taxes → so what: the core retail machine is losing money.
$10.0B
annual revenue
The absurd part is scale versus value. QVC does $10.0B in sales and the equity is still tiny because those sales are not producing profits.
1.6%
return on capital
Return on capital → profit earned on money invested in the business → so what: QVC gets very little back for the capital it uses.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $7.7B (100% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for QVCGA right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue was $6.6B, but the number that matters is EPS collapsing to -$297.70.
Gross margin was 34.9%, but that did not save shareholders from a brutal earnings loss. The business still converts a huge sales base into weak or negative bottom-line results.
$6.6B
revenue
-$297.70
eps
34.9%
gross margin
the number that mattered
The key number is -$297.70 EPS because it tells you the problem is not traffic or merchandising alone. It is the entire earnings model.
source: company earnings report, 2026
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What could go wrong
the #1 risk is chapter 11 restructuring that leaves common equity with little or nothing.
high
chapter 11 restructuring
QVC has discussed a restructuring with lenders while carrying $7.7B in long-term debt against a roughly $23M equity value.
A restructuring would put $7.7B of debt ahead of common shareholders.
high
credit facility timeline
Key bank debt could become due sooner than Oct. 27, 2026. That compresses the window to refinance or restructure.
This is a clock risk, not just a valuation risk.
med
core revenue erosion
Annual revenue is about $10B, but it declined 8.0% last year and the biggest segment, TV & Video Commerce, fell 10%.
Most of the revenue base is still tied to the shrinking part of the business.
med
digital is not offsetting the decline
Online & Digital still produces $3.0B in revenue, but it fell 5% too. The supposed replacement channel is shrinking, just more slowly.
If both lanes are down, there is no internal hedge.
$7.7B in debt supporting a roughly $23M equity value means even small operating misses can have outsized consequences for common shareholders.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
next earnings date reset
The next earnings release was postponed with no new date provided. In stressed situations, delayed calendars matter.
risk
credit facility deadline
Key debt could come due before Oct. 27, 2026. If that timeline tightens, the equity gets even thinner.
metric
revenue decline rate
Last year revenue fell 8.0%, and q1 2025 fell 10% from a year ago. You want that line getting less negative, not more.
trend
digital stabilization
Online & Digital is still a $3.0B business, but it fell 5%. If the replacement channel keeps shrinking, the turnaround case gets thinner.
Analyst rankings
earnings predictability
5 / 100
5 / 100 means estimates are fragile. in human-speak, analysts do not have a clean handle on this business right now.
risk rank
5
Safer than 5% of stocks. In human-speak: this sits near the wrong end of the risk spectrum.
source: institutional data
Institutional activity
institutional ownership data for QVCGA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$11
current price
n/a
target midpoint · n/a from current
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