Debt (Tables)

12 Months Ended

Dec. 31, 2025

Long-Term Debt, Unclassified [Abstract]

Debt is summarized as follows:


	Outstanding principal December 31, 2025		Carrying value
			December 31, 2025		December 31, 2024

	amounts in millions
Corporate level debentures
8.5% Senior Debentures due 2029	$	287	286		286
8.25% Senior Debentures due 2030	505		503		503
4% Exchangeable Senior Debentures due 2029 (1)(2)(3)	339		24		128
3.75% Exchangeable Senior Debentures due 2030 (1)(2)(3)	427		28		154
Subsidiary level notes and facilities
QVC 4.45% Senior Secured Notes due 2025(3)	—		—		585
QVC 4.75% Senior Secured Notes due 2027(2)	44		44		44
QVC 4.375% Senior Secured Notes due 2028(2)	72		72		72
QVC 6.875% Senior Secured Notes due 2029(2)	605		605		605
QVC 5.45% Senior Secured Notes due 2034(2)	400		400		400
QVC 5.95% Senior Secured Notes due 2043(2)	300		300		300
QVC 6.375% Senior Secured Notes due 2067(2)	225		225		225
QVC 6.25% Senior Secured Notes due 2068(2)	500		500		500
QVC Senior Secured Credit Facility(2)	2,900		2,900		1,195
Finance lease obligations	2		2		—
Deferred loan costs(2)	—		(24)		(29)
Total consolidated QVC Group debt	$	6,606	5,865		4,968
Less current classification			(5,075)		(867)
Total long-term debt			$	790	4,101

_________________________________

(1)Measured at fair value

(2)Classified as current as of December 31, 2025

(3)Classified as current as of December 31, 2024

Schedule of Annual Principal Maturities Based on Stated Maturity Dates

The annual principal maturities of QVC Group's debt, based on stated maturity dates, for each of the next five years are as follows:


(in millions)	Debt (1)
2026	$	2,900
2027	$	44
2028	$	72
2029	$	1,231
2030	$	932

(1) Amounts exclude the issue discounts on the 5.45% Senior Secured Notes due 2034 and 5.95% Senior Secured Notes due 2043.

Schedule of Fair Value of Debt Securities that are not Reported at Fair Value

The fair value of QVC Group's publicly traded debt securities that are not reported at fair value in the accompanying condensed consolidated balance sheet at December 31, 2025 are as follows (amounts in millions):


	December 31,
	2025		2024
Senior debentures	$	44	374
QVC senior secured notes	$	846	1,942

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

QVC Group, Inc. 10-K