QVC, Inc. (QVCCQ) is a televised and digital home shopping company that sells consumer products directly to viewers through live and recorded broadcast programming across the QVC and HSN channel families. Revenue is generated transactionally: customers purchase merchandise presented on-air or through digital extensions including QVC.com, HSN.com, mobile apps, and social platforms such as TikTok and Instagram. The QxH segment (QVC U.S. and HSN) distributes approximately 20 hours of live programming per day, 364 days per year, reaching approximately 82 million U.S. television households as of the 10-K filed April 15, 2026. QVC-International operates in Japan, Germany, the U.K., Italy, and neighboring countries, distributing via satellite, optical fiber, and digital terrestrial broadcast. The business carries $5,046 million in total debt as of December 31, 2025, and recorded goodwill impairment losses of $1,465 million and tradename impairment losses of $930 million for the year ended December 31, 2025, reflecting sustained deterioration in the fair value of the QxH reporting unit.

Revenue model

Transactional product sales to consumers through televised shopping broadcasts and e-commerce channels (QVC.com, HSN.com, mobile apps). Programming is distributed to cable, satellite, and streaming distributors; QVC pays television distribution fees in exchange for carriage to subscriber households.

Products and services

Consumer merchandise sold via live and recorded television shopping programming across QVC, HSN, QVC2, QVC3, and HSN2 channels, as well as through e-commerce websites, mobile applications, and social platforms. The QVC and HSN tradenames carried a combined net book value of $1,190 million as of December 31, 2025 (after impairment).

Customers and end markets

Direct-to-consumer retail buyers reached through pay television households, over-the-air broadcast viewers, and digital/streaming platform users. QxH reached approximately 82 million U.S. television households and approximately 99% of households subscribing to television distributor services, per the 10-K filed April 15, 2026.

Value-chain role

Vertically integrated home shopping broadcaster and direct retailer: sources merchandise, produces and broadcasts live programming, manages e-commerce storefronts, operates fulfillment centers, and handles consumer credit transactions. Distributes programming via owned satellite uplinks and third-party transponder agreements.

Geographic exposure

United States (QxH segment: QVC U.S. and HSN), Japan, Germany, United Kingdom, Italy, and neighboring countries (QVC-International segment), per the 10-K filed April 15, 2026.

Source: SEC 10-K, filed 2026-04-15

Industry: Retail-Catalog & Mail-Order Houses