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of Contents](#i02ffaddca05f4bca939b0feb2368d8e0_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D. C. 20549\n\nFORM 10-Q\n\nxQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\noTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from                            to                            \n\nCommission File Number 001-33982\n\nQVC GROUP, INC.\n\n(Exact name of Registrant as specified in its charter)\n\nState of Delaware\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n84-1288730\n\n(I.R.S. Employer\n\nIdentification No.)\n\n1200 Wilson Dr.\n\nWest Chester, Pennsylvania\n\n(Address of principal executive offices)\n\n19380\n\n(Zip Code)\n\nRegistrant's telephone number, including area code: (484) 701-1000\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nSeries A common stockQVCAQOTCID Basic Market\n\nSeries B common stockQVCGQOTCID Basic Market\n\n8.0% Series A Cumulative Redeemable Preferred StockQVCPQOTCID Basic Market\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x   No o\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x   No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge Accelerated Filer o\n\nAccelerated Filer o\n\nNon-accelerated Filer\n☒Smaller Reporting CompanyoEmerging Growth Companyo\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o  No x\n\nThe number of outstanding shares of QVC Group, Inc.'s common stock as of April 30, 2026 was:\n\nSeries A common stock 7,911,869\n\nSeries B common stock 182,233\n\n[Table of Contents](#i02ffaddca05f4bca939b0feb2368d8e0_7)\n\nTable of Contents\n\n[PART I – FINANCIAL INFORMATION](#i02ffaddca05f4bca939b0feb2368d8e0_10)\n\n[Item 1. Financial Statements.](#i02ffaddca05f4bca939b0feb2368d8e0_13)\n\n[QVC GROUP, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (unaudited)](#i02ffaddca05f4bca939b0feb2368d8e0_16)\n\nI-[5](#i02ffaddca05f4bca939b0feb2368d8e0_16)\n\n[QVC GROUP, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (unaudited)](#i02ffaddca05f4bca939b0feb2368d8e0_19)\n\nI-[7](#i02ffaddca05f4bca939b0feb2368d8e0_19)\n\n[QVC GROUP, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Earnings (Loss) (unaudited)](#i02ffaddca05f4bca939b0feb2368d8e0_22)\n\nI-[8](#i02ffaddca05f4bca939b0feb2368d8e0_22)\n\n[QVC GROUP, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (unaudited)](#i02ffaddca05f4bca939b0feb2368d8e0_25)\n\nI-[9](#i02ffaddca05f4bca939b0feb2368d8e0_25)\n\n[QVC GROUP, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Equity (unaudited)](#i02ffaddca05f4bca939b0feb2368d8e0_28)\n\nI-[10](#i02ffaddca05f4bca939b0feb2368d8e0_28)\n\n[QVC GROUP, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)](#i02ffaddca05f4bca939b0feb2368d8e0_31)\n\nI-[11](#i02ffaddca05f4bca939b0feb2368d8e0_31)\n\n[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i02ffaddca05f4bca939b0feb2368d8e0_73)\n\nI-[27](#i02ffaddca05f4bca939b0feb2368d8e0_73)\n\n[Item 3. Quantitative and Qualitative Disclosures about Market Risk](#i02ffaddca05f4bca939b0feb2368d8e0_88)\n\nI-[39](#i02ffaddca05f4bca939b0feb2368d8e0_88)\n\n[Item 4. Controls and Procedures](#i02ffaddca05f4bca939b0feb2368d8e0_91)\n\nI-[40](#i02ffaddca05f4bca939b0feb2368d8e0_91)\n\n[PART II - OTHER INFORMATION](#i02ffaddca05f4bca939b0feb2368d8e0_94)\n\nII-[1](#i02ffaddca05f4bca939b0feb2368d8e0_94)\n\n[Item 1. Legal Proceedings](#i02ffaddca05f4bca939b0feb2368d8e0_97)\n\nII-[1](#i02ffaddca05f4bca939b0feb2368d8e0_97)\n\n[Item 1A. Risk Factors](#i02ffaddca05f4bca939b0feb2368d8e0_100)\n\nII-[1](#i02ffaddca05f4bca939b0feb2368d8e0_100)\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i02ffaddca05f4bca939b0feb2368d8e0_103)\n\nII-[1](#i02ffaddca05f4bca939b0feb2368d8e0_103)\n\n[Item 5. Other Information](#i02ffaddca05f4bca939b0feb2368d8e0_106)\n\nII-[1](#i02ffaddca05f4bca939b0feb2368d8e0_106)\n\n[Item 6. Exhibits](#i02ffaddca05f4bca939b0feb2368d8e0_109)\n\nII-[2](#i02ffaddca05f4bca939b0feb2368d8e0_109)\n\n[SIGNATURES](#i02ffaddca05f4bca939b0feb2368d8e0_112)\n\nII-[3](#i02ffaddca05f4bca939b0feb2368d8e0_112)\n\nI-2\n\n[Table of Contents](#i02ffaddca05f4bca939b0feb2368d8e0_7)\n\nCautionary Note Regarding Forward-Looking Statements\n\nCertain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding business, product and marketing strategies, including the outcome and effects of the Chapter 11 Cases (as defined below) (including our ability to successfully emerge from the process and the timing thereof); QVC’s WIN strategy; revenue growth at QVC; synergies; economic and macroeconomic trends (including the impact of tariffs); statements regarding the carrying value of intangible assets; our ability to continue as a going concern; projected sources and uses of cash; repayment of debt; fluctuations in interest rates and foreign currency exchange rates; and the anticipated impact of certain contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. You can identify some of the forward-looking statements by the use of forward-looking words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “should,” “may” and other similar expressions, although not all forward-looking statements contain these identifying words. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. You should not place undue reliance on these forward-looking statements made in this Quarterly Report on Form 10-Q. The following include some but not all of the factors that could cause actual results or events to differ materially from those anticipated:\n\n•our ability to obtain court approval from the Bankruptcy Court with respect to motions or other requests made to the Bankruptcy Court throughout the course of the Chapter 11 Cases;\n\n•potential adverse effects of the Chapter 11 Cases on our liquidity and results of operations, including increased legal and other professional costs necessary to execute our restructuring process (including the availability of operating capital during the pendency of the Chapter 11 Cases);\n\n•objections to the confirmation of our Plan (as defined below) or other pleadings we file that could protract the Chapter 11 Cases;\n\n•the Bankruptcy Court’s rulings in the Chapter 11 Cases, and the outcome of the Chapter 11 Cases generally;\n\n•the length of time that we will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the proceedings;\n\n•the impact of the delisting and downgrade of our capital stock from the Nasdaq Capital Market and OTCQB Venture Market, as applicable;\n\n•our ability to comply with the restrictions imposed by the terms and conditions of certain financing arrangements;\n\n•the effects of the Chapter 11 Cases on the interests of various constituents and financial stakeholders;\n\n•customer demand for our products and services and our ability to attract new customers and retain existing customers by anticipating customer demand and adapting to changes in demand;\n\n•our competitive industry and competitor responses to our products and services;\n\n•increased digital TV penetration and the impact on channel positioning of our programs;\n\n•the levels of online traffic on our businesses' websites and our ability to convert visitors into customers or contributors;\n\n•uncertainties inherent in the development and integration of new business lines and business strategies;\n\n•our future financial performance and condition, including availability, terms, deployment of capital and our level of indebtedness;\n\n•our ability to continue as a going concern;\n\n•our ability to effectively manage our installment sales plans and revolving credit card programs;\n\n•the cost and ability of shipping companies, manufacturers, suppliers, digital marketing channels, and vendors to deliver products, equipment, software and services;\n\n•the outcome of any pending or threatened litigation;\n\n•the impact of the seasonality of our businesses;\n\n•changes in, or failure or inability to comply with, government regulations, including, regulations of the Federal Communications Commission and commitments and adverse outcomes from regulatory proceedings;\n\n•new regulations and varied governmental and non-governmental perspectives on corporate sustainability;\n\n•changes in the nature of key strategic relationships with partners, distributors, suppliers and vendors, including our increased reliance on social media platforms as a marketing tool;\n\n•domestic and international economic and business conditions and industry trends, including the impact of the United Kingdom's (“U.K.”) withdrawal from the European Union and the impact of inflation and increased labor costs;\n\n•increases in market interest rates;\n\n•changes and uncertainty surrounding tariffs, trade policy and trade relations with China, the United Kingdom and other countries;\n\nI-3\n\n[Table of Contents](#i02ffaddca05f4bca939b0feb2368d8e0_7)\n\n•consumer spending levels, including the availability and amount of individual consumer debt and customer credit losses;\n\n•matters relating to our debt and other financial obligations and ability to meet those obligations, including covenants in our debt agreements;\n\n•downgrades to QVC’s credit ratings;\n\n•the impairment of our goodwill and intangible assets;\n\n•system interruption and the lack of integration and redundancy in the systems and infrastructures of our businesses;\n\n•advertising spending levels;\n\n•changes in distribution and viewing of television programming, including the expanded deployment of video on demand technologies and internet protocol television and their impact on home shopping programming;\n\n•rapid technological changes, including the increased use of artificial intelligence by us and our competitors;\n\n•failure to protect the security of personal information, including as a result of cybersecurity threats and cybersecurity incidents, subjecting us to potentially costly government enforcement actions and/or private litigation and reputational damage;\n\n•the regulatory and competitive environment of the industries in which we operate;\n\n•natural disasters, public health crises, political crises, and other catastrophic events or other events outside of our control, including climate change;\n\n•threatened terrorist attacks, political and economic unrest in international markets and ongoing military action around the world;\n\n•failure to successfully implement business improvement initiatives and growth strategies;\n\n•fluctuations in foreign currency exchange rates;\n\n•the reaction of our customers, prospective customers, suppliers and service providers to the Chapter 11 Cases and the related increased performance and credit risks associated with our constrained liquidity position and capital structure; and\n\n•our ability to attract and retain skilled personnel on commercially reasonable terms, whether due to labor regulations, unionization or otherwise, or to retain employees as a result of our financial condition generally or as a result of the Chapter 11 Cases.\n\nFor additional risk factors, please see Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 10-K”). These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Quarterly Report on Form 10-Q, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except as required by law.\n\nThe following discussion and analysis provides information concerning our results of operations and financial condition. This discussion should be read in conjunction with our accompanying condensed consolidated financial statements and the notes thereto and the 2025 10-K.\n\nThe information herein relates to QVC Group, Inc. and its controlled subsidiaries (collectively “QVC Group,” the “Company,” “Consolidated QVC Group,” “us,” “we” or “our” unless the context otherwise requires).\n\nI-4\n\n[Table of Contents](#i02ffaddca05f4bca939b0feb2368d8e0_7)"}