QVC Group
QVC Group, Inc. is an American multinational live social shopping company that engages in video-driven commerce, offering a blend of entertainment and retail across television, streaming, online, mobile, social media, catalogs, and physical stores.[1] It operates six leading retail brands—QVC, HSN, Ballard Designs, Frontgate, Garnet Hill, and Grandin Road—reaching over 200 million homes worldwide through 15 television networks and digital platforms.[2] Headquartered in West Chester, Pennsylvania, the company employs approximately 17,000 people and reported trailing twelve-month revenue of $9.6 billion as of June 2025.[3][4] The origins of QVC Group trace back to the launch of QVC, its flagship brand, which began broadcasting in the United States in November 1986 as a pioneering home shopping network.[5] Over the decades, the entity evolved through a series of corporate restructurings and acquisitions, starting as part of Liberty Media Corporation, which became Liberty Interactive Corporation in 2011.[6] Key milestones include the 2015 acquisition of Zulily for $2.3 billion, the 2017 purchase of a majority stake in HSN, Inc., and the 2018 rebranding to Qurate Retail, Inc., before adopting its current name, QVC Group, Inc., on February 21, 2025.[6] These developments positioned it as a Fortune 500 company, ranked #416 in 2025.[7] QVC Group's operations span North America, Europe, and Asia, with QVC International serving markets in the United Kingdom, Germany, Japan, and Italy, reaching 124 million homes across 10 networks.[2] Under the leadership of President and CEO David Rawlinson II, who assumed the role on October 1, 2021, the company emphasizes innovative customer engagement, including live streaming on platforms like QVC+ and HSN+, and social commerce on Facebook, Instagram, TikTok, YouTube, and Pinterest.[8] As a publicly traded entity on Nasdaq (ticker: QVCGA), it is influenced by major shareholder John C. Malone, who holds significant voting control through his stakes.[9]History
Founding and early years (1986–1994)
QVC was founded in July 1986 by entrepreneur Joseph M. Segel, the creator of The Franklin Mint, in West Chester, Pennsylvania, marking the launch of the world's first electronic retailer dedicated to selling products directly to consumers through cable television broadcasts.[10][11] Segel envisioned a platform combining quality programming with value-driven shopping convenience, drawing inspiration from emerging home shopping concepts to create live, interactive broadcasts that engaged viewers nationwide.[10] The network's inaugural broadcast aired on November 24, 1986, initially available on six cable systems and reaching approximately 20,000 households, with programming focused on demonstrating and selling a range of consumer goods from jewelry to electronics.[11][10] By January 1987, QVC expanded to 24-hour operations, capitalizing on the burgeoning cable television infrastructure, and achieved rapid subscriber growth, reaching 28 million homes by 1990 through strategic affiliations with major cable providers like Comcast.[10] This explosive expansion was fueled by innovative on-air demonstrations, toll-free ordering, and a focus on building viewer trust, generating over $1 billion in annual sales by the end of the decade.[10] Key early milestones included international forays to establish QVC as a global brand. In 1989, QVC formed a joint venture with British Sky Broadcasting to prepare for European entry, culminating in the launch of QVC UK in October 1993 as the region's first dedicated shopping channel.[10][12] Similarly, QVC entered the German market in 1993 through partnerships aimed at adapting its format to local tastes, with full operations commencing by 1996.[10][12] Domestically, growth accelerated via strategic acquisitions, including The Fashion Channel in late 1989, which added apparel-focused programming and expanded QVC's audience by millions of subscribers, and CVN (Cable Value Network) in 1989 for $380 million, integrating a competitor's infrastructure to broaden product variety and distribution.[12][13] The period culminated in a high-profile but unsuccessful merger attempt with rival Home Shopping Network (HSN) in 1994, spearheaded by QVC's new chairman and CEO Barry Diller, who had joined in 1993 after acquiring a significant stake.[10][14] Diller's $1.3 billion stock-swap bid aimed to consolidate the home shopping industry but collapsed amid regulatory scrutiny, shareholder opposition, and financial valuation disputes, leading to a hostile takeover effort that ultimately failed and highlighted intensifying competition in the sector.[10][14]Liberty Media acquisition and expansion (1995–2009)
In February 1995, Comcast Corporation and Tele-Communications Inc. (TCI), the parent company of Liberty Media, completed their acquisition of QVC for approximately $1.42 billion in cash, gaining full control after a contentious bidding war that had begun the previous year.[15] This deal marked a significant shift for QVC, as Barry Diller, who had served as chairman and CEO since 1992, resigned shortly after the transaction closed, citing strategic differences with the new owners.[16] Douglas S. Briggs, a long-time QVC executive who had joined the company at its founding in 1986, was appointed as president and CEO in March 1995, ushering in a period of operational stability and focus on core home shopping growth.[17] Under Liberty Media's influence—facilitated by TCI's cable distribution network—QVC pursued diversification beyond television broadcasting. In 2000, the company tested and launched the QVC@THE MALL retail concept with a flagship store at the Mall of America in Bloomington, Minnesota, blending live demonstrations with in-person shopping to attract foot traffic and test physical retail synergies.[18] This initiative expanded QVC's multichannel approach, allowing customers to experience products tactilely while integrating broadcast elements. Internationally, QVC entered the Japanese market on April 1, 2001, through a joint venture, broadcasting to 27 million households and adapting programming to local tastes in fashion and beauty.[10] Further expansions followed, including deeper penetration in Europe and Asia, leveraging Liberty's media partnerships to secure carriage on cable systems and build a global footprint. QVC's integration with Liberty Media's cable assets enhanced distribution efficiency, as TCI's infrastructure provided preferential access to millions of U.S. households, enabling bundled programming and cross-promotions that boosted viewership. In 2003, Liberty Media acquired Comcast's remaining 57% stake in QVC for $7.9 billion, consolidating ownership and allowing for strategic alignment with Liberty's broader media portfolio.[19] Early digital efforts complemented this growth; QVC launched its e-commerce site, iQVC (later QVC.com), on September 15, 1996, which by the early 2000s contributed meaningfully to revenue, accounting for about 20-30% of U.S. sales through integrated online ordering tied to TV broadcasts.[16] By 2009, these efforts had propelled QVC to reach over 160 million households worldwide, with international segments like Japan and the UK driving double-digit growth in units shipped and operating cash flow.[20]Spin-offs and corporate restructurings (2010–2017)
In 2010, Liberty Media Corporation, which owned QVC through its Liberty Interactive tracking stock, undertook a significant restructuring by announcing the split-off of its Liberty Capital and Liberty Starz tracking stocks. This move aimed to streamline the company and provide investors with a clearer focus on its core interactive businesses, including QVC. The split-off was completed on September 23, 2011, when Liberty Interactive Corporation (formerly the Interactive Group) separated the Capital and Starz assets into a new entity named Liberty Media Corporation, allowing Liberty Interactive to concentrate on retail and digital commerce. As part of this process, CommerceHub became a direct subsidiary of Liberty Interactive in 2010, enhancing its e-commerce and logistics capabilities to support QVC's operations, following an earlier affiliation in 2006.[21][22] By 2012, Liberty Interactive had solidified its majority stake in CommerceHub, integrating it more deeply to bolster supply chain and fulfillment services for its retail platforms. This acquisition was strategic for improving logistics efficiency amid growing e-commerce demands. In 2014, Liberty Interactive further restructured by reattributing its digital commerce assets, including stakes in TripAdvisor and CommerceHub, from the Interactive Group to the newly created Liberty Ventures Group tracking stock. This reorganization culminated in the August 27, 2014, spin-off of Liberty TripAdvisor Holdings, Inc., distributing shares to Liberty Ventures stockholders and preparing non-retail assets for potential separation to sharpen focus on core interactive retail businesses like QVC.[6][23] The restructuring continued into 2016 with the spin-off of CommerceHub as a separate public company. On July 22, 2016, Liberty Interactive distributed shares of CommerceHub (NASDAQ: CHUBA, CHUBK) to holders of its Liberty Ventures common stock, enabling CommerceHub to operate independently while allowing Liberty Interactive to refine its portfolio toward retail-centric assets. Later that year, on November 4, 2016, Liberty Interactive spun off its interests in Expedia and Bodybuilding.com into Liberty Expedia Holdings, Inc. (NASDAQ: LEXEA/B), further divesting non-core digital investments to emphasize interactive retailing.[24] In 2017, Liberty Interactive expanded its connectivity infrastructure through the acquisition of a 62% controlling interest in General Communication Inc. (GCI), Alaska's largest telecommunications provider. Announced on April 4, 2017, the $4 billion transaction involved contributing Liberty Ventures assets to GCI in exchange for the stake, aiming to enhance broadband and mobile services that could support QVC's remote and international retail distribution. The deal, valued at approximately $1.12 billion in cash and assets for the initial phase, was completed in March 2018 but marked a key restructuring step in 2017 to integrate telecom capabilities with retail operations.[25][26]Qurate Retail era and key acquisitions (2018–2024)
In 2018, Liberty Interactive Corporation rebranded to Qurate Retail, Inc., to emphasize its focus on "curated retail" experiences that blend media, entertainment, and commerce across its portfolio of brands.[27] The name change, announced in March and effective following the spin-off of its GCI Liberty tracking stock, reflected the company's evolution toward integrated shopping platforms that prioritize personalized product selection and storytelling.[28] This rebranding aligned with broader strategic shifts in retail, positioning Qurate as a multifaceted entity beyond traditional television shopping. A pivotal move in this era was the full acquisition of HSN, Inc., announced in July 2017 and completed on December 29, 2017, for approximately $2.1 billion in stock for the remaining 62% stake, bringing the total enterprise value to $2.6 billion.[29] The integration, finalized in 2018 with the transfer of HSN to QVC, Inc., under common control, created a dominant video commerce network with combined annual revenues exceeding $14 billion and a customer base of over 300 million households worldwide.[30] This merger enhanced operational synergies, including shared distribution and content production, while preserving distinct brand identities for QVC and HSN to target varied demographics in the home shopping market.[31] Qurate Retail significantly expanded its digital footprint during this period, with e-commerce sales becoming a core growth driver. By 2018, digital platforms accounted for about 62% of QVC U.S. revenue, up from 59% in 2017, while HSN.com represented 48.8% of HSN's total net revenue, an increase from 45.1% in 2016.[32][33] The company invested in mobile apps, enhancing features for seamless browsing and purchases, and introduced social commerce integrations on platforms like Facebook and Instagram to facilitate live-streamed shopping events. These initiatives drove comparable digital sales growth of 29% during the 2018 holiday season, underscoring Qurate's adaptation to consumer preferences for online and mobile channels.[34] In July 2021, David Rawlinson II was appointed as President and CEO of Qurate Retail, effective October 1, succeeding Mike George after a transition period.[35] Rawlinson, previously CEO of NielsenIQ, focused on accelerating digital transformation amid intensifying e-commerce competition from giants like Amazon. The period was marked by challenges from the COVID-19 pandemic, including supply chain disruptions that caused product shortages and delays in merchandise delivery, particularly affecting international operations.[36] Despite initial revenue boosts from heightened homebound shopping in 2020, these issues contributed to moderated growth and operational pressures through 2024.[37]Renaming to QVC Group and recent challenges (2025)
On February 21, 2025, Qurate Retail, Inc. officially changed its name to QVC Group, Inc., aiming to streamline its branding and emphasize the core identity of its flagship QVC network amid ongoing corporate restructuring.[38] This rebranding reflected a strategic focus on leveraging the established equity of QVC as the company's largest brand, supporting broader growth initiatives in live social shopping while consolidating its portfolio of video and e-commerce platforms.[39] The name change took effect immediately, with stock tickers updated to QVCGA, QVCGB, and QVCGP on Nasdaq, marking a pivotal shift in corporate identity during a period of financial strain.[40] In the third quarter of 2025, QVC Group reported compliance with all debt covenants as of September 30, 2025, despite a leverage ratio of 4.2x approaching the 4.5x limit and total debt standing at approximately $5.9 billion.[41] The company's senior secured bank credit facility, carrying $2.9 billion in outstanding loans, is set to mature on October 27, 2026, prompting ongoing efforts to refinance amid elevated interest rates and cash flow pressures.[42] These results highlighted persistent revenue declines of 6% in constant currency for the quarter, driven by reduced linear television viewership and softer demand in key segments, though adjusted operating income before depreciation and amortization fell 32% year-over-year to $170 million.[43] Facing escalating financial challenges, QVC Group suspended its quarterly cash dividends on preferred shares starting May 23, 2025, to conserve liquidity amid a sharp stock price decline from around $45 per share at the beginning of the year to approximately $3.88 by mid-2025, exacerbated by a 1-for-50 reverse stock split approved in May to address Nasdaq minimum bid price requirements.[44] This move, coupled with voluntary delisting of the Series B shares (QVCGB) to the OTCQB market around May 27, 2025, underscored Nasdaq delisting risks for remaining listings due to sustained low share prices and market capitalization below thresholds.[45] In response to its $5 billion debt pile, the company engaged advisers from Evercore Inc. and Kirkland & Ellis in May 2025 to explore restructuring options, including potential bankruptcy proceedings, while issuing a "going concern" warning in its Q3 filings about uncertainties in meeting future obligations.[46] As part of broader cost-cutting measures, QVC Group implemented workforce reductions exceeding 1,000 positions globally by late 2025, including 900 U.S.-based layoffs in March tied to the consolidation of HSN operations into QVC's facilities.[47][48] The sale of Zulily to Regent L.P. in May 2023 continued to influence 2025 financial reporting, with final adjustments and potential earnout considerations reflected in Q3 results, contributing to an $80 million net loss for the period as the divestiture's legacy costs lingered amid portfolio optimization efforts.[49][41] These challenges, including the Q3 revenue drop to $2.2 billion, prompted further operational streamlining to mitigate debt risks and stabilize the balance sheet ahead of the 2026 credit facility maturity.[50]Corporate structure
Ownership and governance
QVC Group, Inc. operates as a holding company with a dual-class share structure that differentiates voting rights among its common stock series. Series A common stock (QVCG.A) carries one vote per share, while Series B common stock (QVCG.B) provides ten votes per share, enabling concentrated control by select holders. The preferred stock (QVCGP) generally lacks voting rights except in specific circumstances required by law. This structure stems from prior corporate spin-offs from Liberty Interactive Corporation but maintains ongoing ties to Liberty Media Corporation through shared services agreements and historical equity alignments.[51] Majority control resides with a combination of institutional investors and insiders linked to Liberty Media remnants, with no single entity holding over 20% of voting power as of late 2025. Gregory B. Maffei, the Executive Chairman, beneficially owns approximately 18.2% of the voting power, primarily through his 89.4% stake in Series B shares. John C. Malone, a longtime influential figure via his Liberty Media affiliations, holds about 6.4% of voting power despite retiring from the board earlier in 2025; his ownership includes direct Series A shares and preferred holdings through trusts. Other key shareholders include Contrarius Investment Management Ltd. (9% of Series A), FPR Partners (7.7% of Series A), and The Vanguard Group (7.4% of Series A). In September 2025, Permit Capital, LLC acquired an additional 302,591 shares of Series A common stock, increasing its position amid ongoing market adjustments. The company's shares trade publicly on Nasdaq under the symbols QVCGA, QVCGB, and QVCGP.[51][52][53] The board of directors comprises eight members as of November 2025, emphasizing independent oversight in retail operations following the 2025 rebranding from Qurate Retail, Inc. to QVC Group, Inc. Gregory B. Maffei serves as Executive Chairman, with David Rawlinson II as President and CEO; the remaining directors are Richard N. Barton, Fiona P. Dias, M. Ian G. Gilchrist, Evan D. Malone, Roger Meltzer, and Carol Flaton, five of whom qualify as independent. The board oversees strategy through three standing committees: the Audit Committee (chaired by M. Ian G. Gilchrist, with Fiona P. Dias, Carol Flaton, and Roger Meltzer), which handles financial reporting and related-party transactions; the Compensation Committee (chaired by Roger Meltzer, with M. Ian G. Gilchrist and Carol Flaton), focused on executive pay aligned with performance; and the Nominating and Corporate Governance Committee (with Richard N. Barton and Fiona P. Dias), responsible for director nominations and governance policies tailored to the evolving retail landscape.[54][55]Leadership and key executives
David Rawlinson II has served as President and Chief Executive Officer of QVC Group since October 1, 2021.[56] With a background in technology, media, and retail data analytics, Rawlinson previously led NielsenIQ as CEO, guiding the firm through a ownership transition, and served as President of Grainger Global Online at W.W. Grainger, Inc., where he oversaw e-commerce operations.[57] Earlier in his career, he held legal and operations roles, including general counsel positions at ITT Inc. and associate at Alston & Bird LLP.[58] The company's Chief Financial Officer is Bill Wafford, appointed to the role in March 2025 after serving as CFO of QVC Inc. since 2023 and elevated to Chief Administrative Officer in April 2024.[8] Wafford brings extensive finance experience from prior positions at Activision Blizzard and Ernst & Young, focusing on financial planning, treasury, and operational efficiencies.[59] Key executives also include Alex Wellen, named President and Chief Growth Officer in March 2025, reporting directly to Rawlinson and driving expansions in live social commerce and streaming platforms. Wellen, a media veteran from roles at AMC Networks and Starz, leads efforts to integrate digital and social channels with traditional retail.[60] Other notable leaders are Eve DelSoldo, Executive Vice President and General Counsel since March 2025, overseeing legal and compliance functions, and Michael Fitzharris, President of the QVC brand and Chief Operating Officer since January 2025.[61][62] Under Rawlinson's direction, QVC Group has prioritized omnichannel retail strategies, including the WIN growth plan launched in early 2025, which emphasizes live social shopping on platforms like TikTok and cost-saving restructurings to counter declining linear TV revenue and economic pressures.[63] These initiatives aim to boost digital revenue, which grew over 30% in social and streaming segments year-over-year, while implementing layoffs and operational streamlining affecting about 900 positions.[64][65] In terms of succession planning, QVC Group extended Rawlinson's contract through 2027 in February 2025, signaling leadership continuity amid the turnaround.[66] No significant executive turnover occurred in 2025, with the board providing oversight on CEO performance metrics tied to revenue recovery and strategic execution.[67]Operations
Core retail brands (QVC and HSN)
QVC operates as a flagship video shopping network with 24/7 live broadcasting, delivering continuous programming that showcases products through engaging on-air presentations. The network reaches more than 200 million households worldwide across 15 television channels, available via cable, satellite, free over-the-air TV, and digital platforms.[68][2] Broadcasts are conducted in multiple languages, including English, German, Italian, Chinese, Japanese, and Spanish, supporting operations in six countries.[69][70] Core product categories emphasize beauty, fashion, home goods, electronics, and jewelry, with hosts providing detailed demonstrations to highlight features and usage.[71] Following Qurate Retail's acquisition of the remaining 62% stake in HSN on December 29, 2017, the two networks were integrated under a unified structure to leverage complementary strengths.[72] HSN maintains a distinct focus on lifestyle products, jewelry, and apparel, often featuring innovative designs and exclusive brand partnerships that align with QVC's broader assortment.[73] Together, QVC and HSN generated combined annual sales exceeding $7 billion from their U.S. operations in 2023, reflecting their scale as leading home shopping entities.[74] The content strategy for both networks centers on host-led demonstrations, where on-air personalities conduct real-time product showcases, answer viewer questions, and build personal connections to drive purchases. Celebrity endorsements play a key role, exemplified by long-term partnerships like Lisa Rinna's Lisa Rinna Collection, launched on QVC in 2012 and featuring fashion items that have sold over 1.4 million units through multiple Today's Special Value events.[75] Over time, the model has evolved to incorporate user-generated content, such as customer testimonials and social media integrations, to enhance authenticity and engage younger audiences amid the rise of platforms favoring authentic creator-driven videos.[76][77] In addition to broadcasting, QVC and HSN maintain limited physical retail presence to complement their video commerce model. QVC operates outlet stores offering discounted jewelry, home décor, apparel, and seasonal merchandise, with locations focused on overstock and exclusive deals. HSN similarly runs outlet stores stocking jewelry, apparel, and footwear, alongside occasional pop-up events and shows that provide hands-on product experiences, though these remain small-scale compared to the networks' primary on-air and digital channels.[78][79] These outlets serve as experiential touchpoints, briefly extending the brands' programming into brick-and-mortar settings.Digital and e-commerce platforms
QVC Group's digital and e-commerce platforms have become integral to its retail strategy, complementing traditional television broadcasts by enabling seamless online shopping experiences. By the second quarter of 2025, digital commerce accounted for 65% of total sales, reflecting a strategic shift toward multi-channel engagement.[80] The primary digital storefronts, QVC.com and HSN.com, offer robust features including live streaming of product demonstrations and personalized recommendations tailored to user preferences. QVC+ and HSN+ streaming services allow users to watch live shows, exclusive content, and original series for free across devices, with integrated shopping options that mirror the on-air experience.[81][82] Advanced data analytics on these platforms analyze browsing and purchase history to suggest relevant products, enhancing user satisfaction and conversion rates.[83] Mobile app developments further extend accessibility, with the QVC app incorporating augmented reality (AR) features for virtual try-ons of beauty products, such as those from Laura Geller New York, enabling customers to preview items directly on their devices during live events. The app also integrates with social media platforms like TikTok, supporting shoppable posts and 24/7 live shopping streams that allow real-time purchases from video content. This functionality, launched in April 2025, features QVC and HSN brands, products, and hosts to drive interactive social commerce.[84][85][86] The acquisition and subsequent sale of Zulily in 2023 left a lasting legacy on QVC Group's approach to flash-sale models, influencing the development of dedicated daily deals sections on its platforms. Originally purchased for $2.4 billion in 2015, Zulily specialized in time-limited discounts for moms, which evolved under QVC ownership to include virtual brand stores and everyday value offerings before its divestiture to an investment group in May 2023. Elements of this model persist in curated daily deal features on QVC.com and HSN.com, providing exclusive, limited-time promotions to maintain customer engagement.[87][88][89] Data analytics play a pivotal role in optimizing these platforms, with proprietary tools enabling customer segmentation based on demographics, behavior, and purchase patterns to deliver targeted marketing and recommendations. QVC Group employs streaming analytics for real-time decision-making, such as adjusting inventory based on live demand signals, while SAP S/4HANA systems support advanced inventory management and compliance across its e-commerce operations. These capabilities, bolstered by a dedicated analytics unit established in 2015, help segment users for personalized experiences and streamline stock allocation to reduce overstock risks.[83][90][91][92]International presence and subsidiaries
QVC operates international networks in the United Kingdom, Germany, Italy, and Japan, with additional activities through a joint venture in China. These operations deliver localized programming tailored to regional audiences, featuring dedicated studios and 24-hour broadcasts that adapt product offerings, hosts, and cultural preferences to local markets. For instance, QVC UK includes channels like QVC Style and QVC2, while QVC Germany and QVC Italy provide similar multi-channel formats focused on home goods, beauty, and fashion. QVC-Japan, a 60%-owned joint venture with Mitsui & Co., Ltd., emphasizes electronics and apparel suited to Japanese consumers.[5][93][94] Collectively, QVC's international segments reach approximately 124 million households outside the United States, primarily in Europe and Japan, representing about 27% of the company's total revenue in 2024. These networks distribute content across multiple television channels and digital platforms, serving over 200 million homes globally when including U.S. operations. In China, the joint venture with China National Radio operates under CNR Mall, focusing on multimedia retailing, though it remains a smaller component of international activities.[93][95][1] Among its subsidiaries, Cornerstone Brands, Inc., a wholly owned entity, supports e-commerce through premium lifestyle brands such as Frontgate, Ballard Designs, Garnet Hill, and Grandin Road, offering direct-to-consumer sales in home furnishings and apparel primarily via online catalogs and websites. Cornerstone Brands, Inc., a wholly owned subsidiary, operates premium lifestyle brands including Ballard Designs, Frontgate, Garnet Hill, and Grandin Road, focusing on home furnishings and apparel through online and catalog channels. Following the 2016 spin-off of CommerceHub, Inc., QVC maintains partnerships with logistics providers like Rithum (formerly CommerceHub) for drop-shipping and supply chain support in international markets, but holds no significant equity stakes in such entities.[96][1][97] International operations face challenges, including market contractions in Japan due to technological shifts and declining linear TV viewership, prompting a multi-year strategic plan to regain share through enhanced digital integration. In China, regulatory restrictions on foreign media and e-commerce have limited expansion, contributing to subdued growth in the joint venture. Overall, QVC International reported a 5% constant currency revenue decline in the third quarter of 2025, driven by lower average selling prices and shipping volumes amid economic pressures.[98][41]Financial performance
Historical revenue and profitability
QVC Group, Inc., formerly known as Qurate Retail, Inc., experienced steady revenue growth in the 2010s, expanding from $9.6 billion in 2011 to $14.1 billion in 2018, fueled by international expansion and the integration of acquisitions like HSN in 2017. This trajectory peaked at $14.2 billion in 2020 amid heightened demand for home shopping during the COVID-19 pandemic, which boosted video and e-commerce sales as consumers stayed indoors. However, revenue subsequently declined to $12.1 billion in 2022, $10.9 billion in 2023, and $10.0 billion in 2024, reflecting post-pandemic normalization, reduced discretionary spending, and divestitures such as Zulily.[99] Profitability metrics showed volatility over the period, with adjusted OIBDA—a proxy for EBITDA—typically ranging from 15% to 20% of revenue in the pre-2020 years, supporting operational leverage in its core video commerce model. Net income fluctuated due to one-time impairments and restructuring costs; for instance, it reached $1.3 billion in 2019 before swinging to a $2.5 billion loss in 2021 from goodwill write-downs related to the pandemic's uneven recovery. By 2023, net income stood at a $145 million loss, and in 2024 it widened to a $1.3 billion loss, attributed to increased investments in e-commerce platforms and supply chain efficiencies, alongside higher return rates, promotional pressures that compressed margins, and further impairment charges. Adjusted OIBDA for 2023 was $1.1 billion, yielding a margin of approximately 10%, down from 18% in 2020; for 2024 it was $1.1 billion with a similar margin.[100][99]| Year | Revenue ($B) | Net Income ($M) | Adjusted OIBDA ($M) | OIBDA Margin (%) |
|---|---|---|---|---|
| 2018 | 14.1 | -405 | 2,400 | 17.0 |
| 2019 | 13.5 | 1,254 | 2,300 | 17.0 |
| 2020 | 14.2 | 421 | 2,500 | 18.0 |
| 2021 | 14.0 | -2,532 | 1,900 | 14.0 |
| 2022 | 12.1 | -2,594 | 1,064 | 8.8 |
| 2023 | 10.9 | -145 | 1,074 | 9.8 |
| 2024 | 10.0 | -1,290 | 1,103 | 11.0 |