QVC Group Inc-A 2025年度报告

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YesNo Indicate 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 theRegistrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. YesNo Indicate 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 12months (or for such shorter period that the registrant was required to submit such files). YesNo Indicate 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 acceleratedfiler," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated FilerAccelerated FilerNon-accelerated FilerSmaller Reporting CompanyEmerging Growth Company If 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 Section13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-OxleyAct (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financialstatements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesNo The aggregate market value of the voting stock held by nonaffiliates of QVC Group, Inc. computed by reference to the last sales price of QVC Group, Inc. common stock, as of the closing of trading on June 30, 2025, was The number of outstanding shares of QVC Group, Inc.'s common stock as of March 31, 2026 was: The Registrant’s definitive proxy statement for its 2026 Annual Meeting of Stockholders is hereby incorporated by reference into Part III of this Annual Report on Form 10-K. QVC GROUP, INC.2025 ANNUAL REPORT ON FORM 10‑K Table of Contents Part I Page Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures Part II Item 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecuritiesII-1Item 6.[Reserved]II-2Item 7.Management's Discussion and Analysis of Financial Condition and Results of OperationsII-2Item 7A.Quantitative and Qualitative Disclosures About Market RiskII-19Item 8.Financial Statements and Supplementary DataII-20Item 9.Changes in and Disagreements with Accountants on Accounting and Financial DisclosureII-20Item 9A.Controls and ProceduresII-20Item 9B.Other InformationII-20Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsII-21 Part III Item 10.Directors, Executive Officers and Corporate GovernanceIII‑1Item 11.Executive CompensationIII‑1Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersIII‑1Item 13.Certain Relationships and Related Transactions, and Director IndependenceIII‑1Item 14.Principal Accountant Fees and ServicesIII‑1 Part IV IV‑1IV‑8 Item 15.Exhibits and Financial Statement SchedulesItem 16.Form 10-K Summary PART I. Cautionary Note Regarding Forward-Looking Statements Certain statements in this Annual Report on Form 10-K constitute forward-looking statements within the meaning of the PrivateSecurities Litigation Reform Act of 1995, including statements regarding business, product and marketing strategies, including theoutcome and effects of the Chapter 11 Cases (as defined below) (including our ability to successfully emerge from the process and thetiming thereof); QVC’s WIN strategy; revenue growth at QVC; synergies; economic and macroeconomic trends (including impact oftariffs); statements regarding the carrying value of intangible assets; our ability to continue as a going concern;projectedsourcesandusesofcash;repaymentofdebt;fluctuationsininterestra