FuboTV (NYSE: FUBO) posts $1.48B Q3 revenue, record NA subscribers
Rhea-AI Filing Summary
FuboTV Inc. reported Q3 fiscal 2026 global revenue of $1.48 billion, with North America revenue of $1.47 billion and Total North America Subscribers of 5.75 million, up from 5.63 million in Q3 fiscal 2025, representing 2% year-over-year growth. Rest of World subscribers were 356,000.
The quarter produced a net loss of $25.7 million (vs. $38.0 million a year earlier), an EPS loss of $0.25 and Adjusted EBITDA of $19.1 million, down from Pro Forma Adjusted EBITDA of $31.0 million in Q3 fiscal 2025. FuboTV ended the quarter with $236.4 million in cash, cash equivalents and restricted cash. Operating cash flow for the first nine months of fiscal 2026 used $417,093 (thousands).
Following the business combination with Hulu + Live TV, FuboTV is accounting under a reverse acquisition with the Hulu Live Business as the acquirer and is now one of the largest virtual Pay TV providers in North America. Management raised fiscal 2026 Pro Forma Adjusted EBITDA guidance to $90–$100 million, reaffirmed a fiscal 2028 Adjusted EBITDA target of at least $300 million, continues to expect positive Free Cash Flow in fiscal 2027 and 2028, and reaffirmed fiscal 2026 year-end cash, cash equivalents and restricted cash guidance of at least $200 million. The company highlighted new product features, Disney advertising integration and ESPN "Where to Watch" links as drivers of engagement and subscriber acquisition.
Positive
- Raised 2026 profitability guidance: Pro Forma Adjusted EBITDA outlook increased to $90–$100 million from $80–$100 million, while reaffirming a fiscal 2028 Adjusted EBITDA target of at least $300 million and positive Free Cash Flow expectations for fiscal 2027 and 2028.
- Scale and subscriber momentum: Q3 fiscal 2026 global revenue reached $1.48 billion, and Total North America Subscribers grew to 5.75 million, a 2% year-over-year increase, described as a record Q3 level.
Negative
- Cash burn remains high: Net cash used in operating activities for the first nine months of fiscal 2026 totaled $417,093 (thousands), indicating significant cash outflows from operations despite positive Adjusted EBITDA.
- Profitability pressure: Q3 fiscal 2026 Adjusted EBITDA was $19.1 million, down from Pro Forma Adjusted EBITDA of $31.0 million in Q3 fiscal 2025, while the quarter still recorded a net loss of $25.7 million.
Filing Explained
At June 30, Fubo had 29,484,803 Class A shares, 78,992,518 vote-only Class B shares, and $1,825,516 thousand of redeemable non-controlling interest.
Under Item 2.02, this Form 8-K furnishes FuboTV’s completed quarter results for the period ended
At
The company presents the post-combination financial statements using reverse-acquisition accounting, with the Hulu Live Business treated as the accounting acquirer.
8-K Event Classification
Key Figures
Key Terms
Pro Forma Adjusted EBITDA financial
Free Cash Flow financial
redeemable non-controlling interest financial
reverse acquisition financial
vMVPD technical
Earnings Snapshot
Revised fiscal 2026 Pro Forma Adjusted EBITDA guidance to $90-$100 million; reaffirmed fiscal 2028 Adjusted EBITDA target of at least $300 million; positive Free Cash Flow remains expected in fiscal 2027 and 2028; reaffirmed fiscal 2026 ending cash, cash equivalents and restricted cash guidance of at least $200 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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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 Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On August 5, 2026, FuboTV Inc. announced its financial results for the quarter ended June 30, 2026. The full text of the shareholder letter and press release issued in connection with the announcement are attached as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K.
The information in this Item 2.02, including the information contained in Exhibits 99.1 and 99.2 of this Current Report on Form 8-K, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibits relating to Item 2.02 shall be deemed to be furnished, and not filed:
| Exhibit No. | Description | |
| 99.1 | Letter to Shareholders, dated August 5, 2026. | |
| 99.2 | Press Release of FuboTV Inc., August 5, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FUBOTV INC. | |||
| Date: | August 5, 2026 | By: | /s/ Alisa Bowen |
| Alisa Bowen | |||
| Chief Executive Officer | |||
Exhibit 99.1
August 5, 2026
Fellow Shareholders:
I am honored to be writing to you as FuboTV’s1 new Chief Executive Officer. Since my appointment in July, I have spent the past month meeting our incredible team and diving headfirst into FuboTV’s strategy, which has only reinforced my confidence in the company’s growth potential and ability to drive shareholder value.
While I am new to FuboTV, I am no stranger to our industry, operations and key stakeholders. I have been fortunate to spend my entire career in global media and entertainment businesses, holding senior leadership roles in operations and technology during periods of great transformation, including nearly a decade at The Walt Disney Company. In these roles, I have gained deep experience in the evolving consumer trends that are shaping media today, and the business models that have emerged from these exciting new dynamics.
Success in this space requires a clear strategy, excellence in execution, thoughtful capital allocation, and the ability to move rapidly to deliver at scale, all while keeping the viewer at the center of everything we do and continuing to innovate to drive engagement. That approach was key to my success in building Disney’s global streaming ambitions into one of the largest and most profitable direct-to-consumer streaming businesses in the world, and I’m excited to bring that experience to FuboTV.
Following the combination with Hulu + Live TV, FuboTV is now one of the largest virtual Pay TV providers in North America, commanding over $6 billion in pro forma combined revenue last fiscal year. Also, importantly, our company, named among Fast Company’s 2026 Most Innovative Video Companies, is a leader in its content packaging across sports, entertainment and news, including local programming, and is widely recognized as delivering a best-in-class user experience. These are strong foundations for growth, and my goal is to help the combined company reach its full potential by maximizing these opportunities.
It’s not lost on me that it’s a unique position to be FuboTV’s second-ever CEO, especially at a pivotal time in the company’s evolution. I plan to champion the same innovation that has been a hallmark of FuboTV’s history, while enhancing the experience for our subscribers and deepening our relationships with advertisers and content partners.
1 As used in this letter, unless expressly indicated otherwise, “FuboTV” refers to FuboTV Inc. (and its consolidated subsidiaries), and “Fubo” refers to the Company’s Fubo-branded offerings.
| 1 |
In my first few weeks, I’ve been able to see what makes our platforms and content so compelling – and this is evident in our third-quarter results. Subscriber performance during the quarter was strong, reflecting our unparalleled offering for can’t-miss live events like the NBA Finals and the FIFA World Cup 2026™. Our leadership position in advancing the live TV user experience was on full display during the World Cup, including enhanced search and personalization capabilities, interactive content hubs and mobile viewing innovations on the Fubo service. Our subscribers’ response to these features was strong and reinforces the Company’s position as an innovator.
Importantly, we also continue to see the impact of our deeper commercial relationship with our presence on Disney platforms. For example, ESPN’s “Where-to-Watch” integration is proving to be an emerging source of subscriber acquisition for Fubo products, delivering strong conversion and retention metrics to date compared with other acquisition channels, and demonstrating the opportunity from reaching high quality, well qualified potential subscribers with our offers. We believe Disney’s progress towards fully integrating Hulu into Disney+, including the planned Live TV integration, will be another positive step, and we are excited about advancements in the Live TV consumer experience. And, we have begun to see the power of being part of the Disney advertising organization with improvements in both Fubo’s CPM rates and capacity utilization since completing our migration to the Disney Ad Server platform. We are also thrilled that FuboTV was part of Disney’s Advertising Upfronts this year, adding to Disney’s portfolio of industry-leading live sports, news and entertainment opportunities for advertisers. While these initiatives are in their early innings, they are positive steps that we plan to continue building on as we move forward.
Looking ahead, I am working closely with our teams to sharpen our strategic focus, and determine where we can amplify our opportunities to accelerate growth and drive profitability, as we continue to position FuboTV for this next phase. I will be sharing a strategic update on our November earnings call, along with more details on our plan to deliver increasing shareholder value.
FuboTV’s future is bright and I am excited to build on its momentum. In the meantime, I encourage you to read more about our third quarter product and performance highlights in the remainder of the letter below.
Sincerely,
Alisa Bowen
CEO, FuboTV
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Q3 Fiscal 2026 Highlights
To facilitate comparability between periods, the following presents FuboTV’s Q3 fiscal 2026 results compared to FuboTV’s results for the corresponding three month period ended June 30, 2025 (“Q3 fiscal 2025”) on an as-reported basis and pro forma basis, which gives effect to the Company’s business combination with Hulu + Live TV as if it had been completed at the beginning of the first period presented.
| ● | Revenue of $1.482 billion, compared to $1.074 billion in Q3 fiscal 2025 |
| ○ | Compared to Q3 fiscal 2025 Pro Forma Revenue of $1.484 billion |
| ● | Total North America Subscribers of 5.75 million, compared to 5.63 million in Q3 fiscal 2025, representing growth of 2% on a year-over-year (YoY) basis | |
| ● | Net Loss of $25.7 million, compared to a Net Loss of $38.0 million in Q3 fiscal 2025 |
| ○ | Compared to Q3 fiscal 2025 Pro Forma Net Loss of $72.0 million |
| ● | Adjusted EBITDA2 of $19.1 million, compared to Pro Forma Adjusted EBITDA2 of $31.0 million in Q3 fiscal 2025 | |
| ● | Cash Position: FuboTV ended the quarter with $236.4 million in cash, cash equivalents and restricted cash on hand | |
| ● | Earnings Per Share (“EPS”) loss of $0.25 |
We ended the quarter with 29,484,803 shares of Class A common stock issued and outstanding and 78,992,518 shares of Class B common stock (vote only) issued and outstanding.
| Summary Financials (millions) | ||||||||||||||||||||
| Global | ||||||||||||||||||||
| Fiscal Quarter | 3Q25 | 4Q25 | 1Q26 | 2Q26 | 3Q26 | |||||||||||||||
| Quarter Ending | 6/28/2025 | 9/27/2025 | 12/31/2025 | 3/31/2026 | 6/30/2026 | |||||||||||||||
| Revenue | $ | 1,073.8 | $ | 1,107.7 | $ | 1,548.7 | $ | 1,573.9 | $ | 1,481.7 | ||||||||||
| Pro Forma Revenue | $ | 1,483.8 | $ | 1,501.7 | $ | 1,683.1 | ||||||||||||||
| Net Income (Loss) | $ | (38.0 | ) | $ | (38.8 | ) | $ | (19.1 | ) | $ | (6.2 | ) | $ | (25.7 | ) | |||||
| Pro Forma Net Income (Loss) | $ | (72.0 | ) | $ | (96.3 | ) | $ | (46.4 | ) | |||||||||||
| Pro Forma Adjusted EBITDA / Adjusted EBITDA3 | $ | 31.0 | $ | 4.1 | $ | 41.4 | $ | 37.7 | $ | 19.1 | ||||||||||
| North America (NA) | ||||||||||||||||||||
| Fiscal Quarter | 3Q25 | 4Q25 | 1Q26 | 2Q26 | 3Q26 | |||||||||||||||
| Quarter Ending | 6/28/2025 | 9/27/2025 | 12/31/2025 | 3/31/2026 | 6/30/2026 | |||||||||||||||
| Revenue | $ | 1,073.8 | $ | 1,107.7 | $ | 1,542.9 | $ | 1,565.6 | $ | 1,473.9 | ||||||||||
| Pro Forma Revenue | $ | 1,475.1 | $ | 1,493.2 | $ | 1,674.5 | ||||||||||||||
| Total Subscribers | 5.63 | 6.01 | 6.18 | 5.73 | 5.75 | |||||||||||||||
| Rest of World (ROW) | ||||||||||||||||||||
| Fiscal Quarter | 3Q25 | 4Q25 | 1Q26 | 2Q26 | 3Q26 | |||||||||||||||
| Quarter Ending | 6/28/2025 | 9/27/2025 | 12/31/2025 | 3/31/2026 | 6/30/2026 | |||||||||||||||
| Revenue | $ | - | $ | - | $ | 5.8 | $ | 8.3 | $ | 7.8 | ||||||||||
| Pro Forma Revenue | $ | 8.6 | $ | 8.6 | $ | 8.6 | ||||||||||||||
| Total Subscribers | 0.349 | 0.342 | 0.335 | 0.328 | 0.356 | |||||||||||||||
2 Adjusted EBITDA and Pro Forma Adjusted EBITDA are non-GAAP financial measures. For a reconciliation of these measures to the most directly comparable U.S. GAAP financial measures, Net Income (Loss) and Pro Forma Net Income (Loss) (prepared in accordance with Article 11 of Regulation S-X), respectively, for historical periods, please refer to the “Reconciliation of Key Performance Metrics and Non-GAAP Financial Measures” section of this letter. See “Basis of Presentation” and “Key Performance Metrics and Non-GAAP Financial Measures” for more information.
3 Adjusted EBITDA for all periods prior to Q2 fiscal 2026 is presented on a pro forma basis.
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Guidance and Long-Term Financial Targets
| ● | Revised Fiscal 2026 Pro Forma Adjusted EBITDA4 guidance to $90-$100 million (compared to $80-$100 million previously) | |
| ● | Reaffirmed Fiscal 2028 Adjusted EBITDA4 target of at least $300 million | |
| ● | Positive Free Cash Flow4 remains expected in Fiscal 2027 and Fiscal 2028 under current operating plan | |
| ● | Reaffirmed Fiscal 2026 ending cash, cash equivalents and restricted cash guidance of at least $200 million |
Fubo Links on ESPN Platform
Our previously announced inclusion of Fubo links on ESPN’s “Where to Watch” pages is off to a promising start. To date, customers referred to Fubo from ESPN (via ESPN.com) have been converting from free trials to paid subscriptions at higher levels than customers acquired from other channels, and are showing favorable early retention indicators. This suggests the initiative is driving high quality customers to the Fubo platform.
North America Advertising
Reported advertising revenue was $108.9 million, compared to pro forma advertising revenue of $109.4 million in the comparable prior-year period. We completed the integration of Fubo with the Disney Ad Server and optimized audience targeting, resulting in a lift to fill rates and CPMs on Fubo. Additionally, the FIFA World Cup 2026™, of which Fubo streamed in English (via FOX) and Spanish (Telemundo), drove meaningful ad revenue during the quarter, amounting to three times the ad revenue compared to the 2022 World Cup competition. As we continue to refine our ad tech synergies with Disney, we anticipate sustained advancement across our advertising business.
4 Free Cash Flow is a non-GAAP financial measure. The Company is not providing a reconciliation of forward-looking Pro Forma Adjusted EBITDA, Adjusted EBITDA or Free Cash Flow to the most directly comparable U.S. GAAP measures, Pro Forma Net income (Loss) (prepared in accordance with Article 11 of Regulation S-X), Net Income (Loss) and net cash provided by (used in) operating activities, respectively, because the Company does not currently have sufficient information to accurately estimate all of the variables and individual adjustments for such reconciliation. As such, the Company cannot estimate on a forward-looking basis without unreasonable effort the impact these variables and individual adjustments will have on its reported results. See also “Basis of Presentation” and “Key Performance Metrics and Non-GAAP Financial Measures.”
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Fubo Platform Product and Technology Update
We redesigned and optimized the Fubo mobile experience for FIFA World Cup 2026™, delivering the tournament’s biggest moments through a compelling live and on-demand streaming experience. Our Fubo mobile app home screen became a destination to catch up on live scores, match moments and team news, while features like game alerts drove viewership to the full game. This dynamic user-controlled experience, which we also extended to CTV and web, contributed to increased repeat visits to our platform during the tournament, including a 20% increase in repeat visits to Fubo’s Spanish-language plans.
We also expanded our feature that leverages opted-in users’ DVRs to identify and surface must-watch moments, across all sports. The Fubo platform now supports player-level and cross-game moments. Among applicable users, more than 40% engaged with the feature weekly. Those who did engage returned to the platform 6 more days in June than those who did not.
Through these features, we are providing our subscribers with personalized tools to experience live events, using their DVR to give them control over how they view and interact with their favorite content.
Also during the quarter we launched our user-configured Multiview feature on LG TVs, making Fubo the first vMVPD to launch Multiview with LG ahead of the 2026 fall football season. Additionally, as a result of our investments in streaming quality and upscaling, we now offer our users a robust selection of high-resolution channels that compares favorably to other streaming services.
Looking ahead, we remain on track to launch our previously announced AI-driven voice assistant feature in the fall. Our voice assistant will allow subscribers to search their DVR’d content using natural language queries (e.g., “show me the touchdowns from this weekend’s games” or “I want to watch Michigan’s game-winning drive from last night”).
Content and Distribution
We were pleased to bring back NBCUniversal’s portfolio of sports, entertainment and news networks to Fubo. This included Telemundo and Universo, the official Spanish-language distribution partners for FIFA World Cup 2026, which we were excited to deliver to subscribers of Fubo Latino. The reintroduction of these networks in time for the World Cup contributed to subscriber growth in the month of June.
Our continued expansion of our robust live sports offering was marked by new content partnerships with The Athletic, Ice Cube’s BIG3 basketball, Tracy McGrady’s ONES Basketball League and the European Football Alliance (EFA).
Q3 Fiscal 2026 Earnings Live Conference Call
FuboTV CEO Alisa Bowen and CFO John Janedis will host a conference call today at 9:30 a.m. ET to deliver remarks on the quarter followed by a question-and-answer session. The live webcast will be available on the Events & Presentations page of FuboTV’s Investor Relations website. An archived replay of the webcast will be available on FuboTV’s website shortly after the conclusion of the call. Participants should join the call at least 10 minutes prior to ensure that they are connected prior to the event.
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More Information
We encourage you to read our full set of financial statements and SEC filings and to sign up for email alerts on the investor relations section of our website at ir.fubo.tv.
Additional information is available at www.sec.gov under FuboTV Inc.’s filings, as well as https://ir.fubo.tv.
FuboTV Inc. intends to use its website as a disclosure channel and investors are encouraged to refer to it, as well as press releases and SEC filings. The Company encourages reading the full set of financial statements and related disclosures in its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026 that will be filed with the SEC.
About FuboTV Inc.
FuboTV Inc. (NYSE: FUBO) is a consumer-first live TV streaming company with the mission of delivering premium sports, news and entertainment programming through a best-in-class user experience that offers greater choice, flexibility and value. The sixth largest Pay TV company and the second largest vMVPD in the U.S. (UBS estimates) and ranked among Fast Company’s Most Innovative Companies (2026) and the Financial Times’ The Americas’ Fastest-Growing Companies (2026, 2025), FuboTV Inc. owns Hulu + Live TV (entertainment), Fubo (sports) and Molotov (entertainment and sports), which stream in markets around the globe. FuboTV Inc. is an affiliate of The Walt Disney Company.
Learn more at https://fubo.tv
Forward-Looking Statements
This letter contains forward-looking statements of FuboTV Inc. (the “Company” or “FuboTV”) that involve substantial risks and uncertainties. All statements contained in this letter that do not relate to matters of historical fact are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including statements regarding our business strategy and plans, our financial results and our expected future financial results, including our financial outlook and/or guidance and long-term targets, which include Adjusted EBITDA, Pro Forma Adjusted EBITDA, Free Cash Flow and ending cash, cash equivalents and restricted cash, growth opportunities and expected acceleration of our growth and profitability objectives, our offerings and the benefits of any expanded product offerings and technical innovations, including the use of AI tools, the timing of future launches, our partnerships and other arrangements, our sports programming and packaging, distribution and consumer preferences, the benefits of our business combination with Hulu + Live TV, progression on synergy opportunities and anticipated related benefits, and benefits of our ad tech migration to Disney. The words “could,” “will,” “plan,” “intend,” “anticipate,” “approximate,” “expect,” “potential,” “believe” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that Fubo makes due to a number of important factors, including but not limited to the following: our ability to achieve or maintain profitability; risks related to our access to capital and fundraising prospects to fund our financial operations and support our planned business growth; risks related to the integration of the Hulu + Live TV business; risks related to our organizational structure following completion of the Business Combination; our revenue and gross profit are subject to seasonality; our operating results may fluctuate; our ability to effectively manage our growth; risks related to the Business Combination; the long-term nature of our content commitments; our ability to renew our long-term content contracts on sufficiently favorable terms; our ability to attract and retain subscribers; risks related to our commercial arrangements with Hulu; obligations imposed on us through our agreements with certain distribution partners; our ability to license streaming content or other rights on acceptable terms; the restrictions imposed by content providers on our distribution and marketing of our products and services; our reliance on third party platforms to operate certain aspects of our business; risks related to the difficulty in measuring key metrics related to our business; risks related to preparing and forecasting our financial results; risks related to the highly competitive nature of our industry; risks related to our technology, as well as cybersecurity and data privacy-related risks; risks related to our conversion to a Delaware corporation and our status as a “controlled company”; risks related to ongoing or future legal proceedings; and other risks, including the effects of industry, market, economic, political or regulatory conditions, future exchange and interest rates, and changes in tax and other laws, regulations, rates and policies. Further risks that could cause actual results to differ materially from those matters expressed in or implied by such forward-looking statements are discussed in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 filed with the Securities and Exchange Commission (“SEC”), our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026, to be filed with the SEC, and our other periodic filings with the SEC. We encourage you to read such risks in detail. The forward-looking statements in this letter represent FuboTV’s views as of the date of this letter. FuboTV anticipates that subsequent events and developments will cause its views to change. However, while it may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. You should, therefore, not rely on these forward-looking statements as representing FuboTV’s views as of any date subsequent to the date of this letter.
(FuboTV Inc. As-Reported Financial Statements begin on the following pages)
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FuboTV Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts)
| For the Three Months Ended | ||||||||
| June 30, | June 28, | |||||||
| 2026 | 2025 | |||||||
| Unaudited | Unaudited | |||||||
| Revenues | ||||||||
| Subscription | $ | 300,403 | $ | - | ||||
| Related party | 1,067,851 | 1,071,001 | ||||||
| Advertising | 108,944 | - | ||||||
| Other | 4,516 | 2,794 | ||||||
| Total revenues | 1,481,714 | 1,073,795 | ||||||
| Operating expenses | ||||||||
| Subscriber related expenses | 816,867 | 496,221 | ||||||
| Subscriber related expenses - related party | 547,820 | 574,780 | ||||||
| Broadcasting and transmission | 9,141 | - | ||||||
| Sales and marketing | 59,245 | 1,184 | ||||||
| Technology and development | 20,900 | - | ||||||
| General and administrative | 18,111 | 39,629 | ||||||
| Depreciation and amortization | 36,227 | - | ||||||
| Total operating expenses | 1,508,311 | 1,111,814 | ||||||
| Operating loss | (26,597 | ) | (38,019 | ) | ||||
| Other income (expense) | ||||||||
| Interest expense, net | (2,988 | ) | - | |||||
| Amortization of debt premium, net | 4,674 | - | ||||||
| Other income (expense) | (72 | ) | - | |||||
| Total other income (expense) | 1,614 | - | ||||||
| Loss from before income taxes | (24,983 | ) | (38,019 | ) | ||||
| Income tax provision | (728 | ) | - | |||||
| Net loss | (25,711 | ) | (38,019 | ) | ||||
| Less: Net loss attributable to non-controlling interest | 17,487 | - | ||||||
| Net loss attributable to common shareholders | $ | (8,224 | ) | $ | (38,019 | ) | ||
| Other comprehensive income (loss) | ||||||||
| Foreign currency translation adjustment | 80 | - | ||||||
| Comprehensive loss attributable to common shareholders | $ | (8,144 | ) | $ | (38,019 | ) | ||
| Net loss per share - basic and diluted | $ | (0.25 | ) | $ | - | |||
| Weighted average shares outstanding: | ||||||||
| Basic and diluted | 32,758,090 | - | ||||||
| Stock-based compensation was allocated as follows: | ||||||||
| Subscriber related expenses | 66 | - | ||||||
| Sales and marketing | 2,422 | - | ||||||
| Technology and development | 2,213 | - | ||||||
| General and administrative | 4,776 | - | ||||||
| Total stock-based compensation | 9,477 | - | ||||||
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FuboTV Inc.
Condensed Consolidated Balance Sheets
(in thousands)
| June 30, | September 27, | |||||||
| 2026 | 2025 | |||||||
| Unaudited | ||||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 230,283 | $ | - | ||||
| Accounts receivable, net | 109,609 | 6,655 | ||||||
| Accounts receivable, net - related party | 501,302 | - | ||||||
| Prepaid and other current assets | 50,381 | - | ||||||
| Total current assets | 891,575 | 6,655 | ||||||
| Property and equipment, net | 5,718 | - | ||||||
| Restricted cash | 6,145 | - | ||||||
| Intangible assets, net | 369,136 | - | ||||||
| Goodwill | 2,614,248 | 1,296,000 | ||||||
| Right-of-use assets | 32,204 | - | ||||||
| Other non-current assets | 18,060 | - | ||||||
| Total assets | $ | 3,937,086 | $ | 1,302,655 | ||||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 37,772 | $ | - | ||||
| Accrued expenses and other current liabilities | 530,869 | 370,933 | ||||||
| Related party current liabilities | 244,260 | 16,396 | ||||||
| Deferred revenue | 71,314 | - | ||||||
| Long-term borrowings - current portion | 342 | - | ||||||
| Current portion of lease liabilities | 2,989 | - | ||||||
| Total current liabilities | 887,546 | 387,329 | ||||||
| Convertible notes, net | 224,953 | - | ||||||
| Notes payable - related party | 145,000 | - | ||||||
| Deferred tax liabilities | 1,732 | - | ||||||
| Lease liabilities | 29,456 | - | ||||||
| Other long-term liabilities | 9,530 | - | ||||||
| Total liabilities | 1,298,217 | 387,329 | ||||||
| COMMITMENTS AND CONTINGENCIES (Note 13) | ||||||||
| Redeemable non-controlling interest | 1,825,516 | - | ||||||
| Shareholders' equity: | ||||||||
| Preferred Stock par value $0.0001: 50,000,000 shares and 0 shares authorized at June 30, 2026 and September 27, 2025, respectively; 0 shares issued and outstanding at June 30, 2026 and September 27, 2025, respectively | - | - | ||||||
| Class A Common Stock par value $0.0001: 5,000,000,000 and 0 shares authorized at June 30, 2026 and September 27, 2025, respectively; 29,484,803 and 0 shares issued and outstanding at June 30, 2026 and September 27, 2025, respectively | 3 | - | ||||||
| Class B Common Stock par value $0.0001: 2,000,000,000 and 0 shares authorized at June 30, 2026 and September 27, 2025, respectively; 78,992,518 and 0 shares issued and outstanding at June 30, 2026 and September 27, 2025, respectively | 8 | - | ||||||
| Additional paid-in capital | 829,743 | 915,326 | ||||||
| Accumulated deficit | (16,301 | ) | - | |||||
| Accumulated other comprehensive loss | (100 | ) | - | |||||
| Total shareholders' equity | $ | 813,353 | $ | 915,326 | ||||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | $ | 3,937,086 | $ | 1,302,655 | ||||
| 8 |
FuboTV Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
| For the Nine Months Ended | ||||||||
| June 30, | June 28, | |||||||
| 2026 | 2025 | |||||||
| Unaudited | Unaudited | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (50,981 | ) | $ | (117,520 | ) | ||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||
| Depreciation and amortization | 96,467 | - | ||||||
| Stock-based compensation | 32,359 | - | ||||||
| Amortization of debt premium, net | (12,438 | ) | - | |||||
| Deferred income tax provision | 521 | - | ||||||
| Amortization of right-of-use assets | 2,097 | - | ||||||
| Changes in operating assets and liabilities of business: | ||||||||
| Accounts receivable, net | (526,541 | ) | (112 | ) | ||||
| Prepaid expenses and other assets | (11,137 | ) | - | |||||
| Accounts payable | (7,162 | ) | - | |||||
| Accrued expenses and other liabilities | 89,839 | (10,071 | ) | |||||
| Deferred revenue | (28,261 | ) | - | |||||
| Lease liabilities | (1,856 | ) | - | |||||
| Net cash used in operating activities | (417,093 | ) | (127,703 | ) | ||||
| Cash flows from investing activities | ||||||||
| Acquisition of Fubo, net of cash acquired | 268,057 | - | ||||||
| Purchases of property and equipment | (1,066 | ) | - | |||||
| Capitalization of internal use software | (8,045 | ) | - | |||||
| Net cash provided by investing activities | 258,946 | - | ||||||
| Cash flows from financing activities | ||||||||
| Proceeds from the issuance of common stock | 95 | - | ||||||
| Pre-combination net contributions from Disney | 394,499 | 127,703 | ||||||
| Proceeds from note payable - related party | 145,000 | - | ||||||
| Repayment of convertible notes | (144,765 | ) | - | |||||
| Proceeds from exercise of stock options | 102 | - | ||||||
| Payment for cancellation of fractional shares | (2 | ) | - | |||||
| Repayments of notes payable and long-term borrowings | (354 | ) | - | |||||
| Net cash provided by financing activities | 394,575 | 127,703 | ||||||
| Net increase in cash, cash equivalents and restricted cash | 236,428 | - | ||||||
| Cash, cash equivalents and restricted cash at beginning of period | - | - | ||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 236,428 | $ | - | ||||
| Supplemental disclosure of cash flows information: | ||||||||
| Interest paid | 11,394 | - | ||||||
| Income taxes paid | 464 | - | ||||||
| Non-cash financing and investing activities: | ||||||||
| Redeemable non-controlling interest | 1,825,516 | - | ||||||
| Unpaid property and equipment included accounts payable | 36 | - | ||||||
| 9 |
Basis of Presentation
On October 29, 2025 (the “Closing Date”), FuboTV Inc. (the “Company” or “FuboTV”), The Walt Disney Company (“Disney”) and Hulu, LLC (“Hulu”) consummated the transactions contemplated by the Business Combination Agreement, dated as of January 6, 2025, by and among FuboTV, Disney and Hulu, pursuant to which the parties combined FuboTV’s existing business with Disney’s Hulu + Live TV business (the “Hulu Live Business” and, such transactions, collectively, the “Business Combination”).
The Company has accounted for the Business Combination as a reverse acquisition of the Company using the acquisition method of accounting in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), with the Hulu Live Business treated as the accounting acquirer. Accordingly, commencing with the fiscal quarter ended December 31, 2025, the historical combined carve-out financial statements of the Hulu Live Business are presented as the historical financial statements of the Company. Prior to the Business Combination, the Hulu Live Business operated as part of Hulu, which is controlled and consolidated by Disney, and, therefore, its historical financial statements were prepared on a carve-out basis from Disney and Hulu, including allocations of certain corporate costs, shared services, and assets and liabilities that were not historically operated or financed on a standalone basis. As a result, the historical results of the Hulu Live Business are not necessarily comparable to the results of the Company following the Business Combination.
To facilitate comparability between periods, we have also included supplemental unaudited pro forma condensed combined financial information, including Pro Forma Revenue and Pro Forma Net Income (Loss), giving effect to the Business Combination as if it had been consummated at the beginning of the first period presented. The unaudited pro forma condensed combined financial information has been prepared in accordance with U.S. GAAP and Article 11 of Regulation S-X. The unaudited pro forma condensed combined financial information is based on the historical combined carve-out financial statements of the Hulu Live Business and the historical consolidated financial statements of FuboTV, as adjusted to give effect to the Business Combination and related transactions. This information is provided for illustrative purposes only and is not necessarily indicative of what the actual results of operations and financial position would have been had the Business Combination and related transactions taken place on the dates indicated, nor are they indicative of the future consolidated results of operations or financial position of the combined company.
Prior to the closing of the Business Combination, the Hulu Live Business’s fiscal year ended on the Saturday closest to September 30, and the Company’s historical fiscal year end was December 31. Effective as of the Closing Date, the Company changed its fiscal year end to September 30, with its first full fiscal year following the Closing Date to end on September 30, 2026.
Key Performance Metrics and Non-GAAP Financial Measures
Total Subscribers
Total Subscribers represent the total number of subscribers to our live TV streaming services, including Fubo and Hulu + Live TV, who have completed registration, have activated a payment method (reflecting one paying subscriber per plan), and from whom payment was collected during the month ending the relevant period. Subscribers participating in free or trial offerings are excluded from this metric. We believe the number of total paid subscribers is a useful metric for gauging the size of our user base following the business combination with Hulu + Live TV. For comparative purposes, Total Subscribers for periods ended prior to the Closing Date gives effect to the Business Combination as if it had been completed at the beginning of such period.
| 10 |
Adjusted EBITDA and Pro Forma Adjusted EBITDA
Adjusted EBITDA and Pro Forma Adjusted EBITDA are non-GAAP financial measures defined as Net Income (Loss) and Pro Forma Net income (Loss), respectively, in each case adjusted for depreciation and amortization, impairment of other assets, stock-based compensation, certain litigation and transaction expenses, other (income) expense, income tax provision (benefit), and certain corporate allocation expenses. Certain litigation expenses consist of legal expenses and related fees and costs for specific proceedings that we have determined arise outside of the ordinary course of business and do not consider representative of our underlying operating performance, based on the several considerations which we assess regularly, including: (1) the frequency of similar cases that have been brought to date, or are expected to be brought in the future; (2) matter-specific facts and circumstances, such as the unique nature or complexity of the case and/or remedy(ies) sought, including the size of any monetary damages sought; (3) the counterparty involved; and (4) the extent to which management considers these amounts for purposes of operating decision-making and in assessing operating performance. Certain transaction expenses consist of professional advisor costs related to the business combination with Hulu + Live TV. Certain corporate allocation expenses consist of expenses related to allocations of Hulu and Disney’s corporate executive functions and other services previously provided by Hulu and Disney to the Hulu Live Business. As many of these corporate functions are redundant to those already existing at FuboTV, FuboTV expects to incur limited additional costs to operate as a combined public company that are not based on the commercial arrangements effective as of the Closing Date.
Adjusted EBITDA Margin and Pro Forma Adjusted EBITDA Margin
Adjusted EBITDA Margin and Pro Forma Adjusted EBITDA Margin are non-GAAP financial measures defined as Adjusted EBITDA divided by Revenue and Pro Forma Adjusted EBITDA divided by Pro Forma Revenue, respectively.
Free Cash Flow
Free Cash Flow is a non-GAAP measure defined as Net cash provided by (used in) operating activities, reduced by capital expenditures (consisting of purchases of property and equipment), capitalization of internal use software, purchases of intangible assets and gain on settlement of litigation, net. We believe Free Cash Flow is an important liquidity measure of the cash that is available for operational expenses, investments in our business, strategic acquisitions, and for certain other activities such as repaying debt obligations and stock repurchases. Free Cash Flow is a key financial indicator used by management. Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash. The use of Free Cash Flow as an analytical tool has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures. Because of these limitations, Free Cash Flow should be considered along with other operating and financial performance measures presented in accordance with GAAP.
Reconciliation of Key Performance Metrics and Non-GAAP Financial Measures
Certain measures used in this letter, including Adjusted EBITDA, Pro Forma Adjusted EBITDA, Adjusted EBITDA Margin, Pro Forma Adjusted EBITDA Margin and Free Cash Flow, are non-GAAP financial measures. We believe these are useful financial measures for investors as they are supplemental measures used by management in evaluating our core operating performance. Our non-GAAP financial measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for an analysis of our results under GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. First, these non-GAAP financial measures are not a substitute for GAAP financial measures. Second, these non-GAAP financial measures may not provide information directly comparable to measures provided by other companies in our industry, as those other companies may calculate their non-GAAP financial measures differently.
The following tables include reconciliations of the historical non-GAAP financial measures used in this letter to their most directly comparable GAAP financial measures.
| 11 |
FuboTV Inc.
Reconciliation of Net Income (Loss) and Pro Forma Net Income (Loss) to Non-GAAP Adjusted EBITDA and Pro Forma Non-GAAP Adjusted EBITDA
(in thousands)
| Three Months Ended | ||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | December 31, 2025 | September 27, 2025 | June 28, 2025 | ||||||||||||||||
| As-Reported | As-Reported | Pro Forma | Pro Forma | Pro Forma | ||||||||||||||||
| Reconciliation of Net Income (Loss) to Adjusted EBITDA | ||||||||||||||||||||
| Net income (loss) | $ | (25,711 | ) | $ | (6,206 | ) | $ | (46,388 | ) | $ | (96,253 | ) | $ | (71,970 | ) | |||||
| Depreciation and amortization | 36,227 | 36,010 | 27,367 | 46,579 | 46,580 | |||||||||||||||
| Stock-based compensation | 9,477 | 10,187 | 18,240 | 14,068 | 12,832 | |||||||||||||||
| Certain litigation and transaction expenses(1) | 29 | 628 | 36,793 | 7,664 | 8,271 | |||||||||||||||
| Other (income) expense | (1,614 | ) | (3,215 | ) | (8,808 | ) | (528 | ) | (564 | ) | ||||||||||
| Income tax provision (benefit) | 728 | 343 | 367 | (3,410 | ) | (63 | ) | |||||||||||||
| Certain corporate allocation expenses(2) | - | - | 13,825 | 35,936 | 35,923 | |||||||||||||||
| Adjusted EBITDA | 19,136 | 37,747 | 41,396 | 4,056 | 31,009 | |||||||||||||||
| Adjusted EBITDA | 19,136 | 37,747 | 41,396 | 4,056 | 31,009 | |||||||||||||||
| Divide: | ||||||||||||||||||||
| Revenue | 1,481,714 | 1,573,867 | 1,683,120 | 1,501,733 | 1,483,785 | |||||||||||||||
| Adjusted EBITDA Margin | 1.3 | % | 2.4 | % | 2.5 | % | 0.3 | % | 2.1 | % | ||||||||||
| (1) | Certain litigation expenses consist of legal expenses and related fees for specific proceedings that we have determined arise outside of the ordinary course of business and do not consider representative of our underlying operating performance. For the periods presented, the adjustment included expenses attributable to antitrust and data privacy litigation. Certain transaction expenses consist of professional advisor costs related to the business combination with Hulu + Live TV. |
| (2) | Certain corporate allocation expenses consist of expenses related to allocations of Hulu and Disney’s corporate executive functions and other services previously provided by Hulu and Disney to the Hulu Live Business. As many of these corporate functions are redundant to those already existing at FuboTV, FuboTV expects to incur limited additional costs to operate as a combined public company that are not based on the commercial arrangements effective as of the Closing Date. |
# # #
| 12 |
Contacts
Investor Contacts:
Ameet Padte, FuboTV
ameet@fubo.tv
Tanner Kaufman / Heather Wilson, FTI Consulting
tanner.kaufman@fticonsulting.com / heather.wilson@fticonsulting.com
Media Contacts:
Jennifer L. Press, FuboTV
jpress@fubo.tv
Bianca Illion, FuboTV
billion@fubo.tv
| 13 |
Exhibit 99.2
FOR IMMEDIATE RELEASE
FUBOTV DELIVERS $1.48 BILLION GLOBAL REVENUE IN Q3 FY 2026, RECORD Q3 NORTH AMERICA SUBSCRIBERS
NEW YORK – AUGUST 5, 2026 – FuboTV Inc. (NYSE: FUBO) today announced its financial results for its third quarter fiscal 2026 ended June 30, 2026.
Q3 Fiscal 2026 Highlights1
Global Results
| ● | Revenue of $1.482 billion, compared to $1.074 billion in Q3 fiscal 2025. |
| ○ | Compared to Q3 fiscal 2025 Pro Forma Revenue of $1.484 billion. |
| ● | Net Loss of $25.7 million, compared to a Net Loss of $38.0 million in Q3 fiscal 2025. |
| ○ | Compared to Q3 fiscal 2025 Pro Forma Net Loss of $72.0 million. |
| ● | Adjusted EBITDA2 of $19.1 million, compared to Pro Forma Adjusted EBITDA2 of $31.0 million in Q3 fiscal 2025. | |
| ● | Cash Position: FuboTV ended the quarter with $236.4 million in cash, cash equivalents and restricted cash on hand. | |
| ● | Earnings Per Share (“EPS”) loss of $0.25. |
North America (“NA”) Results
| ● | Revenue of $1.474 billion, compared to Q3 fiscal 2025 Revenue of $1.074 billion. |
| ○ | Compared to Q3 fiscal 2025 Pro Forma Revenue of $1.475 billion. |
| ● | Total NA Paid Subscribers of 5.75 million, compared to 5.63 million in Q3 fiscal 2025, representing growth of 2% on a year-over-year (YoY) basis. |
1 To facilitate comparability between periods, the following presents FuboTV’s Q3 fiscal 2026 results compared to FuboTV’s results for the corresponding three month period ended June 30, 2025 (“Q3 fiscal 2025”) on an as-reported basis and pro forma basis, which gives effect to the Company’s business combination with Hulu + Live TV as if it had been completed at the beginning of the first period presented.
2 Adjusted EBITDA and Pro Forma Adjusted EBITDA are non-GAAP financial measures. For a reconciliation of these measures to the most directly comparable U.S. GAAP financial measures, Net Income (Loss) and Pro Forma Net Income (Loss) (prepared in accordance with Article 11 of Regulation S-X), respectively, for historical periods, please refer to the “Reconciliation of Key Performance Metrics and Non-GAAP Financial Measures” section of this press release. See “Basis of Presentation” and “Key Performance Metrics and Non-GAAP Financial Measures” for more information.”
Rest of World (“ROW”) Results
| ● | Revenue of $7.8 million compared to Q3 fiscal 2025 Pro Forma Revenue of $8.6 million | |
| ● | Total ROW Paid Subscribers of 356,000, compared to 349,000 in Q3 fiscal 2025. |
Guidance and Long-Term Financial Targets
| ● | Revised Fiscal 2026 Pro Forma Adjusted EBITDA3 guidance to $90-$100 million (compared to $80-$100 million previously). | |
| ● | Reaffirmed Fiscal 2028 Adjusted EBITDA3 target of at least $300 million. | |
| ● | Positive Free Cash Flow3 remains expected in Fiscal 2027 and Fiscal 2028 under the current operating plan. | |
| ● | Reaffirmed Fiscal 2026 ending cash, cash equivalents and restricted cash guidance of at least $200 million. |
Message from FuboTV CEO Alisa Bowen
“Since my appointment in July, my confidence in FuboTV’s differentiation and unique growth prospects has only continued to build. Our third quarter performance demonstrated strong subscriber acquisition, underpinned by our unparalleled ability to provide a compelling viewing experience to fans during high-profile sports events like the NBA Finals and the FIFA World Cup 2026™ with flexible programming packages and innovative user experiences. We also saw strength in our advertising business, with encouraging improvements in advertising capacity utilization and CPMs since completing our integration with Disney Advertising. As we look to build on this momentum, my focus is on accelerating the growth of FuboTV, by refining and expanding our packaging options, broadening our distribution and investing in user experience innovation that enhances flexibility, choice and value for the consumer. I am working closely with our FuboTV team, Disney leadership and all our valued partners to evolve our strategy and, in the months ahead, I look forward to sharing more details on our plans to drive shareholder value.”
Shareholder Letter
Complete Q3 fiscal 2026 results are detailed in FuboTV’s shareholder letter available on the Company’s Investor Relations website and included as an exhibit in the Current Report on Form 8-K furnished with the SEC on August 5, 2026.
3 Free Cash Flow is a non-GAAP financial measure. The Company is not providing a reconciliation of forward-looking Pro Forma Adjusted EBITDA, Adjusted EBITDA or Free Cash Flow to the most directly comparable U.S. GAAP measures, Pro Forma Net income (Loss) (prepared in accordance with Article 11 of Regulation S-X), Net Income (Loss) and net cash provided by (used in) operating activities, respectively, because the Company does not currently have sufficient information to accurately estimate all of the variables and individual adjustments for such reconciliation. As such, the Company cannot estimate on a forward-looking basis without unreasonable effort the impact these variables and individual adjustments will have on its reported results. See also “Basis of Presentation” and “Key Performance Metrics and Non-GAAP Financial Measures.”
Live Webcast
Bowen and CFO John Janedis will host a conference call today at 9:30 a.m. ET to deliver remarks on the quarter followed by a question-and-answer session. The live webcast will be available on the Events & Presentations page of FuboTV’s Investor Relations website. An archived replay of the webcast will be available on FuboTV’s website shortly after the conclusion of the call. Participants should join the call at least 10 minutes before to ensure that they are connected prior to the event.
About FuboTV Inc.
FuboTV Inc. (NYSE: FUBO) is a consumer-first live TV streaming company with the mission of delivering premium sports, news and entertainment programming through a best-in-class user experience that offers greater choice, flexibility and value. The sixth largest Pay TV company and the second largest vMVPD in the U.S. (UBS estimates) and ranked among Fast Company’s Most Innovative Companies (2026) and the Financial Times’ The Americas’ Fastest-Growing Companies (2026, 2025), FuboTV Inc. owns Hulu + Live TV (entertainment), Fubo (sports) and Molotov (entertainment and sports), which stream in markets around the globe. FuboTV Inc. is an affiliate of The Walt Disney Company.
Learn more at https://fubo.tv
Basis of Presentation
On October 29, 2025 (the “Closing Date”), FuboTV Inc. (the “Company” or “FuboTV”)4, The Walt Disney Company (“Disney”) and Hulu, LLC (“Hulu”) consummated the transactions contemplated by the Business Combination Agreement, dated as of January 6, 2025, by and among FuboTV, Disney and Hulu, pursuant to which the parties combined FuboTV’s existing business with Disney’s Hulu + Live TV business (the “Hulu Live Business” and, such transactions, collectively, the “Business Combination”).
The Company has accounted for the Business Combination as a reverse acquisition of the Company using the acquisition method of accounting in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), with the Hulu Live Business treated as the accounting acquirer. Accordingly, commencing with the fiscal quarter ended December 31, 2025, the historical combined carve-out financial statements of the Hulu Live Business are presented as the historical financial statements of the Company. Prior to the Business Combination, the Hulu Live Business operated as part of Hulu, which is controlled and consolidated by Disney, and, therefore, its historical financial statements were prepared on a carve-out basis from Disney and Hulu, including allocations of certain corporate costs, shared services, and assets and liabilities that were not historically operated or financed on a standalone basis. As a result, the historical results of the Hulu Live Business are not necessarily comparable to the results of the Company following the Business Combination.
4 As used in this press release, unless expressly indicated otherwise, “FuboTV” refers to FuboTV Inc. (and its consolidated subsidiaries), and “Fubo” refers to the Company’s Fubo-branded offerings.
To facilitate comparability between periods, we have also included supplemental unaudited pro forma condensed combined financial information, including Pro Forma Revenue and Pro Forma Net Income (Loss), giving effect to the Business Combination as if it had been consummated at the beginning of the first period presented. The unaudited pro forma condensed combined financial information has been prepared in accordance with U.S. GAAP and Article 11 of Regulation S-X. The unaudited pro forma condensed combined financial information is based on the historical combined carve-out financial statements of the Hulu Live Business and the historical consolidated financial statements of FuboTV, as adjusted to give effect to the Business Combination and related transactions. This information is provided for illustrative purposes only and is not necessarily indicative of what the actual results of operations and financial position would have been had the Business Combination and related transactions taken place on the dates indicated, nor are they indicative of the future consolidated results of operations or financial position of the combined company.
Prior to the closing of the Business Combination, the Hulu Live Business’s fiscal year ended on the Saturday closest to September 30, and the Company’s historical fiscal year end was December 31. Effective as of the Closing Date, the Company changed its fiscal year end to September 30, with its first full fiscal year following the Closing Date to end on September 30, 2026.
Key Performance Metrics and Non-GAAP Financial Measures
Total Subscribers
Total Subscribers represent the total number of subscribers to our live TV streaming services, including Fubo and Hulu + Live TV, who have completed registration, have activated a payment method (reflecting one paying subscriber per plan), and from whom payment was collected during the month ending the relevant period. Subscribers participating in free or trial offerings are excluded from this metric. We believe the number of total paid subscribers is a useful metric for gauging the size of our user base following the business combination with Hulu + Live TV. For comparative purposes, Total Subscribers for periods ended prior to the Closing Date gives effect to the Business Combination as if it had been completed at the beginning of such period.
Adjusted EBITDA and Pro Forma Adjusted EBITDA
Adjusted EBITDA and Pro Forma Adjusted EBITDA are non-GAAP financial measures defined as Net Income (Loss) and Pro Forma Net income (Loss), respectively, in each case adjusted for depreciation and amortization, impairment of other assets, stock-based compensation, certain litigation and transaction expenses, other (income) expense, income tax provision (benefit), and certain corporate allocation expenses. Certain litigation expenses consist of legal expenses and related fees and costs for specific proceedings that we have determined arise outside of the ordinary course of business and do not consider representative of our underlying operating performance, based on the several considerations which we assess regularly, including: (1) the frequency of similar cases that have been brought to date, or are expected to be brought in the future; (2) matter-specific facts and circumstances, such as the unique nature or complexity of the case and/or remedy(ies) sought, including the size of any monetary damages sought; (3) the counterparty involved; and (4) the extent to which management considers these amounts for purposes of operating decision-making and in assessing operating performance. Certain transaction expenses consist of professional advisor costs related to the business combination with Hulu + Live TV. Certain corporate allocation expenses consist of expenses related to allocations of Hulu and Disney’s corporate executive functions and other services previously provided by Hulu and Disney to the Hulu Live Business. As many of these corporate functions are redundant to those already existing at FuboTV, FuboTV expects to incur limited additional costs to operate as a combined public company that are not based on the commercial arrangements effective as of the Closing Date.
Adjusted EBITDA Margin and Pro Forma Adjusted EBITDA Margin
Adjusted EBITDA Margin and Pro Forma Adjusted EBITDA Margin are non-GAAP financial measures defined as Adjusted EBITDA divided by Revenue and Pro Forma Adjusted EBITDA divided by Pro Forma Revenue, respectively.
Free Cash Flow
Free Cash Flow is a non-GAAP measure defined as Net cash provided by (used in) operating activities, reduced by capital expenditures (consisting of purchases of property and equipment), capitalization of internal use software, purchases of intangible assets and gain on settlement of litigation, net. We believe Free Cash Flow is an important liquidity measure of the cash that is available for operational expenses, investments in our business, strategic acquisitions, and for certain other activities such as repaying debt obligations and stock repurchases. Free Cash Flow is a key financial indicator used by management. Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash. The use of Free Cash Flow as an analytical tool has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures. Because of these limitations, Free Cash Flow should be considered along with other operating and financial performance measures presented in accordance with GAAP.
Reconciliation of Non-GAAP Financial Measures
Certain measures used in this press release, including Adjusted EBITDA, Pro Forma Adjusted EBITDA, Adjusted EBITDA Margin, Pro Forma Adjusted EBITDA Margin and Free Cash Flow, are non-GAAP financial measures. We believe these are useful financial measures for investors as they are supplemental measures used by management in evaluating our core operating performance. Our non-GAAP financial measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for an analysis of our results under GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. First, these non-GAAP financial measures are not a substitute for GAAP financial measures. Second, these non-GAAP financial measures may not provide information directly comparable to measures provided by other companies in our industry, as those other companies may calculate their non-GAAP financial measures differently.
The following tables include reconciliations of the historical non-GAAP financial measures used in this press release to their most directly comparable GAAP financial measures.
FuboTV Inc.
Reconciliation of Net Income (Loss) and Pro Forma Net Income (Loss) to Non-GAAP Adjusted EBITDA and Pro Forma Non-GAAP Adjusted EBITDA
(in thousands)
| Three Months Ended | ||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | December 31, 2025 | September 27, 2025 | June 28, 2025 | ||||||||||||||||
| As-Reported | As-Reported | Pro Forma | Pro Forma | Pro Forma | ||||||||||||||||
| Reconciliation of Net Income (Loss) to Adjusted EBITDA | ||||||||||||||||||||
| Net income (loss) | $ | (25,711 | ) | $ | (6,206 | ) | $ | (46,388 | ) | $ | (96,253 | ) | $ | (71,970 | ) | |||||
| Depreciation and amortization | 36,227 | 36,010 | 27,367 | 46,579 | 46,580 | |||||||||||||||
| Stock-based compensation | 9,477 | 10,187 | 18,240 | 14,068 | 12,832 | |||||||||||||||
| Certain litigation and transaction expenses(1) | 29 | 628 | 36,793 | 7,664 | 8,271 | |||||||||||||||
| Other (income) expense | (1,614 | ) | (3,215 | ) | (8,808 | ) | (528 | ) | (564 | ) | ||||||||||
| Income tax provision (benefit) | 728 | 343 | 367 | (3,410 | ) | (63 | ) | |||||||||||||
| Certain corporate allocation expenses(2) | - | - | 13,825 | 35,936 | 35,923 | |||||||||||||||
| Adjusted EBITDA | 19,136 | 37,747 | 41,396 | 4,056 | 31,009 | |||||||||||||||
| Adjusted EBITDA | 19,136 | 37,747 | 41,396 | 4,056 | 31,009 | |||||||||||||||
| Divide: | ||||||||||||||||||||
| Revenue | 1,481,714 | 1,573,867 | 1,683,120 | 1,501,733 | 1,483,785 | |||||||||||||||
| Adjusted EBITDA Margin | 1.3 | % | 2.4 | % | 2.5 | % | 0.3 | % | 2.1 | % | ||||||||||
| (1) | Certain litigation expenses consist of legal expenses and related fees for specific proceedings that we have determined arise outside of the ordinary course of business and do not consider representative of our underlying operating performance. For the periods presented, the adjustment included expenses attributable to antitrust and data privacy litigation. Certain transaction expenses consist of professional advisor costs related to the business combination with Hulu + Live TV. |
| (2) | Certain corporate allocation expenses consist of expenses related to allocations of Hulu and Disney’s corporate executive functions and other services previously provided by Hulu and Disney to the Hulu Live Business. As many of these corporate functions are redundant to those already existing at FuboTV, FuboTV expects to incur limited additional costs to operate as a combined public company that are not based on the commercial arrangements effective as of the Closing Date. |
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements of FuboTV that involve substantial risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including statements regarding our business strategy and plans, our financial results and our expected future financial results, including our financial outlook and/or guidance and long-term targets, which include Adjusted EBITDA, Pro Forma Adjusted EBITDA, Free Cash Flow and ending cash, cash equivalents and restricted cash, our offerings, trends in subscriber engagement, our partnerships and other arrangements, our sports programming and packaging, distribution and consumer preferences, the benefits of the Business Combination, and progression on synergy and growth opportunities and anticipated related benefits. The words “could,” “will,” “plan,” “intend,” “anticipate,” “approximate,” “expect,” “potential,” “believe” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that FuboTV makes due to a number of important factors, including but not limited to the following: our ability to achieve or maintain profitability; risks related to our access to capital and fundraising prospects to fund our financial operations and support our planned business growth; risks related to the integration of the Hulu + Live TV business; risks related to our organizational structure following completion of the Business Combination; our revenue and gross profit are subject to seasonality; our operating results may fluctuate; our ability to effectively manage our growth; risks related to the Business Combination; the long-term nature of our content commitments; our ability to renew our long-term content contracts on sufficiently favorable terms; our ability to attract and retain subscribers; risks related to our commercial arrangements with Hulu; obligations imposed on us through our agreements with certain distribution partners; our ability to license streaming content or other rights on acceptable terms; the restrictions imposed by content providers on our distribution and marketing of our products and services; our reliance on third party platforms to operate certain aspects of our business; risks related to the difficulty in measuring key metrics related to our business; risks related to preparing and forecasting our financial results; risks related to the highly competitive nature of our industry; risks related to our technology, as well as cybersecurity and data privacy-related risks; risks related to our conversion to a Delaware corporation and our status as a “controlled company”; risks related to ongoing or future legal proceedings; and other risks, including the effects of industry, market, economic, political or regulatory conditions, future exchange and interest rates, and changes in tax and other laws, regulations, rates and policies. Further risks that could cause actual results to differ materially from those matters expressed in or implied by such forward-looking statements are discussed in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 filed with the Securities and Exchange Commission (“SEC”), our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026, to be filed with the SEC, and our other periodic filings with the SEC. We encourage you to read such risks in detail. The forward-looking statements in this press release represent FuboTV’s views as of the date of this press release. FuboTV anticipates that subsequent events and developments will cause its views to change. However, while it may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. You should, therefore, not rely on these forward-looking statements as representing FuboTV’s views as of any date subsequent to the date of this press release.
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Investor Contacts
Ameet Padte, FuboTV
ameet@fubo.tv
Tanner Kaufman / Heather Wilson, FTI Consulting
tanner.kaufman@fticonsulting.com / heather.wilson@fticonsulting.com
Media Contacts
Jennifer L. Press, FuboTV
jpress@fubo.tv
Bianca Illion, FuboTV
billion@fubo.tv