FuboTV (NYSE: FUBO) grows Q2 revenue to $1.57B and reaffirms 2026–2028 profit targets
Rhea-AI Filing Summary
FuboTV Inc. reported strong Q2 fiscal 2026 results for the quarter ended March 31, 2026, its first full quarter combining Fubo and Hulu + Live TV. Revenue reached $1.57 billion in North America, with total subscribers of 5.7 million.
The company narrowed its Net Loss to $6.2 million, compared with a pro forma Net Loss of $40.9 million in the prior-year period, and delivered Adjusted EBITDA of $37.7 million versus pro forma Adjusted EBITDA of $1.4 million. Fubo ended the quarter with $244.0 million in cash, cash equivalents and restricted cash and reported an EPS loss of $0.07.
Management reaffirmed guidance, including fiscal 2026 pro forma Adjusted EBITDA of $80–$100 million, a fiscal 2028 Adjusted EBITDA target of at least $300 million, and expectations for positive Free Cash Flow in fiscal 2027 and 2028. The company is also advancing cross-selling integrations with Disney and ESPN to support future subscriber and revenue growth.
Positive
- Revenue scale and profitability inflection: North America revenue reached $1.57 billion in Q2 fiscal 2026 while Net Loss narrowed to $6.2 million and Adjusted EBITDA increased to $37.7 million from $1.4 million pro forma a year earlier.
- Reaffirmed multi-year profitability targets: The company reiterated fiscal 2026 pro forma Adjusted EBITDA guidance of $80–$100 million, targets at least $300 million of Adjusted EBITDA in fiscal 2028, and expects positive Free Cash Flow in fiscal 2027 and 2028.
- Solid liquidity position: Fubo ended the quarter with $244.0 million in cash, cash equivalents and restricted cash and expects fiscal 2026 ending cash, cash equivalents and restricted cash to be at least $200 million.
Negative
- Heavy cash use from operations: For the six months ended March 31, 2026, net cash used in operating activities was $412.4 million, a substantial outflow compared with $90.0 million used in the prior-year period.
- Slight subscriber decline year over year: Total North America subscribers were 5.7 million in Q2 fiscal 2026 compared with 5.9 million in Q2 fiscal 2025, indicating modest pressure on subscriber counts despite higher revenue.
Insights
Fubo shows strong top-line growth, margin improvement and reaffirms ambitious profitability targets.
FuboTV posted Q2 fiscal 2026 revenue of $1.57 billion with Net Loss shrinking to $6.2 million and $37.7 million in Adjusted EBITDA. This reflects meaningful operating leverage versus the prior-year pro forma figures.
The company ended the quarter with $244.0 million in cash, cash equivalents and restricted cash and continues to guide to fiscal 2026 pro forma Adjusted EBITDA of $80–$100 million and at least $300 million Adjusted EBITDA by fiscal 2028. It also expects positive Free Cash Flow in fiscal 2027 and 2028.
Strategically, Fubo is deepening integrations with Disney and ESPN, including Hulu Live packages in Fubo’s ecommerce flow and future placement in ESPN’s “Where to Watch” and ecommerce experiences. Execution on these initiatives, alongside maintaining subscriber scale around 5.7 million, will be important to track in upcoming quarterly disclosures.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
Free Cash Flow financial
Business Combination financial
reverse acquisition financial
redeemable non-controlling interest financial
Adjusted EBITDA Margin financial
Earnings Snapshot
Fiscal 2026 pro forma Adjusted EBITDA guidance of $80–$100 million, Adjusted EBITDA target of at least $300 million by fiscal 2028, and positive Free Cash Flow expected in fiscal 2027 and 2028.
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Item 2.02. Results of Operations and Financial Condition.
On May 6, 2026, FuboTV Inc. announced its financial results for the quarter ended March 31, 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 May 6, 2026. | |
| 99.2 | Press Release of FuboTV Inc., May 6, 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: | May 6, 2026 | By: | /s/ David Gandler |
| David Gandler | |||
| Chief Executive Officer | |||
Exhibit 99.1
May 6, 2026
Fellow Shareholders:
The second quarter of the 2026 fiscal year marked an important milestone as the first full quarter of our combined Fubo and Hulu + Live TV business following the successful close of the transaction. We are excited to share the progress we have made in content portfolio expansion, product depth, and distribution and growth, underlying our strong financial performance in the quarter.
We delivered North America revenue of $1.57 billion and total subscribers of 5.7 million. From a profitability standpoint, we delivered a Net Loss of $6.2 million and Adjusted EBITDA1 of $37.7 million for the quarter, compared to Pro Forma Net Loss of $40.9 million and Pro Forma Adjusted EBITDA1 of $1.4 million in the prior year period, reflecting operating leverage in the business.
These results reinforce our confidence in our recently announced guidance and long-term financial targets, including our Fiscal 2026 Pro Forma Adjusted EBITDA2 outlook of $80 million to $100 million and Adjusted EBITDA2 reaching at least $300 million by Fiscal 2028. We remain on track to deliver positive Free Cash Flow2 in Fiscal 2027, supported by a liquidity position that we expect will fully fund our current operating plan.
At our core, Fubo is committed to delivering the right product for every consumer along the demand curve at compelling price points. Following the business combination, we are making progress on our plans to launch multiple new integrations, leveraging the content portfolios of Fubo and Hulu + Live TV. Our flexible portfolio now spans a range of offerings designed to meet diverse viewer preferences, including Fubo Sports, Fubo Pro, Hulu + Live TV, Fubo Latino, and Hulu + Live TV Español. Now, for the first time, all of these services will be marketed within a single, streamlined experience at fubo.tv/welcome, making it easier for consumers to discover and choose the product that best meets their needs.
1 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.
2 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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3
In the near term, we are focused on expanding the reach of Fubo via ESPN.com’s “Where to Watch” pages, which is expected to launch soon. In addition, our previously announced integration of Fubo Sports into the ESPN commerce flow is targeted to launch in the first half of 2027. We believe these initiatives position our product in front of a large and highly engaged audience of sports fans, and we expect they will drive sustained subscriber, revenue and margin growth alongside other synergistic initiatives currently underway.
During the quarter, we also successfully retained essential local sports rights for the MLB season, which maintains the Fubo service’s position as a premier destination for sports fans, and accelerated product and technical innovation to deliver features designed to enhance engagement, improve discovery, and further differentiate the Fubo platform from its competitors.
Our business is performing well, and we believe we are just beginning to realize the full potential of the Fubo and Hulu + Live TV business combination. We are excited about the opportunities ahead and look forward to keeping you updated on our progress.
3 Additional taxes and fees may apply. Prices subject to change. Fubo Sports ($45.99 for the first month, then $55.99 per month); FuboTV Pro ($48.99 for the first month, then $73.99 per month); Fubo Latino ($9.99 per month for the first two months, then $14.99 per month). Current pricing available at fubo.tv/welcome
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Q2 Fiscal 2026 Highlights
To facilitate comparability between periods, the following presents Fubo’s Q2 fiscal 2026 results compared to Fubo’s results for the corresponding three month period ended March 31, 2025 (“Q2 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 $1.574 billion, compared to $1.125 billion in Q2 fiscal 2025 |
| ○ | Up 1% year-over-year compared to Q2 fiscal 2025 Pro Forma Revenue of $1.564 billion |
| ● | Total North America Subscribers of 5.7 million, compared to 5.9 million in Q2 fiscal 2025 | |
| ● | Net Loss of $6.2 million, compared to a Net Loss of $40.9 million in Q2 fiscal 2025 |
| ○ | Compared to Q2 fiscal 2025 Pro Forma Net Income of $120.6 million4 |
| ● | Adjusted EBITDA1 of $37.7 million, compared to Pro Forma Adjusted EBITDA1 of $1.4 million in Q2 fiscal 2025 | |
| ● | Cash Position: Fubo ended the quarter with $244.0 million in cash, cash equivalents and restricted cash on hand | |
| ● | Earnings Per Share (“EPS”) loss of $0.07 |
We ended the quarter with 29,435,597 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 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 | |||||||||||||||
| Quarter Ending | 3/29/2025 | 6/28/2025 | 9/27/2025 | 12/31/2025 | 3/31/2026 | |||||||||||||||
| Revenue | $ | 1,125.5 | $ | 1,073.8 | $ | 1,107.7 | $ | 1,548.7 | $ | 1,573.9 | ||||||||||
| Pro Forma Revenue | $ | 1,564.3 | $ | 1,483.8 | $ | 1,501.7 | $ | 1,683.1 | ||||||||||||
| Net Income (Loss) | $ | (40.9 | ) | $ | (38.0 | ) | $ | (38.8 | ) | $ | (19.1 | ) | $ | (6.2 | ) | |||||
| Pro Forma Net Income (Loss) | $ | 120.6 | $ | (72.0 | ) | $ | (96.3 | ) | $ | (46.4 | ) | |||||||||
| Pro Forma Adjusted EBITDA / Adjusted EBITDA5 | $ | 1.4 | $ | 31.0 | $ | 4.1 | $ | 41.4 | $ | 37.7 | ||||||||||
| North America (NA) | ||||||||||||||||||||
| Fiscal Quarter | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 | |||||||||||||||
| Quarter Ending | 3/29/2025 | 6/28/2025 | 9/27/2025 | 12/31/2025 | 3/31/2026 | |||||||||||||||
| Revenue | $ | 1,125.5 | $ | 1,073.8 | $ | 1,107.7 | $ | 1,542.9 | $ | 1,565.6 | ||||||||||
| Pro Forma Revenue | $ | 1,556.0 | $ | 1,475.1 | $ | 1,493.2 | $ | 1,674.5 | ||||||||||||
| Total Subscribers | 5.9 | 5.6 | 6.0 | 6.2 | 5.7 | |||||||||||||||
4 Q2 fiscal 2025 Pro Forma Net Income was positively impacted by a $220 million net gain related to the settlement of litigation.
5 Adjusted EBITDA for all periods prior to Q2 fiscal 2026 is presented on a pro forma basis.
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| Rest of World (ROW) | ||||||||||||||||||||
| Fiscal Quarter | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 | |||||||||||||||
| Quarter Ending | 3/29/2025 | 6/28/2025 | 9/27/2025 | 12/31/2025 | 3/31/2026 | |||||||||||||||
| Revenue | $ | - | $ | - | $ | - | $ | 5.8 | $ | 8.3 | ||||||||||
| Pro Forma Revenue | $ | 8.3 | $ | 8.6 | $ | 8.6 | $ | 8.6 | ||||||||||||
| Total Subscribers | 0.354 | 0.349 | 0.342 | 0.335 | 0.328 | |||||||||||||||
Guidance and Long-Term Financial Targets
| ● | Fiscal 2026 Pro Forma Adjusted EBITDA2 guidance of $80-$100 million | |
| ● | Fiscal 2028 Adjusted EBITDA2 target of at least $300 million | |
| ● | Positive Free Cash Flow2 expected in Fiscal 2027 and Fiscal 2028 under current operating plan | |
| ● | Fiscal 2026 ending cash, cash equivalents and restricted cash is expected to be at least $200 million |
North America Advertising
Advertising revenue was $101.6 million for the quarter, compared to pro forma advertising revenue of $101.6 million in the comparable prior-year period.
The ongoing migration of Fubo into the Disney Ad Server has resulted in improved monetization. Additionally, Disney plans to include Fubo in its annual Upfront with advertisers, which kicks off next week in New York City.
Fubo Platform Product and Technology Update
Our recent product and technology efforts have focused on enhancing the core experience and expanding our mobile reach of the Fubo platform.
Core Experience
We continue to prioritize quality, design, and video engineering. Providing best-in-class video ensures sports fans enjoy an immersive experience, while design consistency modernizes and polishes the broader user journey. In recent months, we completed the following:
| ● | 1080p60 Video: Increased quality for MLB.TV channels. | |
| ● | Interface Decluttering: Redesigned mobile and CTV playback controls by moving titles to the top and increasing scrubber size to reduce visual noise. | |
| ● | Content Surfacing: Replaced traditional banners with a new “Featured on Fubo” promo carousel to promote content more dynamically, a key upgrade ahead of our four exclusive UEFA World Cup Qualifiers and major combat sports events. |
Internally, we are leveraging AI tools to improve velocity, enhance engineering capabilities, and tighten the collaboration between Product, Design, and Engineering.
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Mobile Utility and Short-Form Innovation
We redesigned and optimized our mobile experience to transition the app from a passive viewing tool into an active utility. This drives daily engagement through short-form content and personalized alerts. Key features now live include:
| ● | Live Video in Carousels: Featuring live video immediately upon app launch allows for quicker discovery and transforms the home screen into a primary destination. | |
| ● | Advanced Team Channels: We have enhanced our existing Team Channels (bite-sized game coverage and news) by offering league-based filters and more key sports moments. | |
| ● | AI-Driven Vertical Mode: Leveraging proprietary AI models, the app now automatically zooms into critical areas of the video to provide a modern, portrait-mode experience. |
Content and Distribution
MLB Retention
Just in time for the 2026 season, we executed three major agreements that solidify Fubo as the essential platform for local baseball fans:
| ● | BravesVision: We reached a multi-year agreement to carry BravesVision across a six-state territory, delivering over 140 live games and exclusive original programming to “Braves Country.” | |
| ● | Spectrum SportsNet LA: We launched our streaming partnership with SportsNet LA, the exclusive home of the Los Angeles Dodgers, providing subscribers in the SportsNet LA footprint with more than 140 regular-season games and Emmy Award-winning original content. | |
| ● | SportsNet NY (“SNY”): We reached an agreement to carry SNY, a win for fans of the New York Mets. |
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This means that Fubo continues to occupy a leading position in local sports programming with home team coverage across 99% of the country. Additionally, our Hulu + Live TV service added Marquee Sports Network in the Chicago DMA, offering customers important local content.
Hulu + Live TV Español
In January, Hulu + Live TV expanded its live television offerings with a dedicated Spanish-language plan featuring a lineup of entertainment, news and sports programming. The Español plan is priced competitively at $29.99/month and includes access to both the Disney+ and Hulu streaming libraries (with ads). This new offering is designed to give Spanish-speaking audiences more choice, flexibility, and access to premium programming.
Fubo Sports Network
We continue to expand the reach of our owned-and-operated content. In February, we launched Fubo Sports Network on the Hulu + Live TV service. This brings our flagship FAST channel and its nearly 500 annual live events to millions of additional viewers, growing our brand presence and creating higher-yield inventory for our advertising partners.
Conclusion
Q2 fiscal 2026 marked a period of rapid innovation as we accelerated our product roadmap and solidified our content position. Through our product and technology enhancements, we are transforming the viewing experience into an interactive utility for fans. We remain committed to driving long-term shareholder value as we build the future of live television.
Sincerely,
David Gandler, co-founder and CEO
Q2 Fiscal 2026 Earnings Live Conference Call
Fubo CEO, David Gandler, and CFO, John Janedis, will host a live conference call today at 10:00 a.m. ET to deliver brief remarks on the quarter followed by a question-and-answer session. The live webcast will be available on the Events & Presentations page of Fubo’s Investor Relations website. An archived replay of the webcast will be available on our 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.
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.
Fubo 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 March 31, 2026 that will be filed with the SEC.
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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 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 “Fubo”) 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, our offerings and the benefits of any expanded product offerings and technical innovations, including the use of AI tools and the benefits therefrom, our partnerships and other arrangements, our sports programming and packaging, distribution and consumer preferences, the benefits of our business combination with Hulu + Live TV (the “Business Combination”), progression on synergy opportunities and anticipated related benefits, and benefits of our ad tech migration to Disney and related upcoming presentations. 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 December 31, 2025 filed with the Securities and Exchange Commission (“SEC”), our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 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 Fubo’s views as of the date of this letter. Fubo 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 Fubo’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 | ||||||||
| March 31, | March 29, | |||||||
| 2026 | 2025 | |||||||
| Unaudited | Unaudited | |||||||
| Revenues | ||||||||
| Subscription | $ | 347,015 | $ | - | ||||
| Related party | 1,121,449 | 1,122,670 | ||||||
| Advertising | 101,568 | - | ||||||
| Other | 3,835 | 2,806 | ||||||
| Total revenues | 1,573,867 | 1,125,476 | ||||||
| Operating expenses | ||||||||
| Subscriber related expenses | 946,705 | 511,760 | ||||||
| Subscriber related expenses - related party | 499,006 | 610,909 | ||||||
| Broadcasting and transmission | 9,289 | - | ||||||
| Sales and marketing | 58,084 | 1,988 | ||||||
| Technology and development | 20,774 | - | ||||||
| General and administrative | 13,077 | 41,733 | ||||||
| Depreciation and amortization | 36,010 | - | ||||||
| Total operating expenses | 1,582,945 | 1,166,390 | ||||||
| Operating loss | (9,078 | ) | (40,914 | ) | ||||
| Other income (expense) | ||||||||
| Interest expense, net | (2,814 | ) | - | |||||
| Amortization of debt premium, net | 4,702 | - | ||||||
| Other income | 1,327 | - | ||||||
| Total other income (expense) | 3,215 | - | ||||||
| Loss from before income taxes | (5,863 | ) | (40,914 | ) | ||||
| Income tax provision | (343 | ) | - | |||||
| Net loss | (6,206 | ) | (40,914 | ) | ||||
| Less: Net loss attributable to non-controlling interest | 4,105 | - | ||||||
| Net loss attributable to common shareholders | $ | (2,101 | ) | $ | (40,914 | ) | ||
| Other comprehensive income (loss) | ||||||||
| Foreign currency translation adjustment | (18 | ) | - | |||||
| Comprehensive loss attributable to common shareholders | $ | (2,119 | ) | $ | (40,914 | ) | ||
| Net loss per share - basic and diluted | $ | (0.07 | ) | $ | - | |||
| Weighted average shares outstanding: | ||||||||
| Basic and diluted | 30,715,279 | - | ||||||
| Stock-based compensation was allocated as follows: | ||||||||
| Subscriber related expenses | 66 | - | ||||||
| Sales and marketing | 2,338 | - | ||||||
| Technology and development | 2,580 | - | ||||||
| General and administrative | 5,203 | - | ||||||
| Total stock-based compensation | 10,187 | - | ||||||
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FuboTV Inc.
Condensed Consolidated Balance Sheets
(in thousands)
| March 31, | September 27, | |||||||
| 2026 | 2025 | |||||||
| Unaudited | Unaudited | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 237,813 | $ | - | ||||
| Accounts receivable, net | 87,660 | 6,655 | ||||||
| Accounts receivable, net - related party | 521,742 | - | ||||||
| Prepaid and other current assets | 55,300 | - | ||||||
| Total current assets | 902,515 | 6,655 | ||||||
| Property and equipment, net | 5,886 | - | ||||||
| Restricted cash | 6,146 | - | ||||||
| Intangible assets, net | 402,670 | - | ||||||
| Goodwill | 2,614,161 | 1,296,000 | ||||||
| Right-of-use assets | 32,995 | - | ||||||
| Other non-current assets | 16,345 | - | ||||||
| Total assets | $ | 3,980,718 | $ | 1,302,655 | ||||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 48,540 | $ | - | ||||
| Accrued expenses and other current liabilities | 565,876 | 370,933 | ||||||
| Related party current liabilities | 221,796 | 16,396 | ||||||
| Deferred revenue | 68,485 | - | ||||||
| Long-term borrowings - current portion | 459 | - | ||||||
| Current portion of lease liabilities | 2,884 | - | ||||||
| Total current liabilities | 908,040 | 387,329 | ||||||
| Convertible notes, net | 229,627 | - | ||||||
| Notes payable - related party | 145,000 | - | ||||||
| Deferred tax liabilities | 1,403 | - | ||||||
| Lease liabilities | 30,262 | - | ||||||
| Other long-term liabilities | 11,405 | - | ||||||
| Total liabilities | 1,325,737 | 387,329 | ||||||
| COMMITMENTS AND CONTINGENCIES (Note 13) | ||||||||
| Redeemable non-controlling interest | 1,843,003 | - | ||||||
| Shareholders’ equity: | ||||||||
| Preferred Stock par value $0.0001: 50,000,000 shares and 0 shares authorized at March 31, 2026 and September 27, 2025, respectively; 0 shares issued and outstanding at March 31, 2026 and September 27, 2025, respectively | - | - | ||||||
| Class A Common Stock par value $0.0001: 5,000,000,000 and 0 shares authorized at March 31, 2026 and September 27, 2025, respectively; 29,435,597 and 0 shares issued and outstanding at March 31, 2026 and September 27, 2025, respectively | 3 | - | ||||||
| Class B Common Stock par value $0.0001: 2,000,000,000 and 0 shares authorized at March 31, 2026 and September 27, 2025, respectively; 78,992,518 and 0 shares issued and outstanding at March 31, 2026 and September 27, 2025, respectively | 8 | - | ||||||
| Additional paid-in capital | 820,224 | 915,326 | ||||||
| Accumulated deficit | (8,077 | ) | - | |||||
| Accumulated other comprehensive loss | (180 | ) | - | |||||
| Total shareholders’ equity | $ | 811,978 | $ | 915,326 | ||||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | $ | 3,980,718 | $ | 1,302,655 | ||||
|
| 9 |
FuboTV Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
| For the Six Months Ended | ||||||||
| March 31, | March 29, | |||||||
| 2026 | 2025 | |||||||
| Unaudited | Unaudited | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (25,270 | ) | $ | (79,501 | ) | ||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||
| Depreciation and amortization | 60,240 | - | ||||||
| Stock-based compensation | 22,882 | - | ||||||
| Amortization of debt premium, net | (7,764 | ) | - | |||||
| Deferred income tax provision | 192 | - | ||||||
| Amortization of right-of-use assets | 1,306 | - | ||||||
| Changes in operating assets and liabilities of business: | ||||||||
| Accounts receivable, net | (525,032 | ) | 740 | |||||
| Prepaid expenses and other assets | (14,320 | ) | - | |||||
| Accounts payable | 3,364 | - | ||||||
| Accrued expenses and other liabilities | 104,264 | (11,282 | ) | |||||
| Deferred revenue | (31,090 | ) | - | |||||
| Lease liabilities | (1,155 | ) | - | |||||
| Net cash used in operating activities | (412,383 | ) | (90,043 | ) | ||||
| Cash flows from investing activities | ||||||||
| Acquisition of Fubo, net of cash acquired | 268,057 | - | ||||||
| Purchases of property and equipment | (599 | ) | - | |||||
| Capitalization of internal use software | (5,745 | ) | - | |||||
| Net cash provided by investing activities | 261,713 | - | ||||||
| Cash flows from financing activities | ||||||||
| Proceeds from the issuance of common stock | 95 | - | ||||||
| Pre-combination net contributions from Disney | 394,499 | 90,043 | ||||||
| Proceeds from note payable - related party | 145,000 | - | ||||||
| Repayment of convertible notes | (144,765 | ) | - | |||||
| Proceeds from exercise of stock options | 39 | - | ||||||
| Payment for cancellation of fractional shares | (2 | ) | - | |||||
| Repayments of notes payable and long-term borrowings | (237 | ) | - | |||||
| Net cash provided by financing activities | 394,629 | 90,043 | ||||||
| Net increase in cash, cash equivalents and restricted cash | 243,959 | - | ||||||
| Cash, cash equivalents and restricted cash at beginning of period | - | - | ||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 243,959 | $ | - | ||||
| Supplemental disclosure of cash flows information: | ||||||||
| Interest paid | 9,847 | - | ||||||
| Income taxes paid | 462 | - | ||||||
| Non-cash financing and investing activities: | ||||||||
| Redeemable non-controlling interest | 1,843,003 | - | ||||||
| Unpaid property and equipment included accounts payable | 278 | - | ||||||
|
| 10 |
Basis of Presentation
On October 29, 2025 (the “Closing Date”), FuboTV Inc. (the “Company” or “Fubo”), 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 Fubo, Disney and Hulu, pursuant to which the parties combined Fubo’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 Fubo, 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.
|
| 11 |
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 Fubo, Fubo 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.
|
| 12 |
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 | ||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | September 27, 2025 | June 28, 2025 | March 29, 2025 | ||||||||||||||||
| As-Reported | Pro Forma | Pro Forma | Pro Forma | Pro Forma | ||||||||||||||||
| Reconciliation of Net Income (Loss) to Adjusted EBITDA | ||||||||||||||||||||
| Net income (loss) | $ | (6,206 | ) | $ | (46,388 | ) | $ | (96,253 | ) | $ | (71,970 | ) | $ | 120,576 | ||||||
| Depreciation and amortization | 36,010 | 27,367 | 46,579 | 46,580 | 46,570 | |||||||||||||||
| Stock-based compensation | 10,187 | 18,240 | 14,068 | 12,832 | 3,075 | |||||||||||||||
| Certain litigation and transaction expenses(1) | 628 | 36,793 | 7,664 | 8,271 | 10,629 | |||||||||||||||
| Other (income) expense | (3,215 | ) | (8,808 | ) | (528 | ) | (564 | ) | (220,996 | ) | ||||||||||
| Income tax provision (benefit) | 343 | 367 | (3,410 | ) | (63 | ) | 4,433 | |||||||||||||
| Certain corporate allocation expenses(2) | - | 13,825 | 35,936 | 35,923 | 37,120 | |||||||||||||||
| Adjusted EBITDA | 37,747 | 41,396 | 4,056 | 31,009 | 1,407 | |||||||||||||||
| Adjusted EBITDA | 37,747 | 41,396 | 4,056 | 31,009 | 1,407 | |||||||||||||||
| Divide: | ||||||||||||||||||||
| Revenue | 1,573,867 | 1,683,120 | 1,501,733 | 1,483,785 | 1,564,316 | |||||||||||||||
| Adjusted EBITDA Margin | 2.4 | % | 2.5 | % | 0.3 | % | 2.1 | % | 0.1 | % | ||||||||||
| (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 Fubo, Fubo 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. |
# # #
|
| 13 |
Contacts
Investor Contacts:
Ameet Padte, Fubo
ameet@fubo.tv
Media Contacts:
Jennifer L. Press, Fubo
jpress@fubo.tv
Bianca Illion, Fubo
billion@fubo.tv
|
| 14 |
Exhibit 99.2
FOR IMMEDIATE RELEASE
FUBO CLOSED Q2 FISCAL 2026 WITH RECORD GLOBAL REVENUE, REAFFIRMS FISCAL YEAR 2026 GUIDANCE AND LONG-TERM FINANCIAL TARGETS
Live TV Streaming Company Advances Cross-Selling Integrations with Disney to Drive Subscriber Growth
NEW YORK – MAY 6, 2026 – FuboTV Inc. (NYSE: FUBO) today announced its financial results for its second quarter fiscal 2026 ended March 31, 2026.
Q2 Fiscal 2026 Highlights1
Global Results
| ● | Revenue of $1.574 billion, compared to Q2 fiscal 2025 revenue of $1.125 billion. This represents a 1% year-over-year (“YoY”) increase versus Q2 fiscal 2025 Pro Forma Revenue of $1.564 billion. |
| ● | Total North America Subscribers of 5.7 million, compared to 5.9 million in Q2 fiscal 2025. |
| ● | Net Loss of $6.2 million, compared to $40.9 million Net Loss in Q2 fiscal 2025 (or Q2 fiscal 2025 Pro Forma Net Income of $120.6 million).2 |
1 To facilitate comparability between periods, the following presents Fubo’s Q2 fiscal 2026 results compared to Fubo’s results for the corresponding three month period ended March 31, 2025 (“Q2 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 Q2 fiscal 2025 Pro Forma Net Income was positively impacted by a $220 million net gain related to the settlement of litigation.
| ● | Adjusted EBITDA3 of $37.7 million, compared to Q2 fiscal 2025 Pro Forma Adjusted EBITDA3 of $1.4 million. |
| ● | Cash Position: Fubo ended the quarter with $244 million in cash, cash equivalents and restricted cash on hand. |
| ● | Earnings Per Share (“EPS”) Loss of $0.07. |
North America (“NA”) Results
| ● | Revenue of $1.566 billion, compared to Q2 fiscal 2025 Revenue of $1.125 billion. This represents a 1% YoY increase versus Q2 fiscal 2025 Pro Forma Revenue of $1.556 billion. |
| ● | Total NA Paid Subscribers of 5.7 million, compared to 5.9 million in Q2 fiscal 2025. |
Rest of World (“ROW”) Results
| ● | Revenue of $8.3 million, compared to Q2 fiscal 2025 Revenue of $0 million. This is flat versus Q2 fiscal 2025 Pro Forma Revenue of $8.3 million. |
| ● | Total ROW Paid Subscribers of 328,000, compared to 354,000 in Q2 fiscal 2025. |
News Announced Today
Fubo-Disney Cross-Selling and Product Integrations
Unlocking the synergies of the Fubo and Hulu + Live TV business combination, Fubo today announced progress towards the following integrated experiences:
| ● | Hulu Live’s content packages are now available in Fubo’s aggregated eCommerce flow, giving customers the option to subscribe to the programming plan that’s right for them. Customers will be able to choose from multiple sports and entertainment streaming options at different price points (Fubo Sports, Fubo Pro, Hulu + Live TV, Fubo Latino, and Hulu + Live TV Español) all through the Fubo website. | |
| ● | ESPN.com’s “Where to Watch” pages will soon link directly to Fubo, offering easy click access for sports fans looking to stream their favorite teams and live games. | |
| ● | The Fubo Sports service is expected to be available in ESPN’s ecommerce flow in the first half of 2027, through a previously announced reseller and marketing arrangement to expand the reach and distribution of the Fubo services. Fubo Sports includes ESPN Unlimited as well as FOX and CBS programming among other sports networks. |
3 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.
AI Assistant
Fubo continues to personalize its sports-first streaming experience with the implementation of AI-driven product features. The Company is developing an AI Assistant that will enable customers to search their DVR’d content for sports on the Fubo platform through casual conversation (rather than voice commands). The Company plans to initially launch the AI Assistant on Roku, Apple TV and mobile this fall. Fubo also plans to extend this feature to news and entertainment programming.
Guidance and Long-Term Financial Targets
| ● | Fubo is reaffirming its Fiscal 2026 Pro Forma Adjusted EBITDA4 guidance range of $80 million to $100 million. |
| ● | Fubo is reaffirming its Fiscal 2028 Adjusted EBITDA4 target of at least $300 million. |
| ● | Positive Free Cash Flow4 remains expected in Fiscal 2027 and Fiscal 2028 under Fubo’s current operating plan. |
| ● | Fiscal 2026 ending cash, cash equivalents and restricted cash is expected to be at least $200 million. |
Message from Fubo Co-founder and CEO David Gandler
“Fubo’s second quarter Fiscal Year 2026 results, including record revenue of $1.6 billion, demonstrate the growing strength and scale of our business. We are also pleased to reiterate our confidence in our Fiscal 2026 guidance and our Fiscal 2028 Adjusted EBITDA target of at least $300 million. Looking ahead, we are making progress on multiple new integrations with Disney, leveraging the content portfolios of Fubo and Hulu + Live TV, which are expected to drive sustained subscriber, revenue and Adjusted EBITDA growth while delivering on the consumer promise of our business combination.”
Shareholder Letter
Complete Q2 fiscal 2026 results are detailed in Fubo’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 May 6, 2026.
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.”
Live Webcast
Gandler and CFO John Janedis will host a live conference call today at 10 a.m. ET to deliver brief remarks on the quarter followed by a question-and-answer session. The live webcast will be available on the Events & Presentations page of Fubo’s Investor Relations website. An archived replay of the webcast will be available on our 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 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 “Fubo”), 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 Fubo, Disney and Hulu, pursuant to which the parties combined Fubo’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 Fubo, 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 Fubo, Fubo 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 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 | ||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | September 27, 2025 | June 28, 2025 | March 29, 2025 | ||||||||||||||||
| As-Reported | Pro Forma | Pro Forma | Pro Forma | Pro Forma | ||||||||||||||||
| Reconciliation of Net Income (Loss) to Adjusted EBITDA | ||||||||||||||||||||
| Net income (loss) | $ | (6,206 | ) | $ | (46,388 | ) | $ | (96,253 | ) | $ | (71,970 | ) | $ | 120,576 | ||||||
| Depreciation and amortization | 36,010 | 27,367 | 46,579 | 46,580 | 46,570 | |||||||||||||||
| Stock-based compensation | 10,187 | 18,240 | 14,068 | 12,832 | 3,075 | |||||||||||||||
| Certain litigation and transaction expenses(1) | 628 | 36,793 | 7,664 | 8,271 | 10,629 | |||||||||||||||
| Other (income) expense | (3,215 | ) | (8,808 | ) | (528 | ) | (564 | ) | (220,996 | ) | ||||||||||
| Income tax provision (benefit) | 343 | 367 | (3,410 | ) | (63 | ) | 4,433 | |||||||||||||
| Certain corporate allocation expenses(2) | - | 13,825 | 35,936 | 35,923 | 37,120 | |||||||||||||||
| Adjusted EBITDA | 37,747 | 41,396 | 4,056 | 31,009 | 1,407 | |||||||||||||||
| Adjusted EBITDA | 37,747 | 41,396 | 4,056 | 31,009 | 1,407 | |||||||||||||||
| Divide: | ||||||||||||||||||||
| Revenue | 1,573,867 | 1,683,120 | 1,501,733 | 1,483,785 | 1,564,316 | |||||||||||||||
| Adjusted EBITDA Margin | 2.4 | % | 2.5 | % | 0.3 | % | 2.1 | % | 0.1 | % | ||||||||||
| (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 Fubo, Fubo 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 Fubo 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 and the benefits of any expanded product offerings and technical innovations, including the use of AI tools and the benefits therefrom, our partnerships and other arrangements, our sports programming and packaging, distribution and consumer preferences, the benefits of the Business Combination, and progression on synergy 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 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 December 31, 2025 filed with the Securities and Exchange Commission (“SEC”), our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 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 Fubo’s views as of the date of this press release. Fubo 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 Fubo’s views as of any date subsequent to the date of this press release.
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Investor Contacts
Ameet Padte, Fubo
ameet@fubo.tv
Media Contacts
Jennifer L. Press, Fubo
jpress@fubo.tv
Bianca Illion, Fubo
billion@fubo.tv