FUBO · fuboTV Inc.

FuboTV’s Q2 FY2026 results reflect the first full quarter following its business combination with Hulu + Live TV, closed on October 29, 2025. Revenue of $1.574 billion represents a 1% year-over-year increase versus pro forma Q2 FY2025 revenue ($1.564 billion), indicating stabilization after the integration, though total North America subscribers declined to 5.7 million from 5.9 million — consistent with management’s commentary on subscriber consolidation and migration dynamics. The most significant operational improvement is in profitability: Adjusted EBITDA surged to $37.7 million from just $1.4 million pro forma in the prior-year quarter, demonstrating meaningful operating leverage from scale and cost synergies. This contrasts sharply with the $120.6 million pro forma net income in Q2 FY2025, which was inflated by a $220 million litigation settlement gain — making the current $6.2 million net loss a more normalized reflection of underlying performance. Management attributes the progress to content portfolio expansion (e.g., BravesVision, SportsNet LA, SNY), product enhancements (AI-driven vertical mode, live video carousels), and cross-selling integrations with Disney, including Hulu Live packages now available via Fubo’s eCommerce flow and upcoming ESPN.com ‘Where to Watch’ linkage. The reaffirmation of FY2026 Pro Forma Adjusted EBITDA guidance ($80–$100 million) and the $300 million FY2028 target signals continued confidence in execution, supported by a robust $244 million cash position that management expects will fully fund operations through FY2027, when positive Free Cash Flow is targeted. These results validate the strategic rationale behind the Hulu + Live TV combination — scaling a sports-first platform into a diversified, multi-tiered streaming ecosystem — while highlighting near-term challenges in subscriber retention and monetization consistency across newly integrated offerings.