fuboTV (FUBO) Earnings Date & Reports

Key Takeaways

• Revenue reached a record $1.57 billion in Q2 Fiscal 2026, though it fell modestly short of the consensus estimate of approximately $1.60 billion.
• Earnings per share (EPS) came in at -$0.07, handily beating analyst expectations that ranged from -$0.15 to -$0.32 per share.
• Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) surged to $37.7 million, compared to just $1.4 million on a pro forma basis in the prior-year quarter, marking the company's strongest Q2 on this metric.
• North American subscribers declined to 5.7 million, down from 5.9 million a year earlier, reflecting a 3.4% year-over-year contraction that weighed on investor sentiment.
• Full-year fiscal 2026 adjusted EBITDA guidance of $80 million to $100 million was reaffirmed, alongside a long-term target of at least $300 million by fiscal 2028.
• The stock fell approximately 15.9% in the session following the report, as the subscriber decline and slight revenue miss overshadowed profitability improvements.

Earnings Context and Why It Matters

FuboTV's Q2 Fiscal 2026 results represent the first full quarter following the company's landmark business combination with Disney's Hulu + Live TV. This transformative deal has reshaped FuboTV into the sixth-largest pay-TV operator in the United States, with a portfolio now spanning the sports-focused Fubo platform, the entertainment-oriented Hulu + Live TV, and the European streaming service Molotov. The quarter therefore serves as a critical early benchmark for whether the combined entity can deliver on the financial synergies, margin expansion, and subscriber growth that underpinned the merger thesis. With the stock trading well below its 52-week high, investors are scrutinizing every data point for evidence that the integration is generating sustainable momentum.

Reported Results

FuboTV reported total North America revenue of $1.566 billion for Q2 Fiscal 2026 (the quarter ended March 31, 2026), compared to $1.125 billion in the prior-year period. On a pro forma basis—which assumes the Hulu + Live TV transaction was completed at the beginning of the earliest period presented—revenue grew 1% year-over-year from $1.564 billion. The top-line figure came in slightly below Wall Street consensus estimates of roughly $1.60 billion.

On the bottom line, FuboTV posted a net loss of $6.2 million, a dramatic improvement from the $40.9 million net loss reported in the same quarter a year ago. EPS landed at -$0.07, which exceeded the consensus analyst forecast. On a pro forma basis, the prior-year quarter had included a $220 million net gain related to a litigation settlement, making headline comparisons less meaningful.

Adjusted EBITDA—a key profitability metric closely watched by investors—reached $37.7 million, up sharply from $1.4 million on a pro forma basis in the prior year. The company also reported that trailing twelve-month pro forma adjusted EBITDA surpassed $100 million, a milestone management described as reinforcing confidence in the long-term $300 million EBITDA target. FuboTV ended the quarter with $244 million in cash, cash equivalents, and restricted cash, and expects to finish the fiscal year with more than $200 million on its balance sheet.

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Market Reaction and Investor Sentiment

Despite the record revenue figure and the sharp improvement in adjusted EBITDA, the market response to FuboTV's Q2 Fiscal 2026 report was decidedly negative. Shares declined approximately 15.9%, sliding from $12.40 ahead of the release to $10.43 the following day. The sell-off reflected investor fixation on two pain points: the top-line revenue miss relative to consensus and the year-over-year subscriber contraction from 5.9 million to 5.7 million. While management characterized the subscriber trend as largely seasonal and noted successful retention through the NBCUniversal content disruption, the headline decline fed broader concerns that the combined Fubo–Hulu + Live TV entity has yet to demonstrate a clear growth trajectory. The stock's year-to-date decline of roughly 72% as of mid-2026 underscores persistent skepticism about near-term subscriber momentum, even as profitability metrics continue to improve.

Forward Outlook and Key Factors to Monitor

Looking ahead, several catalysts and risk factors merit close attention as FuboTV navigates the remainder of fiscal 2026. The company's reaffirmed full-year adjusted EBITDA guidance of $80 million to $100 million signals management's confidence in the underlying earnings trajectory, supported by a contractual wholesale fee structure tied to Hulu + Live TV content costs that scales from 95% in calendar 2026 to 99% by 2028. This built-in margin expansion mechanism provides a rare degree of visibility in the competitive streaming landscape.

The ongoing migration of Fubo's advertising inventory to Disney's ad server—which began in February and is expected to complete by year-end—represents a near-term revenue catalyst. Management reported early improvements in CPMs (cost per thousand impressions, a measure of ad pricing) and fill rates, with Fubo's ad ARPU (average revenue per user) expected to converge with Hulu Live's over time.

On the product front, the planned fall 2026 launch of a sports-focused AI conversational assistant, the introduction of tiered Spanish-language packages (Fubo Latino and Hulu + Live TV Español), and the anticipated ESPN "Where to Watch" integration all represent initiatives aimed at improving user engagement and reducing churn. The ESPN e-commerce integration for Fubo Sports, now expected in the first half of calendar 2027, could open a significant new subscriber acquisition channel given ESPN's monthly active user base exceeding 100 million.

Investors should also monitor subscriber trends closely in upcoming quarters. While the company has demonstrated an ability to manage churn through content disruptions, the broader cord-cutting environment and intensifying competition from well-capitalized rivals such as YouTube TV remain structural headwinds. The company's expectation of positive free cash flow in fiscal 2027 and 2028 represents an important financial milestone that, if achieved, could meaningfully shift market sentiment.

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