fuboTV (FUBO) Q1 2025 earnings summary

Executive summary

• Global streaming business exceeded subscriber and revenue guidance in Q1 2025, with significant improvements in profitability metrics over the trailing twelve months.

• North America revenue rose 3.5% year-over-year to $407.9 million, while paid subscribers declined 2.7% to 1.47 million, both above guidance.

• Net income from continuing operations reached $188.5 million, reversing a net loss of $56.3 million in Q1 2024, driven by a $220 million litigation settlement.

• Announced a major business combination with Disney and Hulu, creating a new entity with Hulu holding a 70% interest and Fubo holding 30%, pending regulatory approval.

• Focus remains on profitability in 2025 and leveraging the pending combination with Hulu + Live TV.

Financial highlights

• Adjusted EBITDA for Q1 2025 was -$1.4 million, a $37.4 million year-over-year improvement.

• Net cash provided by operating activities was $161.4 million, up $228.4 million year-over-year, mainly due to the litigation settlement.

• Free cash flow improved by $9.3 million year-over-year to -$62 million.

• Gross profit increased to $69.2 million (16.6% margin) from $27.7 million (6.9% margin) year-over-year.

• Ended the quarter with $327.8 million in cash, cash equivalents, and restricted cash.

Outlook and guidance

• Q2 2025 North America guidance: 1.225–1.255 million subscribers (14% year-over-year decline at midpoint), revenue of $340–$350 million (10% decline at midpoint).

• Rest of world Q2 guidance: 325,000–335,000 subscribers (down 17% year-over-year), revenue of $6.5–$7.5 million (15% decline at midpoint).

• Guidance reflects continued impact from dropped Televisa Univision content and one-time sports events in Q2 2024.

• Management expects existing cash and equivalents to provide liquidity for at least the next twelve months.

• Future capital requirements will depend on subscriber growth and competitive dynamics; additional capital may be raised as needed.