fuboTV (FUBO) Q1 2026 earnings summary

Executive summary

• Q1 2026 was the first quarter as a combined entity after the Hulu Live acquisition, validating the strategic rationale for greater scale, broader distribution, and improved economics.

• Completed a transformative business combination with Hulu + Live TV on October 29, 2025, resulting in a new ownership and reporting structure.

• Focused on live TV streaming for sports, news, and entertainment, with operations in the US, Canada, France, and Spain.

• Announced a reseller and marketing arrangement with ESPN to expand service reach, pending definitive agreements.

Financial highlights

• Q1 FY26 pro forma revenue was $1.683 billion, up 6% year-over-year; reported revenue was $1.549 billion, up 40% year-over-year.

• Pro forma net loss improved to $46.4 million from $130.4 million; reported net loss was $19.1 million, improved from $38.6 million.

• Pro forma adjusted EBITDA was $41.4 million, nearly doubling from $22 million in the prior year.

• Cash and equivalents stood at $458.6 million at quarter-end.

• Gross margin improved to 7.2% from 0.3% year-over-year.

Outlook and guidance

• The company is not providing formal guidance yet, citing ongoing integration and timing uncertainties, especially regarding new agreements and content partnerships.

• Plans for a reverse stock split at a ratio between 1-for-8 and 1-for-12 to broaden investor base and align share count with company size.

• Growth remains the primary focus for 2026, with an emphasis on subscriber expansion and improved monetization.

• Management believes current liquidity is sufficient for at least the next twelve months.

• Synergies from the Hulu Live combination are expected to exceed $120 million, with ad tech integration and content/programming efficiencies to materialize over time.