fuboTV (FUBO) Q1 2026 earnings summary

Executive summary

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

• The business now operates with Hulu Live Business as the accounting acquirer, integrating Fubo's operations from the closing date.

• 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 reported revenue was $1.549 billion, up from $1.106 billion year-over-year; pro forma revenue was $1.683 billion, up 6% year-over-year.

• Gross profit was $112 million, with a gross margin of 7.2%, up from $3.5 million and 0.3% in the prior year.

• Net loss improved to $19.1 million from $38.6 million prior year; pro forma net loss improved to $46.4 million from $130.4 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.

Outlook and guidance

• The focus for 2026 is on subscriber growth through differentiated sports offerings, distribution partnerships, and improved monetization.

• No formal guidance or guardrails provided yet, as integration and timing of key agreements are still being refined.

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