fuboTV (FUBO) Q2 2025 earnings summary

Executive summary

• Achieved first-ever quarter of positive adjusted EBITDA, marking a significant milestone for the business.

• Exceeded both revenue and subscriber expectations globally for Q2 2025, despite year-over-year declines in North America.

• Announced a pending business combination with Hulu + Live TV and Disney, targeting closure in late 2025 or early 2026, which will result in a new entity with Hulu holding a 70% economic and voting interest.

• Net loss for Q2 2025 was $8.0M, a significant improvement from $25.8M a year ago; year-to-date net income reached $180.5M due to a $220.0M antitrust litigation settlement.

• Launched new products including Pay-per-View and announced upcoming Fubo Sports, a skinny sports-focused service.

Financial highlights

• Q2 2025 revenue was $380.0M, down from $391.0M in Q2 2024, mainly due to a decrease in subscription revenue from a lower subscriber base, partially offset by higher package prices and attachments.

• North America revenue was $371.3M (down 3% YoY) with 1.36M paid subscribers (down 6.5% YoY); Rest of World revenue was $8.7M (up 4.7% YoY) with 349,000 paid subscribers (down 12.5% YoY).

• Gross margin improved to 20.4% in Q2 2025 from 12.6% in Q2 2024.

• Adjusted EBITDA was $20.7M, improving by over $31.7M year over year, marking the first positive quarter.

• Ended the quarter with $289.7M in cash, cash equivalents, and restricted cash.

Outlook and guidance

• Management expects continued seasonality, with higher revenue and subscriber additions in Q3 and Q4 due to sports seasons.

• Marketing efforts will remain efficient to support retention and capitalize on seasonal tailwinds.

• No formal guidance provided for EBITDA, but seasonal trends are expected to continue, with Q2 typically being the strongest quarter.

• Current cash position and anticipated $145M term loan facility provide liquidity for at least the next 12 months.

• Focus on delivering choice and flexibility and continued innovation in sports entertainment streaming platform.