fuboTV (FUBO) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 revenue of $1.574 billion, the strongest adjusted EBITDA in company history, and narrowed net loss, driven by the Hulu + Live TV combination and higher advertising revenue.

• Completed transformative business combination with Hulu + Live TV, resulting in a new ownership structure with Hulu holding a 70% interest and expanded content offerings.

• Flexible content packaging and diversified product set introduced, targeting distinct consumer segments and reducing churn.

• Early benefits from migrating advertising to Disney's ad server, with improved fill rates and CPMs.

• Advanced cross-selling integrations with Disney, including Hulu Live content in Fubo’s eCommerce flow and ESPN.com linking directly to Fubo.

Financial highlights

• Q2 North America revenue: $1.566 billion, up from $1.125 billion prior year; total six-month revenue: $3.12 billion, with gross margin improving to 7.6%.

• Ended quarter with 5.7 million North America subscribers, down from 5.9 million prior year.

• Net loss for Q2: $2.1 million, improved from $40.9 million loss prior year; prior year pro forma net income was $120.6 million due to a $220 million litigation gain.

• Adjusted EBITDA: $37.7 million, up from $1.4 million pro forma prior year.

• Cash and equivalents: $244 million at quarter end; outstanding indebtedness was $323 million, including $177.5 million in 2029 Convertible Notes and $145 million in a Disney-related promissory note.

Outlook and guidance

• Fiscal 2026 pro forma adjusted EBITDA expected at $80–$100 million; target of at least $300 million by 2028.

• Positive free cash flow anticipated in 2027 and 2028; fiscal 2026 ending cash projected at least $200 million.

• Management expects to use existing cash and cash flows from operations to fund ongoing operations for at least the next twelve months.

• Contractual wholesale fee from Hulu + Live TV to increase from 95% in 2026 to 99% by 2028, supporting earnings visibility.

• Future capital requirements will depend on subscriber growth, competitive dynamics, and macroeconomic factors.