fuboTV (FUBO) Q4 2024 earnings summary

Executive summary

• Achieved record total revenue of nearly $1.6 billion in 2024, up 19% year-over-year, and reached 1,676,000 paid subscribers in North America, up 4% year-over-year, both all-time highs and in line with guidance.

• Delivered first-ever quarter of positive free cash flow in Q4 2024.

• Significant improvements in adjusted EBITDA and free cash flow, each by over $100 million for the second consecutive year.

• Announced a definitive agreement to combine Hulu + Live TV and Fubo, making the company the sixth largest pay TV provider by subscribers, with both brands operating separately under Fubo.

• Launched new multicultural and sports-focused bundles, including the Z Family bundle for the South Asian demographic, standalone sports and entertainment bundles, and expanded Multiview product to Roku.

Financial highlights

• Q4 2024 North America revenue was $434 million, up 8% year-over-year; ARPU at a record $87.90, up 1.4% year-over-year.

• Rest of world revenue was $9.4 million, up 12.1% year-over-year; ARPU was $8.50, up 24.8% year-over-year; subscribers down 10.9% year-over-year.

• Q4 net loss improved to $40.9 million from $71 million in Q4 2023; adjusted EBITDA loss was $8.7 million, a significant improvement from $50.1 million loss in Q4 2023.

• Adjusted EPS loss was $0.02, compared to $0.18 in Q4 2023.

• Achieved first quarter of positive free cash flow at $16.3 million, a $22.1 million year-over-year improvement; ended the quarter with $167.6 million in cash, cash equivalents, and restricted cash.

Outlook and guidance

• Q1 2025 North America subscriber guidance: 1,430,000–1,460,000, a 4% year-over-year decline at midpoint, reflecting the impact of the Univision non-renewal.

• Q1 2025 North America revenue guidance: $400–$410 million, a 3% year-over-year growth at midpoint.

• Rest of world Q1 2025 subscriber guidance: 330,000–340,000, a 16% year-over-year decline at midpoint; revenue guidance: $7.5–$8.5 million, a 5% year-over-year decline at midpoint.

• Guidance reflects expected subscriber impact from the Univision non-renewal and potential industry volatility.

• Anticipates continued top-line growth and efficiency improvements, with a focus on driving towards profitability in 2025.