FuboTV Inc. (NYSE:FUBO) experienced a notable decline in its stock price on Tuesday, following the release of its earnings report for the first quarter of 2026. The company's quarterly results present a landscape of both considerable revenue growth and ongoing challenges in profitability and subscriber engagement.
During the reported quarter, FuboTV achieved a revenue of $1.549 billion, representing a 40% increase compared to the prior year. This top-line figure significantly surpassed analyst expectations, which had estimated revenue to reach approximately $1.096 billion. When adjusted on a pro forma basis to include the recent integration of Walt Disney Company’s (NYSE: DIS) Hulu + Live TV business, cumulative revenue rose to $1.683 billion, up from $1.588 billion in the same period last year. This adjustment provides insight into the combined operational scale following the business combination.
However, the company registered a net loss per share of 2 cents for the first quarter, which underperformed the anticipated 1 cent loss projected by Wall Street analysts. Despite this, FuboTV’s adjusted EBITDA margin showed improvement, reaching 2.5% compared to 1.4% in the corresponding quarter of the previous year.
Examining geographical revenue streams, North America continues to be the primary market for FuboTV, contributing $1.543 billion in revenue during the quarter, a rise from $1.106 billion a year earlier. Pro forma North American revenue, incorporating Hulu + Live TV, reached $1.675 billion against $1.579 billion in the past-year quarter. Notwithstanding revenue growth, total North American subscribers on a combined basis slightly decreased to 6.2 million from 6.3 million recorded in the previous year.
Internationally, the Rest of the World segment generated $5.8 million in revenue during this timeframe, marking an increase from zero in the previous year. However, the number of paid subscribers in this region declined from 362,000 to 335,000. On a pro forma basis, Rest of World revenue stood at $8.6 million compared to $9.4 million year-over-year.
Regarding liquidity, as of December 31, 2025, FuboTV maintained a cash and cash equivalents balance of $458.6 million. Operating cash flow deteriorated during the quarter, with a cash usage of $200.3 million compared to an outflow of $42.6 million in the prior year’s corresponding period.
In a strategic move to expand its market penetration, FuboTV announced a partnership with ESPN, planning a reseller and marketing collaboration. This alliance aims to enhance the accessibility and awareness of Fubo’s service offerings. Through this partnership, Fubo Sports—which currently integrates ESPN Unlimited programming alongside FOX and CBS content—will be available through ESPN’s commerce platform. In addition, ESPN has committed to promoting Fubo across its digital platforms. These developments are contingent on finalizing definitive agreements between the parties.
Addressing shareholder value and capital structure adjustments, FuboTV unveiled intentions for a reverse stock split affecting both Class A and Class B common stock. The exchange ratio is expected to range between one-for-eight and one-for-twelve shares. The precise ratio will be determined by the company’s Board of Directors. This plan has received Board approval as well as unanimous written consent from stockholders controlling a majority of voting interests.
David Gandler, co-founder and CEO of FuboTV, characterized 2025 as a transformational year for the enterprise following its significant combination with Hulu + Live TV. He indicated that the company would reevaluate issuing guidance in forthcoming quarters, contingent upon gaining greater clarity regarding the timing and outcomes of its combined operational initiatives.
On the market front, shares of FuboTV were trading down 19.82% to $1.820 during premarket trading on Tuesday, reaching a new 52-week low. This sharp decline reflects investor caution amidst mixed financial performance and ongoing strategic transitions.
In summary, FuboTV's recent quarterly report illustrates a company undergoing substantive growth fueled by strategic mergers and partnerships, yet grappling with profitability pressures and subscriber retention challenges. The announced reverse stock split and the ESPN reseller partnership indicate proactive steps to stabilize and amplify its market presence moving forward.
During the reported quarter, FuboTV achieved a revenue of $1.549 billion, representing a 40% increase compared to the prior year. This top-line figure significantly surpassed analyst expectations, which had estimated revenue to reach approximately $1.096 billion. When adjusted on a pro forma basis to include the recent integration of Walt Disney Company’s (NYSE: DIS) Hulu + Live TV business, cumulative revenue rose to $1.683 billion, up from $1.588 billion in the same period last year. This adjustment provides insight into the combined operational scale following the business combination.
However, the company registered a net loss per share of 2 cents for the first quarter, which underperformed the anticipated 1 cent loss projected by Wall Street analysts. Despite this, FuboTV’s adjusted EBITDA margin showed improvement, reaching 2.5% compared to 1.4% in the corresponding quarter of the previous year.
Examining geographical revenue streams, North America continues to be the primary market for FuboTV, contributing $1.543 billion in revenue during the quarter, a rise from $1.106 billion a year earlier. Pro forma North American revenue, incorporating Hulu + Live TV, reached $1.675 billion against $1.579 billion in the past-year quarter. Notwithstanding revenue growth, total North American subscribers on a combined basis slightly decreased to 6.2 million from 6.3 million recorded in the previous year.
Internationally, the Rest of the World segment generated $5.8 million in revenue during this timeframe, marking an increase from zero in the previous year. However, the number of paid subscribers in this region declined from 362,000 to 335,000. On a pro forma basis, Rest of World revenue stood at $8.6 million compared to $9.4 million year-over-year.
Regarding liquidity, as of December 31, 2025, FuboTV maintained a cash and cash equivalents balance of $458.6 million. Operating cash flow deteriorated during the quarter, with a cash usage of $200.3 million compared to an outflow of $42.6 million in the prior year’s corresponding period.
In a strategic move to expand its market penetration, FuboTV announced a partnership with ESPN, planning a reseller and marketing collaboration. This alliance aims to enhance the accessibility and awareness of Fubo’s service offerings. Through this partnership, Fubo Sports—which currently integrates ESPN Unlimited programming alongside FOX and CBS content—will be available through ESPN’s commerce platform. In addition, ESPN has committed to promoting Fubo across its digital platforms. These developments are contingent on finalizing definitive agreements between the parties.
Addressing shareholder value and capital structure adjustments, FuboTV unveiled intentions for a reverse stock split affecting both Class A and Class B common stock. The exchange ratio is expected to range between one-for-eight and one-for-twelve shares. The precise ratio will be determined by the company’s Board of Directors. This plan has received Board approval as well as unanimous written consent from stockholders controlling a majority of voting interests.
David Gandler, co-founder and CEO of FuboTV, characterized 2025 as a transformational year for the enterprise following its significant combination with Hulu + Live TV. He indicated that the company would reevaluate issuing guidance in forthcoming quarters, contingent upon gaining greater clarity regarding the timing and outcomes of its combined operational initiatives.
On the market front, shares of FuboTV were trading down 19.82% to $1.820 during premarket trading on Tuesday, reaching a new 52-week low. This sharp decline reflects investor caution amidst mixed financial performance and ongoing strategic transitions.
In summary, FuboTV's recent quarterly report illustrates a company undergoing substantive growth fueled by strategic mergers and partnerships, yet grappling with profitability pressures and subscriber retention challenges. The announced reverse stock split and the ESPN reseller partnership indicate proactive steps to stabilize and amplify its market presence moving forward.