FuboTV Q3 FY2026 Earnings: Subscribers Rise as Pro Forma Revenue Stays Flat

FuboTV (NYSE: FUBO) reported Q3 FY2026 revenue of $1.482 billion, essentially flat against Q3 FY2025 pro forma revenue of $1.484 billion, while EPS was a loss of $0.25. The GAAP net loss narrowed to $25.7 million from a pro forma loss of $72.0 million, but adjusted EBITDA declined to $19.1 million from $31.0 million as North America paid subscribers increased 2% to a record Q3 5.75 million.

Core financial results

The quarter ended June 30, 2026, and the results were released on August 5. Year-over-year comparisons require care because FuboTV completed its combination with Hulu + Live TV on October 29, 2025, accounted for it as a reverse acquisition, and changed its fiscal year-end to September 30.

Reported Q3 FY2025 revenue was $1.074 billion, but that historical figure is not directly comparable with the current combined company. The table therefore uses FuboTV’s supplemental pro forma prior-year results, which assume the combination occurred at the beginning of the comparative period.

Adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. The current-period figures are reported results, while the prior-year adjusted EBITDA comparison is pro forma.

Business and regional performance

North America generated $1.474 billion of FuboTV’s $1.482 billion in global revenue. Subscriber counts increased in both reporting regions, but the revenue comparisons were flat in North America and negative in the rest of the world.

For periods before the transaction closed, subscriber figures give effect to the Hulu + Live TV combination as if it had already occurred. Management attributed subscriber acquisition to high-profile sports events, including the NBA Finals and FIFA World Cup 2026, as well as flexible programming packages and product features.

Subscriber gains did not translate into higher pro forma revenue

Subscriber counts rose by approximately 2% in both regions, but comparable revenue did not follow the same direction. North American revenue was effectively unchanged, while rest-of-world revenue declined despite a larger paid subscriber base.

The disclosed figures establish a gap between subscriber growth and revenue growth, but the company did not quantify the contribution from pricing, package mix or customer engagement. Management reported improving advertising capacity utilization and CPMs after integrating with Disney Advertising, although it did not provide supporting advertising revenue figures.

This revenue pattern also coincided with adjusted EBITDA falling from the prior-year pro forma level and the adjusted EBITDA margin contracting by 0.8 percentage points. Future results will need to show whether subscriber growth can be accompanied by stronger revenue conversion and margin performance.

Profitability, cash and the balance sheet

FuboTV remained loss-making under GAAP even though adjusted EBITDA was positive. The reconciliation included $36.2 million of depreciation and amortization and $9.5 million of stock-based compensation, which were the largest adjustments separating the $25.7 million net loss from $19.1 million of adjusted EBITDA.

The company ended the quarter with $236.4 million in cash, cash equivalents and restricted cash. That balance was above its reaffirmed FY2026 year-end target of at least $200 million, although the target applies to a later reporting date and includes restricted cash.

Guidance

FuboTV raised the lower end of its FY2026 pro forma adjusted EBITDA range from $80 million to $90 million while retaining the $100 million upper end. It also reaffirmed its longer-term adjusted EBITDA, free cash flow and year-end liquidity targets.

The adjusted EBITDA and free cash flow targets are non-GAAP. FuboTV did not provide forward-looking GAAP reconciliations because it said the necessary variables and adjustments could not be estimated without unreasonable effort.

Management perspective

CEO Alisa Bowen, appointed in July, said subscriber acquisition benefited from major sports programming, flexible packages and user-experience features. She also pointed to improving advertising capacity utilization and CPMs following the Disney Advertising integration.

Management’s stated priorities are to expand packaging options, broaden distribution and invest in product improvements that increase flexibility, choice and value. Bowen said the company is working with Disney and other partners to refine its strategy, but did not provide additional quantitative targets beyond the published guidance.

Recent insider transactions

The supplied insider records contain four clearly identified sales and one derivative-security conversion among the latest reported transactions. Records with unspecified transaction types or values have been omitted, and the transactions alone do not establish insiders’ views about FuboTV’s outlook.

Roles reflect the supplied transaction records at the time of reporting.

Risks investors should monitor

• Subscriber monetization: Paid subscribers increased, but pro forma revenue was flat globally and declined in the rest of the world. A continued disconnect could limit revenue growth.
• Profitability pressure: Adjusted EBITDA and its margin declined from the prior-year pro forma levels even as the company reported a narrower GAAP net loss.
• Integration and reporting complexity: The Hulu + Live TV combination changed FuboTV’s accounting history and fiscal calendar. Pro forma figures improve comparability but remain illustrative rather than actual historical combined results.
• Content costs and renewals: FuboTV depends on licensing sports and entertainment programming, and long-term commitments or less favorable renewal terms could affect margins and cash generation.
• Cash flow execution: Positive free cash flow remains a future target for FY2027 and FY2028. Meeting that objective depends on the current operating plan and continued progress toward the company’s profitability goals.

Summary

FuboTV’s Q3 FY2026 results showed modest subscriber growth and a narrower GAAP loss, but pro forma revenue was essentially unchanged and adjusted EBITDA weakened. The raised lower end of FY2026 adjusted EBITDA guidance provides a firmer near-term target, while the main operating question is whether the combined company can convert subscriber and advertising progress into revenue growth, stronger margins and positive free cash flow.