NEW YORK, August 13, 2026, 6:48 p.m. EDT
- Fubo ended the session up 1.0%, with trading volume at 1.7 times its average level.
- Subscribers increased by 2% in Q3, while adjusted EBITDA declined 38% from a year earlier.
- Quarterly revenue was 92.7% allocated to subscriber and transmission expenses.
FuboTV Inc. NYSE:FUBO gained 1.0% on Thursday after searches for “fubo” surged by 200% during the NFL preseason’s first night. Shares traded totaled 2.66 million, 1.7 times higher than the stock’s recent average. Google Trends; Google Finance
The discrepancy carries greater significance than the overall increase. Although viewer interest boosted engagement, the stock showed little change. Market participants remain concentrated on the ongoing expenses associated with live TV.
In the third quarter, Fubo’s spending on subscriber-related expenses and transmission reached $1.374 billion, making up 92.7% of its revenue. Adjusted EBITDA declined by 38.4% compared to the same pro-forma quarter, while North American subscriber figures increased by 2.1%.
| Thursday market measure | Fubo result | Investor read-through |
|---|---|---|
| Regular close | $9.80, up 1.03% | Limited reaction |
| After-hours price | $9.75, down 0.51% | Partial retracement of gains |
| Day range | $9.54-$10.19 | 6.8% swing during session |
| Volume | 2.66 million | 1.73 times the 1.54 million daily usual |
| Market value | $1.07 billion | Roughly 0.18x Q3 revenue annualized |
| Beta | 2.40 | Prone to volatility |
The regular trading period was marked by supportive conditions. The S&P 500 advanced 0.65%, ending at an all-time high, with communication services outperforming other sectors. Against this backdrop, the scale of Fubo’s volume was notable, while its relative price movement drew less attention.
The surge in searches seems connected to viewing interest rather than a fresh company filing. Six NFL preseason matchups got underway Thursday. NFL Network broadcast two of these games and can be watched on platforms such as Fubo. That association is based on the alignment between search activity and the broadcast lineup.
| Q3 operating measure | Q3 2026 | Q3 2025 pro forma | Change |
|---|---|---|---|
| Revenue | $1.482 billion | $1.484 billion | Unchanged |
| North America subscribers | 5.75 million | 5.63 million | Increased by 2.1% |
| Net loss | $25.7 million | $72.0 million | Improved by $46.3 million |
| Adjusted EBITDA | $19.1 million | $31.0 million | Dropped 38.4% |
Chief Executive Alisa Bowen said “subscriber performance during the quarter was strong.” She pointed to the NBA Finals and FIFA World Cup as major live events. Bowen also noted that ESPN referrals had higher conversion rates to paid users compared to other channels. SEC filing
The quarter continued to slow, with revenue falling 5.9% from Q2. Adjusted EBITDA dropped by almost half. Cash fell to $236.4 million.
| Sequential measure | Q2 2026 | Q3 2026 | Change |
|---|---|---|---|
| Revenue | $1.574 billion | $1.482 billion | Fell 5.9% |
| North America subscribers | 5.73 million | 5.75 million | Rose 0.3% |
| Net loss | $6.2 million | $25.7 million | Loss widened by $19.5 million |
| Adjusted EBITDA | $37.7 million | $19.1 million | Dropped 49.3% |
| Cash and restricted cash | $244.0 million | $236.4 million | Fell 3.1% |
The market’s caution can be traced to the company’s cost structure. Expenses tied to subscribers reached $1.365 billion. Broadcasting and transmission expenses amounted to $9.1 million, allowing limited buffer ahead of marketing, technology and general overhead costs.
| Q3 content and delivery expense | Amount | Percentage of revenue |
|---|---|---|
| Costs tied to subscribers | $816.9 million | 55.1% |
| Subscriber payments to affiliated entities | $547.8 million | 37.0% |
| Broadcast and transmission | $9.1 million | 0.6% |
| Aggregate | $1.374 billion | 92.7% |
Despite this, management increased its fiscal 2026 pro-forma adjusted EBITDA outlook to $90 million-$100 million, up from a previous range of $80 million-$100 million. The company also kept its fiscal 2028 target of at least $300 million unchanged and continues to anticipate generating positive free cash flow in fiscal 2027 and 2028.
Wall Street generally maintains an optimistic outlook, although analyst forecasts are mixed. According to Google Finance, four out of five analysts covering Fubo recommend buying the stock. The mean price target is $17, representing a 73% potential increase. However, BTIG has kept a hold rating. Price targets reflect analyst views and are not guarantees.
| Analyst | Firm | Rating | Target | Date |
|---|---|---|---|---|
| Tyler DiMatteo | BTIG | Hold | Not disclosed | Aug. 6 |
| Patrick Sholl | Barrington | Buy | $16 | Aug. 6 |
| Laura Martin | Needham | Buy | $15 | Aug. 5 |
| Michael Pachter | Wedbush | Buy | $19 | Aug. 3 |
| Drew Crum | B. Riley | Buy | $18 | July 30 |
The August 5 earnings report was last week’s key development. Fubo’s results came in roughly 64% short of the consensus EPS forecast and 1.1% under revenue expectations. Shares are trading at $9.80, which is 82.7% below the 52-week high but still 23.3% higher than the 52-week low.
This week features additional NFL preseason broadcasts, with national matchups continuing until August 20. Bowen’s strategy update, scheduled for the November earnings call, is the next key corporate event. Increased search traffic could aid acquisition efforts at present. Sustainable improvements in margins will be crucial to the equity outlook.
Risks: Outcomes may be affected by content renewal negotiations, subscriber churn, and Hulu integration. Non-GAAP guidance relies on operational performance, and Fubo’s beta of 2.40 indicates greater volatility compared to the market.
