NEW YORK, August 15, 2026, 11:34 EDT
Shares of FuboTV Inc. NYSE:FUBO gained 4.3% on Friday, closing at $10.22. The advance brought the weekly increase to roughly 10%, despite broader U.S. indices declining in the last trading session. U.S. stock markets are shut for the weekend.
The surge increases attention on FuboTV’s earnings trajectory. The company’s pro forma or adjusted EBITDA totaled approximately $98.2 million over the initial three fiscal quarters. However, it forecasts a full-year range between $90 million and $100 million.
Based on this calculation, fiscal fourth-quarter adjusted EBITDA is expected to range from a loss of $8.2 million to a profit of $1.8 million. This figure is an initial estimate and does not represent company guidance. It presumes that quarterly non-GAAP measures are both additive and comparable.
| Fiscal 2026 period | Revenue ($bn) | North America subscribers (m) | Adjusted EBITDA ($m) | Cash ($m) |
|---|---|---|---|---|
| Q1 | 1.683 pro forma | 6.20 | 41.4 pro forma | 458.6 |
| Q2 | 1.574 | 5.70 | 37.7 | 244.0 |
| Q3 | 1.482 | 5.75 | 19.1 | 236.4 |
The gap is significant as subscriber numbers have steadied, but margins have yet to follow. North America paid accounts hit a new record for the third quarter, totaling 5.75 million. This figure is 2% higher compared to a year ago and 50,000 more than in the previous quarter.
| Q3 metric | Fiscal 2026 | Prior-year pro forma | Change |
|---|---|---|---|
| Global revenue | $1.482bn | $1.484bn | Little change |
| North America subscribers | 5.75m | 5.63m | +2% |
| North America ad revenue | $108.9m | $109.4m | -0.5% |
| Adjusted EBITDA | $19.1m | $31.0m | -38% |
| Adjusted EBITDA margin | 1.3% | 2.1% | -0.8 percentage point |
Advertising remains the key variable. FuboTV finished its transition to Disney’s ad server and reported higher fill rates and CPMs. Chief Executive Alisa Bowen noted “encouraging improvements in advertising capacity utilization and CPMs.” FuboTV earnings release
North America advertising revenue reached $108.9 million, marginally down from the pro forma figure of $109.4 million. Although World Cup advertising revenue was triple the amount seen in the 2022 tournament, this did not boost the total advertising line.
The Walt Disney Company NYSE:DIS holds a 70% stake in FuboTV following the merger of Hulu + Live TV with the public company. Disney’s strength in distribution and sales could boost subscriber acquisition and advertising rates. Minority shareholders are still relying on these advantages to outweigh expenses tied to content and platform integration.
| Broker or service | Latest action | Rating | Price target | Upside from $10.22 |
|---|---|---|---|---|
| Needham | June 12 | Buy | $15 | 47% |
| Citizens JMP | June 11 | Market Outperform | $15 | 47% |
| Barrington | June 11 | Outperform | $16 | 57% |
| Wedbush | May 7 | Outperform | $19 | 86% |
| Evercore | May 1 | Outperform | $18 | 76% |
| Consensus | 10 analysts | Moderate Buy | $16.83 | 65% |
Management increased the lower end of its fiscal 2026 adjusted EBITDA guidance by $10 million. The $300 million goal for fiscal 2028 remains unchanged. The company still anticipates generating positive free cash flow in fiscal 2027 and 2028.
There is no FuboTV earnings report set for the coming week. Investors are expected to focus on whether the stock maintains Friday’s closing level and if distributing Disney-affiliated products results in reduced subscriber acquisition costs. Bowen is set to provide a wider strategic update alongside November results.
Risks: Margins can be squeezed by subscriber turnover, expenses for sports rights, and renewing content deals. FuboTV reports Q4 results using non-GAAP and pro forma metrics, so estimates may not align with official figures. Minority shareholders have less sway due to Disney’s controlling stake.
