New York, May 10, 2026, 16:01 EDT
- Fubo posted its highest-ever quarterly revenue. Still, North American subscriber numbers declined compared to last year.
- This marked Fubo’s first complete quarter after joining forces with Disney’s Hulu + Live TV.
- Investors are eyeing Disney’s ad revenue, ESPN partnerships, and trimmed content spending to see if those can balance out ongoing subscriber losses.
FuboTV Inc. posted all-time high revenue for its fiscal second quarter following its merger with Disney’s Hulu + Live TV. Still, the live-TV streaming service saw subscriber losses in North America—a setback for a deal aimed at boosting its standing against bigger internet pay-TV players.
The numbers carry extra weight this time around; it’s Fubo’s first complete quarter post-merger, after Disney finalized its Hulu + Live TV deal in October, picking up roughly 70% ownership. Fubo’s pitch? Straightforward, in theory: leverage Disney’s vast reach, advertising might, and ESPN’s platform to try and forge a more dependable, sports-centric streaming revenue stream.
Fubo reported global revenue hitting $1.574 billion for the quarter ended March 31, up from $1.125 billion a year ago. North American subscribers dropped slightly to 5.7 million, down from 5.9 million. Rest-of-world subscribers, which include its Molotov segment, also slipped—now totaling 328,000 versus 354,000 last year.
The company narrowed its net loss sharply, reporting $6.2 million compared with a $40.9 million loss the previous year. Adjusted EBITDA came in at $37.7 million, a jump from pro forma adjusted EBITDA of $1.4 million a year ago. Adjusted EBITDA excludes interest, taxes, depreciation, and amortization, along with other items management considers outside the company’s core business.
Fubo kept its fiscal 2026 pro forma adjusted EBITDA forecast at $80 million to $100 million, stuck to its 2028 adjusted EBITDA goal of at least $300 million, and maintained its timeline to reach free-cash-flow positivity in fiscal 2027 and 2028. Free cash flow refers to cash remaining after covering operating expenses and capital investments.
Chief Executive David Gandler pointed to ongoing Disney integrations as a tailwind for “subscriber, revenue and Adjusted EBITDA growth.” According to Fubo, Hulu Live packages are now offered through Fubo’s e-commerce platform, and links from ESPN.com’s “Where to Watch” pages will connect to Fubo soon. The company also expects Fubo Sports to land in ESPN’s e-commerce flow during the first half of 2027. Fubo Investor Relations
The Disney ad link stands at the heart of the story. On the earnings call, Chief Financial Officer John Janedis noted that Fubo only began shifting its inventory to Disney’s ad server under 90 days ago, but already the company has logged higher CPMs and better fill rates; CPM refers to the cost per thousand ad impressions paid by advertisers.
Investor sentiment took a hit. Fubo shares dropped 4.73% to finish at $10.28 on May 8, following a rough earnings week that highlighted weaker subscriber trends and fresh worries about the company’s reverse stock split.
Fubo pitched the reverse split as a way to attract more institutional investors, cut down on volatility, and match its share count to its latest scale. Gandler called the split key to “align with our operational scale,” though he admitted to analysts that reverse splits can unsettle investors. TheWrap
Competition is tight, but Disney and Fubo are betting that teaming up will let them create a heftier virtual MVPD—the industry’s shorthand for a streaming pay-TV package. Fubo continues to square off with Alphabet’s YouTube TV in this space, while still juggling tough negotiations with content suppliers like NBCUniversal.
The NBCUniversal standoff is still unresolved. According to TheWrap, Fubo has gone without NBCU networks since November. Executives downplayed the subscriber fallout, calling it modest and actually better than what they’d anticipated internally. Fubo viewers can still find NBCU content, but only through Hulu + Live TV.
If the Disney tie-up doesn’t deliver margin gains on schedule and subscriber losses persist, Fubo could be looking at more pain. The company’s latest quarterly report revealed net cash used in operating activities hit $412.4 million for the six months through March 31—substantially higher than the $90.0 million recorded a year ago. It’s a stark signal: the jump underscores Fubo’s ongoing challenge in converting its scale into lasting cash generation.
