FuboTV Inc. today reported advertising revenue of $108.9 million for its third quarter of fiscal 2026, a shade below the $109.4 million pro forma figure recorded in the comparable period a year earlier, even though the FIFA World Cup 2026 generated three times the tournament advertising revenue the company booked from the 2022 competition.

The quarter, which ended June 30, 2026, was the first full three-month period in which Fubo inventory ran through the Disney Ad Server, and the first to contain a men's World Cup since the platform became an affiliate of The Walt Disney Company. Global revenue reached $1.482 billion. Against the prior-year pro forma figure of $1.484 billion, that is a decline of roughly 0.1%.

The results were disclosed through a Current Report on Form 8-K furnished to the Securities and Exchange Commission on August 5, 2026, accompanied by a shareholder letter and a press release filed as Exhibits 99.1 and 99.2.

Advertising held flat through the tournament

The advertising line is the number most directly relevant to media buyers, and it moved less than the surrounding narrative might suggest. According to FuboTV, reported advertising revenue of $108.9 million compares with pro forma advertising revenue of $109.4 million in the year-ago quarter. Advertising accounted for 7.4% of total revenues in the period.

Sequentially, the picture is stronger. As-reported advertising revenue was $91.5 million in the quarter ended December 31, 2025, $101.6 million in the quarter ended March 31, 2026, and $108.9 million in the quarter just closed, a sequential gain of 7.3%. That progression carries a caveat: the advertising line appears in the as-reported statements only from the closing of the business combination on October 29, 2025, because the historical carve-out financials of the Hulu Live Business recorded revenue as related-party income rather than as advertising.

FuboTV attributes part of the improvement to infrastructure. According to the company, it completed the integration of Fubo with the Disney Ad Server and optimised audience targeting, producing a lift in fill rates and CPMs on the Fubo service. The tournament itself, streamed in English through FOX and in Spanish through Telemundo, drove what the company described as meaningful advertising revenue during the quarter, at three times the level of the 2022 World Cup.

Alisa Bowen, appointed chief executive in July, addressed the advertising business directly in her message accompanying the results. "We also saw strength in our advertising business, with encouraging improvements in advertising capacity utilization and CPMs since completing our integration with Disney Advertising," Bowen stated.

Set against that, the year-over-year comparison did not move. A tournament that generated more than 25 billion United States television advertising impressions across FOX, FS1, Telemundo and Universo, according to iSpot data reported in July 2026, produced a Fubo advertising line that was $500,000 lighter than the prior-year pro forma equivalent. The tripling refers to tournament-specific revenue against 2022, not to the quarter as a whole.

Subscribers recover from the spring decline

Total North America paid subscribers stood at 5.75 million at the close of the quarter, against 5.63 million a year earlier, growth of 2%. FuboTV characterises the figure as a record for a fiscal third quarter. Sequentially, the count rose from 5.73 million at March 31, 2026, halting a slide that had taken the base down from 6.18 million at December 31, 2025.

That earlier drop drew attention when the company reported record revenue but shed roughly 200,000 subscribers in the March quarter. The recovery in the June period is modest in absolute terms, roughly 20,000 net additions quarter over quarter, and the base remains well below the 6.18 million recorded two quarters earlier.

Rest of World subscribers reached 356,000, up from 328,000 at the end of the prior quarter and 349,000 a year earlier. Rest of World revenue was $7.8 million, against $8.6 million on a pro forma basis in the prior-year quarter.

North America revenue was $1.474 billion, compared with $1.475 billion pro forma a year earlier. Within the consolidated revenue mix, subscription revenue contributed $300.4 million, related-party revenue $1.068 billion, advertising $108.9 million and other revenue $4.5 million.

Profitability retreated while the loss narrowed

Adjusted EBITDA came in at $19.1 million, against a pro forma $31.0 million in the prior-year quarter, a decline of 38%. Adjusted EBITDA margin fell to 1.3%, from 2.4% in the March quarter and 2.5% in the December quarter. On a pro forma basis, the year-ago third quarter margin was 2.1%.

Net loss was $25.7 million, compared with an as-reported $38.0 million and a pro forma $72.0 million a year earlier. Operating loss reached $26.6 million on total operating expenses of $1.508 billion. Depreciation and amortisation of $36.2 million and stock-based compensation of $9.5 million were the largest reconciling items between net loss and Adjusted EBITDA. Litigation and transaction expenses, which ran at $36.8 million in the December quarter as merger advisory costs landed, fell to $29,000.

The per-share figure requires care. Net loss attributable to common shareholders was $8.2 million, after $17.5 million of the loss was allocated to a non-controlling interest. Loss per share was $0.25 on a weighted average of 32,758,090 basic and diluted shares. The company closed the quarter with 29,484,803 Class A shares issued and outstanding, alongside 78,992,518 Class B shares that carry voting rights only.

Cash, cash equivalents and restricted cash totalled $236.4 million at quarter end, down from the $244 million reported three months earlier. For the nine months ended June 30, 2026, net cash used in operating activities was $417.1 million, driven principally by a $526.5 million increase in accounts receivable, of which $501.3 million sits in the related-party line on the balance sheet.

Guidance floor moves up

FuboTV revised its fiscal 2026 Pro Forma Adjusted EBITDA guidance to a range of $90 million to $100 million, from $80 million to $100 million previously. The revision lifts the bottom of the range while leaving the ceiling untouched.

Every other element of the framework issued in April was reaffirmed: an Adjusted EBITDA target of at least $300 million for fiscal 2028, positive Free Cash Flow expected in fiscal 2027 and fiscal 2028 under the current operating plan, and ending cash, cash equivalents and restricted cash of at least $200 million for fiscal 2026. Those original targets rested on contractual wholesale fee step-ups tied to the Hulu carriage agreement, content cost reductions and advertising synergies from the ad server migration.

The current fiscal year ends September 30, 2026, the first full fiscal year following the closing date. Bowen indicated that a broader strategic review will follow. "I will be sharing a strategic update on our November earnings call, along with more details on our plan to deliver increasing shareholder value," she wrote in the shareholder letter.

ESPN referrals and product changes during the tournament

FuboTV reported early results from the placement of Fubo links on ESPN "Where to Watch" pages, a distribution arrangement first outlined in the May results. According to the company, customers referred to Fubo from ESPN.com have converted from free trials to paid subscriptions at higher rates than customers acquired through other channels, and are showing favourable early retention indicators. No conversion percentages or referral volumes were disclosed.

On the product side, the company redesigned the Fubo mobile experience for the tournament, turning the app home screen into a destination for live scores, match moments and team news. That work, extended to CTV and web, contributed to a 20% increase in repeat visits to Fubo Spanish-language plans during the World Cup.

A separate feature that uses opted-in subscriber DVRs to surface must-watch moments now supports player-level and cross-game clips. Among applicable users, more than 40% engaged with it weekly, and those who did returned to the platform six more days in June than those who did not.

The user-configured Multiview feature launched on LG televisions during the quarter, making Fubo the first vMVPD to offer the format on LG hardware ahead of the 2026 fall football season. Development of the LG version had been disclosed in April. An AI-driven voice assistant that lets subscribers search recorded content through natural language queries remains on track for a launch in the autumn.

Content additions ran alongside. NBCUniversal networks returned to Fubo, including Telemundo and Universo, the official Spanish-language distribution partners for the tournament, with the reintroduction contributing to subscriber growth in June specifically. New partnerships with The Athletic, Ice Cube's BIG3 basketball, Tracy McGrady's ONES Basketball League and the European Football Alliance were also added during the period.

FuboTV also confirmed that it participated in Disney's advertising upfront presentations this year, adding its inventory to a portfolio pitched alongside live sports, news and entertainment from the wider Disney group. Disney held its 2026 upfront at the Javits Center on May 12.

Accounting structure still obscures the comparison

The reverse acquisition treatment applied to the transaction continues to complicate any reading of the numbers. Under the Business Combination Agreement dated January 6, 2025, and consummated on October 29, 2025, the Hulu Live Business was treated as the accounting acquirer. From the fiscal quarter ended December 31, 2025 onward, the historical combined carve-out financial statements of the Hulu Live Business are presented as the historical financial statements of the company.

The practical effect is visible in the headline comparison. As-reported revenue of $1.482 billion sits against $1.074 billion a year earlier, an apparent 38% increase that reflects the arrival of the Fubo business into the reporting entity rather than organic growth. On the pro forma basis the company also publishes, revenue was essentially flat.

The balance sheet carries the transaction's weight. Goodwill stood at $2.614 billion against total assets of $3.937 billion. A redeemable non-controlling interest of $1.826 billion sits in mezzanine equity. Total shareholders' equity was $813.4 million, down from $915.3 million at September 27, 2025. Convertible notes, net, totalled $225.0 million and notes payable to a related party $145.0 million.

Bowen, who spent close to a decade at Disney and most recently served as president of Disney+, is the second chief executive in the company's history. She succeeded co-founder David Gandler, whose departure was announced in July after eleven years. "Since my appointment in July, my confidence in FuboTV's differentiation and unique growth prospects has only continued to build," Bowen stated.

Why this matters for the marketing community

For buyers, the quarter functions as a controlled experiment. A vMVPD with sports-first inventory ran the largest football tournament on the planet through a newly consolidated ad server, reported better fill rates and CPMs, and still landed year-over-year advertising revenue slightly below the prior period. Whatever monetisation gains the migration produced were offset by other pressures, most plausibly the smaller subscriber base carried into the quarter compared with the December peak of 6.18 million.

The size of the line matters too. At $108.9 million a quarter, Fubo advertising remains a modest component of a business generating close to $1.5 billion in quarterly revenue and more than $6 billion on a pro forma annual basis. Agencies planning against Fubo inventory are transacting inside Disney's commercial structure, where Fubo audiences sit adjacent to ABC, ESPN, Hulu and Disney+ supply rather than being negotiated as a standalone vMVPD buy.

The engagement metrics disclosed alongside the financials are more useful than the revenue line for planning purposes. A 20% increase in repeat visits to Spanish-language plans during a Spanish-language rights window, and a DVR feature driving six additional platform days per month among engaged users, describe frequency characteristics that shape reach curves and frequency caps in ways a quarterly revenue total does not.

The unanswered question is what happens without a tournament. The September quarter that closes fiscal 2026 contains the start of the American football season but no event of World Cup scale. Whether the ad server migration produces measurable year-over-year growth in a period without an anomalous rights window will be the clearer test, and the November earnings call, where Bowen has committed to a strategic update, is where that answer arrives.

Timeline

Summary

Who: FuboTV Inc. (NYSE: FUBO), the live TV streaming company headquartered at 1290 Avenue of the Americas in New York and an affiliate of The Walt Disney Company, led by chief executive Alisa Bowen and chief financial officer John Janedis. Disney holds a controlling stake following the October 2025 combination of Fubo with the Hulu + Live TV business.

What: Third quarter fiscal 2026 results showing global revenue of $1.482 billion, advertising revenue of $108.9 million against $109.4 million pro forma a year earlier, Adjusted EBITDA of $19.1 million, a net loss of $25.7 million, a loss per share of $0.25, and 5.75 million North America paid subscribers. Fiscal 2026 Pro Forma Adjusted EBITDA guidance was revised to $90-$100 million from $80-$100 million.

When: The quarter ended June 30, 2026. Results were published on August 5, 2026, alongside a Form 8-K furnished to the Securities and Exchange Commission and a shareholder letter dated the same day. A conference call was scheduled for 9:30 a.m. ET.

Where: North America accounted for $1.474 billion of revenue and 5.75 million subscribers, with Rest of World operations contributing $7.8 million and 356,000 subscribers. The FIFA World Cup 2026 was hosted across the United States, Canada and Mexico between June 11 and July 19.

Why: The quarter tests whether the migration of Fubo advertising inventory onto the Disney Ad Server translates into revenue growth. Reported fill rate and CPM improvements did not lift the advertising line above its prior-year pro forma level, even with a World Cup that delivered three times the tournament advertising revenue of 2022, leaving the effect of the migration to be judged in quarters without an exceptional rights window.