FuboTV Inc. today reported record global revenue of $1.574 billion for its second quarter of fiscal 2026, the quarter ended March 31, 2026, while narrowing its net loss to $6.2 million. The results mark the first full quarter of operation under the combined Fubo and Hulu + Live TV business structure that emerged from the October 2025 merger with The Walt Disney Company.

The revenue figure is a 40% increase on the $1.125 billion reported in Q2 fiscal 2025 on an as-reported basis, though the comparison is distorted by the merger's accounting treatment. On a pro forma basis - which treats the business combination as if it had been completed at the start of the comparison period - revenue rose just 1% year over year against a Q2 fiscal 2025 pro forma figure of $1.564 billion.

Adjusted EBITDA swung sharply higher. The company recorded $37.7 million in Adjusted EBITDA for the quarter, up from just $1.4 million on a pro forma basis in the year-prior period. That movement, from effectively breakeven to a meaningful positive reading, reflects the operating leverage that management had been projecting since the combination closed. The Adjusted EBITDA margin came in at 2.4%. Net loss attributable to common shareholders was $2.1 million, considerably below the $40.9 million net loss posted in Q2 fiscal 2025.

Earnings per share loss was $0.07 on a weighted average share count of 30,715,279. The company ended the quarter with 29,435,597 shares of Class A common stock and 78,992,518 shares of Class B common stock issued and outstanding.

Cash and cash equivalents totaled $237.8 million at March 31, 2026. Including restricted cash of $6.1 million, the total liquidity position was $244 million.

Subscribers fall below six million

Despite the revenue record, subscriber numbers declined. Total North America paid subscribers stood at 5.7 million, down from 5.9 million in Q2 fiscal 2025 and from 6.2 million at the end of the prior sequential quarter, Q1 fiscal 2026. The international segment - labeled Rest of World and comprising primarily the Molotov service in France - reported 328,000 paid subscribers, compared with a pro forma 354,000 in the equivalent prior-year period.

The subscriber decline carries context. The combined entity peaked at 6.2 million North American subscribers in the quarter ended December 31, 2025, the first full quarter after the merger closed. The 500,000 sequential drop to 5.7 million is notable given that the December quarter is typically elevated by promotional activity. Seasonal patterns in live TV streaming services often show softness in the spring quarter as sports schedules wind down and fewer promotional incentives are in market.

The Fubo and Disney merger, completed on October 29, 2025, was accounted for as a reverse acquisition with the Hulu Live Business treated as the accounting acquirer. As a result, the historical financial statements of the combined company reflect the carve-out financials of the Hulu Live Business rather than the standalone Fubo entity. This structural accounting choice makes direct year-over-year comparisons difficult without relying on the pro forma figures the company provides. PPC Land has covered this merger and its financial mechanics extensively since the transaction was announced in January 2025.

Revenue breakdown

The income statement for the three months ended March 31, 2026, shows total revenues of $1.573 billion, composed of subscription revenue of $347 million, related-party revenue of $1.121 billion, advertising revenue of $101.6 million, and other revenue of $3.8 million.

Advertising revenue of $101.6 million was flat year over year against a pro forma $101.6 million. The migration of Fubo's inventory onto the Disney Ad Server is ongoing and, according to the company's shareholder letter, has already produced improved monetization. Disney plans to include Fubo in its annual Upfront presentation with advertisers - an event that kicks off in New York City in the days immediately following this earnings disclosure. For advertising buyers, inclusion in Disney's Upfront represents a structural upgrade: Fubo inventory would be pitched alongside ESPN, Hulu, ABC, FX, and Disney+ properties, granting it access to national brand budgets that historically have not engaged directly with virtual MVPD platforms.

The advertising dimension matters considerably to the marketing community. As PPC Land reported in April 2026, the migration of Fubo's ad sales into Disney's advertising organization positions the platform's sports-first audience within a combined stack that reaches 122 million ad-supported streaming subscribers. Mediaocean's Prisma Direct integration with Disney's advertising portfolio, announced March 31, 2026, is expected to go live in Q3 2026 and will include Fubo inventory through an API connection based on the same technology as Disney Campaign Manager.

Operating costs

Total operating expenses for the quarter were $1.583 billion, exceeding revenue by $9.1 million and resulting in an operating loss of that amount. The largest cost line was subscriber related expenses of $946.7 million, followed by related-party subscriber expenses of $499 million. Sales and marketing costs were $58.1 million, technology and development $20.8 million, general and administrative $13.1 million, broadcasting and transmission $9.3 million, and depreciation and amortization $36 million.

Stock-based compensation totalled $10.2 million for the quarter, allocated across subscriber related expenses ($66,000), sales and marketing ($2.3 million), technology and development ($2.6 million), and general and administrative ($5.2 million).

On the balance sheet, total assets reached $3.981 billion as of March 31, 2026. Goodwill accounts for $2.614 billion of that total, reflecting the valuation assigned to the Hulu Live Business at the time the acquisition was accounted for. Intangible assets net of amortization were $402.7 million. Total liabilities stood at $1.326 billion. Convertible notes net were $229.6 million; notes payable to the related party (Disney) were $145 million. Redeemable non-controlling interest was recorded at $1.843 billion.

Disney integrations move forward

The most significant operational disclosures today concern the cross-selling and product integration work between Fubo and Disney. Several concrete steps were detailed.

Hulu + Live TV's content packages are now available within Fubo's eCommerce flow. Visitors to fubo.tv/welcome can choose from Fubo Sports, Fubo Pro, Hulu + Live TV, Fubo Latino, and Hulu + Live TV Espanol - five distinct live TV options at different price points through a single checkout experience. This is the first time all of these services have been marketed within a unified interface.

ESPN.com's "Where to Watch" pages will soon link directly to Fubo, giving sports fans who land on game information pages a direct path to subscribe or stream. The timing of this feature was not precisely specified beyond "soon." Additionally, Fubo Sports is targeted to become available in ESPN's own eCommerce flow in the first half of 2027, under a previously announced reseller and marketing arrangement. Fubo Sports includes ESPN Unlimited alongside Fox and CBS programming and other sports networks.

These integrations represent a distribution strategy built around ESPN's scale as a discovery platform. Sports fans searching for where to watch a specific game on ESPN.com could be directly converted into Fubo subscribers without leaving that environment. The Q1 fiscal 2026 results reported February 3, 2026, first revealed the ESPN reseller arrangement publicly, and today's update advances the timeline for certain elements.

AI assistant and platform technology

Fubo today disclosed development of an AI Assistant feature that will allow subscribers to search DVR-recorded content through natural language conversation rather than typed or voice commands. The planned launch platforms are Roku, Apple TV, and mobile, with a target timeline of fall 2026. The company also plans to extend the AI Assistant to news and entertainment content beyond sports.

The technical framing is significant. The system is described as enabling search via "casual conversation" rather than structured voice command interfaces, suggesting a large language model-driven interaction layer integrated with the DVR catalogue. This differs from standard voice search implementations on streaming platforms, which typically require direct phrasing of titles or queries.

Platform engineering updates disclosed in the shareholder letter cover several other areas. Video quality for MLB.TV channels was upgraded to 1080p at 60 frames per second. Mobile and connected TV playback controls were redesigned, moving titles to the top of the screen and enlarging the scrubber to reduce visual clutter. A new "Featured on Fubo" promotional carousel replaced traditional banner placements, described as a more dynamic content surfacing approach. AI tools are being applied internally to accelerate engineering velocity and improve coordination between product, design, and engineering teams.

The mobile application received a significant redesign, detailed in April 2026 by PPC Land, that introduced live video carousels on the home screen, enhanced Team Channels with league-based filters, and an AI-driven vertical video mode that automatically reframes content for portrait orientation by zooming into the most active areas of the frame.

Content and distribution: MLB rights secured

During the quarter, Fubo secured three regional sports network agreements for the 2026 Major League Baseball season. A multi-year agreement for BravesVision covers a six-state territory and delivers more than 140 live games alongside exclusive original programming. A streaming partnership with Spectrum SportsNet LA - the exclusive television home of the Los Angeles Dodgers - provides more than 140 regular-season games to subscribers within the network's geographic footprint. That deal, covered by PPC Land in March 2026, was notable as the first time Fubo had ever carried Los Angeles Dodgers coverage. SportsNet NY (SNY), the television home of the New York Mets, was also added. These three agreements, combined with existing coverage, give Fubo home team coverage across 99% of the country according to the company's shareholder letter.

Hulu + Live TV added Marquee Sports Network to its offering in the Chicago DMA. In January, Hulu + Live TV expanded into a Spanish-language tier called Hulu + Live TV Espanol, priced at $29.99 per month, which includes access to both the Disney+ and Hulu streaming libraries with ads. In February, Fubo Sports Network launched on the Hulu + Live TV service. PPC Land covered that distribution milestone in February 2026, noting it was the first post-merger distribution synergy to materialize. The owned-and-operated FAST channel delivers approximately 500 live events annually across niche and breakout sports leagues.

Guidance reaffirmed

Fubo reaffirmed today its fiscal 2026 Pro Forma Adjusted EBITDA guidance range of $80 million to $100 million. The company is also reaffirming its fiscal 2028 Adjusted EBITDA target of at least $300 million. Positive Free Cash Flow remains expected in fiscal 2027 and fiscal 2028 under the current operating plan. Fiscal 2026 ending cash, cash equivalents, and restricted cash is expected to be at least $200 million. The company's fiscal year ends September 30, 2026, a calendar that was adopted upon the merger's close.

Looking at the trailing five quarters, Adjusted EBITDA on a combined basis has ranged from $1.4 million in Q2 fiscal 2025 to $41.4 million in Q1 fiscal 2026. The Q2 fiscal 2026 figure of $37.7 million represents a modest sequential step down, possibly reflecting the seasonal subscriber softness described above.

David Gandler, co-founder and CEO of FuboTV Inc., characterized the quarter as follows: "Fubo's second quarter Fiscal Year 2026 results, including record revenue of $1.6 billion globally, demonstrate the growing strength and scale of our business. We are also pleased to reiterate our confidence in our Fiscal 2026 guidance and our Fiscal 2028 Adjusted EBITDA target of at least $300 million. Looking ahead, we are making progress on multiple new integrations with Disney, leveraging the content portfolios of Fubo and Hulu + Live TV, which are expected to drive sustained subscriber, revenue and Adjusted EBITDA growth while delivering on the consumer promise of our business combination."

Gandler and CFO John Janedis hosted a live conference call today at 10 a.m. ET. The results were disclosed via a Form 8-K filing with the SEC on May 6, 2026.

FuboTV Inc. (NYSE: FUBO) describes itself as the sixth-largest pay TV company in the United States based on UBS estimates. The company owns Hulu + Live TV, Fubo, and Molotov, streaming across markets globally as an affiliate of The Walt Disney Company.

Timeline

Summary

Who: FuboTV Inc. (NYSE: FUBO), a Disney-affiliated live TV streaming company headquartered at 1290 Avenue of the Americas, New York, NY 10104, led by co-founder and CEO David Gandler and CFO John Janedis. The company is the sixth-largest pay TV provider in the United States by UBS estimates and owns Hulu + Live TV, Fubo, and Molotov.

What: FuboTV reported Q2 fiscal 2026 financial results showing record global revenue of $1.574 billion, Adjusted EBITDA of $37.7 million, a net loss of $6.2 million, earnings per share loss of $0.07, and a cash position of $244 million. The company simultaneously announced concrete cross-selling integrations with Disney, including Hulu + Live TV packages now available in Fubo's eCommerce flow, upcoming ESPN.com "Where to Watch" links to Fubo, and a targeted H1 2027 launch of Fubo Sports within ESPN's commerce infrastructure. An AI Assistant for DVR search via natural conversation is planned for fall 2026. The company reaffirmed its fiscal 2026 Pro Forma Adjusted EBITDA guidance of $80 million to $100 million and its fiscal 2028 target of at least $300 million.

When: The Q2 fiscal 2026 results cover the three months ended March 31, 2026. The announcement was made on May 6, 2026, via press release and Form 8-K filing with the SEC.

Where: Results were announced from New York. The company's services operate across the United States, Canada, and internationally through the Molotov subsidiary in France. The AI Assistant is planned to launch on Roku, Apple TV, and mobile platforms.

Why: The results matter because they represent the first full quarter of operating data for the combined Fubo and Hulu + Live TV entity formed from the October 2025 merger. The revenue record and improving EBITDA trajectory show early evidence of the operating leverage management projected at deal close. For the marketing and advertising industry, the integration of Fubo inventory into Disney's advertising infrastructure - including the upcoming Upfront presentation and Mediaocean Prisma Direct connection - creates new pathways for advertisers to reach sports-focused streaming audiences at scale within a consolidated programmatic stack. The subscriber decline from 6.2 million to 5.7 million in a single quarter raises questions about retention in a market where streaming options remain numerous and pricing has moved higher since the merger.

Share this article
The link has been copied!