Fubo today announced first quarter fiscal 2026 financial results showing North America revenue of $1.543 billion, marking the company's initial earnings report following its transformative business combination with The Walt Disney Company's Hulu + Live TV business. The sports-focused streaming platform simultaneously revealed plans for a reseller arrangement with ESPN that would distribute Fubo Sports through ESPN's commerce infrastructure.
The quarterly results reflect a complex reporting period that began September 28, 2025, and ended December 31, 2025, with the merger closing October 29, 2025. According to the company's shareholder letter filed with the Securities and Exchange Commission on February 3, 2026, the financial presentation includes Hulu Live Business results on a carve-out basis from September 28 through October 28, followed by combined operations from October 29 through year-end.
On a pro forma basis - giving effect to the merger as if completed at the beginning of the first period presented - North America revenue reached $1.675 billion compared to $1.579 billion during the prior-year period, representing 6% year-over-year growth. The company reported a net loss of $19.1 million for Q1, while pro forma net loss totaled $46.4 million. Pro forma adjusted EBITDA achieved positive $41.4 million compared to $22.0 million in the same period last year.
David Gandler, co-founder and CEO of Fubo, characterized 2025 as a year of transformation. "We set out on a mission to enhance consumer choice and expand programming flexibility by tapping into our collective strengths," Gandler stated in the announcement. "We remain focused on our consumer promise to deliver value and choice across our flagship Fubo and Hulu + Live TV Pay TV brands."
The combined entity ended the quarter with 6.2 million North America total subscribers, compared to 6.3 million in the prior-year period. Rest of world operations contributed $5.8 million in reported revenue with 335,000 total subscribers, compared to 362,000 subscribers in the previous year period.
Trailing twelve month metrics demonstrated the scale of the combined operations, with reported revenue reaching $4.9 billion and pro forma revenue hitting $6.2 billion. TTM pro forma adjusted EBITDA totaled $77.9 million, while TTM pro forma net loss was $94.0 million.
The company disclosed cash, cash equivalents, and restricted cash totaling $458.6 million at quarter-end. Reported earnings per share showed a loss of $0.02.
Fubo and ESPN announced plans for a reseller and marketing arrangement designed to expand the reach and distribution of Fubo services. According to the announcement, Fubo Sports - which includes ESPN Unlimited alongside FOX and CBS programming - will become available for purchase through ESPN's commerce flow. Additionally, ESPN will feature Fubo across various placements on ESPN digital properties.
The arrangement remains subject to negotiation of definitive agreements, according to the companies' disclosure. The partnership represents a significant distribution expansion for Fubo's sports-centric offerings through one of the industry's most prominent digital sports platforms.
Disney has been systematically expanding its streaming advertising capabilities, with recent initiatives including NFL partnership agreements that integrate content across ESPN and Disney+ platforms. The company launched biddable ad technology across live streaming content in April 2025, enabling programmatic access to sports programming through dynamic ad insertion capabilities.
For marketing professionals, the ESPN distribution arrangement could create expanded advertising inventory opportunities across Fubo's sports-focused subscriber base. Fubo has demonstrated viewer attention levels 23% higher than other benchmark categories, including cable and all categories of connected TV, according to TVision research announced in May 2024.
Fubo announced today a planned reverse stock split of its Class A and Class B common stock at an exchange ratio between one-for-eight to one-for-twelve, with the final ratio to be selected by the company's Board of Directors. The reverse stock split received approval from the Board and by unanimous written consent of stockholders representing a majority of the outstanding voting interests.
According to the announcement, the reverse stock split aims to make the stock more accessible to a broader base of investors and will reduce the number of outstanding shares to align with the company's size and scope. Fubo intends to file an information statement on Schedule 14C as required by SEC rules, with Class A common stock expected to begin trading on a split-adjusted basis later this quarter.
The Business Combination, which closed October 29, 2025, following an agreement announced January 6, 2025, has been accounted for as a reverse acquisition using the acquisition method of accounting. The Hulu Live Business serves as the accounting acquirer, meaning the historical combined carve-out financial statements of the Hulu Live Business are now presented as the historical financial statements of the company.
This accounting treatment creates substantial complexity in period-over-period comparisons. Financial results for all historical periods presented reflect only the Hulu Live Business prepared on a carve-out basis, excluding historical Fubo business operations. Current period results include Hulu Live Business on a carve-out basis from September 28 through October 28, 2025, plus combined Fubo and Hulu Live businesses from October 29 through December 31, 2025.
Prior to the merger closing, the Hulu Live Business operated as part of Hulu, which is controlled and consolidated by Disney. Its historical financial statements were prepared on a carve-out basis from Disney and Hulu, including allocations of certain corporate costs, shared services, and assets and liabilities that were not historically operated or financed on a standalone basis.
The company changed its fiscal year end from December 31 to September 30 effective as of the closing date, with the first full fiscal year following the closing date ending September 30, 2026. Previously, the Hulu Live Business's fiscal year ended on the Saturday closest to September 30, while Fubo's historical fiscal year end was December 31.
To facilitate comparability between periods, Fubo provided supplemental unaudited pro forma condensed combined financial information, including pro forma revenue and pro forma net income, giving effect to the business combination as if consummated at the beginning of the first period presented.
The unaudited pro forma information was prepared in accordance with U.S. GAAP and Article 11 of Regulation S-X, based on historical combined carve-out financial statements of the Hulu Live Business and historical consolidated financial statements of Fubo. The company cautioned this information is provided for illustrative purposes only and does not necessarily indicate what actual results would have been had the merger taken place on the dates indicated.
Pro forma adjusted EBITDA excludes depreciation and amortization totaling $27.4 million, stock-based compensation of $18.2 million, certain litigation and transaction expenses of $36.8 million, and certain corporate allocation expenses of $13.8 million. The corporate allocation expenses consist of allocations of Hulu and Disney's corporate executive functions and other services previously provided to the Hulu Live Business.
According to the reconciliation disclosed in the filing, Fubo expects to incur limited additional costs to operate as a combined public company beyond those based on commercial arrangements effective as of the closing date, as many corporate functions are redundant to those already existing at Fubo.
North America operations generated reported revenue of $1.543 billion compared to $1.106 billion in the prior-year period, while pro forma revenue reached $1.675 billion compared to $1.579 billion. Total North America subscribers ended at 6.2 million compared to 6.3 million in the comparable period.
Rest of world operations, which include the company's French streaming platform Molotov, generated reported revenue of $5.8 million compared to zero in the prior-year period. On a pro forma basis, rest of world revenue totaled $8.6 million compared to $9.4 million. Total rest of world subscribers numbered 335,000 compared to 362,000 in the prior-year period.
Fubo acquired Molotov in December 2021 for €164.3 million as part of international expansion efforts. The French streaming platform announced a non-exclusive carriage agreement with Ligue 1 for the 2025/2026 season on August 18, 2025, becoming the first streaming platform to offer Ligue 1 McDonald's alongside French TV channels in a single ecosystem.
The geographic diversification provides risk mitigation beyond primary North American operations, though subscriber trends show pressure in international markets with year-over-year declines in both revenue and subscriber counts on a pro forma basis.
The quarterly results arrive as connected television advertising spending approached $33.35 billion in 2025, with CTV's share of media budgets doubling from 14% in 2023 to 28% in 2025 according to industry projections. Programmatic advertising has reached 72% adoption among marketers, creating opportunities for platforms like Fubo that can aggregate premium live sports content while maintaining sophisticated advertising capabilities.
Fubo has consistently innovated in connected television advertising throughout its operations. The company introduced The Marquee in May 2024, allowing brands to create highly visible content sponsorships on Fubo's home screen with branded carousels, custom titles, logos, and themed backgrounds.
Interactive CTV ad formats launched November 2024 included transactional ads with custom QR code overlays and gamified advertisements that increased purchase intent by 47% compared to standard video ads. Magnite rolled out pause ads for streaming TV with Fubo among other providers on August 26, 2025, enabling advertisements to appear when viewers pause content.
The combined Fubo and Hulu + Live TV entity creates what the companies describe as the sixth-largest pay TV company in the United States. For advertisers, this consolidation potentially creates enhanced targeting capabilities and improved inventory access as platforms seek efficiency gains through scale.
Live television streaming presents particular challenges compared to on-demand content services. Content costs for live programming typically run higher, requiring either higher subscription prices or advertising revenue to offset expenses. The market segment also faces competition from traditional cable and satellite providers, which maintain substantial subscriber bases despite cord-cutting trends.
Disney maintains approximately 70% ownership of the combined entity, with existing Fubo shareholders retaining approximately 30% interest. The companies expect to realize synergies through content cost savings achieved by more flexible programming packaging, advertising optimization, and sales and marketing opportunities.
The merger also resolved antitrust litigation that Fubo had filed against Disney, Fox, and Warner Bros. Discovery regarding the proposed Venu Sports streaming service. As part of the settlement, Fubo received $220 million in settlement payments, while the Venu Sports venture was abandoned.
The company's press release included extensive forward-looking statements covering business strategy, financial results, partnerships including the ESPN reseller arrangement, sports programming packaging, the planned reverse stock split, and benefits of the business combination.
Actual results could differ materially from disclosed plans due to numerous factors, according to the cautionary statement. Risk factors include ability to achieve or maintain profitability, access to capital for fundraising to fund financial operations, integration risks related to the Hulu + Live TV business, organizational structure risks following the merger, revenue and gross profit seasonality, operating results fluctuations, and ability to effectively manage growth.
Additional risks encompass long-term nature of content commitments, ability to renew content contracts on sufficiently favorable terms, subscriber acquisition and retention, commercial arrangements with Hulu, obligations through agreements with distribution partners, ability to license streaming content on acceptable terms, restrictions imposed by content providers on distribution and marketing, reliance on third-party platforms, difficulty measuring key metrics, challenges preparing and forecasting financial results, highly competitive industry nature, technology risks, cybersecurity and data privacy risks, controlled company status, ongoing legal proceedings, and effects of industry, market, economic, political, or regulatory conditions.
The company specifically disclaimed any obligation to update forward-looking statements beyond the date of the press release, encouraging investors to read detailed risk discussions in quarterly reports on Form 10-Q and other periodic SEC filings.
Gandler and CFO John Janedis hosted a live conference call at 8:30 a.m. ET on February 3, 2026, to deliver brief remarks on the quarter followed by a question-and-answer session. The live webcast was available on the Events & Presentations page of Fubo's Investor Relations website, with an archived replay available shortly after conclusion.
The company positioned itself as a consumer-first live TV streaming company with a mission of delivering premium sports, news, and entertainment programming through a best-in-class user experience offering greater choice, flexibility, and value. Fubo ranked among The Americas' Fastest-Growing Companies 2025 by the Financial Times.
The company owns Hulu + Live TV for entertainment, Fubo for sports, and Molotov for entertainment and sports, which stream in markets around the globe. FuboTV Inc. is an affiliate of The Walt Disney Company following the business combination.
Who: FuboTV Inc. (NYSE: FUBO), led by co-founder and CEO David Gandler and CFO John Janedis, reported financial results following its business combination with The Walt Disney Company's Hulu + Live TV business. Disney owns approximately 70% of the combined entity, while existing Fubo shareholders retain approximately 30% interest.
What: Fubo reported North America revenue of $1.543 billion for Q1 fiscal 2026 ended December 31, 2025, with pro forma revenue of $1.675 billion (6% year-over-year growth). The company achieved positive pro forma adjusted EBITDA of $41.4 million, reported net loss of $19.1 million, and ended the quarter with 6.2 million North America total subscribers. Fubo simultaneously announced plans for a reseller and marketing arrangement with ESPN to distribute Fubo Sports through ESPN's commerce infrastructure, subject to negotiation of definitive agreements. The company also disclosed a planned reverse stock split at an exchange ratio between one-for-eight to one-for-twelve.
When: The financial results cover Q1 fiscal 2026, spanning September 28, 2025, through December 31, 2025, with the Disney merger closing October 29, 2025. The announcement was made February 3, 2026, with a conference call at 8:30 a.m. ET. The reverse stock split is expected to take effect later this quarter.
Where: Fubo operates North America operations generating $1.543 billion in quarterly revenue with 6.2 million subscribers, plus rest of world operations including French platform Molotov contributing $5.8 million revenue with 335,000 subscribers. The company is headquartered in New York and trades on the New York Stock Exchange under ticker symbol FUBO.
Why: The financial results demonstrate the initial performance of the merged entity combining Fubo's sports-focused streaming platform with Disney's Hulu + Live TV business to create the sixth-largest pay TV company in the United States. The ESPN distribution partnership would expand Fubo's reach through one of the industry's most prominent digital sports platforms, potentially creating new advertising inventory opportunities. For marketing professionals, the merger creates a consolidated streaming television platform with enhanced scale in connected TV advertising markets, where spending approached $33.35 billion in 2025 and budget allocation doubled from 14% to 28% of media budgets. The combination addresses competitive pressures through content cost savings, advertising optimization, and sales and marketing synergies while maintaining separate consumer brands.
