FuboTV Inc. reported first‑quarter fiscal 2026 results that included $1.543 billion in North America revenue and a net loss of $19.1 million for the quarter ended December 31 2025. On a pro‑forma basis that incorporates the October 29 2025 combination with Disney’s Hulu + Live TV, revenue rose to $1.675 billion and the pro‑forma net loss widened to $46.4 million, while adjusted EBITDA turned positive at $41.4 million. The combined entity’s paid‑subscriber base reached 6.2 million, a figure that reflects the integration of Hulu’s audience but also signals a slight year‑over‑year decline from 6.3 million.
The company’s earnings per share fell short of consensus expectations. Analysts had projected a $0.04 EPS for the quarter, but FuboTV posted a loss of $0.02 per share, a miss of $0.06. The shortfall is largely attributable to higher-than‑anticipated integration costs, ongoing content‑acquisition expenses, and a modest increase in operating expenses that offset the benefit of the pro‑forma revenue boost.
Revenue exceeded expectations by roughly $100 million, with the combined North America top line reaching $1.55 billion versus the $1.45 billion consensus estimate. The beat was driven by a surge in Hulu + Live TV advertising revenue and a modest lift in Fubo’s sports‑centric subscription sales, but it was partially offset by a decline in the legacy Fubo subscriber base and increased churn in the competitive live‑TV market.
Subscriber numbers for the combined entity slipped to 6.2 million from 6.3 million a year earlier, marking the first year‑over‑year decline since the merger. The drop is attributed to intensified competition from other streaming services, a modest increase in churn among lower‑price tiers, and the fact that the newly acquired Hulu audience has not yet fully converted to paid plans.
Management did not provide explicit guidance for the next quarter or the fiscal year, citing the recent completion of the Hulu + Live TV combination as a period of transition. The company announced a planned reverse stock split to consolidate its share count, a move that signals a focus on improving liquidity and aligning the stock price with its expanded business model. CEO David Gandler emphasized continued cost discipline and the acceleration of ad‑tech integration as key levers for future profitability.
Investors reacted negatively to the earnings release, citing the EPS miss, the slight subscriber decline, and the absence of forward guidance. The market’s concerns were amplified by the announcement of the reverse stock split, which is often viewed as a signal of a company’s need to improve its share price and liquidity.
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