FuboTV Inc. (FUBO)·Q4 2025 Earnings Summary

Executive Summary

• Fubo reported Q3 2025 standalone results ahead of S&P Global consensus on revenue and EPS, and delivered its second consecutive quarter of positive Adjusted EBITDA; the company also completed its transformative combination with Disney’s Hulu + Live TV, creating a scaled U.S. pay TV operator with nearly 6M subscribers in North America . EPS and revenue beats vs. S&P: GAAP EPS $0.02 vs -$0.04 est; revenue $377.2M vs $361.3M est (see Estimates Context) .*
• North America subscribers reached 1.631M (record Q3 level) with NA revenue of $368.6M; ROW revenue was $8.6M on 342k subscribers . Adjusted EBITDA was $6.9M (1.8% margin), while free cash flow was -$9.4M, impacted by working capital timing .
• Advertising was soft (-7% YoY in NA) due to removal of ad-insertable content (e.g., Univision), but upfront commitments rose >36% YoY and non-video formats grew >150% YoY; Disney will assume ad sales with integration of Fubo inventory into Disney’s ad stack targeted for early next quarter, a potential catalyst for ad CPMs/fill .
• The Fubo Sports skinny bundle (launched in >100 markets) saw strong uptake with “virtually no cannibalization,” and Fubo launched the Fubo Channel Store in November to expand standalone DTC content access—both are intended to broaden the addressable market and improve conversion and retention .
• Note: Q4 2025 results are not yet reported as of Nov 3–20, 2025; this recap synthesizes Q3 2025 and prior quarters, plus Q4 2025-quarter press releases. No formal Q4 guidance was provided .

What Went Well and What Went Wrong

• What Went Well
  • Positive profitability momentum: second consecutive positive Adjusted EBITDA ($6.9M; 1.8% margin) with significant YoY improvement; management emphasized cost discipline and scalability .
  • Subscriber and engagement strength: record Q3 North America subscribers (1.631M) and “trial-to-paid conversions meaningfully improved YoY,” with churn “declined nearly 50% vs last year,” despite reduced marketing intensity .
  • Product/monetization innovation: Skinny bundle traction (“virtually no cannibalization”), pause/gamified/transactional ad formats scaling; launch of the Fubo Channel Store to ingest DTC services within the Fubo app experience .
• What Went Wrong
  • Advertising headwinds: North America ad revenue fell 7% YoY due to content removals (e.g., Univision), Maximum Effort channel laps, and political comps; ad sales recovery depends on Disney ad-stack integration .
  • Cash usage and FCF: Free cash flow was -$9.4M in Q3; net cash used in operating activities was -$6.5M (timing-related), underscoring continued working-capital sensitivity .
  • Content and debt overhangs: Ongoing negotiation posture after certain content drops and a meaningful current portion of convertible notes ($144.4M) on the balance sheet present residual risk until synergies/scale benefits are realized .

Financial Results

Note: Q4 2025 not reported yet. Tables focus on Q3 2025, with comps to Q2 2025 and Q3 2024, and S&P Global consensus for Q3 2025.

Segment/KPIs

Notes: Q3 2025 consensus from S&P Global; starred values denote S&P Global. Fubo reports Adjusted EBITDA and Adjusted EPS; there is no company-provided EBITDA consensus.

Guidance Changes

Management did not issue Q4 2025 quantitative guidance in the Q3 materials; prior calls indicated an absence of quarterly guidance habitually during 2025 .

Earnings Call Themes & Trends

Management Commentary

• “Our combined nearly 6 million subscribers in North America make FuboTV the sixth-largest pay TV company… It’s a defining moment… Together with our strong standalone results, this combination underscores the enormous potential ahead: a consumer-first platform built on choice, value, and profitable scale.” — David Gandler, CEO .
• “Churn declined nearly 50% versus last year. At the same time, we reduced marketing spend… reinforcing our path toward profitability and stronger margin expansion.” — David Gandler .
• “In North America, advertising revenue totaled $25 million, down 7% year over year… If I were to normalize for… [content removal and political comps], ad revenue would have been up modestly year over year… Upfront commitments… up over 36%… Non-video formats… grew over 150% YoY.” — John Janedis, CFO .
• “A couple of months in, we see virtually no cannibalization [from the Skinny Bundle]… better retention and lower churn relative to Pro and Elite.” — John Janedis .
• “Once part of the Disney ecosystem… inventory will likely move over… targeting sometime in the first quarter… There is significant upside… from Disney Sports’ CPMs and their ability to use their scale to fill our avails.” — David Gandler .

Q&A Highlights

• Ad sales shift to Disney: Management expects inventory migration to Disney’s ad server “sometime in the first quarter,” with CPM/fill-rate uplift; Fubo ad sales team transitioning to Disney .
• Content/ads headwind context: Univision removal and political comps weighed on Q3 ad revenue; normalized ad growth would be modestly positive YoY .
• Skinny bundle dynamics: Price point $55.99; >80% coverage; negligible cannibalization; better retention/churn vs Pro/Elite .
• Marketing efficiency and AI: 68% YoY increase in net adds while reducing sales & marketing as % of revenue by 21%; applying AI to channel optimization and creative testing .
• Early Q4 read: Strength continued into October across Latino, Canada, RSNs, and English; no attempt to market into YouTube TV–Disney blackout, though some inflows noted .

Estimates Context

• Q3 2025 vs S&P Global consensus: Revenue $377.20M vs $361.33M estimate; GAAP EPS -$0.06 vs -$0.04 estimate; Adjusted EPS $0.02 (company metric; no S&P estimate provided here) .*
• Implication: Top-line outperformed estimates; GAAP EPS slightly below consensus, but Adjusted EPS positive; future estimate revisions likely focus on advertising uplift from Disney integration, skinny bundle mix/ARPU, and cost/content efficiencies .*

Note: *Values retrieved from S&P Global.

Key Takeaways for Investors

• Fubo’s Q3 2025 showed continued profitability progress (second straight positive AEBITDA) and a revenue/EPS beat vs S&P on a top-line basis; the Disney ad stack integration in early next quarter is a near-term catalyst for ad monetization .*
• Skinny bundle traction with minimal cannibalization supports expansion down the price curve, potentially improving conversion, retention, and SAC efficiency into peak sports season .
• Advertising headwinds from content removals should abate as inventory is integrated into Disney’s scaled ad platform; upfronts +36% YoY and non-video formats +150% YoY signal improving demand mix .
• Watch working capital and free cash flow: Q3 FCF was -$9.4M, suggesting cash discipline and timing remain important as integration and growth investments continue .
• Balance sheet: Cash and restricted cash of ~$280M provides flexibility, but the current portion of convertible notes ($144.4M) merits attention pending cash generation and refinancing opportunities .
• Catalysts: Disney ad integration (CPM/fill), programming efficiency updates, continued skinny bundle distribution, Channel Store monetization, international (Molotov) rights/platform migration .
• Risks: Content negotiations (e.g., Univision), ad softness if macro weakens, integration execution, and competition in vMVPDs; management cites programming efficiencies as a critical lever post-combination .

Additional Q4 2025-Quarter Press Releases

• Fubo Channel Store launched (Nov 5): centralizes standalone DTC plans (RSNs, DAZN One, Hallmark+, MGM+, Paramount+ with Showtime, Starz) ingested into the Fubo app .
• UEFA European Qualifiers PPV (Oct 3): exclusive U.S. distribution of select UEFA European Qualifiers as PPV; PPV sales saw double-digit growth in October per management .
• Shareholders approved Disney/Hulu + Live TV transaction (Sep 30); transaction has since closed, with Fubo operating the combined businesses .

Citations:
- Q3 2025 shareholder letter/8-K and exhibits: **[1484769_0001493152-25-020526_ex99-1.htm:0]** **[1484769_0001493152-25-020526_ex99-1.htm:1]** **[1484769_0001493152-25-020526_ex99-1.htm:2]** **[1484769_0001493152-25-020526_ex99-1.htm:7]** **[1484769_0001493152-25-020526_ex99-1.htm:8]** **[1484769_0001493152-25-020526_ex99-1.htm:9]** **[1484769_0001493152-25-020526_ex99-1.htm:11]** **[1484769_0001493152-25-020526_ex99-1.htm:12]** **[1484769_0001493152-25-020526_ex99-1.htm:13]** **[1484769_0001493152-25-020526_ex99-2.htm:1]**
- Q3 2025 earnings call transcript: **[0001484769_2241179_1]** **[0001484769_2241179_3]** **[0001484769_2241179_4]** **[0001484769_2241179_6]** **[0001484769_2241179_7]** **[0001484769_2241179_9]** **[0001484769_2241179_10]**
- Q2 2025 shareholder letter/8-K: **[1484769_0001641172-25-022669_ex99-1.htm:1]** **[1484769_0001641172-25-022669_ex99-1.htm:2]** **[1484769_0001641172-25-022669_ex99-1.htm:7]** **[1484769_0001641172-25-022669_ex99-1.htm:11]** **[1484769_0001641172-25-022669_ex99-1.htm:12]**
- Q2 2025 earnings call transcript: **[1484769_2067065_2]** **[1484769_2067065_5]**
- Q1 2025 transcript and Q4 2024 8-K for comp/context: **[1484769_FUBO_3425035_1]** **[1484769_FUBO_3425035_2]** **[1484769_FUBO_3425035_3]** **[1484769_FUBO_3425035_5]** **[1484769_0001493152-25-008611_ex99-1.htm:1]** **[1484769_0001493152-25-008611_ex99-1.htm:2]** **[1484769_0001493152-25-008611_ex99-1.htm:7]** **[1484769_0001493152-25-008611_ex99-1.htm:9]**
- Q4-2025 quarter PRs: Fubo Channel Store **[1484769_145da4d815f5405088475c6b851de3cb_0]**; UEFA PPV **[1484769_50f4786600fd466b9716bf69434b7d52_1]**; shareholder approval **[1484769_c62f3ebae0d74d629ed8f554438cb953_0]**
- S&P Global estimates: see starred values (Q3 2025 EPS/Revenue consensus).*