fuboTV Inc.

North America revenue was $1.474 billion in Q3 fiscal 2026 versus $1.074 billion reported last year, while pro forma revenue was $1.475 billion, approximately flat year over year. North America ended the quarter with 5.75 million subscribers, up 2% from 5.63 million; Rest of World subscribers were 356,000, up 2% from 349,000, and ROW revenue was $7.8 million versus pro forma $8.6 million. Net loss improved to $25.7 million from $38 million, EPS was a loss of $0.25, and adjusted EBITDA was $19.1 million versus pro forma $31 million. Fubo ended with $236.4 million in cash, cash equivalents and restricted cash, and expects to finish the year with more than $200 million in cash. Guidance: fiscal 2026 pro forma adjusted EBITDA is now expected to be $90 million to $100 million; management still expects at least $300 million of adjusted EBITDA in fiscal 2028 and positive free cash flow in fiscal '27 and fiscal '28.

Alisa Bowen framed the combined Fubo/Hulu + Live TV business as a portfolio with distinct brands that can reach different customers along the price-to-value curve, rather than a single product that needs to be collapsed. She said her early view is that the company has real advantages in content, product, scale and Disney-enabled advertising technology, and that her strategy will focus on pricing/packaging, content expansion, distribution partnerships, and continued investment in innovation and AI. Her tone was optimistic but measured, with repeated references to a strategic review and more detail coming in November.

John Janedis emphasized that the company’s balance sheet is now the strongest it has been, noting cash of $236.4 million and saying current cash is greater than the outstanding face value of the 2029 converts. He highlighted that pro forma adjusted EBITDA guidance was raised to $90 million to $100 million and reiterated at least $300 million for fiscal 2028, while also reaffirming expectations for positive free cash flow in fiscal '27 and fiscal '28. On synergies and cost control, he said several vendor contract renewals have already shown substantial rate improvements, with larger opportunities still to come, and he said ad integration benefits were coming faster than expected.

Analysts focused on AI cost savings, product integration between Fubo and Hulu + Live TV, capital allocation, ad monetization, sports packages, Multiview, and content renewals. Management said AI is being used more to accelerate product development, search/personalization, and marketing efficiency than to cut headcount, and Bowen argued the two brands should remain separate because they serve different audiences. On capital allocation, Janedis said the company will keep investing in programming, marketing, tech and product, while also noting the cash balance gives them flexibility relative to the 2029 converts. On ads and synergies, management said Disney ad-server integration wrapped in June, CPM and fill rates improved double digits, June ad growth was the best in years, and vendor renewal savings should continue to build over time.