FUBO

fuboTV’s second quarter results fell short of Wall Street’s revenue expectations, prompting a negative market reaction. Management attributed the year-over-year sales growth to the expansion of Fubo’s and Hulu + Live TV’s offerings, as well as the early benefits of migrating advertising operations to the Disney Ad Server. CEO Alisa Bowen highlighted, “We delivered the strongest second quarter in our history on an adjusted EBITDA basis,” pointing to improved fill rates and rising advertising rates as key operational drivers. Despite the revenue miss, the company saw improved profitability margins and continued growth in domestic subscribers. Correction Note: The previous version of this reported incorrectly referenced David Gandler as FUBO's CEO. This has been updated in the current version. Is now the time to buy FUBO? Find out in our full research report (it’s free). Revenue: $1.48 billion vs analyst estimates of $1.50 billion (38% year-on-year growth, 1.1% miss) Adjusted EPS: -$0.25 vs analyst estimates of -$0.11 (significant miss) Adjusted EBITDA: $19.14 million vs analyst estimates of $12.84 million (1.3% margin, 49% beat) EBITDA guidance for the full year is $95 million at the midpoint, above analyst estimates of $92.32 million Operating Margin: -1.8%, up from -3.5% in the same quarter last year Domestic Subscribers: up 4.39 million year on year While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Kutgun Maral (Evercore ISI) asked about the impact of the Disney ad platform migration on advertising economics. CFO John Janedis highlighted improved CPMs and fill rates, and noted that ad ARPU is tracking to converge with Hulu Live. Matthew Condon (Citizens Bank) inquired about when the scale benefits from the Hulu + Live TV combination would show up in content costs. Janedis replied that while some renewals have happened, the majority of benefits will appear gradually due to the timing of content contract renewals. Andrew Crum (B. Riley) questioned the implied step-down in second-half adjusted EBITDA, despite strong first-half results. CEO Alisa Bowen explained increased marketing spend linked to sports seasonality and ongoing investments in growth initiatives. Tyler DiMatteo (BTIG) sought details on organic subscriber trends and product mix. Alisa Bowen responded that the company will not break out Hulu Live and Fubo counts, emphasizing the move to a unified portfolio and focus on driving growth across all packages. Laura Martin (Needham) asked about the role of AI in reducing costs and driving revenue. Alisa Bowen described backend code efficiency gains and previewed the launch of the AI conversational assistant to enhance user engagement. In the coming quarters, our analyst team will be focused on (1) tracking the full integration and performance impact of the Disney ad platform migration, (2) monitoring the rollout and user adoption of the AI conversational assistant, and (3) evaluating the company’s ability to leverage its flexible content packaging to minimize churn during major sports events. Additionally, we will watch for further realization of cost synergies from the Hulu + Live TV combination. fuboTV currently trades at $9.63, in line with $9.55 just before the earnings. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free for active Edge members). ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+271% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 9:30 a.m. ET Chief Executive Officer - Alisa Bowen Executive Vice President and Chief Financial Officer - John Janedis SVP, FP&A, Corporate Development and Investor Relations - Ameet Padte Need a quote from a Motley Fool analyst? Email [email protected] Operator: Hello, everyone. Thank you for joining us, and welcome to the FuboTV Inc.'s Third Quarter Fiscal 2026 Earnings Conference Call. [Operator Instructions] I will now hand the conference over to Ameet Padte, SVP, FP&A, Corporate Development and Investor Relations. Please go ahead. Ameet Padte: Thank you for joining us to discuss FuboTV Inc.'s Third Quarter Fiscal 2026 results. With me today is Alisa Bowen, CEO of FuboTV; and John Janedis, CFO of FuboTV. Full details of our results and additional management commentary are available in our earnings release and letter to shareholders, which can be found on the Investor Relations section of our website at ir.fubo.tv. Before we begin, let me quickly review the format of today's call. Alisa will start with some brief remarks on the quarter and our business, and John will cover the financials and guidance. Then we will turn the call over to the analysts for Q&A. I would like to remind everyone that the following discussion may contain forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding our financial condition, our expected future financial performance, including our financial outlook, guidance and long-term targets, business strategy and plans, including our products, subscription packages and tech features, our partnerships and other arrangements, the benefits of the business combination, including expected synergies and integrations, and expectations regarding growth, profitability and trends in subscriber performance. These forward-looking statements are subject to certain risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from forward-looking statements are discussed in our SEC filings. Except as otherwise noted, the results and guidance we are presenting today are on a continuing operations basis, excluding the historical results of our former gaming segment, which are accounted for as discontinued operations. During the call, we may also refer to certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are also available in our Q3 2026 earnings shareholder letter and press release, which are available on our website at ir.fubo.tv. With that, I will turn the call over to Alisa. Alisa Bowen: Good morning. Thank you all for joining us. I'm delighted to be here for my first earnings call as FuboTV's CEO. But before I share my early perspective and highlight some of our third quarter results, I'd like to take a moment to introduce myself to our investors and our analysts. Over the past 25 years, I have built my career in technology, operations and consumer experience roles in news and streaming at large global media companies. I've led multiple media organizations through periods of significant transformation, helping them adapt to changing industry landscapes and all with a focus on driving profitable growth. At The Walt Disney Company, I was part of the leadership team that built its global streaming business. I drove the launch of Disney+, and as its President, I helped to scale profitably that business into its market-leading position today. I also led several relevant business integrations, including the integration of Hulu and Disney+ businesses, and I led Disney+'s most recent global push into live events and sports. All these experiences have taught me that periods of disruption often create the greatest opportunities for companies willing to move swiftly and with discipline. They also taught me that the strongest media businesses require 3 things: compelling content, a product and experience that customers value, and an operating model capable of delivering scale. I joined FuboTV because this company has all 3 of these attributes, and I'm optimistic it will serve as a robust foundation for growth. While the media landscape broadly remains in a period of significant structural change, the enduring value of live programming and especially sports is increasingly clear. This past quarter alone has shown that live events have a very unique ability to bring audiences together at scale. And we saw significant excitement and engagement around programming like the World Cup and the NBA Finals. At the same time, consumers are becoming more deliberate about how they assemble and pay for their entertainment, creating demand for options that range from comprehensive channel packages to more targeted and flexible offerings. Against that backdrop, I really believe FuboTV enters this next chapter with a compelling business model for profitable growth that will drive long-term shareholder value. Let me tell you why. First, in an environment where live TV is still a must-have, we operate in a sweet spot. We bring to market 2 live TV streaming services, Hulu + Live TV and Fubo that between them offer customers premium content, differentiated product quality and the flexibility to bundle a well-priced plan that's right for them. We think Hulu + Live TV and Fubo's array of plan options gives us coverage for different customers all along the price-to-value curve and can maximize our reach. Second, since the combination with Hulu + Live TV last fall, FuboTV has reached a new inflection point and now has the increased scale, content relationships to drive customer optionality and the ability to leverage industry-leading advertising technology via Disney that positions us to better monetize our entire offering. And third, Fubo does this on a technology platform that provides one of the most innovative user experiences in live TV. Altogether, these strengths give us an opportunity to compete more effectively and deliver an increasingly differentiated experience for subscribers. And while I'm continuing to work with the business on our future strategy, our performance this quarter has reinforced my confidence in both the quality of the foundation and the long-term potential. As I look to a few of the Q3 highlights, there are several areas of success that I see we will continue to build upon. First and foremost, we saw strong subscriber performance in the third quarter, reflecting our ability to attract and engage audiences around major live events like the NBA Finals and the World Cup. The 2026 World Cup, which concluded 2.5 weeks ago, was a testament to the strength, innovation and value of our programming. Across our portfolio of offerings, we streamed content in both English via FOX and in Spanish via Telemundo and Universo, thanks to our renewed partnership with NBCUniversal on the Fubo service. Over the course of the tournament, our total subscriber base grew, and there was notable strength in our enhanced Spanish language offerings and the Fubo branded services. While we expect some attrition, the World Cup was ultimately a powerful vehicle for introducing new high-quality subscribers to our Fubo platform. Our previously announced inclusion of links from ESPN's Where to Watch feature to Fubo is also off to a promising start. Since its launch, customers referred to Fubo from ESPN have been converting from free trials to paid subscriptions at a higher rate than customers acquired from other channels and are showing favorable early retention indicators. So we're continuing to work on new ways to bring ESPN's highly engaged sports fans to Fubo's offerings. In a similar vein, we believe that Disney's progress towards integrating Hulu into Disney+ including the planned Live TV integrations will be another positive step in this direction. And finally, since migrating our advertising inventory to the Disney ad server, we've already achieved monetization improvements on the Fubo platform with double-digit increases in CPM and fill rates compared to last year. This initiative is still only in its early stages, but with Disney's world-class advertising technology and data targeting capabilities, we believe our opportunity to improve the monetization of our direct-to-consumer engagement is sizable. And this year, FuboTV was included in Disney's advertising upfront for the first time, marking another important milestone in our relationship with Disney. I took this role because I believe that FuboTV is a fundamentally differentiated leader in the virtual MVPD space. And my first few weeks have affirmed my views that there is significant runway to scale this business further. As we look to this next phase of growth, I've been spending my time with the talented leaders and teams across FuboTV to better understand the strengths of our organization and where our greatest prospects lie. I want to ensure that the path forward is grounded in a clear assessment of our capabilities, the market and in the interest of all of our stakeholders, including our shareholders, subscribers, content partners and our advertisers. My vision is beginning to take shape in 4 strategic areas that I believe will deepen Fubo's strength and pave the way to profitable growth. One, optimizing our pricing and packaging segmentation to drive the appropriate flexibility, choice and value that today's viewers demand. Two, expanding our content portfolio with our world-class partners to diversify our offering and better serve the broader market. Three, developing our distribution and marketing partnerships to maximize the scale and total breadth of audiences served by our portfolio of Fubo and Hulu + Live TV products. And four, continuing to invest in innovation, technology and AI to improve our leading user experience, enhance customizations for viewers and advertisers and increase our speed to market. There is still a lot of work to do to formalize our approach and execution, and I look forward to providing an update on these plans on our November earnings call. Lastly, as we continue this important work, Alberto Horihuela, FuboTV's Co-Founder and Chief Operating Officer, will begin a long-term transition from his current role into a new senior advisor role towards the end of the year. As a part of this transition, Alberto will remain with Fubo in the new role of Founder Advisor through all of 2027, continuing to work closely with me and the broader management team to refine and execute our long-term operating strategy. With that, I'll turn the call over to John to walk us through our Q3 results. John Janedis: Thank you, Alisa. We are excited to begin this next chapter in our company's history. The third quarter of fiscal 2026 marked our second full quarter as a combined company following the close of our business combination with Hulu + Live TV. As a reminder, to facilitate comparability between periods, we will discuss our results on both an as reported and a pro forma basis, which gives effect to the transaction as if it had been completed at the beginning of the first period presented. Turning to the results for the quarter. In North America, our revenue for the third quarter was $1.474 billion compared to $1.074 billion in the prior year period. Pro forma revenue in the prior year period was $1.475 billion, approximately flat year-over-year. In terms of our customer base, we ended the quarter with 5.75 million total subscribers in North America, up 2% compared to 5.63 million in the prior year period. In Rest of World, we ended the quarter with 356,000 subscribers compared to 349,000 in the comparable prior year period, a 2% increase. Revenue in Rest of World was $7.8 million in the quarter compared to pro forma revenue of $8.6 million in the comparable prior year period. Turning to our profitability metrics. Our net loss for the third quarter was $25.7 million compared to a net loss of $38 million in the prior year period. Earnings per share in the quarter reflected a loss of $0.25. We delivered adjusted EBITDA of $19.1 million in the third quarter compared to pro forma adjusted EBITDA of $31 million in the prior year period. From a cash and liquidity perspective, FuboTV ended the quarter with $236.4 million in cash, cash equivalents and restricted cash on hand, and we expect to finish the year with more than $200 million of cash on our balance sheet. I would also like to provide some additional commentary around our near- and long-term financial targets. For fiscal 2026, we now expect pro forma adjusted EBITDA of $90 million to $100 million, and we continue to expect at least $300 million of adjusted EBITDA in fiscal 2028. We also continue to expect to deliver positive free cash flow in fiscal '27 and fiscal '28 under our current operating plan. In summary, Q3 was another step forward for our business and we believe we are just beginning to realize the full potential of the Fubo and Hulu + Live TV business combination. As Alisa noted earlier, we continue to look for areas to expand our collaboration with Disney and to explore additional growth opportunities. As we move forward, we remain focused on establishing a sustainable foundation for growth. With that, I'll turn the call back to the operator for questions. Operator? Operator: [Operator Instructions] Your first question comes from the line of Laura Martin with Needham. Laura Martin: Welcome, Alisa. I'll ask two. Where is Fubo using AI to lower its operating expenses, its customer acquisition cost, its customer service ad targeting and content discovery? And do your learnings from Disney help you do that faster now that you've come to Fubo? And then secondly, sounds like a lot of your experience over at Disney was integrating multiple products. So let's talk about, should Hulu + Live TV and Fubo be collapsed into a single product, what are the advantages and disadvantages of combining those? Alisa Bowen: Laura, thanks for your question. Great questions. Let me take the second one first because I think you might have picked up from the remarks that we made during the prepared section of this call that I really see the 2 products in our portfolio and the 2 brands that we have in our portfolio as being an advantage rather than a problem that needs to be fixed. Let me talk about those advantages just real briefly. Both Fubo and Hulu + Live TV have very distinct and valuable subscriber bases that are anchored in what those brands stand for. Fubo has a really strong platform across news, sport and entertainment. And that sports first DNA has been a key differentiator, and it's something that the Fubo subscribers really love about the product. Equally, Hulu + Live TV is very strong in the entertainment side of things and long recognized as a leader in entertainment television. And together with The Walt Disney Company SVOD bundles that are a part of the Hulu + Live TV package really speaks to a broader entertainment customer. So I think having both in the market gives us the opportunity to really bring to market a range of products and services that meet different consumers where they are along that price value curve. And that's something that we're going to continue to lean into. We think that those opportunities give us the maximum reach and the chance for us to get to the most subscribers out there in the marketplace. And even within those product suites, we see the opportunity for increased segmentation. For example, there's a place for the very affordable Fubo Latino product, even alongside Hulu + Live TV's Español offering, which also includes Univision. So having both in the market and being able to operate that as a portfolio of offers, I think, is the best chance of continuing to grow and reach as many consumers as possible. On your second question around AI, I've been actually very impressed with the way that the organization here is driving AI through every element of the business operations. Of course, we're using it in product features like content discovery and search and personalization. In fact, there were quite a number of user experience innovations delivered in time for the World Cup most recently that our viewers and subscribers engaged with really strongly. Those are things that help consumers find the content they're looking for with less friction and more quickly and get right to the point in play that they're seeking. And so we're very excited about how some of those features have performed. And we're on track to deliver the AI-driven voice search discovery feature that we previewed on a previous call, that was previewed on a previous call this fall in time for the football season. But in addition to the features that AI is being used for here, I've also been pretty impressed with how our product and engineering teams are prototyping, developing and using AI to solve problems. There are some very innovative tools that are changing the way that the engineering teams and the product teams here work. And of course, those things are more about bringing to market better features more quickly. So this is a growth business rather than thinking about AI as an opportunity to save costs or reduce resources. We're actually seeing it as an accelerator to bring better features to market more quickly and more of them. And then last but not least, I'd call out marketing technology where AI has been an important step forward for the teams, both in terms of how we optimize our acquisition campaigns and also how we vastly increase the volume of creative that we have out in the market at any one point in time, which, of course, drives efficiency for us on the acquisition side. So for us, AI is more about doing more with the team we have and moving more quickly. Operator: Your next question comes from the line of Kutgun Maral with Evercore ISI. Kutgun Maral: I wanted to ask about your capital allocation priorities. You've guided to positive free cash flow in fiscal '27 and '28, and year-end cash above $200 million. As that cash builds, how are you prioritizing growth investments, the balance sheet and the 2029 converts? John Janedis: Kutgun, thanks for the question. I'd say, to your point, based on our outlook and our cash balance, our balance sheet has never been this strong. So in terms of the balance sheet, our current cash level is actually greater than the outstanding face value of those '29 converts. So that does give us a lot of optionality. On the investment front, to your question, we will continue to invest in growth. And I think we've been pretty consistent on what that may include, meaning programming, marketing, tech and product. Operator: Your next question comes from the line of Brent Penter with Raymond James. Brent Penter: Alisa, I look forward to hearing your strategic road map in November. Can you all update us on the performance of the Fubo Sports package and how you're thinking about the competitive landscape there, particularly with YouTube TV's recently introduced sports package. Alisa Bowen: Brent, thanks for that question. We're really happy with the range of packages that we have and the optionality that's giving us to lean into the market at different moments in both the sports calendar and in our business cycle as well. So I think the sports package is one part of that. And given what I said in the prepared remarks about pricing and packaging, I think that is an advantage we have and something that we're really happy with. Our package competes with YouTube TV's sports package, obviously, but there are differences between each of these. And for example, the FOX News component in our sports package is something that's particularly valued by our subscriber base and is working well for us. Zooming out a little bit, I think we really like the ability for us to compete with competitors' programming options in a range of different ways. So for example, the RSNs has been a long-term differentiator for Fubo in certain markets and that ability to provide local sports gives us competitive edge in certain packages. Hulu + Live TV has the SVOD bundles, which again, is unique as a proposition for those product lines. And even something like Fubo Latino, which I mentioned earlier, a very price competitive proposition for access to key sports for that particular segment is proving valuable to us. So there are multiple different ways that we intend to continue leaning into these different market segments with different offers beyond just the sports and news package that we've been marketing during the World Cup. Brent Penter: Okay. Got it. And then the second question for me, one feature that I think is important for sports fans is Multiview, particularly as we get into heavier sports season here into the fall. You all have rolled that out, obviously, across Fubo. How should we think about your Multiview road map and particularly progress towards bringing that to Hulu + Live TV? Alisa Bowen: Yes. Thanks for that question. We did launch Multiview on Fubo for the LG platform in the quarter, along with several of those other UX improvements that I mentioned earlier. Zooming out, though, Fubo has long had a real emphasis on UI innovations, and that is an area that we're going to continue to focus on as a team and make sure that we are investing to protect our edge there. Deeper product and tech road map plans are part of the strategic review that I mentioned that is underway at the moment. And we'll be sharing more about what that road map looks like when we regather together in the November time frame. As it relates to the Hulu + Live TV integration onto the Disney+ app, we're looking forward to seeing that come to market at the end of this calendar year, and there will be more to share from Disney's perspective about what the Hulu + Live TV road map looks like as we get closer to that milestone. Operator: Your next question comes from the light of Matt Condon with Citizens Bank. Matthew Condon: Alisa, welcome aboard. I had a question for you, just what excites you most about the opportunity you see ahead for Fubo? And where are the biggest areas you see of untapped potential today? Alisa Bowen: Matt, nice to meet you. Well, as I mentioned in my prepared remarks, FuboTV is now the #1 virtual pay TV operator in the U.S. market. And I think that position of scale, which is new for this business is a very unique vantage point to start thinking about what the growth trajectory of this business could really look like as we double down on the combined business entity. So I think the distinct core advantages remain our products, our technology, that scale I mentioned as well as the talented team. And this is obviously a business and an industry that I know very well. So those opportunities to lean into that strength and to partner with Disney on making sure that we're able to develop new innovations in this market is something that I think will unlock significant new growth opportunities. So that's what really attracted me to this opportunity. I think the business is very well poised to take that next step in a number of strategic directions that we'll be sharing more on in November. Matthew Condon: Great. We look forward to that. And Alisa, just given your background at Disney, what opportunities do you see to more deeply integrate Fubo into the Disney ecosystem? How should we think about driving subscriber growth as well as revenue growth going forward? Alisa Bowen: Okay. Well, obviously, I know that team very well. And I'm very confident that we'll continue to strengthen those relationships as we work together on what the future opportunities for both Fubo and Hulu + Live TV are. But even today, 9 months, just 9 months after the close, there are some really interesting areas of opportunity that we're very enthusiastic about. First and foremost, in our opening remarks, we mentioned the marketing partnerships. The ESPN relationship is at its very early stages. And while the numbers are small, the signals are very convincing. There's better conversion and retention from that heavily enthusiastic sports base for the Fubo products versus some of the other marketing media channels that we have and tapping into that audience that ESPN served so well is a clear opportunity. And then I've mentioned also in other questions that I've answered here that Disney's plans to integrate Hulu and Hulu + Live TV into the Disney+ app will be a key step forward in a similar vein. So I think that is a great opportunity to broaden the top of the funnel for the Hulu SKUs and the Fubo SKUs that we're offering out in the marketplace. As it relates to advertising, again, we're very bullish on our opportunity to best leverage the Disney ad sales operation in a couple of regards. First and foremost, we're thrilled to be part of Disney's upfront activities this year. That really provides Fubo with access to the power of Disney's scale and reach in that upfront process and a great opportunity for us to be part of their story around live and sports in a year when they're going to market with an unprecedented array of live and sports assets for advertisers to get associated with. So that's a great opportunity. And then I've mentioned the capacity and utilization improvements that we've seen and pricing improvements. That really speaks to the power of the technology that Disney's ad sales operation is built on and their ability to serve the Fubo audience to advertisers in a highly segmented way using the Disney audience graph. So in both of those areas, I think there's a lot of opportunity for us to continue building on that. At the same time, Fubo's products and services retain a certain level of customization and flexibility so we can benefit from the scale of Disney's ad-serving platform as well as their sales approach while also still serving advertisers with customized executions, creative content and other integrations that have been historically part of the Fubo ad sales proposition. And then, of course, there are other operating savings that the team have previously alluded to and will continue to drive those synergies. So as we think about the future of our relationship with Disney, I think it's doubling down on many of the strategies and initiatives that have already been delivered or outlined by the team and yet to be delivered as well as a range of new opportunities that we see to try and best leverage those marketing and advertising relationships that we have. Operator: Your next question comes from the line of David Joyce with Seaport Company. David Joyce: With the World Cup having been so popular and Fubo's origins and carrying soccer programming, you did get the NBC and Telemundo's content in just a nick of time. What was the subscriber lift from that event? And then separately, I wanted to see if the FuboTV and Hulu Live programming contracts are getting close to being coterminous or when that might happen and what the margin scale benefits could be? John Janedis: Okay. Thanks, David. So on your first question, to your point, we're pretty happy to be able to bring back Telemundo on our Fubo Latino package in time for the World Cup. And for some markets, we brought NBC back on Fubo English by the end of June. I would say, as a reminder, Hulu Live had the NBC programming all along. So while we don't break out the performance of individual services, the availability of World Cup programming did have a favorable impact on subscribers in the quarter. And maybe I'll give a little bit more context there in terms of what that means. If you look back to fiscal 3Q '25, we saw pro forma sequential declines. You know the seasonality of our business of about 250,000 subscribers when compared to the prior quarter. If you look this year, we posted a gain of 25,000 sequentially or a slight sequential improvement. So really a step function change in trajectory that again, we're very happy about. As it relates to your second question, I would just say that the short answer is yes, and there's still work to be done. And I think what you've heard me say historically is that when we look at the 3 buckets of synergies, we have the programming piece, the advertising piece and the procurement piece. Programming really is the medium to longer-term opportunity for us based on the timing of our renewals that are typically multiyear agreements. And so 9 months in, what I can tell you is that on the renewals that have come up, and there's been a handful, we have seen the benefits of our scale. And those deals are now coterminous. As it relates to margins. We haven't specifically broken out that opportunity on the margin dollars or margin percentage. But I would say that we're happy with what we've seen, and it should be accretive upon renewal. Operator: Your next question comes from the line of Tyler DiMatteo with BTIG. Tyler DiMatteo: I wanted to come back to the ad revenue trends. I know you gave some comment on capacity and pricing. It seems like that's trending in the right direction. Just curious, maybe broadly speaking, how is that tracking with Hulu versus the expectations just given the first half integration that we're at? That's my first question. And then my second question, John, for you, just on the guidance, we increased EBITDA, again, maintained free cash. I'm curious, can we just talk a little bit about levers and where there's upside or opportunity from here and where you could see that from the integration? Alisa Bowen: Okay. Thanks, Tyler. I'll take your first question. And I'm just going to circle back to David's as well and just point out that in addition to the subscriber benefits from World Cup, World Cup was also a key driver of engagement that obviously led to some significant advertising impacts that we were really pleased to see as well, and that bodes well as we head into fall season. Obviously, that's a great time of year for us. But more broadly, in terms of advertising and how those trends are tracking for the FuboTV business. I'd say we're very happy with what we've seen. Our full integration, including all the technology aspects of integrating with the Disney ad sales organization only wrapped in June, and those results have been very strong, as we mentioned earlier, meaningful uplift in CPM and fill rates versus the prior period. In terms of how the product performances compare, I want to take one step back here and just to explain the Disney ad server is really -- and the Disney ad sales strategy is really an audience first strategy. And that is really important for us, and we see it as a great opportunity. What that means is that the Disney ad sales proposition is really selling the entire reach of the portfolio indifferent to specific platforms or brands and then leveraging the capability of the ad server for audience-based targeting. And so that gives Fubo 2 distinct advantages. Firstly, we're part of the scale and reach that is the primary selling proposition. But also, we're able to make sure that the fandoms and the data signals that are coming from the sports-specific TV viewing, which is an area in very strong demand from advertisers, is a part of the way that advertisers are able to reach our audience, and we're feeding into the Disney audience graph very actively in that regard. So we have the benefit of the scale and being part of the larger organization while also being able to benefit from and contribute to the audience graph for specific audience targeting metrics. So that actually is a powerful lever. It means that the sports audiences and the fandoms that advertisers are looking for can be found on the Fubo platform and also followed through to the other platforms where they're consuming perhaps entertainment content or VOD content in a different context. So that kind of world-class technology through the ad platform is one of the reasons that I'm really optimistic about our ability to monetize our direct-to-consumer engagement and that the upside from that will be important for our business. John, do you want to speak to the follow-up commentary on some of the rates that we're seeing for July? John Janedis: Yes, sure, actually. Let me speak on the ad piece to Alisa's point. First, let me stick to the sports theme. I would just add that what we're seeing in terms of the upfront, we are seeing sports CPMs showing healthy increases. So we're pleased with that. And then I would say separately, with the enhanced targeting capabilities that Alisa spoke to, for instance, in June, which is really when they started to kick in. June, we saw the Fubo business the best month of ad growth, I'd say, in at least a couple of years. And I'd also say, related to that, although we've been talking about relative softness in entertainment now as it relates to CPMs for a while, it is worth noting that CPMs were up in June year-over-year for news, sports and entertainment. So again, we're pretty pleased with that outcome. As it relates to your question around the leverage on guidance, I'd say a couple of things. One is on a positive note, we feel really good about delivering the year in terms of adjusted EBITDA at the upper end of the original guidance range for the year. And as I said in my prepared remarks, we now expect $90 million to $100 million, up $10 million at the low end of the range. In terms of levers, I'd highlight a few. One on advertising, again, given Alisa's comments on how well the advertising integration is going on the Disney ad server, all things equal, that could be a lever, not only for the fourth quarter, but I'd also say for the next several quarters. And then on marketing, look, our team saw an opportunity to invest in marketing channels that delivered high LTV subscribers in terms of the third quarter, that opportunity may present itself again as it relates to the fiscal fourth quarter. And then I guess I'd say on how integration is tracking, I'd say, ahead of plan. Again, on advertising, we achieved a CPM lift that we had expected to take, I'd say, a fair amount longer to recognize than we actually did. And then the team has done a really great job of integrating and selling the Fubo inventory. Operator: Your next question comes from the line of Patrick Sholl with Barrington Research. Patrick Sholl: Maybe just following up on the ad graph and kind of the list that you expect on advertising from that? Like how do advertisers currently value like their respective inventory? And how long do you think it would be to kind of like ramp up the value that they're placing on the Fubo inventory? Is it just a function of getting enough engagement? Or maybe just a little bit more discussion on how those work? Alisa Bowen: Okay, Pat. I'll add a little bit more color to that by saying I think that the technical integrations just wrapped in June, as I mentioned earlier. So that certainly unlocks one lever now. And then in addition to that, Fubo was part of Disney's upfront sales process this year for the first time. That also is in the process of wrapping or it just wrapped. So there are 2 new key levers that we should see in a go-forward basis reflected in our numbers. Obviously, the specifics around what that means for the business will be part of the strategic review that we're in the process of completing at the moment, and we'll have more to share as we get further into that and on our next call. I think also the other thing I'd point out is that if you look at the landscape, I'll just double down on what John mentioned, while there are some areas of softness across the advertising marketplace in general, what really stands out is live and sports. And so as we head into college and NFL season, that is obviously -- there's been a lot of momentum to continue building on and will continue to be our core focus. Advertisers value the opportunity to meet consumers where they are in those kinds of moments. And there's nothing more compelling when it comes to those kinds of events and opportunities for reach at scale as live sports. So as we head into those -- to that football season and in the run up to Super Bowl, that's obviously something that is going to continue to be a distinct advantage for the Fubo proposition and more broadly, for the FuboTV proposition across the rest of the Hulu Live programming. Patrick Sholl: Okay. And then you had talked earlier about like the synergy opportunities. Can you provide some of the opportunities around vendor contracts and maybe just the timing of executing on that? Alisa Bowen: Sure. Let me ask John to take that one. John Janedis: Yes, Pat. Sure. So as a reminder, going back to the timing of the business combination, we did not assume any benefit related to any improved vendor contracts. I'd say, as of now, in many instances, from what we've seen, the difference in pricing is significant. And to date, again, we've executed on a handful of those deals with a substantial improvement in rates for the ones that we've actually completed. I'd say looking ahead, we've identified several larger opportunities. It's still early because some of those larger contracts are multiyear in nature. But I'd say the annual savings could be significant as they come up, and this is really a priority for our team. Operator: Your next question comes from the line of Drew Crum with B. Riley Securities. Andrew Crum: Alisa, welcome. You addressed the lift you saw from World Cup in the quarter. How about baseball, which seems to be enjoying some resurgence in popularity? And given that, looking ahead to fiscal '27, a work stoppage for MLB seems increasingly likely, obviously difficult to predict, but can you address potential impact to your business and what you're doing to prepare for such a scenario? Alisa Bowen: Drew, it's obviously way too early and premature to speculate on what might happen as a result of some of the noise around MLB and what that might mean for our business. I mean our focus in terms of mitigating any risk from that or any other content disruption is really to focus on having the most diversified content portfolio we can across both news, sports and entertainment. So that certainly helps us mitigate some reliance on any single programming category, and that's something that the team has continued to be really focused on. And this industry is in constant change, and particularly in sports, there is a lot of movement on the rights front. So our focus is on staying agile and making sure that we can adapt and be as flexible as possible as the context unfolds, and we'll continue to do that into the baseball season. Operator: Your next question comes from the line of Alicia Reese with Wedbush. Alicia Reese: I have a couple for Alisa. I know it's only been a few weeks so far, but I was wondering if you can expand upon any of the low-hanging fruit that you've identified for improvements, particularly within the 4 areas of strategic growth that you identified between the pricing tier optimization, content expansion, distribution development. I think you talked about innovation investing already. And I have a follow-up. Alisa Bowen: Okay. I think that providing more granular detail on those areas is something that we're planning to do when we circle back in the November time frame, Alicia. So I think what I can say is that many of the areas that are already working well that might be characterized as low-hanging fruit, as you put it, would include some of the focus on the ad sales upside that we've talked about as well as our retail acquisition plans and how we think about the Disney streaming platforms as a source of retail acquisition. And then as we lean into the launch of the football season, the team is actively working right now in terms of how we balance the portfolio of products that we have to emphasize different propositions to different segments of the market. So there are a few of the areas tied to the overall 4 strategic priorities that we're particularly focused on in the very short term. But we'll have more to share on all of these topics with you at our next call. Alicia Reese: Excellent. And I was wondering if you could talk about just your philosophical approach to balancing margin expansion opportunities as you approach carriage deals and whether you would go the direction that Fubo has historically gone in terms of going into full disputes? And then prioritizing on the other side, consistent and more reliable content availability for subscribers, perhaps that being at the expense of margin or increasing the subscription pricing. Could you just talk about that, how you'd approach that philosophically? Alisa Bowen: Yes. I think, Alicia, you articulated the real trade-off there as they are. And look, nobody likes blackout. That's not good for us. It's not good for the subscribers, and it's not good for programmers. But we do have an obligation to make sure that we're delivering the value that our subscribers are seeking, and that we have the flexibility to continue innovating as an industry because consumers are demanding it. So the best way that we think we can manage that is to provide the broadest possible reach and subscriber base because that does matter to programmers. And we want to be the best possible partner that we can be to them. So now as the second largest virtual pay TV provider by subscriber count in the U.S., I do think that, that's an opportunity for our scale to play a role. And it is also the reason that we're most critically focused on growth. That's my top priority to make sure that we are continuing to expand that subscriber base and therefore, a more valuable partner to the programmers as we go into those discussions. Operator: This concludes the Q&A session. I will now turn the call back to Alisa Bowen, CEO, for closing remarks. Alisa Bowen: Thank you, operator, and thank you to all the analysts who joined the call. I really appreciate your questions. It was great for me to get a sense of what you're most interested in as we continue to refine the strategy and to share with you our third quarter results today. I want to thank you again for joining. And I hope that you've managed to take away from this a sense of the energy and enthusiasm that we have around 4 key pillars of focus: the pricing and packaging, programming and content, our distribution and marketing opportunities, and the user experience innovations that we intend to continue developing. So I'm really looking forward to updating you with more on our progress against each of these areas and our focus going forward when we regroup on the November quarterly call. Thank you all for joining, and have a great day. Operator: This concludes today's call. Thank you for attending. You may now disconnect. Before you buy stock in FuboTV, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and FuboTV wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $403,337!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,334,946!* Now, it’s worth noting Stock Advisor’s total average return is 958% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 12, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. FuboTV (FUBO) Q3 2026 Earnings Call Transcript was originally published by The Motley Fool

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. FuboTV (FUBO) is back in focus after its third quarter fiscal 2026 earnings on 5 August, which combined higher reported revenue, a smaller net loss and updated adjusted EBITDA guidance for the coming years. See our latest analysis for FuboTV. FuboTV's recent 1 day and 7 day share price returns of 3.0% and 4.63% sit against a much weaker year to date share price return, which is down 70.21%, and a 1 year total shareholder return that has fallen 79.03%. This suggests recent earnings, the new shelf registration and board changes appear to be shifting sentiment only at the margin for now. If the latest move in FuboTV has you thinking about where else growth and risk are being repriced, it could be a good moment to scan 71 profitable AI stocks that aren't just burning cash FuboTV has rebounded only slightly after its earnings and guidance update, while longer term returns remain deeply negative. Is most of the reset already reflected in the stock, or is there still meaningful upside being discounted here? On Simply Wall St's numbers, FuboTV looks cheap on several valuation checks. The stock last closed at $9.26 while it is flagged as trading at a significant discount to both an internal fair value estimate and peer pricing based on sales. The preferred metric here is the P/S ratio, which compares the company’s market value to its revenue. FuboTV is assessed at a P/S of 0x, while the US Interactive Media and Services industry sits at 0.9x, and a selected peer group averages 1.9x. For a live TV streaming platform that is still unprofitable, investors often focus on revenue and path to profitability rather than earnings-based ratios. On this measure, the stock is described as "good value" versus peers, and also against an estimated fair P/S of 0.5x from the Simply Wall St model. That fair ratio figure is an indication of where the multiple could reasonably settle if the market were to price FuboTV in line with companies that share similar financial traits. The combination of trading "at 90.6% below our estimate of its fair value" and sitting below both industry and fair P/S benchmarks suggests the market is currently pricing in considerable execution and funding risk. For investors, the key question is whether the gap to these reference values narrows or stays wide as FuboTV moves toward its profitability targets and manages its short cash runway. Explore the SWS fair ratio for FuboTV Result: Price-to-Sales of 0x (UNDERVALUED) However, FuboTV still carries clear risks, including its current net loss and short cash runway, which could either force further dilution or constrain investment in growth. Find out about the key risks to this FuboTV narrative. The P/S comparison presents FuboTV as relatively inexpensive, and the SWS DCF model suggests an even lower implied valuation. It estimates a future cash flow value of $98.11 per share versus the current $9.26. That is a very large gap. The question is whether the cash runway and funding risks justify such a steep discount. Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out FuboTV for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 52 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. The mix of deep share price declines, a wide valuation gap, and both risks and potential rewards around FuboTV leaves sentiment finely balanced. If that feels like a turning point, take a moment to review the full picture for yourself with the 4 key rewards and 3 important warning signs If FuboTV has sharpened your focus on risk, reward and pricing, do not stop there. The next smart move could be sitting in plain sight. Target dependable income by scanning companies with robust payouts and stability through the 8 dividend fortresses. Unearth potential value by reviewing stocks that pair quality fundamentals with room for re rating using the screener containing 21 high quality undiscovered gems. Prioritise capital preservation by filtering for companies that show resilience and lower overall risk via the 83 resilient stocks with low risk scores. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include FUBO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in fuboTV Inc.? Here are five stocks we like better. Subscriber growth was supported by major sports events, including the NBA Finals and 2026 World Cup, lifting North American subscribers 2% year over year to 5.75 million. Management expects some post-tournament churn but said World Cup-acquired customers appear higher quality, with ESPN referrals showing strong conversion and retention. Advertising monetization improved ahead of plan after fuboTV migrated inventory to Disney Ad Server, generating double-digit year-over-year gains in CPMs and fill rates. Management identified advertising as a potential growth driver in the fourth quarter and beyond. fuboTV raised its fiscal 2026 adjusted EBITDA outlook to $90 million-$100 million while maintaining targets for at least $300 million in adjusted EBITDA in fiscal 2028 and positive free cash flow in fiscal 2027 and 2028. The company ended the quarter with $236.4 million in cash and plans to keep Fubo and Hulu + Live TV as distinct products. Disney: How the Fubo Sports Deal Became a Game Changer fuboTV (NYSE:FUBO) reported third-quarter fiscal 2026 results reflecting its second full quarter as a combined company with Hulu + Live TV, with management highlighting subscriber gains tied to major live sports, early advertising monetization improvements and a higher full-year adjusted EBITDA outlook. North America revenue was $1.474 billion, compared with $1.074 billion a year earlier. On a pro forma basis, which assumes the Hulu + Live TV combination had been completed at the start of the comparable period, revenue was approximately flat from $1.475 billion in the prior-year quarter. The company ended the quarter with 5.75 million North American subscribers, up 2% from 5.63 million a year earlier. Rest-of-world subscribers rose 2% to 356,000, while rest-of-world revenue declined to $7.8 million from pro forma revenue of $8.6 million. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Disney 2025 Shareholders: Major Updates for Investors The company posted a net loss of $25.7 million, narrowing from a $38 million loss in the prior-year period. Loss per share was $0.25. Adjusted EBITDA was $19.1 million, compared with pro forma adjusted EBITDA of $31 million a year earlier. Chief Executive Officer Alisa Bowen, who was hosting her first earnings call as fuboTV’s CEO, said major live events supported subscriber performance during the quarter. She cited engagement around the NBA Finals and the 2026 World Cup, which concluded roughly two and a half weeks before the call. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Disney: Forging a 3-Headed Sports Streaming Giant With Fubo Deal Bowen said fuboTV carried World Cup programming in English through Fox and in Spanish through Telemundo and Universo after renewing its NBCUniversal partnership for the Fubo service. The event supported total subscriber growth, with particular strength in enhanced Spanish-language offerings and Fubo-branded services, she said. Chief Financial Officer John Janedis said the availability of World Cup programming had a favorable subscriber impact, though the company does not disclose performance for individual services. He contrasted a pro forma sequential subscriber decline of about 250,000 in the third quarter of 2025 with a sequential gain of 25,000 subscribers in the latest quarter. → No Hangover: Revisiting Microsoft One Week After Earnings Management said it expects some attrition following the tournament but views the event as a means of attracting higher-quality subscribers to Fubo. Bowen also said referrals from ESPN’s “Where to Watch” feature have converted from free trials to paid subscriptions at a higher rate than customers acquired through other channels, while showing favorable early retention trends. fuboTV said its migration of advertising inventory to the Disney Ad Server has produced double-digit year-over-year gains in CPMs and fill rates on the Fubo platform. Bowen said the technical elements of the advertising integration were completed in June and that fuboTV participated in Disney’s advertising upfront process for the first time this year. Janedis said June was the Fubo business’s strongest month of advertising growth in at least several years. He added that CPMs rose year over year across news, sports and entertainment during the month, despite management’s prior discussion of softness in entertainment advertising. Bowen said Disney’s audience-first sales approach enables advertisers to purchase the reach of the broader Disney portfolio while using audience-based targeting. She said Fubo’s sports viewing data and fan audiences can contribute to Disney’s Audience Graph, potentially improving monetization as advertisers pursue sports audiences across platforms. Management said the advertising integration is tracking ahead of plan. Janedis said the company achieved CPM gains sooner than initially expected and identified advertising as a potential driver not only in the fourth quarter but also over subsequent quarters. Bowen said the company intends to retain Fubo and Hulu + Live TV as distinct products rather than combine them into one service. She said the brands appeal to different customer groups: Fubo maintains a sports-focused identity across news, sports and entertainment, while Hulu + Live TV has a broader entertainment proposition supported by Disney’s streaming bundles. The company’s strategy is taking shape around four areas: Optimizing pricing and package segmentation; Expanding the content portfolio with programming partners; Developing distribution and marketing partnerships; and Investing in technology, innovation and artificial intelligence. Bowen said fuboTV will provide additional detail on its strategic roadmap during its November earnings call. She said artificial intelligence is being used for search, content discovery, personalization, engineering workflows and marketing optimization. The company expects to introduce an AI-driven voice-search and discovery feature in time for football season. Fubo also launched its Multiview feature on LG devices during the quarter. Bowen said the company plans to continue investing in user-interface innovation, while Disney is expected to bring Hulu + Live TV integration to the Disney+ application by the end of the calendar year. fuboTV ended the quarter with $236.4 million in cash equivalents and restricted cash and expects to finish the year with more than $200 million of cash. Janedis said the company’s cash balance exceeds the outstanding face value of its 2029 convertible notes, giving management “a lot of optionality.” The company raised its fiscal 2026 pro forma adjusted EBITDA outlook to a range of $90 million to $100 million. It continues to target at least $300 million of adjusted EBITDA in fiscal 2028 and positive free cash flow in fiscal 2027 and 2028 under its current operating plan. Janedis said fuboTV will continue investing in programming, marketing, technology and product development. He also said the combined company has identified savings opportunities in vendor contracts and has already completed a handful of renewals at substantially improved rates. Programming-contract benefits are expected to emerge over a medium- to longer-term period as multiyear agreements come up for renewal. Bowen also announced that co-founder and Chief Operating Officer Alberto Horihuela will transition toward the end of the year into a senior adviser role. He will remain with the company as Founder Advisor through 2027. fuboTV Inc is a sports-focused live TV streaming platform that provides subscribers with access to a broad range of televised sports, news and entertainment programming. The service offers tiered channel packages featuring major networks such as ESPN, Fox Sports, NBC and regional sports networks, along with bundled options for premium channels and international programming. A core element of fuboTV's proposition is its cloud DVR functionality, which enables users to record live events and store them for later viewing. In addition to its live television offerings, fuboTV has developed an in-house ad-supported streaming network—fubo Sports Network—that delivers original sports news, analysis and highlights. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "fuboTV Q3 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributes the quarter's performance to the increased scale following the Hulu + Live TV combination, which has reached a new inflection point in content relationships and advertising technology. The 2026 World Cup served as a primary driver for subscriber growth and engagement, particularly within the Fubo Latino and Spanish-language offerings. CEO Alisa Bowen emphasized a 'portfolio approach' to the market, maintaining Fubo and Hulu + Live TV as distinct brands to capture different segments of the price-to-value curve. The company is transitioning its advertising inventory to the Disney ad server, which management credits for double-digit increases in CPMs and fill rates due to better audience targeting. Operational focus is shifting toward four strategic pillars: pricing/packaging optimization, content portfolio expansion, distribution partnership development, and AI-driven innovation. Management noted that early data from the ESPN 'Where to Watch' referral partnership shows higher conversion and retention rates compared to other acquisition channels. The company reaffirmed its target for positive free cash flow in fiscal 2027 and 2028, supported by a year-end cash balance expected to exceed $200 million. Management expects the integration of Hulu + Live TV into the Disney+ app by the end of the calendar year to broaden the top-of-funnel acquisition for their streaming portfolio. Future margin expansion is expected to be driven by 'coterminous' programming renewals, where the company can leverage its combined scale to negotiate more favorable rates. Guidance for fiscal 2026 pro forma adjusted EBITDA was raised to $90 million to $100 million, reflecting confidence in advertising monetization and marketing efficiency. Strategic investments will prioritize AI-driven features like voice search discovery and creative marketing automation to accelerate speed-to-market rather than just reducing costs. Co-Founder and COO Alberto Horihuela will transition to a Founder Advisor role through 2027, shifting away from day-to-day operations by the end of the year. Management acknowledged potential risks from a possible MLB work stoppage in fiscal 2027 but emphasized that their diversified content portfolio serves as a primary mitigation strategy. The company highlighted that while they aim to avoid blackouts, they remain committed to prioritizing subscriber value and flexibility in carriage disputes even at the risk of temporary content loss. Cash reserves currently exceed the face value of the 2029 convertible notes, providing management with significant optionality for future capital allocation. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Bowen explained that Fubo's 'sports-first DNA' and Hulu's 'entertainment leadership' appeal to distinct audiences, maximizing total market reach. Maintaining both allows for granular segmentation, such as offering Fubo Latino alongside Hulu's Español package to capture different price points. Management views AI as a growth accelerator rather than a cost-cutting tool, focusing on improving content discovery and search personalization. AI is being used to increase the volume of marketing creative and optimize acquisition campaigns, driving better efficiency in subscriber growth. The full technical integration with Disney's ad sales organization wrapped in June, leading to the best month of ad growth in at least two years. Fubo was included in Disney's advertising upfronts for the first time, providing access to large-scale live and sports-focused ad buys. John Janedis noted that while many larger contracts are multi-year, early renewals have already shown 'substantial improvement' in rates due to increased scale. The company has identified several large procurement opportunities that will contribute to margin expansion as they come up for renewal.

Looking back on consumer discretionary - media stocks’ Q1 earnings, we examine this quarter’s best and worst performers, including fuboTV (NYSE:FUBO) and its peers. The Consumer Discretionary sector, by definition, is made up of companies selling non-essential goods and services. When economic conditions deteriorate or tastes shift, consumers can easily cut back or eliminate these purchases. For long-term investors with five-year holding periods, this creates a structural challenge: the sector is inherently hit-driven, with low switching costs and fickle customers. As a result, only a handful of companies can reliably grow demand and compound earnings over long periods, which is why our bar is high and High Quality ratings are rare. Media companies create, aggregate, and distribute content—including news, entertainment, and advertising—across television, print, digital, and out-of-home channels. Tailwinds include growing digital advertising budgets, content licensing opportunities, and global audience expansion through streaming and social platforms. Headwinds are substantial: traditional advertising revenue from print and linear TV continues its structural decline as audiences migrate to digital alternatives. Content creation costs are escalating amid intense competition for talent and intellectual property. Media fragmentation makes it difficult to build sustainable audience scale, while AI-generated content threatens to commoditize production and disrupt established business models. The 7 consumer discretionary - media stocks we track reported a strong Q1. As a group, revenues beat analysts’ consensus estimates by 1.9%. While some consumer discretionary - media stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3.9% since the latest earnings results. Originally launched as a soccer streaming platform, fuboTV (NYSE:FUBO) is a video streaming service specializing in live sports, news, and entertainment content. fuboTV reported revenues of $1.57 billion, up 39.8% year on year. This print was in line with analysts’ expectations, and overall, it was a strong quarter for the company with a solid beat of analysts’ EBITDA estimates. fuboTV scored the fastest revenue growth of the whole group. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 25.2% since reporting and currently trades at $9.27. Is now the time to buy fuboTV? Access our full analysis of the earnings results here, it’s free. Launching the careers of legendary artists like Frank Sinatra, Warner Music Group (NASDAQ:WMG) is a music company managing a diverse portfolio of artists, recordings, and music publishing services worldwide. Warner Music Group reported revenues of $1.73 billion, up 16.7% year on year, outperforming analysts’ expectations by 7.5%. The business had an exceptional quarter with a beat of analysts’ EPS and adjusted operating income estimates. Warner Music Group pulled off the biggest analyst estimate beat among its peers. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 12.6% since reporting. It currently trades at $27.14. Is now the time to buy Warner Music Group? Access our full analysis of the earnings results here, it’s free. Formed from the merger of WarnerMedia and Discovery, Warner Bros. Discovery (NASDAQ:WBD) is a multinational media and entertainment company, offering television networks, streaming services, and film and television production. Warner Bros. Discovery reported revenues of $8.89 billion, flat year on year, in line with analysts’ expectations. It was a slower quarter as it posted a significant miss of analysts’ adjusted operating income and EPS estimates. As expected, the stock is down 2.2% since the results and currently trades at $26.60. Read our full analysis of Warner Bros. Discovery’s results here. Established in 2013 after a restructuring, News Corp (NASDAQ:NWSA) is a multinational conglomerate known for its news publishing, broadcasting, digital media, and book publishing. News Corp reported revenues of $2.19 billion, up 8.8% year on year. This result topped analysts’ expectations by 3.4%. It was a strong quarter as it also produced a beat of analysts’ EPS and EBITDA estimates. The stock is down 8.2% since reporting and currently trades at $24.83. Read our full, actionable report on News Corp here, it’s free. Founded by brothers Walt and Roy, Disney (NYSE:DIS) is a multinational entertainment conglomerate, renowned for its theme parks, movies, television networks, and merchandise. Disney reported revenues of $25.17 billion, up 6.5% year on year. This number surpassed analysts’ expectations by 1.3%. Overall, it was a strong quarter as it also recorded an impressive beat of analysts’ adjusted operating income and EPS estimates. The stock is down 4.1% since reporting and currently trades at $96.40. Read our full, actionable report on Disney here, it’s free. Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure? These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability. Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

fuboTV’s first quarter results landed in line with Wall Street’s revenue expectations, underscoring the early impact of its recently completed combination with Hulu Live TV. Management attributed performance to the expanded reach and improved economics from the merger, along with resilience in its sports-focused service, even as the company navigated changes in content partnerships. CEO David Gandler highlighted that subscriber trends remained healthy despite the temporary loss of NBCUniversal content, noting, “We were up 3% year-over-year versus the prior year in subscribers despite the fact that we were down with NBC for over 4 weeks.” The company also pointed to progress in integrating advertising technology as a key operational milestone. Is now the time to buy FUBO? Find out in our full research report (it’s free). Revenue: $1.57 billion vs analyst estimates of $1.58 billion (39.8% year-on-year growth, in line) Adjusted EPS: -$0.32 vs analyst expectations of -$0.22 (46.2% miss) Adjusted EBITDA: $37.75 million vs analyst estimates of $4.32 million (2.4% margin, significant beat) Operating Margin: -0.6%, up from -3.6% in the same quarter last year Domestic Subscribers: up 4.23 million year on year Market Capitalization: $289.4 million While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. David Joyce (Seaport Research Partners) asked about the impact of losing NBCUniversal content and potential for regaining sports rights. CEO David Gandler responded that subscriber trends were resilient and emphasized ongoing partnerships with major leagues and content providers. Clark Lampen (BTIG) questioned whether prior synergy targets included ad tech and packaging benefits. CFO John Janedis clarified that earlier projections assumed all synergies were realized day one, though they will materialize over time. CEO Gandler added details about the traction of the new Fubo Sports service. Brent Penter (Raymond James) inquired how the merger shifts priorities between investing in subscriber growth and free cash flow. Gandler said the larger scale and access to Disney’s ecosystem support investments in growth while maintaining profitability. Patrick Sholl (Barrington Research) asked about the advertising ramp and seasonality trends post-merger. Gandler explained advertising impact should be seen soon after integration, while Janedis noted that legacy Hulu Live was less seasonal than Fubo, and seasonality impacts may be muted going forward. Laura Martin (Needham & Company) asked about the impact of Disney’s CEO transition and the roadmap for innovation to close the subscriber gap with YouTube TV. Gandler said immediate impact from the CEO change is unclear, but highlighted focus on mobile experience, fantasy, and betting integrations as future initiatives. In the coming quarters, the StockStory team will be watching (1) the scale and effectiveness of fuboTV’s ad platform integration with Disney, (2) subscriber trends and retention following shifts in content partnerships, especially with NBCUniversal and ESPN, and (3) the rollout and adoption of new product packages such as the Fubo Sports and Spanish-language bundles. We will also track any progress in content negotiations and the ability to realize cost synergies from the Hulu Live merger. fuboTV currently trades at $9.86, down from $12.40 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free for active Edge members). ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren't just high-quality businesses. Something is happening with them right now. Elite fundamentals meeting near-term momentum - both boxes checked at the same time. Find out which stocks our AI platform is flagging this week. See this week's Strong Momentum stocks - FREE. Get Our Strong Momentum Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today.

Interested in fuboTV Inc.? Here are five stocks we like better. fuboTV posted its strongest Q2 on an adjusted EBITDA basis, reporting $37.7 million in adjusted EBITDA and a much smaller net loss of $6.2 million. Management also said pro forma trailing-12-month adjusted EBITDA topped $100 million and reaffirmed its goal of at least $300 million by 2028. Revenue and subscriber trends were mixed after the Hulu + Live TV deal. North American revenue rose to $1.566 billion on a reported basis, but pro forma growth was only 1%, while total North American subscribers fell to 5.7 million from 5.9 million a year earlier. The company sees further margin improvement from ad-tech migration and contractual economics. Fubo is migrating ads to Disney’s ad server, which is already improving fill rates and CPMs, while a wholesale fee tied to Hulu + Live TV carriage costs is expected to rise from 95% in 2026 to 99% by 2028. Disney: How the Fubo Sports Deal Became a Game Changer fuboTV (NYSE:FUBO) reported what executives described as its strongest second quarter on an adjusted EBITDA basis, as the company completed its first full quarter following its business combination with Hulu + Live TV and outlined plans to use broader packaging, advertising integration and product technology to drive growth. Co-founder and CEO David Gandler said Fubo exceeded $100 million in pro forma adjusted EBITDA on a trailing 12-month basis, which he called an “important milestone” supporting the company’s long-term target of at least $300 million in adjusted EBITDA by 2028. He also said the company achieved record quarterly revenue, supported by the expansion of Fubo and Hulu + Live TV offerings, differentiated content and product innovation. → Wells Fargo’s Comeback Is Real—But Not Risk-Free Disney 2025 Shareholders: Major Updates for Investors CFO John Janedis said North American revenue for the second quarter of fiscal 2026 was $1.566 billion, compared with $1.125 billion in the prior-year period. On a pro forma basis, prior-year revenue was $1.556 billion, representing 1% year-over-year growth. Fubo ended the quarter with 5.7 million total North American subscribers, compared with 5.9 million in the prior-year period. Janedis said the company will discuss results on both an as-reported and pro forma basis to help investors compare periods following the Hulu + Live TV transaction. → Rocket Lab Posts Record Q1 Revenue, Raises Q2 Guidance Disney: Forging a 3-Headed Sports Streaming Giant With Fubo Deal The company reported a second-quarter net loss of $6.2 million, compared with a reported net loss of $40.9 million in the prior-year period. Pro forma net income in the prior-year period was $120.6 million, which Janedis said was positively affected by a $220 million net gain related to litigation settlement. Earnings per share for the quarter reflected a loss of $0.07. Adjusted EBITDA was $37.7 million in the quarter, compared with pro forma adjusted EBITDA of $1.4 million in the prior-year period. Fubo ended the quarter with $244 million in cash equivalents and restricted cash, and management said it still expects to finish the year with more than $200 million of cash on the balance sheet. → The Great Crypto Thaw: Regulation Ignites an Infrastructure Boom Janedis said Fubo continues to expect fiscal 2026 pro forma adjusted EBITDA of $80 million to $100 million and at least $300 million in fiscal 2028. The company also expects positive free cash flow in fiscal 2027 and fiscal 2028 under its current operating plan. He said the outlook is supported in part by the company’s commercial agreement tied to Hulu + Live TV carriage costs. Under that agreement, Fubo receives a wholesale fee relative to Hulu + Live TV’s carriage cost, currently 95% in calendar 2026 and scaling to 99% by 2028. Janedis said that contractual step-up provides visibility into the company’s expected earnings profile and adjusted EBITDA expansion. During the analyst question-and-answer session, Drew Crum of B. Riley asked why the company’s first-half adjusted EBITDA of $79 million implied a step-down in the second half based on full-year guidance. Gandler said Fubo’s sports-focused business is seasonal, with 40% to 50% of gross additions typically generated in the final fiscal quarter, and said the company expects to spend more on marketing while balancing profitability and growth. Janedis added that the second quarter included a $6.5 million above-the-line tax-related benefit. Gandler said Fubo began migrating its advertising business to the Disney ad server in February and is seeing early benefits, including increases in fill rates and CPMs. In response to a question from Kutgun Maral of Evercore ISI, Janedis said the migration had been underway for less than 90 days and that Fubo had already seen improvement in both CPMs and fill rate, the key components of advertising ARPU. He said CPM improvement came faster than expected and that the migration is expected to be fully completed by the end of the year. At that point, he said, Fubo ad ARPU is expected to converge with Hulu + Live TV’s. Janedis said the largest component of adjusted EBITDA improvement will come from the contractual wholesale fee increase from 95% to 99%, while advertising monetization improvement is tracking in line with or better than expectations. Gandler said the Hulu + Live TV combination expands Fubo’s strategic position by allowing the company to offer a range of content packages at different price points. He said the company is focused on serving distinct consumer segments rather than relying on a single bundle. He pointed to Spanish-language offerings as one example. Fubo now offers Fubo Latino, a lighter bundle without Univision, and Hulu + Live TV Español, a more comprehensive package launched during the quarter that includes Univision. Gandler also cited Fubo Sports, the core Fubo bundle and Hulu + Live TV’s broader entertainment package. Gandler said the company believes it “successfully navigated” the loss of NBCU on Fubo, including during a period in which NBC held significant February sports programming. He said customers continued to access that content through Hulu + Live TV and that incremental churn at the combined business during the quarter was minimal. Asked by Brent Penter of Raymond James about regional sports networks, Gandler said Fubo added 14 local baseball teams in a short period of time, along with the Dodgers, Braves and Mets before opening day. He said those additions helped offset subscriber losses tied to the NBCU drop and that Fubo remains focused on its position in local sports. On World Cup opportunities, Janedis said the event may provide an incremental opportunity, particularly for Fubo Sports because of its lower price point. He said prior World Cups had not had a major impact on ad revenue, but this year the company has several sponsorships and may benefit from a more favorable time zone. He said the marketing team expects an uplift in trials, with potential upside based on conversion. Gandler said Fubo plans to launch its first AI conversational feature within the Fubo app this fall, beginning with sports. The AI assistant is expected to allow customers to use natural voice commands to search DVR content for game highlights and recommendations. He said Fubo expects to add the assistant first to Roku, Apple TV and mobile apps, with plans to extend it later to news and entertainment talk shows. Gandler described the conversational layer as a potential next phase of aggregation, saying discovery itself can become part of the product. In response to a question from Laura Martin of Needham & Company, Gandler said about 35% of Fubo’s code is now completed with AI and that roughly 200 employees use ChatGPT or Claude Code to improve effectiveness and efficiency. He said some top engineers “actually don’t code anymore,” though he noted there is still a learning curve. Gandler said the company’s international efforts are likely to be placed on the back burner following the Hulu + Live TV combination, as management focuses on domestic growth and near-term initiatives tied to the combined business. fuboTV Inc is a sports-focused live TV streaming platform that provides subscribers with access to a broad range of televised sports, news and entertainment programming. The service offers tiered channel packages featuring major networks such as ESPN, Fox Sports, NBC and regional sports networks, along with bundled options for premium channels and international programming. A core element of fuboTV's proposition is its cloud DVR functionality, which enables users to record live events and store them for later viewing. In addition to its live television offerings, fuboTV has developed an in-house ad-supported streaming network—fubo Sports Network—that delivers original sports news, analysis and highlights. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "fuboTV Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.