FUBONYSEServices-Motion Picture & Video Tape ProductionUS GAAP · USD

FuboTV Inc.

FuboTV Inc. operates a live TV streaming platform focused on sports, news, and entertainment, monetized primarily through subscriptions and advertising. Following its 2025 business combination with Hulu Live Business, the company also earns wholesale fee revenue tied to the Hulu Live Service, expanding its scale in the virtual pay-TV market.

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Revenue1,623m USD
+18.6 %y/y
Operating profit (EBIT)-196m USD
+32.3 %y/y
EBIT margin-12.1%
+9.1 ppy/y
Net income-172m USD
+40.1 %y/y
Free cash flow-82.2m USD
+54.0 %y/y

Fiscal year 2024 · change from previous year

Development 2019–2024

-50005001,0001,5002,000m USD2019: 4.3 m USD2019: EBIT -39 m USD20192020: 218 m USD2020: EBIT -480 m USD20202021: 638 m USD2021: EBIT -359 m USD20212022: 1,009 m USD2022: EBIT -412 m USD20222023: 1,368 m USD2023: EBIT -289 m USD20232024: 1,623 m USD2024: EBIT -196 m USD20241,623-196
RevenueOperating profit (EBIT)
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Business

Share of revenue
Subscription streaming services70 %

Monthly live TV access sold to consumers for sports, news, and entertainment programming.

Wholesale carriage and service fees15 %

Fees earned under the Hulu commercial services agreement tied to Hulu Live carriage expenses.

Advertising12 %

Ad sales across the Fubo Services and Hulu Live Service in the United States.

Attachment and ancillary monetization3 %

Add-on sales and other subscriber-related monetization features that increase ARPU.

Products

Reported · share of revenue
91.1%8.4%FY2023100 %
  • Subscription and Circulation91.1 %
  • Advertising8.4 %
  • Other0.2 %
  • Services and other0.2 %

Source: 10-K FY2023, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

FuboTV sells primarily to consumers who want a streaming alternative to traditional pay TV, especially viewers with strong interest in live sports and real-time news. Its customer base also includes households that value bundled entertainment access and are willing to pay for a premium live-channel experience with advertising and add-on monetization. The Hulu Live Business broadens the addressable base through a wholesale commercial arrangement rather than direct consumer subscription economics.

Direct-to-consumer live TV subscribers

Consumers buy monthly access to live sports, news, and entertainment channels for a cable-like streaming experience.

Sports-focused viewers

Households that prioritize live sports and related programming, which supports retention and higher engagement.

Advertising buyers

Brands and agencies purchase ad inventory to reach streaming audiences on Fubo Services and Hulu Live Service.

Hulu commercial services partner

Hulu pays wholesale fees under the Commercial Agreement tied to Hulu Live carriage expenses.

Strategy

Management is focused on growing paid subscribers, improving retention and engagement, and lifting unit economics through better content, product features, and monetization. The 2025 business combination with Hulu Live is a major strategic step, adding scale and a wholesale revenue stream while the company continues to use advertising and attachment sales to improve lifetime value.

Subscriber growthShort term

More paid subscribers increase recurring revenue and improve monetization across subscriptions and ads.

Retention and engagementMedium term

Higher engagement supports lower churn, better ARPU, and stronger lifetime value per subscriber.

Monetization expansionMedium term

Pricing, advertising, and attachment sales are needed to offset high content and distribution costs.

Scale through Hulu Live integrationShort term

The commercial services agreement adds wholesale fee revenue and broadens the platform’s economics.

Geography

Q1/2026

FuboTV is headquartered in the United States and generates most of its revenue there, where subscription and advertising monetization are strongest. It also operates in Canada, France, and Spain, giving the company a multi-market footprint but with materially different ARPU and monetization levels outside North America. Geography matters because the company’s pricing, ad load, and content economics differ sharply between North America and ROW markets.

United States99 %
Other countries (US filing)1.0 %

Share of the revenue the company reports by geography.

Risks

FuboTV remains exposed to operating losses, heavy content and marketing costs, and intense competition from larger streaming and pay-TV players. Its business is also sensitive to subscriber churn, content renewal terms, and the success of the Hulu Live integration, while piracy and rapid market shifts can pressure pricing and engagement. Because the company relies on paid acquisition and monetization of live viewing, any deterioration in ad demand, content economics, or capital access can quickly affect liquidity and valuation.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Persistent operating losses1Intense competition2Content acquisition and renewal risk3Business Combination execution risk4Piracy and market disruption5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Persistent operating lossesImpact: HighLikelihood: High

    The company states it has incurred losses and expects losses to continue, which can strain liquidity and limit strategic flexibility.

    Exposure: Continuing operations

  2. Intense competitionImpact: HighLikelihood: High

    Larger competitors have more resources, stronger brands, and better content leverage, which can hurt acquisition and retention.

    Exposure: Streaming and pay-TV market

  3. Content acquisition and renewal riskImpact: HighLikelihood: High

    The service depends on securing desirable channels and programming at competitive prices.

    ExposureSportsNewsEntertainment content
  4. Business Combination execution riskImpact: MediumLikelihood: Medium

    Integration with Hulu Live must be completed and managed without disrupting employees, customers, or operations.

    Exposure: Fubo and Hulu Live integration

  5. Piracy and market disruptionImpact: MediumLikelihood: Medium

    Piracy-based and alternative video models can capture demand and reduce willingness to pay for streaming.

    Exposure: Entertainment video market

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Accounting

Judgemental items
Revenue recognition for subscriptions, ads and wholesale fees

Different revenue streams may be recognized on different bases and timing, affecting quarterly comparability.

Impact: Mix shifts can change reported revenue and gross margin

Business combination purchase accounting

The Hulu Live combination requires fair value allocation of acquired assets and liabilities.

Impact: Can create amortization, step-up effects and acquisition-related charges

Goodwill and long-lived asset impairment

Management says it has recorded material impairment charges in prior periods and must test for triggering events.

Impact: Potential large non-cash charges if projected cash flows weaken

Valuation of warrants and equity instruments

Fair value estimates for these instruments can be volatile and sensitive to market assumptions.

Impact: Can affect non-operating gains/losses and equity

Deferred tax asset valuation allowance

Sustained losses make realizability of tax assets uncertain.

Impact: Can materially affect tax expense and net income

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Last updated: 24/09/2026

FuboTV Inc. (NYSE) – Services-Motion Picture & Video Tape Pro | Financial Analysis – Clarifo