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 for active Edge members).
fuboTV (FUBO) Q1 CY2026 Highlights:
- 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.
Our Top 5 Analyst Questions From fuboTV’s Q1 Earnings Call
- 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.
Catalysts in Upcoming Quarters
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. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).
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