fuboTV (FUBO -0.54%), a streaming service focused on live sports and entertainment, released its earnings for Q2 2025 on August 8, 2025. The big headline: it achieved its first-ever quarter of positive Adjusted EBITDA in Q2 2025 and reported better-than-expected non-GAAP EPS of $0.05 (versus consensus estimate of -$0.03) and GAAP revenue of $379.97 million (versus consensus estimate of $367.08 million). Adjusted EPS (earnings per share, excluding certain one-time items) was $0.05, outperforming the analyst expectation of -$0.03 (non-GAAP). Revenue (GAAP) came in at $379.968 million, also above the $367.08 million GAAP consensus estimate. Despite this operational progress, Paid subscriber numbers dropped in both its North American and international markets compared to Q1 2025, and Advertising revenue in North America fell by 2% year-over-year. Management provided no new forward guidance, leaving future visibility limited, especially with a major merger with Hulu + Live TV still pending.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (Non-GAAP) | $0.05 | ($0.03) | ($0.04) | $0.09 |
| EPS (GAAP) | ($0.02) | ($0.08) | ($0.06) | |
| Revenue (GAAP) | $380.0 million | $367.08 million | $391.0 million | (2.8%) |
| Adjusted EBITDA | $20.7 million | ($11.0 million) | N/A | |
| Free Cash Flow (Non-GAAP) | ($37.7 million) | ($35.3 million) | N/A |
Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q2 2025 earnings report.
Business Overview and Focus Areas
fuboTV offers a live TV streaming platform focused on sports, news, and entertainment content. Its service bundles live sports channels, popular entertainment networks, and news, aiming to attract viewers leaving traditional cable and satellite TV. The business provides flexibility so subscribers can tailor their content bundles, a key feature in the shift away from legacy television.
The company's current strategy centers around five main areas: taking advantage of the cord-cutting trend in television, growing its subscription and advertising revenue, pushing into international markets, investing in new technology and data tools, and preparing for a transformative merger with Hulu + Live TV. These areas are crucial as fuboTV looks to boost revenue, retain and grow its subscriber base, and differentiate its service in a crowded streaming market.
Quarter in Review: Financials, Subscribers, Strategic Moves
fuboTV surpassed analyst expectations for both adjusted EPS (non-GAAP) and revenue (GAAP). Non-GAAP EPS turned positive at $0.05, compared with -$0.04 in Q2 2024. Revenue slightly decreased by 2.8% from the prior year period but still came in ahead of consensus, totaling $379.968 million (GAAP). The company delivered its first-ever quarter of positive Adjusted EBITDA (non-GAAP), recording $20.7 million, a notable swing from negative $11.0 million in Adjusted EBITDA (non-GAAP) in Q2 2024. Net loss (GAAP) narrowed sharply to -$8.0 million versus -$25.8 million in Q2 2024. Operating expenses (GAAP) dropped 9.5% year-over-year to $386.0 million.
Despite better profitability, fuboTV's subscriber numbers trended lower in both North America and Rest of World from Q4 2024 through Q2 2025. At quarter end, North American subscribers totaled 1.356 million, down 6.5% compared to the prior year. The Rest of World segment ended with 349,000 subscribers, a year-over-year decrease of 12.5%. North American segment revenue also dipped 3.0% year-over-year, though international markets saw revenue climb slightly by 4.7%. Revenue from advertising in North America decreased 2% to $25.5 million, attributed by management to the removal of certain ad-insertable content. New advertising strategies included the introduction of "pause ads" and the launch of a Women's Sports Zone, the latter delivering seven figures in ad revenue. These initiatives mark early efforts to offset shrinking ad inventory from lower subscriber counts.
The company noted several technology improvements to its platform. Product refinements such as "Catch Up to Live," "Game Highlights," and "Timeline Markers" intend to enhance the viewing experience and boost user engagement. Although management claims these enhancements led to a lift in time spent watching, no external engagement statistics were provided. fuboTV also continued to expand its content through partnerships for Pay-Per-View sports events and broadened distribution deals with DAZN (a sports streaming service) and ELF (European League of Football). The Rest of World business retained exclusive English Premier League soccer streaming rights in Canada and though subscriber gains in these regions did not materialize this quarter.
A major strategic development for fuboTV during the period was the announced merger with Hulu + Live TV, publicly announced on January 6, 2025, with the transaction anticipated to close in Q4 2025 or Q1 2026, subject to regulatory and shareholder approvals. This business combination, expected to close in late 2025 or early 2026, remains subject to regulatory and shareholder approval. Hulu will hold a 70% economic interest in the combined entity, with fuboTV owning 30% as outlined in the Business Combination Agreement announced January 6, 2025. While management describes this as a move to "increase competition and consumer choice," the filing did not provide updated guidance on projected synergies, future subscriber trends, or the expected financial impact. No material one-time gains or losses linked to the pending merger were recognized in the quarter. Costs related to legal and advisor fees for the transaction were included in adjusted EBITDA as "certain litigation and transaction expenses." fuboTV does not currently pay a dividend.
Looking Ahead: Guidance, Cash Flow, and What to Watch
The company declined to provide detailed financial guidance for the next quarter or full fiscal 2025. Management focused remarks on the upcoming combination with Hulu + Live TV, upcoming product rollouts, and content partnerships. With no explicit outlook, investors face uncertainty regarding the ability to sustain positive adjusted EBITDA, as well as the future trajectory of revenue and subscribers following the merger.
fuboTV closed the quarter with $283.6 million in cash and equivalents, up from $161.4 million as of December 31, 2024. Free cash flow (non-GAAP) remained negative at -$37.7 million, a decrease of $2.4 million compared to Q2 2024. With subscriber counts falling and no guidance on merger outcomes, investors may closely watch subscriber retention, advertising trends, and merger developments in the months ahead.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
