FuboTV Reports Q3 2025 Revenue Decline, Net Loss Improvement, and Hulu Merger

FuboTV Inc. reported its financial results for the third quarter of 2025, revealing total revenues of $377.2 million, a decrease from $386.2 million in the same period last year. The decline was primarily attributed to a $6.2 million drop in subscription revenue, which totaled $350.3 million, alongside a $1.7 million decrease in advertising revenue, which amounted to $25.4 million. For the nine months ending September 30, 2025, total revenues were $1.173 billion, slightly down from $1.179 billion in the prior year. The company recorded a net loss from continuing operations of $18.9 million for the quarter, an improvement from a loss of $54.7 million in Q3 2024, and a net income of $161.6 million for the nine-month period, compared to a loss of $136.8 million in the same timeframe last year.

FuboTV's operating expenses for the third quarter were $397.3 million, down from $444.8 million a year earlier, reflecting cost reductions in subscriber-related expenses and broadcasting costs. The company reported a gross profit of $78.4 million for the quarter, resulting in a gross margin of 20.8%, up from 14.0% in Q3 2024. The decrease in operating expenses was driven by a reduction in subscriber numbers and the expiration of certain content agreements. The company also noted a significant gain of $220 million from a settlement related to antitrust litigation against Disney and other major media companies, which contributed to the positive net income for the nine-month period.

In terms of operational metrics, FuboTV maintained 1.6 million paid subscribers in North America as of September 30, 2025, consistent with the previous year, while the number of subscribers in international markets decreased to 0.3 million from 0.4 million. The company continues to focus on enhancing user engagement and retention through its streaming platform, which offers a variety of sports, news, and entertainment content. FuboTV has also expanded its international presence, operating in Canada, Spain, and France.

Strategically, FuboTV underwent a significant business combination with Hulu, which was finalized on October 29, 2025. This merger is expected to enhance FuboTV's content offerings and market position. The company also converted from a Florida corporation to a Delaware corporation as part of this transition. Following the merger, FuboTV will operate as a single reportable segment, focusing on its streaming business. The company has indicated that it will continue to assess its capital requirements and may seek additional funding to support its growth initiatives.

Looking ahead, FuboTV expressed optimism about its ability to leverage the merger with Hulu to drive subscriber growth and enhance its competitive position in the streaming market. However, the company acknowledged potential challenges, including increased competition and the need to manage rising content acquisition costs. FuboTV's management believes that its current cash reserves, totaling $280.3 million, along with anticipated cash flows from operations, will provide sufficient liquidity to support its operations for at least the next twelve months.