FuboTV Reports $1.55 Billion Revenue and $20.3 Million Operating Loss Following Hulu Live Business Combination

FuboTV Inc. reported significant financial results for the three months ending December 31, 2025, following its recent Business Combination with Hulu Live. The company generated total revenues of $1.55 billion, a substantial increase from $1.11 billion in the same period last year. This growth was primarily driven by $292.2 million in subscription revenue from Fubo Services, which was not present in the prior year, alongside a $91.5 million increase in advertising revenue and a $58 million rise in related party revenue from Hulu Live Service.

The company's operating expenses also rose, totaling $1.57 billion compared to $1.14 billion in the previous year. The increase in expenses was largely attributed to subscriber-related costs, which amounted to $953.5 million, reflecting the costs associated with the newly integrated Fubo Services. Despite the rise in both revenue and expenses, FuboTV reported an operating loss of $20.3 million, an improvement from a loss of $38.6 million in the prior year. The net loss attributable to common shareholders was $6 million, compared to a loss of $38.6 million in the same quarter last year.

FuboTV's operational metrics showed a total of 6.2 million subscribers in North America as of December 31, 2025, slightly down from 6.3 million a year earlier. The company also reported a gross profit of $112 million, resulting in a gross margin of 7.2%, a significant increase from 0.3% in the previous year. The company’s cash and cash equivalents stood at $458.6 million, bolstered by a recent $145 million senior unsecured term loan from Disney, which is expected to support ongoing operations and growth initiatives.

Strategically, the Business Combination with Hulu Live has positioned FuboTV to leverage Hulu's existing infrastructure and subscriber base, enhancing its market presence. The company has entered into a Commercial Agreement with Hulu, which includes a wholesale fee structure that will increase over the next few years, providing a steady revenue stream. FuboTV is also focused on optimizing its content portfolio and enhancing subscriber engagement to improve unit economics and expand lifetime value.

Looking ahead, FuboTV remains cautious about macroeconomic factors that could impact its growth trajectory, including inflation and potential recession indicators. The company is committed to monitoring these conditions while continuing to invest in subscriber acquisition and retention strategies. FuboTV's management believes that its current liquidity position will sustain operations for at least the next year, although future capital requirements may necessitate additional financing.