FuboTV’s recent combination with Hulu + Live TV and the sale of a 70% ownership stake to Disney have obscured underlying financial gains. While the combined entity faces ongoing subscriber churn, it has simultaneously unlocked a massive EBITDA turnaround, with targets projecting Pro Forma Adjusted EBITDA of $80–$100 million.
Financial Highlights.
- EBITDA Growth: Fubo reported positive adjusted EBITDA figures (e.g., $37.7 million for Q2 2026), marking a stark turnaround from historical net losses.
- Long-Term Targets: Management is projecting over $300 million in Adjusted EBITDA by Fiscal 2028 and expects to be Free Cash Flow positive by Fiscal 2027.
- Liquidity: The company ended its recent quarter with $244 million in cash, cash equivalents, and restricted cash.
The Subscriber vs. Profitability Dynamic.
- Combined Scale: Following the October 2025 merger, the combined portfolio boasts 5.7 million subscribers across products like Fubo Sports, Fubo Pro, and Hulu + Live TV.
- Historical Churn: Prior to the combination, Fubo’s standalone service was struggling with subscriber losses (down 6.5% year-over-year at one point), driven by rising subscription costs and intense competition.
- Profitability Focus: The turnaround has shifted focus from pure subscriber growth to unit economics, optimizing ad revenue (via DAS ad-tech) and cost-sharing from its merger.
Shareholder Sentiment.
- Forum discussions on platforms like Reddit reflect mixed opinions. Some users are encouraged by the EBITDA improvements and pending product enhancements (like Multiview expansion and AI-driven highlights), while others are demanding consistent net income and increased standalone subscriber counts.
