Key Points:
- Fubo posted its first-ever positive adjusted EBITDA of $20.7 million, improving by $31.7 million year-over-year.
- North America revenue was $371.3 million, down 3% year-over-year, with paid subscribers falling 6.5% to 1.356 million.
- Net loss narrowed to $8 million, or $0.02 per share, compared with a $25.8 million loss, or $0.08 per share, in Q2 2024.
Sports-centric streaming television service Fubo beat Wall Street expectations on revenue in the second quarter (Q2), despite seeing its subscriber count slip based on higher, but expected, seasonal churn.
On Friday, Fubo revealed it earned $371.3 million from its streaming service in North America, which offers live access to sports-inclusive broadcast channels and cable networks from partners like the Walt Disney Company, which is in the process of acquiring the service and merging it with its own pay TV product.
Fubo’s North American revenue was 3 percent lower compared to last year, but higher than its prior forecast. The company first revealed its revenue expectations during a sneak peek of its earnings report last month, which influenced its stock price.
Fubo ended Q2 with 1.36 million subscribers in the U.S., 6 percent lower when compared to last year and more than 7 percent lower on a sequential basis.
Net loss from continuing operations narrowed to $8.0 million, or a loss of $0.02 per share, compared to a $25.8 million loss, or $0.08 per share, in the same quarter last year. Adjusted earnings per share (EPS) came in at $0.05, swinging from a $0.04 adjusted loss per share in Q2 2024.
Cash used in operating activities was $34.6 million, an improvement of $2.7 million from last year’s second quarter. Free cash flow was negative $37.7 million, slightly worse than the $35.3 million outflow in Q2 2024. Fubo ended the quarter with $289.7 million in cash, cash equivalents, and restricted cash.
“The second quarter of 2025 marked a pivotal milestone in Fubo’s business,” David Gandler, Fubo’s co-Founder and CEO, said in prepared remarks on Friday. “Our continued focus on delivering choice and flexibility to consumers positions us well to capitalize on emerging opportunities as the traditional content landscape continues to evolve.”
Executive Chairman Edgar Bronfman Jr. praised the company’s efforts to innovate in the streaming and sports media industries.
“We continue to innovate our sports entertainment streaming platform striving for unparalleled product quality and a frictionless content experience, and look forward to keeping shareholders updated on our progress,” he said.
In the “Rest of World” business segment, which includes streaming media platforms offered in France and Spain, Q2 revenue rose 4.7 percent to $8.7 million. Paid subscribers totaled 349,000, down 12.5 percent from Q2 2024. Fubo reports metrics on a year-over-year basis to account for the seasonal nature of sports programming.
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