Key Financial Data
- North America revenue: $368.6 million (-2.3% year-over)
- Ex-North America revenue: $8.6 million (-3.2%)
- Net income: -18.9 million (-65%)
- EPS: -$0.06
- Adjusted EBITDA: $6.9 million
- North American subscribers: 1.631 million (+1%)
- Ex-North American subscribers: 342,000 (-9.5%)
Sports-centric streaming service Fubo did not impress Wall Street with its third quarter (Q3) earnings, even though the platform had a lot of achievements in the run-up to the start of seasonal sports — typically, its busiest time of the year.
During the three month-period that ended in late September, Fubo saw its subscriber count grow to 1.63 million customers as sports fans took advantage of a newly-launched Fubo Sports tier that offers lower-cost access to premium sports channels from several of its programming partners.
Fubo also continued to promote a pay-per-view model that allowed fans of certain sports to buy access to single events for a short period of time, similar to how the same model worked on cable and satellite platforms in the past.
Beyond that, there was little to get excited about: The company’s North American revenue fell 2.3 percent on a year-over basis, even though its subscriber count increased, and its “rest of world” revenue — income attributed to its Molotov streaming service and variants of Fubo in other countries — fell by 3.2 percent.
North American revenue clocked in at just under $369 million, while revenue outside North America came in at $8.6 million.
The biggest sign that Fubo was readying a soft Q3 earnings report: The company did not offer investors or the public a sneak peek at its financial data, as it did three months earlier before its Q2 results were released.
Beyond the subscriber counts and new package launches, there weren’t many bright spots for Fubo during Q3, though executives still tried to put their best spin on the situation.
“Fubo’s third quarter 2025 results reflect the strength of our execution and the growing demand for flexible, fan-first streaming,” David Gandler, the CEO of Fubo, said in a prepared statement. “We delivered record third quarter subscriber growth in North America and our second consecutive quarter of positive Adjusted EBITDA — clear proof our model is working.”
Stock Price
Gandler encouraged Wall Street to look ahead, not behind, as the company operates now as a pseudo-subsidiary of the Walt Disney Company. Last week, Fubo and Disney completed their long-awaited tie-up of their pay TV businesses — Fubo now operates its own streaming platform and Hulu with Live TV. Disney owns 70 percent of the company, while Fubo’s shareholders own the rest.
Disney’s impact on the service has yet to be seen, though the services are still in their honeymoon phase. Moving forward, Fubo is expected to cater to the interests of sports fans, while Hulu with Live TV aims to appeal to the TV “Everyman” — a person or household that wants a good mixture of entertainment, news, sports and broadcast channels, just as they do on a traditional pay TV platform.
“We’re energized by what’s ahead and remain focused on delivering value for viewers, shareholders and our programming partners,” Gandler said.
Next quarter might prove to be a bright spot for Fubo, as sports fans are currently sampling around different services due to an ongoing dispute between Disney and Google-owned YouTube TV. Last Friday, Disney pulled its broadcast channels and cable networks from the streaming platform, leaving sports fans without access to ESPN and parents unable to tune in to the Disney Channel. Other affected channels include ABC, FX, National Geographic, Freeform and ABC News Live, along with a handful of college networks.
Fubo carries Disney’s channels through an agreement that pre-dates the merger of their pay TV businesses, and the service is seen as an alternative way to access ESPN and other Disney-owned networks while the dispute continues.
