Key Financial Data
- Q4 Revenue: $1.11 billion
- Q4 Pro forma revenue: $1.5 billion
- Q4 Net income: -$38.8 million
- Q4 Pro forma net income: -$96.3 million
- Q4 Global subscribers: 6.2 million
- Q4 North American subscribers: 6 million
- FY25 Revenue: $4.9 billion
- FY25 Pro forma revenue: $6.2 billion
- FY25 Net income: -$136.8 million
- FY25 Pro forma net income: -$94 million
- Cash and cash equivalents: $458.6 million
- Note: Fubo financials include Hulu with Live TV; the company’s fiscal Q1 aligns with calendar Q4 2025
- Read more Q4 2025 media earnings coverage
Fubo’s combination with the Walt Disney Company’s Hulu with Live TV is off to a somewhat rocky start.
During its fiscal first quarter (Q1) of 2026 (coincides with calendar Q4 2025), Fubo earned business from 6.2 million pay television customers across its core streaming service and Hulu with Live TV, which it now operates on behalf of the Walt Disney Company after merging the business end of both services last year.
On a combined basis, the 6.2 million customers Fubo logged during fiscal Q1 was around 100,000 fewer than the number of customers both services had on a separate basis. In North America, Fubo ended Q4 with 6 million subscribers.
Fubo didn’t break out customers to its sports-focused streaming service separate from that of Hulu with Live TV. In investor materials, executives said they felt the combined figure “is a useful metric for gauging the size of our user base following the business combination with Hulu (with) Live TV.”
That combined number makes it more difficult to gauge how many subscribers Fubo lost last year, when the company made the decision to drop dozens of channels owned by NBC Universal and Versant instead of agreeing to higher fees in order to continue offering them.
Fubo lowered the price of its core service and started reselling access to NBC’s streaming service Peacock through an affiliate marketing program, The Desk reported in November.
Hulu with Live TV, which was operated solely by Disney until its pay TV merger with Fubo closed, continues to offer NBC Universal and Versant channels.
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On the revenue side, Fubo continued to lose money during its fiscal Q1, logging a net loss of $38.8 million on revenue of $1.11 billion. On a pro forma basis, Fubo’s net loss was $96.3 million on revenue of $1.5 billion. Comparative metrics to last year were not available, because Fubo combined financial data points between its core business and Hulu with Live TV.
“2025 marked a year of transformation for Fubo as we completed a monumental business combination with Hulu (with) Live TV,” David Gandler, the co-Founder and CEO of Fubo, said in a statement. “We set out on a mission to enhance consumer choice and expand programming flexibility by tapping into our collective strengths.”
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Editor’s note: Fubo reported its fiscal first quarter (Q1) earnings on Tuesday, which aligns with the fourth quarter of 2025. An earlier version of this story said Fubo reported its Q4 earnings.
