fuboTV’s second quarter results fell short of Wall Street’s revenue expectations, prompting a negative market reaction. Management attributed the year-over-year sales growth to the expansion of Fubo’s and Hulu + Live TV’s offerings, as well as the early benefits of migrating advertising operations to the Disney Ad Server. CEO David Gandler highlighted, “We delivered the strongest second quarter in our history on an adjusted EBITDA basis,” pointing to improved fill rates and rising advertising rates as key operational drivers. Despite the revenue miss, the company saw improved profitability margins and continued growth in domestic subscribers.
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fuboTV (FUBO) Q2 CY2026 Highlights:
- Revenue: $1.48 billion vs analyst estimates of $1.50 billion (38% year-on-year growth, 1.1% miss)
- Adjusted EPS: -$0.25 vs analyst estimates of -$0.11 (significant miss)
- Adjusted EBITDA: $19.14 million vs analyst estimates of $12.84 million (1.3% margin, 49% beat)
- EBITDA guidance for the full year is $95 million at the midpoint, above analyst estimates of $92.32 million
- Operating Margin: -1.8%, up from -3.5% in the same quarter last year
- Domestic Subscribers: up 4.39 million year on year
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From fuboTV’s Q2 Earnings Call
- Kutgun Maral (Evercore ISI) asked about the impact of the Disney ad platform migration on advertising economics. CFO John Janedis highlighted improved CPMs and fill rates, and noted that ad ARPU is tracking to converge with Hulu Live.
- Matthew Condon (Citizens Bank) inquired about when the scale benefits from the Hulu + Live TV combination would show up in content costs. Janedis replied that while some renewals have happened, the majority of benefits will appear gradually due to the timing of content contract renewals.
- Andrew Crum (B. Riley) questioned the implied step-down in second-half adjusted EBITDA, despite strong first-half results. CEO David Gandler explained increased marketing spend linked to sports seasonality and ongoing investments in growth initiatives.
- Tyler DiMatteo (BTIG) sought details on organic subscriber trends and product mix. Gandler responded that the company will not break out Hulu Live and Fubo counts, emphasizing the move to a unified portfolio and focus on driving growth across all packages.
- Laura Martin (Needham) asked about the role of AI in reducing costs and driving revenue. Gandler described backend code efficiency gains and previewed the launch of the AI conversational assistant to enhance user engagement.
Catalysts in Upcoming Quarters
In the coming quarters, our analyst team will be focused on (1) tracking the full integration and performance impact of the Disney ad platform migration, (2) monitoring the rollout and user adoption of the AI conversational assistant, and (3) evaluating the company’s ability to leverage its flexible content packaging to minimize churn during major sports events. Additionally, we will watch for further realization of cost synergies from the Hulu + Live TV combination.
fuboTV currently trades at $9.63, in line with $9.55 just before the earnings. Is there an opportunity in the stock? The answer lies in our full research report (it’s free).
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