fuboTV’s fourth quarter was marked by its first period of consolidated results following the Hulu Live acquisition, but the market reacted negatively despite revenue surpassing Wall Street expectations. Management attributed performance to the scale advantages of the combined platform, initial success in subscriber retention, and progress integrating ad technology. CEO David Gandler highlighted that, even with the loss of NBCUniversal content on fuboTV Inc., subscriber losses were limited and the company's sports-focused package continued to appeal to value-conscious customers. **Editor’s Note:** Management commentary regarding a 3% year-over-year subscriber increase and the NBCUniversal dispute specifically pertains to Q1 2026, not Q4 CY2025. The Q4 2025 period reflects the early phase of Hulu Live integration and the initial impact of the NBCUniversal dispute, but year-over-year subscriber growth figures and detailed retention outcomes are not directly disclosed for this quarter in the transcript.
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fuboTV (FUBO) Q4 CY2025 Highlights:
- Revenue: $1.55 billion vs analyst estimates of $409 million (249% year-on-year growth, 279% beat)
- Adjusted EBITDA: $41.4 million vs analyst estimates of $37.13 million (2.7% margin, 11.5% beat)
- Operating Margin: -1.3%, up from -8.7% in the same quarter last year
- Domestic Subscribers: 6.2 million, up 4.52 million year on year
- Market Capitalization: $525.5 million
While we enjoy listening to the management's commentary, our favorite part of earnings calls are 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 Q4 Earnings Call
- David Joyce (Seaport Research Partners) asked about the NBCUniversal dispute’s long-term implications for sports rights and whether Comcast’s strategy is to prioritize Peacock. CEO David Gandler explained that flexibility in packaging and ongoing relationships with other leagues and networks help mitigate risks.
- Clark Lampen (BTIG) questioned if revenue and cost synergies from the Hulu Live merger were reflected in previous guidance and sought clarity on subscriber trends without NBC. CFO John Janedis confirmed that initial synergy assumptions are being realized over time and highlighted strong retention in the sports package.
- Brent Pinter (Raymond James) asked about balancing investment in subscriber growth versus cash flow generation post-merger. CEO David Gandler stated that the company’s larger scale and stronger balance sheet allow for greater investment in efficient growth channels, especially through Disney’s ecosystem.
- Patrick Scholl (Barrington Research) inquired about the timing of advertising revenue uplift from Disney ad server integration and the seasonality of different service offerings. Janedis expects advertising benefits soon after full integration and noted that seasonality will be less pronounced in the combined entity.
- Laura Martin (Needham and Company) pressed on how Disney’s new CEO and a focus on consumer-centric innovation would impact fuboTV’s product roadmap. Gandler pointed to upcoming enhancements in mobile app experience, potential future sports betting initiatives, and personalized features as priorities.
Catalysts in Upcoming Quarters
Looking ahead, the StockStory team will be watching (1) the impact of advertising integration with Disney on ad monetization and margins, (2) the resolution and terms of ongoing content negotiations, especially with NBCUniversal, and (3) the effectiveness of ESPN partnership initiatives in driving subscriber growth. Additional focus will be on product rollout speed and the company’s ability to balance cost discipline with investments in new subscriber channels.
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