FuboTV just brought a surprise Wall Street didn’t anticipate, its second-quarter 2025 earnings reported a surprise profit and higher-than-projected revenue, even as its subscriber count declined.
The live TV sports-first streaming service posted revenue of $379.97 million, down 2.8% from the year before but still in front of the $353.77 million forecasted by analysts. Adjusted earnings per share were 5 cents, a significant improvement from the one-cent loss predicted, and adjusted EBITDA margin reached 5.4% versus negative 2.8% last year.
In North America, revenue through streaming decreased 3% year-over-year to $371.3 million, while paid subscribers decreased 6.5% to 1.36 million. Despite the drop, the number of subscribers remained ahead of initial company estimates. Internationally, outside North America, revenue increased 4.7% to $8.7 million, while paid subscribers decreased 12.5% to 349,000.
Through June 30, FuboTV had $289.7 million in cash and equivalents on hand, though free cash flow usage stretched a bit to $(37.7) million from $(35.3) million in the prior year. The beat lifted FuboTV’s stock temporarily on Friday, but gains dissipated, with shares now down 1%.
One of the largest developments? FuboTV submitted an initial proxy statement requesting shareholder authorization for its proposed merger with The Walt Disney Co.’s Hulu + Live TV. If everything goes according to plan with regulatory approvals and shareholder approvals, the deal would close in late 2025 or early 2026. The merger would produce a dominant streaming platform with an even larger library of content and more competitive pricing tiers.
FuboTV is not holding back on content and feature releases either. The company has made public the imminent launch of Fubo Sports and its Pay-Per-View feature soon for both subscribers and non-subscribers. On the technology front, new features such as Catch Up to Live, Game Highlights, and Timeline Markers are designed to enhance the viewing experience to be more fluid and interactive.
CEO David Gandler described Q2 2025 as a “pivotal milestone” for the company, emphasizing that the strategy of the firm is centered on providing customers with choice and flexibility in a changing entertainment landscape. Executive Chairman Edgar Bronfman Jr. further explained that FuboTV’s top-line outperformance demonstrates its focus on offering premium sports entertainment with a streamlined content experience.
With a surprise profit, merger momentum, and product innovations on the horizon, FuboTV is indicating it’s poised to fight hard in the live streaming arena, even though subscriber growth is still a challenge. Whether the Hulu + Live TV merger will be the game-changer it’s hoping for will be the next big question going into 2026.
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