Fubo’s first full quarter following its operational merger with Hulu + Live TV presents a mix of progress and challenges. The company reported 6.2 million North American subscribers for the quarter ending December 31, 2025. This total reflects the combined user base of Fubo and Hulu + Live TV after the merger with Disney. Compared to the 6.3 million customers both services had a year ago on a standalone basis, the slight drop suggests early subscriber churn amid recent programming and pricing shifts.
One of the key issues is Fubo’s ongoing carriage dispute with Comcast, which resulted in the removal of NBCUniversal and Versant channels from Fubo in late 2025. Those same channels remain available on Hulu + Live TV. During the earnings call, CEO David Gandler said Comcast stopped responding to renewal discussions as of January 2026, despite multiple attempts from Fubo to re-engage. Gandler called the situation difficult to reconcile, given that both services are now under joint operational control.
Despite the programming shortfall, Fubo improved financially. Pro forma revenue reached $1.68 billion for the quarter, a 6% increase year over year. Standalone Fubo revenue rose 40% to $1.54 billion. Net losses narrowed as well, with a standalone net loss of $19.1 million and a pro forma net loss of $46.4 million, significantly improved from the $130.4 million pro forma loss reported a year ago. Adjusted EBITDA on a pro forma basis increased to $41.4 million, up from $22 million in the prior year.
Fubo attempted to offset the loss of NBC content by reducing the price of its core service and reselling Peacock through an affiliate deal. Gandler told analysts that the impact on subscribers was less severe than expected. He emphasized the company’s continued partnerships with key sports and media properties, including Major League Baseball, Disney, Fox, and CBS.
Fubo also announced a reseller and marketing arrangement with ESPN. Under the agreement, which is still being finalized, Fubo Sports, including ESPN Unlimited, Fox, and CBS programming, will be available for purchase through ESPN’s commerce flow. ESPN will also promote Fubo across its digital properties.
The company is also shifting its advertising infrastructure. Fubo will migrate its ad tech stack into the Disney Ad Server, which will allow its inventory to be sold alongside advertising inventory from Disney+, ESPN+, and Hulu. Gandler said the integration will give Fubo access to the same distribution and monetization channels used by Disney’s streaming businesses.
In a move aimed at stabilizing its stock price, Fubo announced a planned reverse stock split of its Class A and Class B common stock. The final ratio, between one-for-eight and one-for-12, will be determined by the company’s board of directors. News of the reverse split triggered a drop of nearly 22% in early market trading.
During the analyst call, Gandler also commented on the leadership changes at Disney. He congratulated Josh D’Amaro on being named CEO and Dana Walden on her promotion to president and chief creative officer. Gandler said he did not expect any near-term changes to Fubo’s relationship with Disney as a result of the transition.
Fubo’s first quarter report highlights the complexities of its integration with Hulu + Live TV. The company is generating more revenue, reducing losses, and expanding its partnership with ESPN. At the same time, unresolved content disputes and modest subscriber losses raise questions about how the unified service will compete in an increasingly consolidated and competitive streaming market.
