Fubo closed Q2 2025 with a mix of subscriber softness and financial wins, underscoring the seasonal nature of its sports-first live TV streaming model while signaling progress toward sustained profitability.
The streamer ended the quarter with 1.7 million total subscribers (1.36 million in North America and 349,000 in international markets), reflecting a sequential drop of over 100,000 that aligns with the post–football season lull. North America subscribers were down 6.5% year-over-year, while the “Rest of World” base saw a 12.5% annual decline.
Revenue came in at 379.97 million dollars, down 2.8% year-over-year but comfortably ahead of analyst estimates. North America streaming revenue was 371.3 million dollars (down 3% year-over-year), while international revenue grew 4.7% year-over-year to 8.7 million dollars.
The real headline is that Fubo posted its first-ever positive adjusted EBITDA of 20.7 million dollars, marking a 31.7 million dollar improvement from Q2 2024. Adjusted EPS swung to a 5-cent profit versus a 4-cent loss a year ago, and net loss narrowed sharply to 8 million dollars from 25.8 million dollars.
Fubo ended the quarter with 289.7 million dollars in cash and equivalents, despite using 37.7 million dollars in free cash flow. The company credited product investments such as “Catch Up to Live,” “Game Highlights,” and “Timeline Markers” for enhancing user engagement, alongside upcoming launches of Fubo Sports and a pay-per-view option for subscribers and non-subscribers alike.
CEO David Gandler called Q2 a pivotal milestone that positions Fubo to seize opportunities as the traditional content landscape shifts. Executive Chairman Edgar Bronfman Jr. reiterated the company’s focus on sports streaming innovation and delivering a frictionless content experience.
The quarter also set the stage for Fubo’s next chapter with a planned merger with Hulu + Live TV under The Walt Disney Company. A shareholder vote is scheduled, with closing targeted for late 2025 or early 2026 pending approvals.
