FuboTV Releases Adjusted EBITDA Outlook and Long-Term Financial Targets

New York, April 6, 2026 – FuboTV Inc. (NYSE: FUBO) has issued a comprehensive update on its financial outlook, long-term targets, and strategic direction following its recent business combination with Hulu + Live TV. The company, now the sixth largest Pay TV provider in the U.S., has released new guidance for Adjusted EBITDA, outlined expectations for free cash flow, and detailed its current capital position, all of which are highly relevant to investors and could impact share value.

Key Highlights from FuboTV’s Financial Outlook

• Fiscal 2026 Pro Forma Adjusted EBITDA Guidance: FuboTV projects between \$80 million and \$100 million in pro forma Adjusted EBITDA for fiscal year 2026. This is a significant turnaround and demonstrates clear profitability momentum.
• Fiscal 2028 Adjusted EBITDA Target: The company has set an ambitious target of at least \$300 million in Adjusted EBITDA for fiscal 2028, underpinned by contractual revenue drivers and anticipated cost optimizations.
• Positive Free Cash Flow: Management expects to achieve positive free cash flow beginning in fiscal 2027, with continued positive cash flow in 2028 under the current operating plan.
• Strong Cash Position: FuboTV forecasts ending fiscal year 2026 (YE September 2026) with a minimum of \$200 million in cash and cash equivalents, providing robust liquidity for operations and investments.
• Debt Status: The company has approximately \$323 million in debt, with no maturities until 2029, and its bonds are trading near par, reflecting confidence among credit investors.

Operational and Strategic Developments

• Business Combination with Hulu + Live TV: The historic combination with Disney’s Hulu + Live TV gives FuboTV significant scale and new operational synergies. The company is now focused on integrating the two businesses, aligning content agreements, and leveraging its increased bargaining power with content providers.
• Wholesale Fee Structure: FuboTV has a contractual agreement with Hulu + Live TV that provides wholesale fees at an increasing ratio to Hulu’s carriage costs: 95% in 2026, 97.5% in 2027, and 99% from 2028 onwards. This offers strong visibility into future earnings and margin expansion.
• Content Cost Optimization: As legacy content agreements come up for renewal, FuboTV plans to use its scale to negotiate structurally lower content costs, potentially reducing subscriber-related expenses and further boosting EBITDA.
• Advertising Synergies: The migration of Fubo’s ad inventory to the Disney Ad Server is expected to unlock new ad revenue synergies and is progressing on schedule.

Reverse Stock Split and Capital Strategy

• Reverse Stock Split: FuboTV recently enacted a reverse stock split, a move intended to:
  • Broaden the investor base to include institutions restricted from investing in low-priced securities.
  • Attract long-term fundamental investors who focus on company performance rather than short-term trading.
  • Align share count with market capitalization and improve earnings per share visibility.

  Management explicitly stated that the reverse split is not a precursor to dilutive capital raises; there are no current plans to issue additional equity, and the company believes it has sufficient resources to fund operations and growth without raising capital.

Content Strategy and NBCUniversal Update

• FuboTV continues to offer NBCUniversal (NBCU) content through Hulu + Live TV, which operates at a much larger scale. While the standalone Fubo service no longer carries NBCU content, the overall impact on the combined company has been modest. The company is actively marketing Hulu + Live TV to Fubo service customers seeking NBCU programming and will further integrate both services to optimize customer experience and unit economics.
• Fubo recently expanded its sports coverage, securing rights to 17 professional baseball teams, including SNY in New York and Spectrum SportsNet LA for the Los Angeles Dodgers.

Financial Performance and Outlook

• In Fiscal 2025, the company reported a pro forma net loss of \$(178) million but achieved a pro forma Adjusted EBITDA of \$59 million, showcasing rapid profitability improvements.
• FuboTV projects Adjusted EBITDA Compound Annual Growth Rate (CAGR) exceeding 80% between the midpoint of 2026 guidance and the 2028 target.
• Despite approximately \$50 million in one-time payments in fiscal 2026 related to litigation and transaction expenses, the underlying cash generation remains strong.

Shareholder-Focused Communication

FuboTV’s management, led by Co-Founder and CEO David Gandler, emphasized their commitment to transparency and regular shareholder communication, including updates via SEC filings, press releases, and earnings calls. The CEO also addressed retail shareholders directly, reaffirming confidence in the company’s strategy and future profitability.

Risks and Forward-Looking Statements

FuboTV cautioned investors that its forward-looking statements are subject to substantial risks and uncertainties, including integration risks post-Hulu combination, content contract renewals, industry competition, and regulatory changes. The company does not commit to updating forward-looking statements except as required by law.

Summary of Key Investor Considerations

• Substantial improvement in profitability outlook and cash flow generation may positively impact the share price.
• Clear rejection of new equity issuance plans post-reverse split should alleviate dilution concerns.
• Ongoing integration with Hulu + Live TV unlocks new synergies and strengthens competitive positioning.
• Strong liquidity and no near-term debt maturities provide financial stability.
• Any failure to realize these projections or unexpected changes in the operating environment could present downside risk.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research and consult with a qualified financial advisor before making any investment decisions. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially.

View FuboTV Inc. Historical chart here