FuboTV Inc.
For the period ended Sep 30, 2025. Filed Nov 3, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 3, 2025
FUBO$7.60-1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001628280-25-039615
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-03.
0001628280-25-048241
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 150 previous paragraphs and 155 current paragraphs.
108 unchanged; 34 reworded; 12 added; 8 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
Recent Developments
Current report
Conversion to Delaware Corporation
Current report
On October 29, 2025 (the “Closing Date”), immediately prior to the consummation of the Business Combination (as defined below), the Company effected a conversion from a Florida corporation to a Delaware corporation pursuant to a plan of conversion (the “Conversion”) by filing a certificate of conversion with the Secretary of State of the State of Delaware. The Business Combination, including the Conversion, was previously approved by the Company’s shareholders on September 30, 2025. In connection with the Conversion, all of the issued and outstanding shares of common stock as of the Closing Date were automatically converted into the same number of issued and outstanding shares of Class A common stock of the Company, $0.0001 par value per share (the “Class A Common Stock”), and a new class of shares of Class B common stock of the Company, $0.0001 par value per share (the “Class B Common Stock”), was created.
Current report
In connection with the Conversion, the Company changed its name from fuboTV Inc. to FuboTV Inc.
Current report
Business Combination
Current report
(y) caused HL to assume only the HL Business Liabilities (as defined in the Business Combination Agreement) and
Current report
Advertising Sales and Market Dynamics
Current report
Income tax benefit (provision)
Current report
During the nine months ended September 30, 2025, we recognized technology and development expenses of $58.9 million, compared to $60.6 million during the nine months ended September 30, 2024. The decrease of $1.7 million was primarily due to a $1.2 million decrease in payroll and stock-based compensation.
Current report
During the three months ended September 30, 2025, general and administrative expenses totaled $26.7 million, essentially flat to $26.5 million during the three months ended September 30, 2024.
Current report
Income tax benefit (provision)
Current report
The consummation of the Business Combination constitutes a Fundamental Change and Make-Whole Fundamental Change (each as defined in the 2026 Notes Indenture and 2029 Notes Indenture). The effective date of this Fundamental Change and Make-Whole Fundamental Change in respect of the 2026 Convertible Notes and the 2029 Convertible Notes is October 29, 2025, which is the Closing Date. As a result of the Fundamental Change, each holder of 2026 Convertible Notes and 2029 Convertible Notes will have the right to require us to repurchase the Notes, as applicable, pursuant to the terms and procedures set forth in the applicable indenture for a cash repurchase price equal to the applicable Fundamental Change Repurchase Price (as defined in each of the 2026 Notes Indenture and 2029 Notes Indenture) on dates in respect of each of the 2026 Convertible Notes and 2029 Convertible Notes to be determined. The consummation of the Business Combination also constitutes a Merger Event under each of the 2026 Notes Indenture and the 2029 Notes Indenture (as such term is defined in each). As a result, following the Closing Date, the right of holders of the 2029 Convertible Notes to convert each $1,000 principal amount of 2029 Convertible Notes to a specified number of shares of the Fubo common stock prior to the Business Combination (the "Prior Fubo Common Stock") was changed into a right to convert such principal amount of 2029 Convertible Notes to a specified number of shares of Class A Common Stock. As permitted by the 2026 Notes Indenture, on the Closing Date, we irrevocably elected that all conversions of the 2026 Convertible Notes on and after November 15, 2025 will be settled pursuant to cash settlement (the “Cash Settlement Election”). As a result of the Cash Settlement Election, on and after November 15, 2025, holders of 2026 Convertible Notes no longer have the right to convert any principal amount of 2026 Convertible Notes into Prior Fubo Common Stock or Class A Common Stock.
Removed paragraphs (8)
Previous report
Recent Developments - Business Combination
Previous report
Upon the closing of the Business Combination (the “Closing”), our Board of Directors will initially be comprised of nine members, who will be designated as follows: (i) five designated by Hulu, (ii) two designated by the members of our Board as of immediately prior to the Closing and who (x) are reasonably acceptable to Hulu and (y) qualify as independent, (iii) one designated by Hulu and who qualifies as independent and (iv) our CEO. Following the Closing, the Company will be a “controlled company” for purposes of NYSE listing rules and will elect to be exempt from certain corporate governance requirements available to “controlled companies”. Completion of the Business Combination is subject to certain closing conditions specified in the Business Combination Agreement, including (i) the approval of the Business Combination Agreement, the Fubo Issuance and the Fubo Conversion, each as defined in the Business Combination Agreement, (including a plan of conversion and a certificate of incorporation of Fubo) by the Company’s shareholders, (ii) the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the clearance or obtainment of applicable consents of any specified governmental entity required to be obtained with respect to the Business Combination under the Business Combination Agreement; (iii) no enactment, issuance, promulgation or grant of any law or order, as applicable, by any governmental entity that is in effect and that has the effect of making the Business Combination illegal or prohibiting or otherwise preventing the consummation of the Business Combination, (iv) completion of the Hulu Reorganization and the Fubo Reorganization, each as defined in the Business Combination Agreement, in each case, in accordance with the Business Combination Agreement and the documents contemplated therein, (v) the acceptance of the Delaware Certificate of Conversion and Certificate of Incorporation of Fubo by the Secretary of State of the State of Delaware and the acceptance of the Florida Articles of Conversion by the Florida Department of State, (vi) the accuracy of the other party’s representations and warranties as of the date of the Business Combination Agreement, subject to certain customary materiality standards set forth in the Business Combination Agreement and the delivery by each party to the other party of a certificate certifying the same, (vii) compliance by each party, in all material respects, with its applicable pre-Closing obligations under the Business Combination Agreement, and (viii) delivery by each party to the other party of certain other closing deliverables, including, but not limited to, the ancillary agreements to which it is a party.
Previous report
Shift of Advertising Dollar Spend from Traditional Pay TV to Connected TV
Previous report
Income tax provision
Previous report
During the six months ended June 30, 2025, we recognized technology and development expenses of $39.4 million, flat to $39.4 million during the six months ended June 30, 2024.
Previous report
During the six months ended June 30, 2025, general and administrative expenses totaled $52.1 million compared to $38.7 million during the six months ended June 30, 2024. The increase of $13.4 million was primarily due to a $11.6 million increase in legal and professional fees associated with the Business Combination and a $2.5 million increase in payroll expense, partially offset by a $0.4 million decrease in stock based-compensation expense.
Previous report
Income tax provision
Previous report
On January 6, 2025, concurrently with the execution of the Business Combination Agreement (see "Recent Developments—Business Combination" above), the Company settled its antitrust litigation against Disney, Fox, and WBD and their affiliates (collectively, the “Defendants”). In conjunction therewith, the Defendants made an aggregate cash payment to the Company of $220.0 million. See Part II, "Item 1. Legal Proceedings."
Reworded paragraphs (34)
Previous wording
On January 6, 2025, the Company announced it had entered into a business combination agreement (the “Business Combination Agreement”) by and among the Company, The Walt Disney Company (“Disney”) and Hulu, LLC (“Hulu”), which contemplates, among other things, (i) Hulu contributing certain assets (the “HL Business Assets”) related to the business of negotiating and administering carriage agreements and similar contracts relating to and for the purpose of the retransmission, distribution, carriage, display or broadcast of any programming service, channel or network on the HL DMVPD Service (as defined below) to a newly formed entity to be jointly owned by Hulu and the Company (“Newco”), (ii) the Company undergoing an umbrella partnership C corporation reorganization (the “Up-C Reorganization”) and contributing its business to Newco in exchange for units in Newco (“Newco Units”) such that, after giving effect to such contribution, Hulu will hold a number of Newco Units representing, in the aggregate, a 70% economic interest in Newco and the Company will hold a number of Newco Units representing, in the aggregate, a 30% economic interest in Newco, and (iii) the Company issuing to Hulu shares of a newly created vote-only class of the Company’s common stock (“Class B Common Stock”) representing, in the aggregate, a 70% voting interest in the Company (calculated on a fully-diluted basis) (the transactions contemplated by the Business Combination Agreement, collectively, the “Business Combination”). The HL Business Assets will include certain carriage agreements, rights under joint subscription agreements and related data and information about its subscribers, advertising or sponsorship agreements exclusively related to Hulu’s linear multi-channel subscription video programming distribution service component of the offering known as “Hulu + Live TV” as of the date of the Business Combination Agreement and operated by Hulu (such service, the “HL DMVPD Service”), all other assets (including intellectual property) exclusively related to the HL DMVPD Service and all intellectual property constituting the “Live TV” brand.
Current wording
(z) contributed the HL Business and the HL Business Assets to to a newly formed entity, Fubo Operations LLC (“Newco”), by transferring all of its right, title and interest in, to and under 100% of the equity interests of HL to Newco, (ii) the Company underwent an umbrella partnership C corporation reorganization (the “Up-C Reorganization”) and contributed 100% of the equity interests in a newly formed, wholly-owned subsidiary, Fubo Services LLC (“Fubo OpCo”), to which the Company had previously contributed the Company's business prior to the Closing Date, to Newco in exchange for units in Newco (“Newco Units”), resulting in Hulu holding a number of Newco Units representing, in the aggregate, a 70% economic interest (calculated on a fully-diluted basis) in Newco and the Company holding a number of Newco Units representing, in the aggregate, a 30% economic interest (calculated on a fully-diluted basis) in Newco, and (iii) the Company issued to Hulu shares of Class B Common Stock representing, in the aggregate, a 70% voting interest in the Company (calculated on a fully-diluted basis) (the transactions contemplated by the Business Combination Agreement, the “Business Combination”). The HL Business Assets include certain carriage agreements, rights under joint subscription agreements and related data and information about its subscribers, advertising or sponsorship agreements exclusively related to Hulu’s linear multi-channel subscription video programming distribution service component of the offering known as “Hulu + Live TV” as of the date of the Business Combination Agreement and operated by Hulu (such service, the “HL DMVPD Service”), all other assets (including intellectual property) exclusively related to the HL DMVPD Service and all intellectual property constituting the “Live TV” brand.
Previous wording
Our business model depends on our ability to grow ad inventory on our platform and sell it to advertisers. We operate in a highly competitive advertising industry and we compete for revenue from advertising with other streaming platforms and services, as well as traditional media, such as radio, broadcast, cable and satellite TV, and satellite and internet radio. Many advertisers devote a substantial portion of their advertising budgets to traditional media, and we expect advertisers may do so in the future. Although traditional TV advertisers have shown a growing interest in over-the-top (“OTT”) advertising, we cannot be certain that their interest will increase in the future. If advertisers do not perceive meaningful benefits of OTT advertising, the market may develop more slowly than we expect, which could adversely impact our operating results and our ability to grow our business. In addition, advertising spend is affected by broader macroeconomic conditions, and therefore economic downturns and recessionary fears may also negatively impact our ability to capture advertising dollars.
Current wording
A key source of revenue for the Company is from advertising sales. Pursuant to the commercial services agreement entered into in connection with the Business Combination, certain affiliates of Disney will sell ads on behalf of the Company in exchange for a portion of ad sale revenue. As a result, a portion of our business model depends on the marketing and sale of advertising inventory across our services pursuant to such agreement. The advertising industry is highly competitive, with numerous internet streaming platforms and services, as well as traditional media, such as radio, broadcast, cable and satellite TV and satellite and internet radio. Many advertisers devote a substantial portion of their advertising budgets to traditional media, and we expect advertisers may do so in the future. Although traditional TV advertisers have shown a growing interest in over-the-top (“OTT”) advertising, we cannot be certain that their interest will increase in the future. If advertisers do not perceive meaningful benefits of OTT advertising, if there are delays or shortfalls in the sale of advertising on our platforms, or if a sufficient supply of quality video advertising inventory cannot be maintained at reasonable costs to keep up with demand, our operating results and growth prospects could be adversely affected. In addition, advertising spend is affected by broader macroeconomic conditions, and therefore economic downturns and recessionary fears may also negatively impact our advertising revenue.
Previous wording
The income tax provision is driven by the change in deferred tax assets and liabilities and resulting change in valuation allowance.
Current wording
The income tax benefit (provision) is driven by the change in deferred tax assets and liabilities and resulting change in valuation allowance.
Previous wording
Results of Operations for the Three and Six Months Ended June 30, 2025 and 2024 (in thousands):
Current wording
Results of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 (in thousands):
Previous wording
During the six months ended June 30, 2025, we recognized revenues of $796.3 million compared to $793.3 million during the six months ended June 30, 2024. The increase of $2.9 million was primarily due to an increase in subscription revenue of $7.5 million, comprising $13.2 million from increases in subscription package prices and attachments sold, offset by $5.7 million from decreases in our subscriber base. Advertising revenue decreased $5.0 million primarily due to a decrease in number of impressions sold and CPMs. Other revenue increased $0.5 million due to new contracts for distribution and carriage fees.
Current wording
During the three months ended September 30, 2025, we recognized revenues of $377.2 million compared to $386.2 million during the three months ended September 30, 2024. The decrease of $9.0 million was primarily due to a decrease in subscription revenue of $6.2 million, a decrease in advertising revenue of $1.7 million and a decrease in other revenue of $1.1 million. The decrease in subscription revenue consists of a $12.8 million decrease in our subscriber base, offset by $6.6 million increase in subscription package prices and attachments sold. The decrease in advertising revenue is primarily due to a decrease in number of impressions sold offset by a slight increase in CPMs. The decrease in other revenue is due to the expiration of certain contracts for distribution and carriage fees.
Previous wording
During the three months ended June 30, 2025, we recognized revenues of $380.0 million compared to $391.0 million during the three months ended June 30, 2024. The decrease of $11.0 million was primarily due to a decrease in subscription revenue of $10.3 million, comprising $13.5 million from decreases in our subscriber base, offset by $3.2 million from increases in subscription package prices and attachments sold. Advertising revenue decreased $0.4 million primarily due to a decrease in number of impressions sold offset by a slight increase in CPMs. Other revenue decreased $0.3 million due to the expiration of certain contracts for distribution and carriage fees.
Current wording
During the nine months ended September 30, 2025, we recognized revenues of $1,173.4 million compared to $1,179.5 million during the nine months ended September 30, 2024. The decrease of $6.1 million was primarily due to a decrease in advertising revenue of $6.7 million primarily due to a decrease in number of impressions sold and CPMs and a decrease in other revenue of $0.6 million due to expiration of certain contracts for distribution and carriage fees that were not renewed. The decrease is offset by an increase in subscription revenue of $1.2 million, comprising $19.7 million from increases in subscription package prices and attachments sold offset by $18.5 million from decreases in our subscriber base.
Previous wording
During the three months ended June 30, 2025, we recognized subscriber related expenses of $291.4 million compared to $326.5 million during the three months ended June 30, 2024. The decrease of $35.1 million was primarily due to a decrease in subscribers and the expiration of certain content agreements that were not renewed.
Current wording
During the three months ended September 30, 2025, we recognized subscriber related expenses of $289.5 million compared to $317.7 million during the three months ended September 30, 2024. The decrease of $28.2 million was primarily due to a decrease in subscribers and the expiration of certain content agreements that were not renewed.
Previous wording
During the six months ended June 30, 2025, we recognized subscriber related expenses of $626.0 million compared to $686.7 million during the six months ended June 30, 2024. The decrease of $60.7 million was primarily due to a decrease in subscribers and the expiration of certain content agreements that were not renewed.
Current wording
During the nine months ended September 30, 2025, we recognized subscriber related expenses of $915.4 million compared to $1,004.4 million during the nine months ended September 30, 2024. The decrease of $88.9 million was primarily due to a decrease in subscribers and the expiration of certain content agreements that were not renewed.
Previous wording
During the three months ended June 30, 2025, we recognized broadcasting and transmission expenses of $10.9 million compared to $15.2 million during the three months ended June 30, 2024. The decrease of $4.3 million was primarily due to a reduction in expenses resulting from initiatives implemented by the Company during 2024 to optimize our cloud infrastructure.
Current wording
During the three months ended September 30, 2025, we recognized broadcasting and transmission expenses of $9.4 million compared to $14.4 million during the three months ended September 30, 2024. The decrease of $5.0 million was primarily due to a reduction in expenses resulting from initiatives implemented by the Company to optimize our cloud infrastructure.
Previous wording
During the six months ended June 30, 2025, we recognized broadcasting and transmission expenses of $23.4 million compared to $29.7 million during the six months ended June 30, 2024. The decrease of $6.3 million was primarily due to a reduction in expenses resulting from initiatives implemented by the Company during 2024 to optimize our cloud infrastructure.
Current wording
During the nine months ended September 30, 2025, we recognized broadcasting and transmission expenses of $32.7 million compared to $44.1 million during the nine months ended September 30, 2024. The decrease of $11.3 million was primarily due to a reduction in expenses resulting from initiatives implemented by the Company to optimize our cloud infrastructure.
Previous wording
During the six months ended June 30, 2025, we recognized sales and marketing expenses of $66.8 million compared to $79.1 million during the six months ended June 30, 2024. The decrease of $12.3 million was primarily due to a $10.4 million decrease in stock-based compensation expense and a $2.0 million decrease in marketing expenses.
Current wording
During the three months ended September 30, 2025, we recognized sales and marketing expenses of $42.0 million compared to $55.2 million during the three months ended September 30, 2024. The decrease of $13.2 million was primarily due to decrease in marketing expenses.
Previous wording
During the three months ended June 30, 2025, we recognized sales and marketing expenses of $30.0 million compared to $35.9 million during the three months ended June 30, 2024. The decrease of $5.9 million was primarily due to a $2.5 million decrease in stock-based compensation expense and a $4.1 million decrease in marketing expenses.
Current wording
During the nine months ended September 30, 2025, we recognized sales and marketing expenses of $108.8 million compared to $134.3 million during the nine months ended September 30, 2024. The decrease of $25.5 million was primarily due to a $14.4 million decrease in marketing expenses and a $12.2 million decrease in stock-based compensation expense.
Previous wording
During the three months ended June 30, 2025, we recognized technology and development expenses of $19.3 million, flat to $19.3 million during the three months ended June 30, 2024.
Current wording
During the three months ended September 30, 2025, we recognized technology and development expenses of $19.5 million compared to $21.2 million during the three months ended September 30, 2024. The decrease of $1.7 million was primarily due to decrease in payroll and stock-based compensation.
Previous wording
During the three months ended June 30, 2025, general and administrative expenses totaled $24.3 million compared to $20.2 million during the three months ended June 30, 2024. The increase of $4.1 million was primarily due to a $3.2 million increase in legal and professional fees associated with the Business Combination, a $0.4 million increase in payroll expense and a $0.6 million increase in stock based-compensation expense.
Current wording
During the nine months ended September 30, 2025, general and administrative expenses totaled $78.9 million compared to $65.3 million during the nine months ended September 30, 2024. The increase of $13.6 million was primarily due to a $8.6 million increase in legal and professional fees associated with the Business Combination and a $3.4 million increase in payroll expense and stock based-compensation expense.
Previous wording
During the three months ended June 30, 2025, we recognized depreciation and amortization expenses of $10.1 million compared to $9.5 million during the three months ended June 30, 2024. The increase of $0.6 million was primarily due to an increase in the amortization of capitalized internal use software.
Current wording
During the three months ended September 30, 2025, we recognized depreciation and amortization expenses of $10.3 million compared to $9.8 million during the three months ended September 30, 2024. The increase of $0.5 million was primarily due to an increase in the amortization of capitalized internal use software.
Previous wording
During the six months ended June 30, 2025, we recognized depreciation and amortization expenses of $20.0 million compared to $18.8 million during the six months ended June 30, 2024. The increase of $1.3 million was primarily due to an increase in the amortization of capitalized internal use software.
Current wording
During the nine months ended September 30, 2025, we recognized depreciation and amortization expenses of $30.4 million compared to $28.6 million during the nine months ended September 30, 2024. The increase of $1.8 million was primarily due to an increase in the amortization of capitalized internal use software.
Previous wording
During the three months ended June 30, 2025, we recognized $1.9 million of other expense, net compared to $9.9 million of other income, net during the three months ended June 30, 2024. The change of $11.8 million was primarily due to a $12.1 million gain on extinguishment of debt resulting from the repurchase of outstanding convertible notes at a discount and the exchange of a portion of the 2026 Convertible Notes with the 2029 Convertible Notes recognized during 2024.
Current wording
During the three months ended September 30, 2025, we recognized $1.9 million of other expense, net compared to $4.1 million of other income, net during the three months ended September 30, 2024. The change of $6.1 million was primarily due to a $7.8 million gain on extinguishment of debt during the three months ended September 30, 2024 resulting from the repurchase of outstanding convertible notes at a discount and the exchange of a portion of the 2026 Convertible Notes with the 2029 Convertible Notes recognized during 2024 offset by $0.9 million decrease in interest income earned on money market funds.
Previous wording
During the six months ended June 30, 2025, we recognized $216.7 million of other income, net compared to $17.0 million of other income, net during the six months ended June 30, 2024. The change of $199.6 million was primarily due to a $220.0 million gain on settlement of litigation related to the antitrust litigation against Disney, Fox, and WBD and their affiliates in January 2025 (the "Antitrust Settlement") and an increase of $2.2 million in interest income, whereas during 2024, we recognized $21.8 million gain on extinguishment of debt resulting from the repurchase of outstanding convertible notes at a discount and the exchange of a portion of the 2026 Convertible Notes with the 2029 Convertible Notes.
Current wording
During the nine months ended September 30, 2025, we recognized $214.8 million of other income, net compared to $21.2 million of other income, net during the nine months ended September 30, 2024. The change of $193.6 million was primarily due to a $220.0 million gain on settlement of litigation related to the antitrust litigation against Disney, Fox, and WBD and their affiliates in January 2025 (the "Antitrust Settlement") and an increase of $3.1 million in interest income, whereas during 2024, we recognized a $29.5 million gain on extinguishment of debt resulting from the repurchase of outstanding convertible notes at a discount and the exchange of a portion of the 2026 Convertible Notes with the 2029 Convertible Notes.
Previous wording
During the three months ended June 30, 2025, we recognized an income tax provision of $0.2 million, essentially flat to $0.1 million during the three months ended June 30, 2024. The Company has not provided any income tax benefit relating to its current operating losses in France and Spain as the Company concluded that its deferred tax assets in those countries are not realizable on a more-likely-than-not basis.
Current wording
During the three months ended September 30, 2025, we recognized an income tax benefit of $3.2 million, compared to an income tax provision of $0.2 million during the three months ended September 30, 2024. The change of $3.4 million was primarily driven by a decrease in the discrete tax expense related to the Antitrust Settlement and income tax benefits related to the OBBBA. The Company has not provided any income tax benefit relating to its current operating loss in Spain as the Company concluded that its deferred tax assets in Spain are not realizable on a more-likely-than-not basis.
Previous wording
During the six months ended June 30, 2025, we recognized an income tax provision of $4.8 million compared to $0.2 million during the six months ended June 30, 2024. The change of $4.6 million was primarily driven by pre-tax income primarily as a result of the Antitrust Settlement. The Company has not provided any income tax benefit relating to its current operating losses in France and Spain as the Company concluded that its deferred tax assets in those countries are not realizable on a more-likely-than-not basis.
Current wording
During the nine months ended September 30, 2025, we recognized an income tax provision of $1.6 million compared to $0.4 million during the nine months ended September 30, 2024. The change of $1.2 million was primarily driven by pre-tax income primarily as a result of the Antitrust Settlement. The Company has not provided any income tax benefit relating to its current operating losses in Spain as the Company concluded that its deferred tax assets in those countries are not realizable on a more-likely-than-not basis.
Previous wording
There was no activity during the three months ended June 30, 2025. During the three months ended June 30, 2024, we recognized a net loss of $0.1 million due to the change in impact from the re-evaluation of certain contract termination costs. We discontinued the operations of our wagering business in October 2022.
Current wording
There was no activity during the three months ended September 30, 2025. During the three months ended September 30, 2024, we recognized net income of $1.8 million due to the change in impact from the re-evaluation of certain contract termination costs. We discontinued the operations of our wagering business in October 2022.
Previous wording
There was no activity during the six months ended June 30, 2025. During the six months ended June 30, 2024, we recognized a net loss of $0.1 million due to the change in impact from the re-evaluation of certain contract termination costs. We discontinued the operations of our wagering business in October 2022.
Current wording
There was no activity during the nine months ended September 30, 2025. During the nine months ended September 30, 2024, we recognized net income of $1.7 million due to the change in impact from the re-evaluation of certain contract termination costs. We discontinued the operations of our wagering business in October 2022.
Previous wording
We had 1.4 million and 1.5 million paid subscribers in the United States and Canada ("North America" or "NA") as of June 30, 2025 and 2024, respectively, and 0.4 million paid subscribers in the remaining territories in which the Company operates ("Rest of World" or "ROW") as of June 30, 2025 and 2024.
Current wording
We had 1.6 million and 1.6 million paid subscribers in the United States and Canada ("North America" or "NA") as of September 30, 2025 and 2024, respectively, and 0.3 million and 0.4 million paid subscribers in the remaining territories in which the Company operates ("Rest of World" or "ROW") as of September 30, 2025 and 2024, respectively.
Previous wording
Our Gross Profit was $77.7 million and $49.3 million for the three months ended June 30, 2025 and 2024, respectively. Our Gross Margin was 20.4% and 12.6% for the same periods, respectively.
Current wording
Our Gross Profit was $78.4 million and $54.1 million for the three months ended September 30, 2025 and 2024, respectively. Our Gross Margin was 20.8% and 14.0% for the same periods, respectively.
Previous wording
Our Gross Profit was $146.9 million and $77.0 million for the six months ended June 30, 2025 and 2024, respectively. Our Gross Margin was 18.5% and 9.7% for the same periods, respectively.
Current wording
Our Gross Profit was $225.3 million and $131.1 million for the nine months ended September 30, 2025 and 2024, respectively. Our Gross Margin was 19.2% and 11.1% for the same periods, respectively.
Previous wording
On February 2, 2021, we raised $389.4 million, net of offering expenses, through the sale of $402.5 million aggregate principal amount of 3.25% senior convertible notes due 2026 (the "2026 Convertible Notes"). The 2026 Convertible Notes bear interest at a rate of 3.25% per annum, payable semi-annually each year. In October 2023, the Company repurchased $5.0 million principal amount of the 2026 Convertible Notes for $3.3 million. In January 2024, we exchanged (the "Exchange") $205.8 million principal amount of the 2026 Convertible Notes for $177.5 million in aggregate principal amount of the Company’s new convertible senior secured notes due 2029 (the “2029 Convertible Notes”). At our election for any interest period, the 2029 Convertible Notes will bear interest at a rate of (i) 7.5% per annum on the principal amount thereof if interest is paid in cash and (ii) 10.0% per annum on the principal amount thereof if interest is paid in kind, in each case payable semi-annually each year. Upon completion of the Exchange and prior repurchases during 2024, the aggregate principal amount of the 2026 Convertible Notes outstanding is $144.8 million, and the aggregate principal amount of the 2029 Convertible Notes outstanding is $177.5 million.
Current wording
On February 2, 2021, we raised $389.4 million, net of offering expenses, through the sale of $402.5 million aggregate principal amount of 3.25% senior convertible notes due 2026 (the "2026 Convertible Notes"). The 2026 Convertible Notes bear interest at a rate of 3.25% per annum, payable semi-annually each year. In January 2024, we exchanged (the "Exchange") $205.8 million principal amount of the 2026 Convertible Notes for $177.5 million in aggregate principal amount of the Company’s new convertible senior secured notes due 2029 (the “2029 Convertible Notes” and together with the 2026 Convertible Notes, the “Notes”). At our election for any interest period, the 2029 Convertible Notes will bear interest at a rate of (i) 7.5% per annum on the principal amount thereof if interest is paid in cash and (ii) 10.0% per annum on the principal amount thereof if interest is paid in kind, in each case payable semi-annually each year. Upon completion of the Exchange and prior repurchases, the aggregate principal amount of the 2026 Convertible Notes outstanding is $144.8 million, and the aggregate principal amount of the 2029 Convertible Notes outstanding is $177.5 million.
Previous wording
In addition, in connection with entering into the Business Combination Agreement, the Company and an affiliate of Disney entered into a commitment letter (the “Commitment Letter”) pursuant to which such affiliate committed to provide the Company, on January 5, 2026 and on the terms and subject to the conditions set forth therein, up to $145.0 million of indebtedness in the form of a senior unsecured term loan (the “Facility”), subject to customary conditions. The proceeds of the Facility will be used for general corporate purposes of the Company. The funding of the Facility under the Commitment Letter is not contingent on the occurrence of the Business Combination contemplated by the Business Combination Agreement.
Current wording
In connection with the Business Combination, we and an affiliate of Disney entered into a commitment letter (the “Commitment Letter”) pursuant to which such affiliate committed to provide us, on January 5, 2026 and on the terms and subject to the conditions set forth therein, up to $145.0 million of indebtedness in the form of a senior unsecured term loan (the “Facility”), subject to customary conditions. The proceeds of the Facility will be used for our general corporate purposes.
Previous wording
As of June 30, 2025, we had cash, cash equivalents, and restricted cash of $289.7 million. Based on our current outlook, we expect to primarily use our cash and cash equivalents, and cash flows from operations, to fund our operations. However, our future capital requirements will depend on many factors, including, but not limited to, those detailed in Part II, Item 1A, Risk Factors in this Quarterly Report. We therefore may from time to time seek to raise additional capital, including selling shares of our common stock under our ATM Program to, among other things, fund repurchases of our debt or equity securities or, if a change in market conditions or other circumstances impacts our current outlook and/or liquidity needs, to fund our operating plan. We also may raise capital from time to time to strengthen our balance sheet and enhance our liquidity. In addition, we may seek to repurchase, refinance or restructure our outstanding debt securities prior to their maturity in one or more transactions, which may involve the payment of cash or the issuance of additional debt or equity securities.
Current wording
As of September 30, 2025, we had cash, cash equivalents, and restricted cash of $280.3 million. Based on our current outlook, we expect to primarily use our cash and cash equivalents, and cash flows from operations, to fund our operations. However, our future capital requirements will depend on many factors, including, but not limited to, those detailed in Part II, Item 1A, Risk Factors in this Quarterly Report. We therefore may from time to time seek to raise additional capital, including selling shares of our common stock under our ATM Program to, among other things, fund repurchases of our debt or equity securities or, if a change in market conditions or other circumstances impacts our current outlook and/or liquidity needs, to fund our operating plan. We also may raise capital from time to time to strengthen our balance sheet and enhance our liquidity. In addition, we may seek to repurchase, refinance or restructure our outstanding debt securities prior to their maturity in one or more transactions, which may involve the payment of cash or the issuance of additional debt or equity securities.
Previous wording
Net cash provided by operating activities was $126.8 million during the six months ended June 30, 2025 compared to net cash used in operating activities of $98.9 million during the six months ended June 30, 2024. The change was primarily driven by proceeds of $220.0 million received from the Antitrust Settlement and an increase in cash receipts from accounts receivables partially offset by an increase in payments for programming license fees.
Current wording
Net cash provided by operating activities was $120.3 million during the nine months ended September 30, 2025 compared to net cash used in operating activities of $96.5 million during the nine months ended September 30, 2024. The change was primarily driven by proceeds of $220.0 million received from the Antitrust Settlement offset by an increase in payments for programming license fees.
Previous wording
Net cash used in investing activities was $7.0 million during the six months ended June 30, 2025 compared to $7.7 million during the six months ended June 30, 2024. The decrease was primarily driven by lower capitalization of internal use software.
Current wording
Net cash used in investing activities was $9.9 million during the nine months ended September 30, 2025 compared to $11.3 million during the nine months ended September 30, 2024. The change was primarily driven by a $1.2 million decrease in capital expenditures.
Previous wording
Net cash provided by financing activities was $2.3 million during the six months ended June 30, 2025 compared to net cash provided by financing activities of $17.1 million during the six months ended June 30, 2024. The change was primarily driven by proceeds of $2.7 million received from the exercise of stock options compared to proceeds of $36.7 million received from ATM sales offset by payments of $14.7 million for the repurchase of the 2026 Convertible Notes and $4.7 million associated with the issuance of the 2029 Convertible Notes during the six months ended June 30, 2024.
Current wording
Net cash provided by financing activities was $2.3 million during the nine months ended September 30, 2025 compared to net cash provided by financing activities of $11.5 million during the nine months ended September 30, 2024. The change was primarily driven by proceeds of $43.3 million received from ATM Sales offset by payments of $26.6 million for the repurchase of the 2026 Convertible Notes and $4.7 million in financing costs associated with the issuance of the 2029 Convertible Notes during the nine months ended September 30, 2024. During the nine months ended September 30, 2025, we received proceeds of $2.8 million from the exercise of stock options.
Previous wording
There was no activity during the six months ended June 30, 2025 related to the wind down of Fubo Sportsbook, which was terminated in October 2022. Net cash used in operating activities was $0.6 million during the six months ended June 30, 2024.
Current wording
There was no activity during the nine months ended September 30, 2025 related to the wind down of Fubo Sportsbook, which was terminated in October 2022. Net cash used in operating activities was $2.8 million during the nine months ended September 30, 2024.
Previous wording
During the three and six months ended June 30, 2025, we performed a qualitative assessment of goodwill impairment and concluded that it was not more-likely-than-not that the fair value was less than the carrying value.
Current wording
During the three and nine months ended September 30, 2025, we performed a qualitative assessment of goodwill impairment and concluded that it was not more-likely-than-not that the fair value was less than the carrying value.
Previous wording
There were no stock options granted during the six months ended June 30, 2025.
Current wording
There were no stock options granted during the nine months ended September 30, 2025.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
On the Closing Date, pursuant to the business combination agreement, dated as of January 6, 2025, (the “Business Combination Agreement”) by and among the Company, The Walt Disney Company (“Disney”) and Hulu, LLC (“Hulu”): (i) Hulu (x) contributed certain assets (the “HL Business Assets”) related to the business of negotiating and administering carriage agreements and similar contracts relating to and for the purpose of the retransmission, distribution, carriage, display or broadcast of any programming service, channel or network on the HL DMVPD Service (as defined below) as of the date of the Business Combination Agreement and operated by Hulu (the “HL Business”) Hulu Live LLC (“HL”),