FuboTV Inc.
For the period ended Mar 31, 2026. Filed May 6, 2026.
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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.
Mar 31, 2026 · Filed May 6, 2026
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 2025-12-31; filed 2026-02-05.
0001628280-26-005782
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001628280-26-031265
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 135 previous paragraphs and 152 current paragraphs.
106 unchanged; 27 reworded; 12 added; 2 removed; 0 previous and 7 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
Reverse Stock Split
Current report
On March 23, 2026, the Company amended its Certificate of Incorporation in order to effect a 1-for-12 reverse stock split of its Class A Common Stock and Class B Common Stock outstanding (the "Reverse Stock Split"). The Company’s Class A Common Stock began trading on a split-adjusted basis on the New York Stock Exchange at market open on March 24, 2026 under the existing trading symbol "FUBO". As a result of the Reverse Stock Split, every 12 shares of the Company’s Class A Common Stock and Class B Common Stock issued and outstanding were automatically reclassified into one new share of Class A Common Stock or Class B Common Stock, respectively, subject to the treatment of fractional shares as described below, without any action on the part of the holders. The Reverse Stock Split did not affect the number of authorized shares or the par value of the Company's capital stock. No fractional shares were issued in connection with the Reverse Stock Split. Stockholders of the Company's Class A Common Stock who would otherwise have been entitled to receive fractional shares as a result of the Reverse Stock Split were entitled to a cash payment in lieu thereof at a price equal to the fraction of one share to which the stockholder would otherwise be entitled multiplied by the closing price per share of the Class A Common Stock (as adjusted to give effect to the Reverse Stock Split) on the NYSE on March 23, 2026, the last trading day immediately preceding the effective date of the Reverse Stock Split. Proportionate adjustments were made to the exercise or conversion prices and the number of shares underlying the Company’s outstanding equity awards and convertible notes, as applicable, as well as to the number of shares issuable under the Company’s equity incentive plans.
Current report
As a result of the Reverse Stock Split, the aggregate par value of the issued common stock was reduced by reclassifying the par value amount of the eliminated shares of common stock to “Additional paid-in capital” in the Company's Consolidated Balance Sheets and Consolidated Statements of Changes in Shareholders’ Equity. All historical share and per-share amounts reflected throughout this Quarterly Report on Form 10-Q have been retroactively adjusted to reflect the Reverse Stock Split as if the Reverse Stock Split occurred as of the earliest period presented.
Current report
During the six months ended March 31, 2026, we recognized broadcasting and transmission expenses of $18.2 million from the Fubo Services as a result of the Business Combination. There are no comparable results in the prior period.
Current report
During the six months ended March 31, 2026, we recognized sales and marketing expenses of $117.3 million compared to $4.2 million during the six months ended March 29, 2025. The increase of $113.1 million was primarily due to sales and marketing expenses from the Fubo Services as a result of the Business Combination.
Current report
During the six months ended March 31, 2026, we recognized technology and development expenses of $34.4 million from the Fubo Services as a result of the Business Combination. There are no comparable results in the prior period.
Current report
During the six months ended March 31, 2026, general and administrative expenses totaled $48.4 million, compared to $81.6 million during the six months ended March 29, 2025. The decrease of $33.2 million was primarily due to the absence of certain expense allocations following the closing of the Business Combination, offset by an increase in expenses from Fubo during the six months ended March 31, 2026.
Current report
During the six months ended March 31, 2026, we recognized $4.9 million of other income, net. There are no comparable results in the prior period.
Current report
Since the Closing Date of the Business Combination, the Company experienced significant decreases in its stock price and market capitalization. We determined that the decrease in our stock price and market capitalization represented a triggering event. As a result, the Company engaged an independent valuation specialist to conduct a quantitative interim impairment test of its goodwill as of March 31, 2026, employing both the income approach (discounted cash flow) and market approach. In completing the quantitative impairment test, the Company compared the reporting unit’s fair value, primarily based on future discounted cash flows, to its carrying value in order to determine if an impairment charge is warranted. The estimates of future discounted cash flows involve considerable management judgment and are based upon certain significant assumptions including the weighted average cost of capital as well as projected EBITDA, which includes assumptions related to revenue growth rates and operating expenses. The weighted average cost of capital and long-term growth rate used to determine the fair value of the reporting unit were 13.0% and 3%, respectively. Based on the interim impairment assessment, the Company concluded that the estimated fair value of the reporting unit exceeded its carrying value by approximately 3.6% and the Company concluded no impairment was warranted.
Current report
Notwithstanding the results of the Company’s interim impairment assessment, if the Company's stock price and market capitalization and the financial performance of the reporting unit declines, then it is possible these financial and economic conditions could result in another triggering event for the reporting unit in the future and could lead to a potential impairment.
Current report
•Expected Term - The expected option term represents the period of time the option is expected to be outstanding.
Current report
•Expected Volatility – The expected volatility is based on historical volatility of the Company’s stock price.
Removed paragraphs (2)
Previous report
•Expected Term - The expected term of options represents the period that the Company’s stock-based awards are expected to be outstanding based on the simplified method, which is the half-life from vesting to the end of its contractual term. The simplified method was used because the Company does not have sufficient historical exercise data to provide a reasonable basis for an estimate of expected term.
Previous report
•Expected Volatility – The Company historically has lacked sufficient company specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based primarily on the historical volatility of a publicly traded set of peer companies with consideration of the volatility of its own traded stock price.
Reworded paragraphs (27)
Previous wording
The following discussion and analysis by our management of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and the accompanying related notes included in this Quarterly Report, the audited consolidated financial statements and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations of Fubo and the Hulu Live Business included in our Annual Report and the HL Business Closing 8-K. The historical financial results and information presented below reflect the Hulu Live Business prepared on a carve-out basis for periods prior to the consummation of the Business Combination. As a result, the historical results of the Hulu Live Business are not necessarily comparable to the results of the combined company following the Business Combination. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the sections titled “Forward-Looking Statements” and “Risk Factors” for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our historical results are not necessarily indicative of the results that may be expected for any period in the future.
Current wording
The following discussion and analysis by our management of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and the accompanying related notes included in this Quarterly Report, the audited consolidated financial statements and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations of Fubo and the Hulu Live Business included in the HL Business Closing 8-K. The historical financial results and information presented below reflect the Hulu Live Business prepared on a carve-out basis for periods prior to the consummation of the Business Combination. As a result, the historical results of the Hulu Live Business are not necessarily comparable to the results of the combined company following the Business Combination. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the sections titled “Forward-Looking Statements” and “Risk Factors” for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our historical results are not necessarily indicative of the results that may be expected for any period in the future.
Previous wording
•certain affiliates of Disney agreed to sell ads on behalf of us for the Fubo Services and the Hulu Live Service in exchange for a portion of ad sale revenue; and
Current wording
•certain affiliates of Disney agreed to sell ads on behalf of us for the Fubo Services and the Hulu Live Service in exchange for a 15% ad agency fee; and
Previous wording
The Company has accounted for the acquisition consummated pursuant to the Business Combination Agreement as a reverse acquisition of the Company using the acquisition method of accounting in accordance with GAAP, with the Hulu Live Business treated as the accounting acquirer of the Company. Accordingly, commencing with this Quarterly Report on Form 10-Q for the quarter ended December 31, 2025, the historical combined carve-out financial statements of the Hulu Live Business are presented as the historical financial statements of the Company. Prior to the Business Combination, the Hulu Live Business operated as part of Hulu, which is controlled and consolidated by Disney, and, therefore, its historical financial statements were prepared on a carve-out basis from Disney and Hulu, including allocations of certain corporate costs, shared services, and assets and liabilities that were not historically operated or financed on a standalone basis.
Current wording
The Company has accounted for the acquisition consummated pursuant to the Business Combination Agreement as a reverse acquisition of the Company using the acquisition method of accounting in accordance with GAAP, with the Hulu Live Business treated as the accounting acquirer of the Company. Accordingly, commencing with the Quarterly Report on Form 10-Q for the quarter ended December 31, 2025, filed with the SEC on February 5, 2026, the historical combined carve-out financial statements of the Hulu Live Business are presented as the historical financial statements of the Company. Prior to the Business Combination, the Hulu Live Business operated as part of Hulu, which is controlled and consolidated by Disney, and, therefore, its historical financial statements were prepared on a carve-out basis from Disney and Hulu, including allocations of certain corporate costs, shared services, and assets and liabilities that were not historically operated or financed on a standalone basis.
Previous wording
As a result, the financial results and information included herein for the current period reflects (x) the results of the Hulu Live Business prepared on a carve-out basis for the period from September 28, 2025 through October 28, 2025, and excludes Fubo’s results for this period, and (y) the results of combined Fubo and Hulu Live businesses for the period from October 29, 2025 through December 31, 2025. The financial results and information for all historical periods presented herein reflect the results of the Hulu Live Business prepared on a carve-out basis and excludes the results of the historical Fubo business. Therefore, the historical results of the Hulu Live Business are not necessarily comparable to the results of the Company following the Business Combination.
Current wording
As a result, the financial results and information included herein for the six month periods ended March 31, 2026 reflects (x) the results of the Hulu Live Business prepared on a carve-out basis for the period from September 28, 2025 through October 28, 2025, and excludes Fubo’s results for this period, and (y) the results of combined Fubo and Hulu Live businesses for the period from October 29, 2025 through March 31, 2026. The financial results and information for all historical periods presented herein reflect the results of the Hulu Live Business prepared on a carve-out basis and excludes the results of the historical Fubo business. Therefore, the historical results of the Hulu Live Business are not necessarily comparable to the results of the Company following the Business Combination.
Previous wording
Subscriber related expenses consist primarily of third-party affiliate distribution rights and other distribution costs related to content streaming on the Fubo and Hulu platforms. Subscriber related expenses - related party consist of program license fees related to content provided by various Disney entities streaming on the Fubo Services and Hulu Live Services.
Current wording
Subscriber related expenses consist primarily of third-party affiliate distribution rights and other distribution costs related to content streaming on the Fubo and Hulu platforms. Subscriber related expenses - related party consist of program license fees related to content provided by various Disney entities streaming on the Fubo Services and Hulu Live Service.
Previous wording
Sales and marketing expenses for the Fubo Services consist of payroll and related costs, benefits, rent and utilities, stock-based compensation, agency costs, advertising campaigns and branding initiatives. Pursuant to our Commercial Agreement with Hulu, the Company bears all marketing expenses of the Hulu Live Business and will pay Hulu a marketing support fee equal to 10% of the Hulu Live Business’s marketing budget, which marketing budget must be at least equal to 0.7% of revenues of the Hulu Live Business. In exchange for the fee, Hulu will be responsible for marketing execution for the Hulu Live Service in consultation with the Company. All sales and marketing costs are expensed as they are incurred.
Current wording
Pursuant to our Commercial Agreement with Hulu, the Company bears all marketing expenses of the Hulu Live Business and will pay Hulu a marketing support fee equal to 10% of the Hulu Live Business’s marketing budget, which marketing budget must be at least equal to 0.7% of revenues of the Hulu Live Business. In exchange for the fee, Hulu will be responsible for marketing execution for the Hulu Live Service in consultation with the Company. The Company also pays Hulu a brand license fee equal to 1.0% of the revenues of the Hulu Live Business.
Previous wording
Results of Operations for the Three Months Ended December 31, 2025 and December 28, 2024 (in thousands):
Current wording
Results of Operations for the Three and Six Months Ended March 31, 2026 and March 29, 2025 (in thousands):
Previous wording
During the three months ended December 31, 2025, we recognized revenues of $1,548.7 million compared to $1,106.0 million during the three months ended December 28, 2024. The increase of $442.7 million was primarily due to an increase in subscription revenue of $292.2 million from the Fubo Services as a result of the Business Combination, an increase in advertising revenue of $91.5 million and an increase in related party revenue of $58.0 million from the Hulu Live Service. There was no subscription revenue during the three months ended December 28, 2024. The increase in related party revenue was primarily due to an increase in carriage fees primarily from an increase in subscribers and contractual rates. The increase in advertising revenue is primarily due to the addition of advertising revenue from both the Fubo Services and Hulu Live Service. There was no advertising revenue recognized in the prior period.
Current wording
During the six months ended March 31, 2026, we recognized revenues of $3,122.6 million compared to $2,231.5 million during the six months ended March 29, 2025. The increase of $891.1 million was primarily due to an increase in subscription revenue of $639.2 million from the Fubo Services as a result of the Business Combination, an increase in advertising revenue of $193.1 million and an increase in related party revenue of $56.8 million from the Hulu Live Service. There was no subscription revenue during the six months ended March 29, 2025. The increase in related party revenue was primarily due to an increase in carriage fees primarily from an increase in subscribers and contractual rates. The increase in advertising revenue is primarily due to the addition of advertising revenue from both the Fubo Services and Hulu Live Service. There was no advertising revenue recognized during the six months ended March 29, 2025.
Previous wording
During the three months ended December 31, 2025, we recognized subscriber related expenses of $1,427.8 million compared to $1,102.5 million during the three months ended December 28, 2024. The increase of $325.3 million was primarily due to the addition of program license fees from the Fubo Services as a result of the Business Combination and an increase in program license fees on the Hulu Live Service due to an increase in subscribers and program license contractual rates.
Current wording
During the three months ended March 31, 2026, we recognized subscriber related expenses of $1,445.7 million compared to $1,122.7 million during the three months ended March 29, 2025. The increase of $323.0 million was primarily due to the addition of program license fees from the Fubo Services as a result of the Business Combination and an increase in program license fees on the Hulu Live Service due to an increase in subscribers and program license contractual rates.
Previous wording
During the three months ended December 31, 2025, we recognized broadcasting and transmission expenses of $8.9 million from the Fubo Services as a result of the Business Combination. There are no comparable results in the prior period.
Current wording
During the three months ended March 31, 2026, we recognized broadcasting and transmission expenses of $9.3 million from the Fubo Services as a result of the Business Combination. There are no comparable results in the prior period.
Previous wording
During the three months ended December 31, 2025, we recognized sales and marketing expenses of $59.3 million compared to $2.2 million during the three months ended December 28, 2024. The increase of $57.0 million was primarily due to sales and marketing expenses from the Fubo Services as a result of the Business Combination.
Current wording
During the three months ended March 31, 2026, we recognized sales and marketing expenses of $58.1 million compared to $2.0 million during the three months ended March 29, 2025. The increase of $56.1 million was primarily due to sales and marketing expenses from the Fubo Services as a result of the Business Combination.
Previous wording
During the three months ended December 31, 2025, we recognized technology and development expenses of $13.6 million from the Fubo Services as a result of the Business Combination. There are no comparable results in the prior period.
Current wording
During the three months ended March 31, 2026, we recognized technology and development expenses of $20.8 million from the Fubo Services as a result of the Business Combination. There are no comparable results in the prior period.
Previous wording
During the three months ended December 31, 2025, general and administrative expenses totaled $35.3 million, compared to $39.9 million during the three months ended December 28, 2024. The decrease of $4.6 million was primarily due to the reduction of certain expense allocations from Disney and Hulu in the three months ended December 28, 2024, offset by an increase in expenses from Fubo during the three months ended December 31, 2025.
Current wording
During the three months ended March 31, 2026, general and administrative expenses totaled $13.1 million, compared to $41.7 million during the three months ended March 29, 2025. The decrease of $28.7 million was primarily due to the absence of certain expense allocations following the closing of the Business Combination, offset by an increase in expenses from Fubo during the three months ended March 31, 2026.
Previous wording
During the three months ended December 31, 2025, we recognized depreciation and amortization expenses of $24.2 million. There are no comparable results in the prior period.
Current wording
During the three months ended March 31, 2026, we recognized depreciation and amortization expenses of $36.0 million. There are no comparable results in the prior period.
Previous wording
During the three months ended December 31, 2025, we recognized $1.6 million of other expense, net. There are no comparable results in the prior period.
Current wording
During the three months ended March 31, 2026, we recognized $3.2 million of other income, net. There are no comparable results in the prior period.
Previous wording
During the three months ended December 31, 2025, we recognized an income tax provision of $0.4 million. There are no comparable results in the prior year.
Current wording
During the three months ended March 31, 2026, we recognized an income tax provision of $0.3 million. There are no comparable results in the prior year.
Previous wording
We had 6.2 million and 6.3 million Total Subscribers in the United States and Canada ("North America" or "NA") as of December 31, 2025 and December 28, 2024, respectively, and 0.33 million and 0.36 million Total Subscribers in the remaining territories in which the Company operates ("Rest of World" or "ROW") as of December 31, 2025 and December 28, 2024, respectively.
Current wording
We had 5.7 million and 5.9 million Total Subscribers in the United States and Canada ("North America" or "NA") as of March 31, 2026 and March 29, 2025, respectively, and 0.328 million and 0.354 million Total Subscribers in the remaining territories in which the Company operates ("Rest of World" or "ROW") as of March 31, 2026 and March 29, 2025, respectively.
Previous wording
Our Gross Profit was $112.0 million and $3.5 million for the three months ended December 31, 2025 and December 28, 2024, respectively. Our Gross Margin was 7.2% and 0.3% for the same periods, respectively.
Current wording
Our Gross Profit was $118.9 million and $2.8 million for the three months ended March 31, 2026 and March 29, 2025, respectively. Our Gross Margin was 7.6% and 0.2% for the same periods, respectively.
Previous wording
In January 2026, the proceeds of the Facility were used to repay the majority of our convertible senior notes due 2026 (the "2026 Convertible Notes"). The remainder of the approximately $4.5 million aggregate principal amount of the 2026 Convertible Notes will be paid on February 15, 2026, the maturity date. As of December 31, 2025, the aggregate principal amount of our convertible senior secured notes due 2029 (the "2029 Convertible Notes") outstanding is approximately $177.5 million, which will mature on February 15, 2029, unless earlier repurchased or converted.
Current wording
In January 2026, the proceeds of the Facility were used to repay the majority of our convertible senior notes due 2026 (the "2026 Convertible Notes"). The remainder of the approximately $4.6 million aggregate principal amount of the 2026 Convertible Notes were paid on February 15, 2026, the maturity date. As of March 31, 2026, the aggregate principal amount of our convertible senior secured notes due 2029 (the "2029 Convertible Notes") outstanding is approximately $177.5 million, which will mature on February 15, 2029, unless earlier repurchased or converted.
Previous wording
We have an effective shelf registration statement on Form S-3 (No. 333-292921) filed with the SEC on January 23, 2026 under which we may offer, from time to time, in one or more offerings any combination of Class A common stock, preferred stock, debt securities, warrants, purchase contracts and units. On January 23, 2026, we filed with the SEC two prospectus supplements to the prospectus included in the Form S-3, covering (i) the resale from time to time by Hulu of up to an aggregate of 947,910,220 shares (the “Hulu Shares”) of our Class A Common Stock, issuable to Hulu upon exercise, conversion or exchange of other securities of the Company or any of its subsidiaries (including shares of Class B Common Stock, and units in Fubo Operations LLC) owned by Hulu, to satisfy registration rights we granted pursuant to a Registration Rights Agreement, dated October 29, 2025, between us and Hulu and (ii) the resale from time to time by certain stockholders of the Company of up to an aggregate of 29,270,178 shares (the “2029 Notes Conversion Shares”) of Class A Common Stock issuable upon conversion of the 2029 Convertible Notes.
Current wording
We have an effective shelf registration statement on Form S-3 (No. 333-292921) filed with the SEC on January 23, 2026 under which we may offer, from time to time, in one or more offerings any combination of Class A Common Stock, preferred stock, debt securities, warrants, purchase contracts and units. On January 23, 2026, we filed with the SEC two prospectus supplements to the prospectus included in the Form S-3, covering (i) the resale from time to time by Hulu of up to an aggregate of 78,992,518 shares (the “Hulu Shares”) of our Class A Common Stock, issuable to Hulu upon exercise, conversion or exchange of other securities of the Company or any of its subsidiaries (including shares of Class B Common Stock, and units in Fubo Operations LLC) owned by Hulu, to satisfy registration rights we granted pursuant to a Registration Rights Agreement, dated October 29, 2025, between us and Hulu and (ii) the resale from time to time by certain stockholders of the Company of up to an aggregate of 2,439,182 shares (the “2029 Notes Conversion Shares”) of Class A Common Stock issuable upon conversion of the 2029 Convertible Notes.
Previous wording
As of December 31, 2025, we had cash, cash equivalents, and restricted cash of $458.6 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, to, among other things, fund tax distributions under the Newco Operating Agreement, payments under the Tax Receivables Agreement with Newco and Hulu, if necessary, the redemption right held by Hulu that it may exercise from time to time (should we elect to exchange their Class B Common Stock for a cash payment), 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 March 31, 2026, we had cash, cash equivalents, and restricted cash of $244.0 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, to, among other things, fund tax distributions under the Newco Operating Agreement, payments under the Tax Receivables Agreement with Newco and Hulu, if necessary, the redemption right held by Hulu that it may exercise from time to time (should we elect to exchange their Class B Common Stock for a cash payment), 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 used in operating activities was $200.3 million during the three months ended December 31, 2025 compared to net cash used in operating activities of $42.6 million during the three months ended December 28, 2024. The change was primarily driven by the operating activities of the Fubo Services as a result of the Business Combination.
Current wording
Net cash used in operating activities was $412.4 million during the six months ended March 31, 2026 compared to net cash used in operating activities of $90.0 million during the six months ended March 29, 2025. The change was primarily driven by the operating activities of the Fubo Services as a result of the Business Combination.
Previous wording
Net cash used in investing activities was $264.3 million during the three months ended December 31, 2025. The change was primarily driven by cash received of $268.1 million from legacy Fubo as a result of the Business Combination. There were no investing activities during the three months ended December 28, 2024.
Current wording
Net cash provided by investing activities was $261.7 million during the six months ended March 31, 2026. The change was primarily driven by cash received of $268.1 million from legacy Fubo as a result of the Business Combination. There were no investing activities during the six months ended March 29, 2025.
Previous wording
Net cash provided by financing activities was $394.5 million during the three months ended December 31, 2025 compared to net cash provided by financing activities of $42.6 million during the three months ended December 28, 2024. The change was primarily driven by an increase in net contribution from Disney for the period prior to the Closing Date.
Current wording
Net cash provided by financing activities was $394.6 million during the six months ended March 31, 2026 compared to net cash provided by financing activities of $90.0 million during the six months ended March 29, 2025. The change was primarily driven by an increase in net contribution from Disney for the period prior to the Closing Date and note payable - related party, partially offset by the repayment of convertible notes.
Previous wording
There were no stock options granted during the three months ended December 31, 2025.
Current wording
There were no stock options granted during the six months ended March 31, 2026.
Previous wording
There have been no material changes to our critical accounting policies and estimates from those disclosed in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Annual Report.
Current wording
There have been no material changes to our critical accounting policies and estimates from those disclosed in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on March 3, 2025.
Previous wording
See Note 3 to our unaudited condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report for a discussion of recent accounting policies.
Current wording
See Note 2 to our unaudited condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report for a discussion of recent accounting pronouncements.
Rearranged current paragraphs (7)
Current report — wording carried from elsewhere
Sales and marketing expenses for the Fubo Services consist of payroll and related costs, benefits, rent and utilities, stock-based compensation, agency costs, advertising campaigns and branding initiatives.
Current report — wording carried from elsewhere
All sales and marketing costs are expensed as they are incurred.
Current report — wording carried from elsewhere
During the three months ended March 31, 2026, we recognized revenues of $1,573.9 million compared to $1,125.5 million during the three months ended March 29, 2025. The increase of $448.4 million was primarily due to an increase in subscription revenue of $347.0 million from the Fubo Services as a result of the Business Combination and an increase in advertising revenue of $101.6 million. There was no subscription revenue during the three months ended March 29, 2025. The increase in related party revenue was primarily due to an increase in carriage fees primarily from an increase in subscribers and contractual rates. The increase in advertising revenue is primarily due to the addition of advertising revenue from both the Fubo Services and Hulu Live Service. There was no advertising revenue recognized during the three months ended March 29, 2025.
Current report — wording carried from elsewhere
During the six months ended March 31, 2026, we recognized subscriber related expenses of $2,873.5 million compared to $2,225.1 million during the six months ended March 29, 2025. The increase of $648.4 million was primarily due to the addition of program license fees from the Fubo Services as a result of the Business Combination and an increase in program license fees on the Hulu Live Service due to an increase in subscribers and program license contractual rates.
Current report — wording carried from elsewhere
During the six months ended March 31, 2026, we recognized depreciation and amortization expenses of $60.2 million. There are no comparable results in the prior period.
Current report — wording carried from elsewhere
During the six months ended March 31, 2026, we recognized an income tax provision of $0.7 million. There are no comparable results in the prior year.
Current report — wording carried from elsewhere
Our Gross Profit was $230.9 million and $6.3 million for the six months ended March 31, 2026 and March 29, 2025, respectively. Our Gross Margin was 7.4% and 0.3% for the same periods, respectively.