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Fubo TV just shattered expectations with record global revenue of $1.574 billion in second quarter fiscal 2026. The streaming giant is now confidently targeting at least $300 million in adjusted EBITDA by 2028, signaling a dramatic shift toward profitability. Here’s what the latest earnings reveal about the future of sports streaming.
🔥 Quick Facts
- Q2 Revenue: Record $1.574 billion globally, up 40% from $1.125 billion in Q2 2025
- Profitability Swing: Adjusted EBITDA climbed to $37.7 million from $1.4 million pro forma prior year
- 2028 Target: At least $300 million in adjusted EBITDA, with fiscal 2026 guidance at $80-$100 million
- Disney Integration: Ad server migration expected to complete by year-end 2026, unlocking higher advertising ARPU
Record Revenue Marks Turning Point for Fubo TV
Fubo TV’s second quarter performance exceeded analyst expectations with $1.574 billion in global revenue, marking the company’s strongest quarter on record. The 40 percent year-over-year growth reflects the strategic impact of the Disney partnership and the integration of Hulu with Live TV operations. North American revenue reached $1.566 billion, up from $1.125 billion one year prior.
The combined entity now controls 5.7 million subscribers across the platform, consolidating the sports streaming market position. David Gandler, co-founder and CEO, highlighted the strengthening business model following the transformative merger announced earlier in 2026.
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Profitability Accelerates with Disney Ad Tech Migration
Perhaps most impressive, Fubo posted adjusted EBITDA of $37.7 million in Q2, a dramatic improvement from just $1.4 million in the prior-year period. The net loss narrowed to $6.2 million from $41 million the previous year, demonstrating accelerating path to breakeven. This shift reflects cost discipline and better unit economics across the combined operation.
The real catalyst lies ahead: Disney’s proprietary advertising server integration is slated for completion by year-end 2026. Migration to the Disney infrastructure will unlock higher advertising ARPU, potentially driving the company closer to the ambitious $300 million EBITDA target by 2028.
Ambitious 2028 Target Sets Growth Roadmap
| Metric | Target |
| FY 2026 Pro Forma Adjusted EBITDA | $80-$100 Million |
| FY 2028 Adjusted EBITDA Target | At Least $300 Million |
| Free Cash Flow | Positive by FY 2027 |
| Year-End Cash Position | At Least $200 Million |
Fubo reaffirmed its ambitious long-term financial targets during the Q2 earnings call held on May 6, 2026. The trailing twelve-month EBITDA already achieved a milestone of $100 million, validating the strategic rationale of the Hulu plus Live TV merger completed earlier in the year. Management projects positive free cash flow beginning in fiscal 2027.
“Fubo’s second quarter Fiscal Year 2026 results, including record revenue of $1.6 billion globally, demonstrate the growing strength and scale of our business.”
— David Gandler, Co-founder and CEO of Fubo
Disney Cross-Selling and Subscriber Dynamics
While subscriber count declined slightly to 5.7 million from 5.9 million sequentially, management emphasized a strategic shift from growth-at-all-costs to profitable expansion. The Disney partnership opens new cross-selling opportunities, particularly leveraging Disney Plus content bundling and ad-supported tier access through the Disney ecosystem.
Churn pressures from the loss of NBC sports content during Q2 were partially offset by improved content pricing power and higher average revenue per user. The trajectory suggests sustainable subscriber stabilization as sports rights negotiations continue.
What Can Investors Expect from Fubo TV’s Path to $300M EBITDA?
The path to $300 million adjusted EBITDA by 2028 hinges on three critical factors: the successful Disney ad server migration, maintaining subscriber base stability, and leveraging advertising ARPU growth through premium inventory. Fubo currently trades on the hypothesis that the combination unlocks significant margin expansion.
Management’s willingness to reaffirm guidance after a strong quarter suggests confidence in execution. The Disney integration advantage, combined with improving unit economics, positions Fubo TV as a unique pure-play sports streaming alternative in a consolidating streaming landscape.
Sources
- Fubo Investor Relations – Official Q2 2026 earnings announcement and guidance reaffirmation
- MarketBeat – CFO John Janedis earnings call highlights and financial metrics
- Seeking Alpha – Detailed EBITDA targets and Disney ad server migration timeline
