Is FUBO a Buy? What to Consider in 2026
Short answer
The bull case for fuboTV (FUBO) rests on Scale From the Disney Combination: Merging Hulu + Live TV into Fubo roughly tripled the subscriber base to about 6.2 million in North America and combined the two businesses into one of the largest virtual pay-TV operators in the country. Revenue (TTM) is ~$5.3 billion (reported); ~$6.2 billion on a pro forma combined basis. If you believe that thesis holds, the real questions become position sizing and overlap, not timing. The main risk to that view: The core risk is economic: live-TV streaming carries very high programming and sports-rights costs, which keep gross margins thin and have historically driven large net losses; Fubo reported roughly $85 million in net losses over the trailing twelve months and a pro forma net loss in Q1 2026 even as adjusted EBITDA turned positive. Whether FUBO is a buy comes down to whether you believe the thesis. This is informational, not a recommendation, and Walnut is not an investment adviser.
fuboTV Inc. (NYSE: FUBO) is a live-TV streaming platform built around sports. It bundles live sports, news, and entertainment channels delivered over the internet, positioning itself as a cable-replacement service for viewers who want a broad lineup of live games without a traditional satellite or cable subscription. The company makes money in two main ways: recurring subscription fees from its monthly streaming plans, which are the dominant revenue source, and a growing advertising business that monetizes its live-viewing audience through ad-supported inventory across its content. Fubo has historically carried a relatively high monthly average revenue per user for a streaming service because its plans are priced like a pay-TV bundle rather than a single on-demand app. Fubo went public in 2020 (after merging with FaceBank Group) and spent its early years chasing rapid subscriber growth while absorbing heavy content and sports-rights costs, which produced large losses. It later wound down an experimental sports-wagering segment to refocus on the core streaming business and a path to profitability. The defining event came on January 6, 2025, when Fubo and The Walt Disney Company announced an agreement to combine Disney's Hulu + Live TV business with Fubo. After clearing a U.S. Department of Justice review, the deal closed on October 29, 2025, with Disney owning approximately 70% of the combined company and existing Fubo shareholders holding roughly 30%. Fubo's management team, led by co-founder and CEO David Gandler, continued to run the combined business, which became the sixth-largest pay-TV provider in the U.S. with approximately 6 million subscribers at closing.
What's the case for buying FUBO?
Scale From the Disney Combination
Merging Hulu + Live TV into Fubo roughly tripled the subscriber base to about 6.2 million in North America and combined the two businesses into one of the largest virtual pay-TV operators in the country. Greater scale can improve negotiating leverage on programming, spread fixed technology and content costs over more subscribers, and give the combined entity access to Disney's content relationships and a committed term loan. Pro forma adjusted EBITDA in Q1 2026 was roughly $41 million, nearly double the comparable prior-year figure, which Fubo attributed partly to integration and scale benefits.
Sports-First Positioning
Fubo's identity is anchored in live sports, a category that remains one of the stickiest reasons households keep a live-TV subscription. The company has leaned into this with tiered plans and a standalone Fubo Sports offering launched in September 2025. A differentiated sports lineup can support pricing power and lower churn relative to general-entertainment streamers, and pairing it with Disney's ESPN-heavy content library deepens that sports moat.
Growing Advertising Business
Advertising is a higher-margin revenue stream than subscription pass-through, and Fubo has been expanding ad monetization of its live audience. As connected-TV advertising shifts toward streaming inventory, growth in Fubo's ad revenue can lift overall average revenue per user and improve unit economics without requiring proportionally higher content spending. Management has pointed to higher-margin ad revenue as a contributor to its improving adjusted EBITDA.
Path Toward Profitability
Fubo has shifted its stated priority from pure subscriber growth toward cost discipline and profitability. It reported positive adjusted EBITDA in some 2025 quarters and improving pro forma adjusted EBITDA into 2026, alongside cost reductions and the wind-down of unprofitable ventures. If the combined business can convert scale into sustained positive cash generation, that would address the central historical criticism of the equity.
What are the risks to FUBO?
The core risk is economic: live-TV streaming carries very high programming and sports-rights costs, which keep gross margins thin and have historically driven large net losses; Fubo reported roughly $85 million in net losses over the trailing twelve months and a pro forma net loss in Q1 2026 even as adjusted EBITDA turned positive. Subscriber counts have been roughly flat to slightly down on a pro forma basis, so growth is not assured, and the category faces intense competition from YouTube TV, Sling, DirecTV Stream, and the entertainment giants themselves. Integration risk from the Disney combination is real, and with Disney owning roughly 70% of the company, minority public shareholders have limited control and are exposed to how Disney chooses to steward the asset. The stock has also been highly volatile, with market capitalization estimates ranging widely in 2026.
How is FUBO valued? (as of 2026-06-27)
- Revenue (TTM): ~$5.3 billion (reported); ~$6.2 billion on a pro forma combined basis
- North America Subscribers: ~6.2 million (combined, as of Q1 2026)
- ARPU: Subscription ARPU runs high for streaming (priced like a pay-TV bundle, historically in the mid-to-high $80s per month); exact combined figure varies by disclosure
- Net Loss (TTM): ~$85 million reported; Q1 2026 reported net loss ~$19 million (pro forma net loss ~$46 million)
- Adjusted EBITDA (Q1 2026, pro forma): ~$41 million positive
- Market Capitalization: Volatile and source-dependent in 2026, ranging from roughly $350 million to over $1 billion; post-merger share structure changed materially with Disney holding ~70%
Fubo's financials shifted dramatically after the October 2025 combination with Hulu + Live TV, so trailing reported figures and pro forma combined figures can differ widely and should be read together. The business is still posting GAAP net losses driven by high content and sports-rights costs, even as pro forma adjusted EBITDA has turned positive, which is the gap the profitability thesis hinges on. Market capitalization has been unusually volatile in 2026 and varies by source and date, partly because Disney's roughly 70% ownership reshaped the public float and share structure; treat any single market-cap number as a snapshot rather than a stable anchor.
How do you decide if FUBO is a buy?
Rather than asking whether FUBO is a buy in the abstract, it tends to help to answer four questions:
- Thesis: do you believe the case above, and is it still true today?
- Time horizon: a single stock can be volatile, so a longer horizon absorbs more of the swings.
- Position sizing: a thesis can be right and the sizing still wrong; decide how much of your portfolio one name should be.
- Overlap: check whether you already hold FUBO indirectly through an index or sector ETF before adding more.
For the full picture, see the FUBO stock guide (what the company does, the ETFs that hold it, similar stocks, and the themes it fits). In Walnut you can ask its AI about FUBO against your real portfolio and see your actual exposure before deciding.
The bottom line on FUBO
The bottom line: fuboTV's story right now is Scale From the Disney Combination, with revenue (ttm) at ~$5.3 billion (reported); ~$6.2 billion on a pro forma combined basis. If you believe that narrative continues, the call is about sizing FUBO sensibly and checking overlap with what you own; if you doubt it (the risk: the core risk is economic: live-TV streaming carries very high programming and sports-rights costs, which keep gross margins thin and have historically driven large net losses; Fubo reported roughly $85 million in net losses over the trailing twelve months and a pro forma net loss in Q1 2026 even as adjusted EBITDA turned positive.), it is not for you. Decide from the thesis, not the ticker. Walnut is not an investment adviser.
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FAQ
Is FUBO a good stock to buy right now?
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The case for fuboTV right now is Scale From the Disney Combination, with revenue (ttm) at ~$5.3 billion (reported); ~$6.2 billion on a pro forma combined basis. If you believe that thesis holds, FUBO is a way to own it and the real questions are sizing and overlap, not timing; the main risk to that view is the core risk is economic: live-TV streaming carries very high programming and sports-rights costs, which keep gross margins thin and have historically driven large net losses; Fubo reported roughly $85 million in net losses over the trailing twelve months and a pro forma net loss in Q1 2026 even as adjusted EBITDA turned positive. So it comes down to whether you believe the thesis. Walnut is not an investment adviser and this is not a recommendation.
What does fuboTV do?
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fuboTV Inc.
What are the main risks of FUBO?
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The core risk is economic: live-TV streaming carries very high programming and sports-rights costs, which keep gross margins thin and have historically driven large net losses; Fubo reported roughly $85 million in net losses over the trailing twelve months and a pro forma net loss in Q1 2026 even as adjusted EBITDA turned positive. Subscriber counts have been roughly flat to slightly down on a pro forma basis, so growth is not assured, and the category faces intense competition from YouTube TV, Sling, DirecTV Stream, and the entertainment giants themselves. Integration risk from the Disney combination is real, and with Disney owning roughly 70% of the company, minority public shareholders have limited control and are exposed to how Disney chooses to steward the asset. The stock has also been highly volatile, with market capitalization estimates ranging widely in 2026.
What is fuboTV?
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fuboTV (FUBO) is a sports-first live-TV streaming service that delivers live sports, news, and entertainment channels over the internet as a cable-replacement bundle. It earns money mainly from monthly subscription fees plus a growing advertising business. In October 2025 it combined with Disney's Hulu + Live TV business to become one of the largest virtual pay-TV providers in the United States.
Is FUBO a good stock to buy right now?
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That depends entirely on your goals, time horizon, and risk tolerance, and this is not investment advice. The bull case is the Disney combination's scale, a sports-anchored audience, growing ad revenue, and improving adjusted EBITDA. The bear case is persistent GAAP net losses from high content costs, flat-to-declining subscribers, intense competition, and a stock that has been very volatile with limited minority-shareholder control.
Is FUBO profitable?
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Not on a GAAP basis as of mid-2026. Fubo reported roughly $85 million in net losses over the trailing twelve months, and Q1 2026 still showed a net loss. However, the company has reported positive adjusted EBITDA in recent periods, with pro forma adjusted EBITDA around $41 million in Q1 2026, so the gap between adjusted profitability and GAAP losses is central to the investment debate.
What is the Fubo Disney deal?
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On January 6, 2025, Fubo and The Walt Disney Company agreed to combine Disney's Hulu + Live TV business with Fubo. After clearing a U.S. Department of Justice review, the deal closed on October 29, 2025. Disney owns roughly 70% of the combined company and prior Fubo shareholders about 30%, creating the sixth-largest U.S. pay-TV provider with around 6 million subscribers at closing.
Walnut is informational and is not an investment adviser. This page is educational and not a recommendation to buy or sell FUBO; figures are approximate and dated, and your own situation, time horizon, and risk tolerance should drive any decision. Verify current data before investing.