Live sports and TV streaming service fuboTV (NYSE: FUBO) reported revenue ahead of Wall Street’s expectations in Q2 CY2025, but sales fell by 2.8% year on year to $380 million. Its non-GAAP profit of $0.05 per share was $0.02 above analysts’ consensus estimates.
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fuboTV (FUBO) Q2 CY2025 Highlights:
- Revenue: $380 million vs analyst estimates of $368.9 million (2.8% year-on-year decline, 3% beat)
- Adjusted EPS: $0.05 vs analyst estimates of $0.03 ($0.02 beat)
- Adjusted EBITDA: $20.67 million vs analyst estimates of $20.53 million (5.4% margin, 0.6% beat)
- Operating Margin: -1.6%, up from -9.1% in the same quarter last year
- Free Cash Flow was -$37.84 million compared to -$35.3 million in the same quarter last year
- Domestic Subscribers: 1.36 million, down 94,000 year on year
- Market Capitalization: $1.26 billion
Company Overview
Originally launched as a soccer streaming platform, fuboTV (NYSE: FUBO) is a video streaming service specializing in live sports, news, and entertainment content.
Revenue Growth
A company’s long-term sales performance can indicate its overall quality. Any business can have short-term success, but a top-tier one grows for years. Thankfully, fuboTV’s 54.6% annualized revenue growth over the last five years was incredible. Its growth beat the average consumer discretionary company and shows its offerings resonate with customers.
Long-term growth is the most important, but within consumer discretionary, product cycles are short and revenue can be hit-driven due to rapidly changing trends and consumer preferences. fuboTV’s annualized revenue growth of 17.3% over the last two years is below its five-year trend, but we still think the results were respectable. 
We can dig further into the company’s revenue dynamics by analyzing its number of domestic subscribers and international subscribers, which clocked in at 1.36 million and 349,000 in the latest quarter. Over the last two years, fuboTV’s domestic subscribers averaged 9.7% year-on-year growth. On the other hand, its international subscribers averaged 3.1% year-on-year declines. 
This quarter, fuboTV’s revenue fell by 2.8% year on year to $380 million but beat Wall Street’s estimates by 3%.
Looking ahead, sell-side analysts expect revenue to decline by 1.6% over the next 12 months, a deceleration versus the last two years. This projection doesn't excite us and implies its products and services will face some demand challenges.
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Operating Margin
fuboTV’s operating margin has risen over the last 12 months, but it still averaged negative 12.2% over the last two years. This is due to its large expense base and inefficient cost structure.
fuboTV’s operating margin was negative 1.6% this quarter.
Earnings Per Share
Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions.
Although fuboTV’s full-year earnings are still negative, it reduced its losses and improved its EPS by 65.4% annually over the last four years. The next few quarters will be critical for assessing its long-term profitability.
In Q2, fuboTV reported adjusted EPS at $0.05, up from negative $0.04 in the same quarter last year. This print easily cleared analysts’ estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street is optimistic. Analysts forecast fuboTV’s full-year EPS of negative $0.07 will reach break even.
Key Takeaways from fuboTV’s Q2 Results
We were impressed by how significantly fuboTV blew past analysts’ EPS expectations this quarter. We were also happy its revenue outperformed Wall Street’s estimates. Overall, we think this was a decent quarter with some key metrics above expectations. The stock traded up 3.6% to $3.82 immediately following the results.
Indeed, fuboTV had a rock-solid quarterly earnings result, but is this stock a good investment here? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here, it’s free.
