On August 5, FuboTV Inc. (NYSE:FUBO) reported third-quarter fiscal 2026 results for the period ended June 30, and the headline number is hard to miss. Global revenue came in at $1.482 billion, up from $1.074 billion in the same quarter a year earlier. North America subscribers hit a record for the quarter at 5.75 million. The company is growing fast, but the market’s reaction to that growth is more complicated than the top line suggests.
Sports Rights Fuel Subscriber Gains
The subscriber numbers tell a story of a service that knows exactly what it is good at. North America paid subscribers reached 5.75 million, up from 5.63 million in Q3 fiscal 2025, a 2% year-over-year gain that also set a Q3 record for the region. North America revenue jumped to $1.474 billion from $1.07 billion. New CEO Alisa Bowen, who took the role in July 2026, pointed to the NBA Finals and the FIFA World Cup 2026 as key drivers, framing flexible programming packages as the tool that turned marquee sporting events into new sign-ups.
The bottom line also moved in the right direction. Net loss narrowed to $25.7 million from $38 million a year ago, and against the prior year’s pro forma net loss of $72 million, the improvement looks even larger. Advertising was another bright spot. Bowen cited improving ad capacity utilization and rising CPMs since the company finished integrating with Disney Advertising, a sign that the ad business is starting to scale alongside subscriber growth rather than lagging behind it.
Profitability Gains Slower Than Growth
Not every metric moved in FuboTV’s favor. Adjusted EBITDA came in at $19.1 million, down from a pro forma $31.0 million in Q3 fiscal 2025, meaning profitability actually slipped even as revenue nearly tripled. That gap between top-line growth and bottom-line output is worth sitting with. The Rest of World segment also cooled. ROW revenue fell to $7.8 million from a pro forma $8.6 million a year earlier, even as ROW subscribers ticked up slightly to 356,000 from 349,000, suggesting the international business is adding customers without adding much revenue per customer.
FuboTV also still posted a per-share loss of $0.25 for the quarter, and the company ended the period with $236.4 million in cash, cash equivalents, and restricted cash on hand, a cushion but not an overwhelming one. Layer on a leadership change just months old, with Bowen only a few months into the CEO seat, and investors have real reasons to want more evidence before assuming the growth Q3 delivered comes with clean, repeatable profits.
Wall Street Still Bets Against Fubo
Hedge fund ownership ticked up slightly, with 15 funds holding positions in the most recent quarter compared to 14 in the prior quarter, a small but real gain in institutional interest. Short sellers tell a very different story. Short interest sits at 22.82% of float, a level that signals heavy organized skepticism rather than routine hedging. That combination points to a market that is far from settled on which narrative wins out.
The Growth-Versus-Profit Tug Of War
FuboTV’s third quarter makes a clear case that the subscriber and revenue engine works, particularly when marquee sports events are on the calendar. It makes a much less clear case that profitability is scaling at the same pace. For the bulls, sustained EBITDA guidance improvement and continued advertising strength would go a long way. For the bears, another quarter of shrinking margins alongside heavy short interest would confirm the market’s current wariness.
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