How FUBO (FuboTV) Makes Money in 2026: A Deep-Dive With Income Statement

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Understanding how a live TV streaming service like fuboTV (FUBO) makes money is essential for investors and anyone interested in the business of streaming media. In this post, we break down fuboTV's quarterly income statement (Q4 2025) using a Sankey chart to visualize the financial flows — what comes in, where it goes, and what's left as profit.

Quick fuboTV Overview

fuboTV operates as a sports-first live TV streaming platform, offering subscription-based access to live sports, news, and entertainment channels via the internet. Revenue comes primarily from subscriptions and advertising, with additional contributions from other product revenue streams. The company focuses on cord-cutting consumers seeking affordable, sports-centric alternatives to traditional cable TV.

Revenue Breakdown

• Total Revenue (Q4 2025): $1.55B (+249.4% YoY)
  • Other Revenue by Product: $1.16B (75.2% of total)
  • Subscription Revenue: $292.2M (18.9% of total)
  • Growth is powered by explosive expansion in advertising and product-related revenue, reflecting increased user engagement and market penetration in sports streaming.

Gross Profit and Margins

• Gross Profit: $87.8M (5.7% gross margin)
  • Cost of Revenue: $1.46B (+294.3% YoY)
  • fuboTV maintains moderate margins due to high content acquisition costs in a competitive streaming landscape, though scalability in subscriber growth helps offset some pressures.
• Most costs come from content licensing fees, streaming infrastructure, and distribution rights.

Operating Income and Expenses

• Operating Income: -$20.4M (N/A margin, derived from gross profit minus operating expenses)
• Operating Expenses: $108.2M (-2.8% YoY)
  • R&D: $13.6M (-29.9% YoY, 0.9% of revenue) — focused on platform enhancements like personalized recommendations and multi-device support
  • SG&A: $126.8M (+62.5% YoY, 8.2% of revenue) — driven by expanded sales teams and administrative scaling for growth
  • fuboTV continues to prioritize innovation while expanding operations amid rapid revenue scaling.

Net Income

• Pre-Tax Income: N/A (not specified; net reflects post-tax)
• Income Tax: N/A (not specified)
• Net Income: $19.1M (-50.5% YoY, 1.2% net margin)
• fuboTV converts a moderate portion of sales into profit due to operational leverage from subscriber growth, despite high content and expansion costs.

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What Drives fuboTV's Money Machine?

• Other Revenue by Product: 75.2%+ of revenue — primarily advertising tied to live sports events, which surged 164.0% YoY as viewership grew
• Subscriber Growth: Subscription revenue at $292.2M supports recurring cash flow, forming the stable base amid ad volatility
• Platform Investments: Heavy focus on tech R&D to improve user retention and content delivery
• Future growth areas: International expansion and premium sports packages, though not yet profitable due to upfront localization costs

Visualizing fuboTV's Financial Flows

The Sankey chart below visualizes how each dollar flows from gross revenue, through costs and expenses, down to net income. This helps investors spot where value is created, what areas weigh on profits, and how efficiently the company operates.[1][2]

• Most revenue flows into gross profit, with operating expenses (especially SG&A) taking the largest chunk.
• Even after significant content costs, 1.2% of revenue drops to the bottom line.

Key Takeaways

• fuboTV's money comes overwhelmingly from advertising and product revenue
• Low gross margins illustrate the challenges of fuboTV's content-heavy streaming model
• Heavy investment in SG&A for growth, balanced by efficiency in R&D costs
• Ongoing growth is driven by sports advertising boom and subscriber additions

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FAQ About fuboTV's Income Statement

1. What is the main source of fuboTV's revenue in 2025?

fuboTV generates over 75% of its revenue from Other Revenue by Product, mainly advertising. Subscription revenue adds 18.9% for stability.

2. How profitable is fuboTV in Q4 2025?

fuboTV reported net income of $19.1M in Q4 2025, with a net margin of approximately 1.2%, reflecting moderate profitability driven by revenue hypergrowth offsetting cost pressures.

3. What are the largest expense categories for fuboTV?

The biggest expenses on fuboTV's income statement are operating expenses, particularly Sales, General & Administrative (SG&A) and Research & Development (R&D) costs. R&D investment reached $13.6M in Q4 2025, as fuboTV prioritizes platform tech and user experience.

4. Why does certain revenue operate at a loss?

Certain segments like subscriptions, despite generating $292.2M in revenue, contribute to overall operating losses of $20.4M in Q4 2025. This is because fuboTV aggressively invests in content rights and marketing, believing these will drive long-term growth—even if unprofitable today.

5. How does fuboTV's effective tax rate compare to previous years?

fuboTV's effective tax rate in Q4 2025 was not specified in filings. This moderate rate is primarily due to standard corporate structuring in streaming, with potential benefits from growth-phase deductions.