FuboTV Inc. (NYSE: FUBO) announced adjusted EBITDA guidance for fiscal 2026 and 2028, projecting $80-$100 million for fiscal 2026 and at least $300 million for fiscal 2028. The streaming company expects positive free cash flow starting in fiscal 2027.

The company reported pro forma adjusted EBITDA of $59 million for fiscal 2025, compared to a pro forma net loss of $178 million. FUBO projects adjusted EBITDA growth at a compound annual growth rate of more than 80% based on the midpoint of its fiscal 2026 guidance and fiscal 2028 target.

FUBO expects to end fiscal 2026 with at least $200 million in cash and cash equivalents, down from $274 million as of September 30, 2025. The company made approximately $50 million in payments for litigation and transaction-related expenses during fiscal 2026.

The financial outlook is supported by contractual wholesale fees from FUBO's commercial agreement with Hulu. The wholesale fee ratio increases from 95% in 2026 to 97.5% in 2027 and reaches 99% in 2028. FUBO currently has approximately $323 million in debt obligations with no maturities until 2029.

CEO David Gandler said the company implemented a reverse stock split to broaden its investor base and attract institutional investors restricted from investing in low-priced securities. He stated FUBO does not currently plan to raise additional equity capital based on its financial position.

The company completed a business combination with Disney's Hulu + Live TV business on October 29, 2025. FUBO operates both the Fubo streaming service and Hulu + Live TV, with the combined entity becoming the sixth largest pay TV company in the United States according to UBS estimates.

FUBO recently secured coverage of 17 professional baseball teams on its Fubo streaming service, including the addition of SNY in New York and Spectrum SportsNet LA for Los Angeles Dodgers coverage.