FuboTV (NYSE:FUBO) Stock Moves: Earnings Beat and Strategic Challenges

FuboTV's Q3 2025 earnings beat expectations despite a 2.3% revenue decline.
The company repurchased $140.2 million in convertible notes due in 2026.
fuboTV faces subscriber and content challenges, including the loss of NBCU channels.
The stock has declined 28.9% since its last earnings report.
The Trade Desk's OpenPath adoption includes Fubo among partners, reshaping ad tech.

FuboTV (NYSE:FUBO) is navigating a complex mix of financial performance and operational challenges that are shaping its recent stock price and future outlook. While the company delivered strong earnings in Q3 2025, it has struggled to maintain investor confidence amid revenue declines and content disruptions. Below, we break down the key issues shaping the stock and what investors should consider before making a move.

What Happened to FuboTV (NYSE:FUBO) Stock After Its Earnings Beat?

FuboTV's Q3 2025 earnings report marked a strong performance on the metrics that matter most to investors. Despite a 2.3% year-on-year revenue decline to $377.2 million, the company beat analysts' revenue expectations by 4.9%. It also exceeded both EPS and EBITDA forecasts, showcasing its ability to manage costs and drive profitability in a challenging market. However, this positive result did not translate into a bullish stock price reaction. FuboTV's shares have fallen 28.9% since the report, trading near $2.69 as of early 2026.

This disconnect between financial results and stock price performance points to broader concerns. While earnings improved, revenue contraction and the company's ongoing burn rate remain red flags for investors. FuboTV has also faced subscriber attrition and rising operational costs, which continue to weigh on its valuation. Analysts are divided on whether the company can sustain its earnings momentum without stronger revenue growth.

Why Is FuboTV Losing NBCU Channels, and What Does It Mean for the Business?

FuboTV recently encountered a setback in its content strategy when it lost access to NBCUniversal channels due to a failed multi-year deal. This development is significant for a company that prides itself on live sports and news content, as NBCU channels are a critical part of its offerings. The loss of these channels could impact subscriber retention and ad revenue, especially during key sports seasons like the NFL and Olympics.

The dispute highlights the fragility of FuboTV's content model in an environment where carriage agreements are increasingly difficult to secure. Unlike legacy cable providers, FuboTV cannot force carriage through regulatory or financial leverage. Instead, it must rely on negotiated deals that are often subject to shifting priorities at content providers like NBCU and Disney. The recent loss underscores the risk of relying too heavily on a few key partners for content differentiation.

What's Behind FuboTV's $140.2M Debt Repurchase, and Does It Signal Stability?

In a move to strengthen its capital structure, FuboTV repurchased $140.2 million of its convertible notes due in 2026. This action could be seen as a positive signal that the company is managing its debt obligations and reducing the risk of default or dilution from conversion. However, the timing is also noteworthy: with 2026 fast approaching, this repurchase may be a preemptive move to avoid triggering conversion at potentially lower stock prices.

That said, FuboTV's cash burn remains a concern. While the repurchase is a step in the right direction, it does not address the core issue of declining revenue and high operating costs. The company continues to rely on its live sports and news verticals for differentiation, and its ability to maintain subscriber growth and monetization will determine whether its capital moves are sustainable in the long term.

What to Watch for in FuboTV's 2026 Outlook

Looking ahead, FuboTV faces several key challenges and opportunities. Its ability to secure new content deals, particularly with major sports rights holders, will be critical to retaining and growing its user base. The loss of NBCU channels may force the company to reevaluate its content acquisition strategy and explore partnerships with other platforms or leagues to fill the void.

Additionally, FuboTV will need to continue improving its financial metrics. While its Q3 earnings beat was impressive, the company still posted a revenue decline, and its operating cash burn is a concern for long-term sustainability. The stock price remains highly volatile, and investors should watch for updates on subscriber growth, average revenue per user (ARPU), and cost control measures.

Final Thoughts for Investors

FuboTV is a streaming service with a unique value proposition centered around live sports and news. It has shown resilience in its ability to generate strong earnings despite revenue declines, and its recent debt repurchase is a positive step toward financial stability. However, the company still faces structural challenges related to content acquisition, subscriber growth, and cost efficiency.

For investors considering FuboTV, the key is to evaluate whether the company can address these challenges through strategic partnerships, cost optimization, and content diversification. The market appears to be waiting for more convincing evidence that FuboTV can scale its business in a profitable and sustainable way, particularly in the next 6 to 12 months as it moves into 2026.