Form 8-K

8-K — FuboTV Inc.

Accession: 0001493152-26-015252

Filed: 2026-04-06

Period: 2026-04-06

CIK: 0001484769

SIC: 7812 (SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — form8-k.htm (Primary)

EX-99.1 (ex99-1.htm)

EX-99.2 (ex99-2.htm)

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2026-04-06

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant

to Section 13 or 15(d)

the Securities Exchange Act of 1934

Date

of report (Date of earliest event reported): April 6,

2026

FuboTV

Inc.

(Exact

name of registrant as specified in its charter)

Delaware

001-39590

26-4330545

(State

or other jurisdiction

incorporation)

(Commission

File

Number)

(IRS

Employer

Identification

Number)

1290

Avenue of the Americas

New

York, NY 10104

(Address

of principal executive offices) (Zip Code)

(212)

672-0055

(Registrant’s

telephone number, including area code)

N/A

(Former

Name or Former Address, if Changed Since Last Report)

Check

the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions:

☐

Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities

registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

Symbol(s)

Name

of each exchange on which registered

Class

A Common Stock, par value $0.0001 per share

FUBO

New

York Stock Exchange

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging

growth company ☐

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item

2.02. Results of Operations and Financial Condition.

April 6, 2026, FuboTV Inc. (the “Company”) issued a press release and shareholder letter, providing an update on the

Company’s business and recent developments, as well as Adjusted EBITDA outlook for the fiscal years ending September 30, 2026 and

2028 and other long-term financial targets. Copies of the press release and shareholder letter are attached as Exhibits 99.1 and 99.2,

respectively, to this Current Report on Form 8-K.

The

information in this Item 2.02, including the information contained in Exhibits 99.1 and 99.2 of this Current Report on Form 8-K,

shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange

Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing

under the Exchange Act or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

Item

9.01 Financial Statements and Exhibits.

The

following exhibits relating to Item 2.02 shall be deemed to be furnished, and not filed:

(d)

Exhibits

Exhibit

No.

Description

99.1

Press

Release, dated April 6, 2026

99.2

Shareholder

Letter, dated April 6, 2026

104

Cover

Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant

to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by

the undersigned hereunto duly authorized.

FUBOTV

INC.

Date:

April 6, 2026

By:

/s/

David Gandler

David

Gandler

Chief

Executive Officer

EX-99.1

Filename: ex99-1.htm · Sequence: 2

Exhibit

99.1

FUBO

RELEASES ADJUSTED EBITDA OUTLOOK AND LONG-TERM FINANCIAL TARGETS

Co-Founder

& CEO David Gandler Issues Shareholder Letter

NEW

YORK – APRIL 6, 2026 – FuboTV Inc. (NYSE: FUBO) today announced Adjusted EBITDA outlook for Fiscal 2026 and 2028

and affirmed its cash forecast.

Guidance

and Long-Term Financial Targets

●

Fiscal

2026 Pro Forma Adjusted EBITDA1 guidance of $80-$100 million

●

Fiscal

2028 Adjusted EBITDA1 target of at least $300 million

●

Positive

Free Cash Flow1 expected in Fiscal 2027 and Fiscal 2028 under current operating plan

conjunction with today’s announcement, Fubo Co-Founder and CEO David Gandler issued the below letter to shareholders:

Dear

Fellow Shareholders,

FuboTV

Inc. is in the strongest financial position in our history based on our current outlook. We expect to deliver between $80

and $100 million in Pro Forma Adjusted EBITDA in Fiscal 2026, and are targeting at least $300 million in Adjusted EBITDA in Fiscal 2028.

We also believe we will be Free Cash Flow positive starting Fiscal 2027, if not sooner, and are projecting to end this fiscal year (YE

September 2026) with at least $200 million in cash and cash equivalents.

1 Pro Forma Adjusted EBITDA,

Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures. For a reconciliation of these measures to the most directly

comparable U.S. GAAP financial measures, Pro Forma Net income (Loss) (prepared in accordance with Article 11 of Regulation S-X),

Net Income (Loss) from Continuing Operations and net cash provided by (used in) operating activities, respectively, for historical

periods, please refer to the “Reconciliation of Key Performance Metrics and Non-GAAP Financial Measures” section of this

press release. The Company is not providing a reconciliation of forward-looking Pro Forma Adjusted EBITDA, Adjusted EBITDA or

Free Cash Flow to the most directly comparable U.S. GAAP measures because the Company does not currently have sufficient information

to accurately estimate all of the variables and individual adjustments for such reconciliation. As such, the Company cannot estimate

on a forward-looking basis without unreasonable effort the impact these variables and individual adjustments will have on its reported

results. See also “Basis of Presentation” and “Key Performance Metrics and Non-GAAP Financial Measures.”

●

Generated

Pro Forma Net Loss of $(178) million and Pro Forma Adjusted EBITDA of $59 million in Fiscal 2025.

●

Projecting

to grow Adjusted EBITDA at a compounded annual growth rate (CAGR) of more than 80% based on the midpoint of our Fiscal 2026 Pro Forma

Adjusted EBITDA guidance range ($90 million) and our Fiscal 2028 Adjusted EBITDA target (at least $300 million).

●

Projecting

to end this fiscal year (YE September 2026) with at least $200 million in cash and cash equivalents,

compared to Fubo pre-combination2 cash and cash equivalents balance of

$274 million as of September 30, 2025. Note that over the 2026 fiscal year-to-date we made

approximately ~$50 million in payments associated with litigation and transaction-related

expenses that are not representative of Fubo’s underlying cash generation.

●

Expect

Fubo will be Free Cash Flow positive starting Fiscal 2027, and we do not anticipate needing additional outside financing through

Fiscal 2028 based on our current operating plan.

●

Based

on our current operating plan, we have enough cash to fund our business - including debt obligations - and invest in our growth.

We expect to be in a net cash position (cash and cash equivalents exceeding all debt) in Fiscal 2028.

●

Methodically

managed our debt levels while extending our maturities. Today, we have approximately $323 million in debt obligations, with no maturities

until 2029. As of March, our 2029 bonds are trading close to par, which we believe reflects credit investor confidence.

Our

financial stability, which we do not believe is reflected in our stock price, has continued to improve. Importantly, this is a

trajectory that we expect to continue.

am confident in the future of our business. Our financial position provides us with the flexibility to invest, to compete and to serve

our customers at a higher level than at any point in our history.

The

Drivers Behind Our Outlook

believe that our share price has not yet reflected the operational progress we have made nor the intrinsic value of the combined business.

I hope today’s updates help to close that gap. Fubo has a track record of disciplined execution. Prior to the combination, we improved

Net Loss and Adjusted EBITDA by approximately $100 million annually for three consecutive years.

we look ahead, we are applying that same disciplined approach to how we balance growth and profitability for the combined company. While

subscriber growth remains a key long-term driver of value, we are focused on pursuing that growth in an efficient and profitable manner.

In the near term, this means prioritizing margin expansion and sustainable cash flow, which may result in periods of flat or modestly

declining subscriber levels.

“Pre-combination” indicates financial information of fuboTV Inc. on a standalone basis for historical periods prior

to the completion of the Business Combination. See “Basis of Presentation” for more information.

Today,

we are beginning to provide greater visibility into our long-term goal for Adjusted EBITDA for 2028, supported by operational and contractual

drivers.

This

is based firmly on a model grounded in contractual obligations, scale and execution.

the chart below indicates, we have crossed into positive territory on a pro-forma basis. We believe this is only the beginning.

currently expect:

●

Fiscal

2026 Pro Forma Adjusted EBITDA of $80-100 million.

●

Fiscal

2028 Adjusted EBITDA of at least $300 million.

●

Positive

Free Cash Flow in Fiscal 2027 and Fiscal 2028 under our current operating plan.

This

outlook is supported by specific, contractual drivers already in motion.

First,

our 2028 Adjusted EBITDA projection is partially driven by our contractually obligated wholesale fees, which expand meaningfully over

time. During the term of our commercial agreement with Hulu, Fubo receives — in addition to ad revenue — a wholesale

fee at a ratio to Hulu + Live TV’s carriage costs. That ratio is 95% in 2026, increasing to 97.5% in 2027 and reaching 99% in 2028

and beyond.

This

step up is contractual and gives us strong visibility into our earnings profile and expected Adjusted EBITDA expansion.

addition, we believe there is a path to structurally lower content costs over time, which means the potential for lower

subscriber-related expenses and Adjusted EBITDA lift. As legacy Fubo and Hulu + Live TV content agreements come up for renewal, we

plan to align them to optimize for our increased scale.

Our

guidance also includes eventual ad synergies following the migration of the Fubo service’s advertising inventory to the Disney

Ad Server. We are on pace to achieve those synergies.

Reverse

Stock Split

This

brings us to the reverse stock split. As you know, the reverse stock split does not change the fundamentals of a business. It

does not impact Fubo’s cash, operations, or our long-term earnings potential. What it does impact is how the stock is structured

and perceived in the market.

The

decision to initiate the reverse split was driven by a clear objective: to position Fubo for long-term success in the public markets.

Specifically,

the reverse split was designed to:

●

Broaden

the potential investor base to include institutions that are restricted from investing in low priced securities.

●

Attract

long-term, fundamental investors who focus on business performance rather than short-term trading dynamics.

●

Better

align our share count with our market capitalization and earnings per share.

Importantly,

the decision to effectuate a reverse split was a proactive, strategic decision to best position the Company over the long-term.

also want to address a concern we have heard that the reverse stock split signals an intention to issue dilutive, additional equity for

capital raising purposes.

Given

our confidence in the strength of our financial position, we do not currently have any plans to do that. We are operating from

a position of financial strength with the resources to fund our current operations and execute our strategy without a need to raise equity

capital based on our outlook.

Our

focus is on creating value, not diluting it.

Content

Strategy and NBCUniversal

FuboTV

Inc., as a company, continues to offer NBCUniversal (“NBCU”) content through Hulu + Live TV. As a reminder, Hulu +

Live TV operates at a significantly larger scale. While we acknowledge that the Fubo service does not currently include NBCU content,

the impact on the overall Company has been modest. This is because the impact on the Fubo service has been lower than expected. Additionally,

many customers, including existing Fubo subscribers, who seek NBCU content may access that programming through a separate subscription

to Hulu + Live TV.

That

said, we have begun to market Hulu + Live TV to customers of the Fubo service who may prefer Hulu + Live TV’s more comprehensive

channel line-up. We expect to identify additional opportunities to more prominently feature Hulu + Live TV across the Fubo customer journey.

One

of our objectives post the business combination has been to optimize the legacy Fubo service and improve unit economics while expanding

the range of options available to consumers across the combined platform.

For

many years, we have been focused on our path to profitability. As demonstrated by our results, that process is now well underway.

It includes:

●

Optimizing

our channel lineups to deliver value to our customers and drive engagement, relative to the cost of the bundle and unit economics.

●

Expanding

margins to ensure we have the flexibility to reinvest in growth.

the same time, we are continuing to strengthen our content offering across each service.

Recently,

and in time for Opening Day, the Fubo streaming service secured coverage of 17 pro baseball teams. This includes the addition of SNY

in New York, returning all three regional sports networks (“RSNs”) in this leading market, as well as Spectrum SportsNet

LA which gives us LA Dodgers coverage for the first time.

Finally,

I want to speak directly to our retail shareholders.

Given

our combined scale, we remain extremely confident in the opportunity in front of us.

Integrating

two businesses of this scale is not instantaneous; it requires time, coordination, and a deep understanding of how to unlock the value

that we outlined at the outset of this combination. We are working diligently every day to execute against that vision.

deeply value you. Many of you have been with us since the earliest stages of the company, and in many cases, you are both our customers

and shareholders.

will continue to prioritize communication through 8-Ks, press releases, and other updates via our IR website and company social media

channels. We also look forward to sharing more updates with you on our upcoming earnings call.

Thank

you for being with us on this journey, and for your continued support.

Sincerely,

David

Gandler, Co-Founder and CEO

About

FuboTV Inc.

FuboTV

Inc. (NYSE: FUBO) is a consumer-first live TV streaming company with the mission of delivering premium sports, news and

entertainment programming through a best-in-class user experience that offers greater choice, flexibility and value. The sixth

largest Pay TV company in the U.S. (UBS estimates) and ranked among Fast Company’s Most Innovative Companies (2026) and the Financial

Times’ The Americas’ Fastest-Growing Companies (2026, 2025), FuboTV Inc. owns Hulu + Live TV

(entertainment), Fubo (sports) and Molotov (entertainment and sports), which stream in markets around the globe. FuboTV Inc. is an

affiliate of The Walt Disney Company.

Learn

more at https://fubo.tv

Cautionary

Note Regarding Forward-Looking Statements

This

press release contains forward-looking statements of FuboTV Inc. (“Fubo” or the “Company”) that involve substantial

risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact are forward-looking

statements within the meaning of The Private Securities Litigation Reform Act of 1995, including, among others, statements regarding

our business strategy and plans, including growth and profitability priorities, our offerings and the benefits of any expanded product

offerings, the effectiveness of the reverse stock split and the timing and benefits thereof, and the Company’s expected future

financial results, including the Company’s financial outlook and/or guidance and long-term targets, which include Adjusted EBITDA,

Pro Forma Adjusted EBITDA and Free Cash Flow, expectations around our liquidity and debt levels and related capital strategies, potential

ad synergies for the combined company, and expectations about content cost trends. The words “could,” “will,”

“plan,” “intend,” “anticipate,” “approximate,” “expect,” “potential,”

“believe” or the negative of these terms or other similar expressions are intended to identify forward-looking statements,

although not all forward-looking statements contain these identifying words. Actual results or events could differ materially from the

plans, intentions and expectations disclosed in the forward-looking statements that Fubo makes due to a number of important factors,

including but not limited to the following: our ability to achieve or maintain profitability; risks related to our access to capital

and fundraising prospects to fund our financial operations and support our planned business growth; risks related to the integration

of the Hulu Live Business (as defined below); risks related to our organizational structure following completion of the Business Combination

(as defined below); our revenue and gross profit are subject to seasonality; our operating results may fluctuate; our ability to effectively

manage our growth; risks related to the Business Combination; the long-term nature of our content commitments; our ability to renew our

long-term content contracts on sufficiently favorable terms; our ability to attract and retain subscribers; risks related to our commercial

arrangements with Hulu; obligations imposed on us through our agreements with certain distribution partners; our ability to license streaming

content or other rights on acceptable terms; the restrictions imposed by content providers on our distribution and marketing of our products

and services; our reliance on third party platforms to operate certain aspects of our business; risks related to the difficulty in measuring

key metrics related to our business; risks related to preparing and forecasting our financial results; risks related to the highly competitive

nature of our industry; risks related to our technology, as well as cybersecurity and data privacy-related risks; risks related to our

conversion to a Delaware corporation and our status as a “controlled company”; risks related to ongoing or future legal proceedings;

and other risks, including the effects of industry, market, economic, political or regulatory conditions, future exchange and interest

rates, and changes in tax and other laws, regulations, rates and policies. Further risks that could cause actual results to differ materially

from those matters expressed in or implied by such forward-looking statements are discussed in our Quarterly Report on Form 10-Q for

the quarterly period ended December 31, 2025 filed with the SEC, and our other periodic filings with the SEC. We encourage you to read

such risks in detail. The forward-looking statements in this press release represent Fubo’s views as of the date of this press

release. Fubo anticipates that subsequent events and developments will cause its views to change. However, while it may elect to update

these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. You should, therefore,

not rely on these forward-looking statements as representing Fubo’s views as of any date subsequent to the date of this press release.

Basis

of Presentation

October 29, 2025 (the “Closing Date”), the Company, The Walt Disney Company (“Disney”) and Hulu, LLC (“Hulu”)

consummated the transactions contemplated by the Business Combination Agreement, dated as of January 6, 2025, by and among Fubo, Disney

and Hulu, pursuant to which the parties combined Fubo’s existing business with Disney’s Hulu + Live TV business (the “Hulu

Live Business” and, such transactions, collectively, the “Business Combination”).

The

Company has accounted for the Business Combination as a reverse acquisition of the Company using the acquisition method of accounting

in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), with the Hulu Live Business

treated as the accounting acquirer. Accordingly, commencing with the fiscal quarter ended December 31, 2025, the historical combined

carve-out financial statements of the Hulu Live Business are presented as the historical financial statements of the Company. Prior to

the Business Combination, the Hulu Live Business operated as part of Hulu, which is controlled and consolidated by Disney, and, therefore,

its historical financial statements were prepared on a carve-out basis from Disney and Hulu, including allocations of certain corporate

costs, shared services, and assets and liabilities that were not historically operated or financed on a standalone basis.

facilitate comparability between periods, we have included (i) supplemental unaudited financial information for fuboTV Inc. on a standalone

basis for historical periods prior to the completion of the Business Combination as disclosed in the Company’s prior filings with

the SEC and (ii) supplemental unaudited pro forma condensed combined financial information, including Pro Forma Net Income (Loss), giving

effect to the Business Combination as if it had been consummated at the beginning of the twelve months ended September 30, 2025. The

unaudited pro forma condensed combined financial information has been prepared in accordance with U.S. GAAP and Article 11 of Regulation

S-X. The unaudited pro forma condensed combined financial information is based on the historical combined carve-out financial statements

of the Hulu Live Business and the historical consolidated financial statements of Fubo, as adjusted to give effect to the Business Combination

and related transactions. This information is provided for illustrative purposes only and is not necessarily indicative of what the actual

results of operations and financial position would have been had the Business Combination and related transactions taken place on the

dates indicated, nor are they indicative of the future consolidated results of operations or financial position of the combined company.

Prior

to the closing of the Business Combination, the Hulu Live Business’s fiscal year ended on the Saturday closest to September 30,

and the Company’s historical fiscal year end was December 31. Effective as of the Closing Date, the Company changed its fiscal

year end to September 30, with its first full fiscal year following the Closing Date to end on September 30, 2026.

Key

Performance Metrics and Non-GAAP Financial Measures

Pro

Forma Adjusted EBITDA and Adjusted EBITDA

Pro

Forma Adjusted EBITDA and Adjusted EBITDA are non-GAAP financial measures defined as Pro Forma Net Income (Loss) or Net Income (Loss),

respectively, adjusted for depreciation and amortization, impairment of other assets, stock-based compensation, certain litigation and

transaction expenses, other (income) expense, income tax provision (benefit), and certain corporate allocation expenses. Certain litigation

expenses consist of legal expenses and related fees and costs for specific proceedings that we have determined arise outside of the ordinary

course of business and do not consider representative of our underlying operating performance, based on the several considerations which

we assess regularly, including: (1) the frequency of similar cases that have been brought to date, or are expected to be brought in the

future; (2) matter-specific facts and circumstances, such as the unique nature or complexity of the case and/or remedy(ies) sought, including

the size of any monetary damages sought; (3) the counterparty involved; and (4) the extent to which management considers these amounts

for purposes of operating decision-making and in assessing operating performance. Certain transaction expenses consist of professional

advisor costs related to the business combination with Hulu + Live TV. Certain corporate allocation expenses consist of expenses related

to allocations of Hulu and Disney’s corporate executive functions and other services previously provided by Hulu and Disney to

the Hulu Live Business. As many of these corporate functions are redundant to those already existing at Fubo, Fubo expects to incur limited

additional costs to operate as a combined public company that are not based on the commercial arrangements effective as of the Closing

Date.

Free

Cash Flow

Free

Cash Flow is a non-GAAP measure defined as Net cash provided by (used in) operating activities, reduced by capital expenditures (consisting

of purchases of property and equipment), capitalization of internal use software, purchases of intangible assets and gain on settlement

of litigation, net. We believe Free Cash Flow is an important liquidity measure of the cash that is available for operational expenses,

investments in our business, strategic acquisitions, and for certain other activities such as repaying debt obligations and stock repurchases.

Free Cash Flow is a key financial indicator used by management. Free Cash Flow is useful to investors as a liquidity measure because

it measures our ability to generate or use cash. The use of Free Cash Flow as an analytical tool has limitations due to the fact that

it does not represent the residual cash flow available for discretionary expenditures. Because of these limitations, Free Cash Flow should

be considered along with other operating and financial performance measures presented in accordance with GAAP.

Reconciliation

of Key Performance Metrics and Non-GAAP Financial Measures

Certain

measures used in this press release, including Pro Forma Adjusted EBITDA and Adjusted EBITDA, are non-GAAP financial measures. We believe

these are useful financial measures for investors as they are supplemental measures used by management in evaluating our core operating

performance. Our non-GAAP financial measures have limitations as analytical tools, and you should not consider them in isolation or as

a substitute for an analysis of our results under GAAP. There are a number of limitations related to the use of these non-GAAP financial

measures versus their nearest GAAP equivalents. First, these non-GAAP financial measures are not a substitute for GAAP financial measures.

Second, these non-GAAP financial measures may not provide information directly comparable to measures provided by other companies in

our industry, as those other companies may calculate their non-GAAP financial measures differently.

The

following tables include reconciliations of historical Adjusted EBITDA and Pro Forma Adjusted EBITDA used in this press release to Net

Income (Loss) or Pro Forma Net Income (Loss), respectively. The Company is not providing a reconciliation of forward-looking Pro Forma

Adjusted EBITDA or Adjusted EBITDA to Pro Forma Net Income (Loss) or Net Income (Loss), respectively, the most directly comparable GAAP

measures, because the Company does not currently have sufficient information to accurately estimate all of the variables and individual

adjustments for such reconciliation. As such, the Company cannot estimate on a forward-looking basis without unreasonable effort the

impact these variables and individual adjustments will have on its reported results.

Reconciliation

of Net Income (Loss) to Non-GAAP Adjusted EBITDA (TTM)(1)

(in

thousands)

Twelve Months Ended

September 30,

2022

September 30,

2023

September 30,

2024

September 30,

2025

September 30,

2025

Pre-Combination

Pro Forma

Reconciliation of Net Income (Loss) to Adjusted EBITDA

Net income (loss)

$ (424,571 )

$ (317,977 )

$ (207,888 )

$ 120,664

$ (178,026 )

Depreciation and amortization

38,172

35,415

38,234

40,307

185,947

Impairment of other assets

3,813

Stock-based compensation

52,655

49,364

44,373

30,722

53,655

Non-GAAP one-time non-cash operating expenses

(1,162 )

Certain litigation and transaction expenses

19,598

32,600

70,374

Other (income) expense

15,205

7,815

(21,835 )

(212,492 )

(222,248 )

Income tax provision (benefit)

(2,098 )

(998 )

1,857

997

Certain corporate allocation expenses

144,005

Adjusted EBITDA

(321,799 )

(226,305 )

(127,508 )

17,471

58,517

(1)

“Pre-combination” indicates financial information of fuboTV Inc. on a standalone basis for historical periods prior to the

completion of the Business Combination. See “Basis of Presentation” for more information.

# #

Investor

Contacts

Ameet

Padte, Fubo

ameet@fubo.tv

Media

Contacts

Jennifer

L. Press, Fubo

jpress@fubo.tv

Bianca

Illion, Fubo

billion@fubo.tv

EX-99.2

Filename: ex99-2.htm · Sequence: 3

Exhibit

99.2

April

6, 2026

Dear

Fellow Shareholders,

FuboTV

Inc. is in the strongest financial position in our history based on our current outlook. We expect to deliver between $80

and $100 million in Pro Forma Adjusted EBITDA in Fiscal 2026, and are targeting at least $300 million in Adjusted EBITDA1

in Fiscal 2028. We also believe we will be Free Cash Flow1 positive starting Fiscal 2027, if not sooner, and are projecting

to end this fiscal year (YE September 2026) with at least $200 million in cash and cash equivalents.

● Generated

Pro Forma Net Loss of $(178) million and Pro Forma Adjusted EBITDA of $59 million in Fiscal

2025.

● Projecting

to grow Adjusted EBITDA at a compounded annual growth rate (CAGR) of more than 80% based

on the midpoint of our Fiscal 2026 Pro Forma Adjusted EBITDA guidance range ($90 million)

and our Fiscal 2028 Adjusted EBITDA target (at least $300 million).

● Projecting

to end this fiscal year (YE September 2026) with at least $200 million in cash and cash equivalents,

compared to Fubo pre-combination2 cash and cash equivalents balance of

$274 million as of September 30, 2025. Note that over the 2026 fiscal year-to-date we made

approximately ~$50 million in payments associated with litigation and transaction-related

expenses that are not representative of Fubo’s underlying cash generation.

● Expect

Fubo will be Free Cash Flow positive starting Fiscal 2027, and we do not anticipate needing

additional outside financing through Fiscal 2028 based on our current operating plan.

● Based

on our current operating plan, we have enough cash to fund our business - including debt

obligations - and invest in our growth. We expect to be in a net cash position (cash and

cash equivalents exceeding all debt) in Fiscal 2028.

● Methodically

managed our debt levels while extending our maturities. Today, we have approximately $323

million in debt obligations, with no maturities until 2029. As of March, our 2029 bonds are

trading close to par, which we believe reflects credit investor confidence.

Pro Forma Adjusted EBITDA, Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures. For a reconciliation of

these measures to the most directly comparable U.S. GAAP financial measures, Pro Forma Net Income (Loss) (prepared in accordance

with Article 11 of Regulation S-X) and Net Income (Loss) from Continuing Operations and net cash provided by (used in) operating activities,

respectively, for historical periods, please refer to the “Reconciliation of Key Performance Metrics and Non-GAAP Financial Measures”

section of this letter. The Company is not providing a reconciliation of forward-looking Pro Forma Adjusted EBITDA, Adjusted EBITDA

or Free Cash Flow to the most directly comparable U.S. GAAP measures because the Company does not currently have sufficient information

to accurately estimate all of the variables and individual adjustments for such reconciliation. As such, the Company cannot estimate

on a forward-looking basis without unreasonable effort the impact these variables and individual adjustments will have on its reported

results. See also “Basis of Presentation” and “Key Performance Metrics and Non-GAAP Financial Measures.”

“Pre-combination” indicates financial information of fuboTV Inc. on a standalone basis for historical periods prior to the

completion of the Business Combination. See “Basis of Presentation” for more information.

Our

financial stability, which we do not believe is reflected in our stock price, has continued to improve. Importantly, this is a

trajectory that we expect to continue.

am confident in the future of our business. Our financial position provides us with the flexibility to invest, to compete and to serve

our customers at a higher level than at any point in our history.

The

Drivers Behind Our Outlook

believe that our share price has not yet reflected the operational progress we have made nor the intrinsic value of the combined business.

I hope today’s updates help to close that gap. Fubo has a track record of disciplined execution. Prior to the combination, we improved

Net Loss and Adjusted EBITDA by approximately $100 million annually for three consecutive years.

we look ahead, we are applying that same disciplined approach to how we balance growth and profitability for the combined company. While

subscriber growth remains a key long-term driver of value, we are focused on pursuing that growth in an efficient and profitable manner.

In the near term, this means prioritizing margin expansion and sustainable cash flow, which may result in periods of flat or modestly

declining subscriber levels.

Today,

we are beginning to provide greater visibility into our long-term goal for Adjusted EBITDA for 2028, supported by operational and contractual

drivers.

This

is based firmly on a model grounded in contractual obligations, scale and execution.

the chart below indicates, we have crossed into positive territory on a pro-forma basis. We believe this is only the beginning.

currently expect:

● Fiscal

2026 Pro Forma Adjusted EBITDA of $80-100 million.

● Fiscal

2028 Adjusted EBITDA of at least $300 million.

● Positive

Free Cash Flow in Fiscal 2027 and Fiscal 2028 under our current operating plan.

This

outlook is supported by specific, contractual drivers already in motion.

First,

our 2028 Adjusted EBITDA projection is partially driven by our contractually obligated wholesale fees, which expand meaningfully over

time. During the term of our commercial agreement with Hulu, Fubo receives — in addition to ad revenue — a wholesale

fee at a ratio to Hulu + Live TV’s carriage costs. That ratio is 95% in 2026, increasing to 97.5% in 2027 and reaching 99% in 2028

and beyond.

This

step up is contractual and gives us strong visibility into our earnings profile and expected Adjusted EBITDA expansion.

addition, we believe there is a path to structurally lower content costs over time, which means the potential for lower

subscriber-related expenses and Adjusted EBITDA lift. As legacy Fubo and Hulu + Live TV content agreements come up for renewal, we

plan to align them to optimize for our increased scale.

Our

guidance also includes eventual ad synergies following the migration of the Fubo service’s advertising inventory to the Disney

Ad Server. We are on pace to achieve those synergies.

Reverse

Stock Split

This

brings us to the reverse stock split. As you know, the reverse stock split does not change the fundamentals of a business. It

does not impact Fubo’s cash, operations, or our long-term earnings potential. What it does impact is how the stock is structured

and perceived in the market.

The

decision to initiate the reverse split was driven by a clear objective: to position Fubo for long-term success in the public markets.

Specifically,

the reverse split was designed to:

● Broaden

the potential investor base to include institutions that are restricted from investing in

low priced securities.

● Attract

long-term, fundamental investors who focus on business performance rather than short-term

trading dynamics.

● Better

align our share count with our market capitalization and earnings per share.

Importantly,

the decision to effectuate a reverse split was a proactive, strategic decision to best position the Company over the long-term.

also want to address a concern we have heard that the reverse stock split signals an intention to issue dilutive, additional equity for

capital raising purposes.

Given our confidence in the strength of our financial position, we do not currently have any

plans to do that. We are operating from a position of financial strength with the resources to fund our current operations and execute

our strategy without a need to raise equity capital based on our outlook.

Our focus is on creating value, not diluting it.

Content Strategy and NBCUniversal

FuboTV

Inc., as a company, continues to offer NBCUniversal (“NBCU”) content through Hulu + Live TV. As a reminder, Hulu +

Live TV operates at a significantly larger scale. While we acknowledge that the Fubo service does not currently include NBCU content,

the impact on the overall Company has been modest. This is because the impact on the Fubo service has been lower than expected. Additionally,

many customers, including existing Fubo subscribers, who seek NBCU content may access that programming through a separate subscription

to Hulu + Live TV.

That

said, we have begun to market Hulu + Live TV to customers of the Fubo service who may prefer Hulu + Live TV’s more comprehensive

channel line-up. We expect to identify additional opportunities to more prominently feature Hulu + Live TV across the Fubo customer journey.

One

of our objectives post the business combination has been to optimize the legacy Fubo service and improve unit economics while expanding

the range of options available to consumers across the combined platform.

For

many years, we have been focused on our path to profitability. As demonstrated by our results, that process is now well underway.

It includes:

● Optimizing

our channel lineups to deliver value to our customers and drive engagement, relative to the

cost of the bundle and unit economics.

● Expanding

margins to ensure we have the flexibility to reinvest in growth.

the same time, we are continuing to strengthen our content offering across each service.

Recently, and in time for Opening Day, the Fubo streaming service secured coverage of 17 pro baseball teams. This includes the

addition of SNY in New York, returning all three regional sports networks (“RSNs”) in this leading market, as well

as Spectrum SportsNet LA which gives us LA Dodgers coverage for the first time.

Finally, I want to speak directly to our retail shareholders.

Given

our combined scale, we remain extremely confident in the opportunity in front of us.

Integrating

two businesses of this scale is not instantaneous; it requires time, coordination, and a deep understanding of how to unlock the value

that we outlined at the outset of this combination. We are working diligently every day to execute against that vision.

deeply value you. Many of you have been with us since the earliest stages of the company, and in many cases, you are both our customers

and shareholders.

will continue to prioritize communication through 8-Ks, press releases, and other updates via our IR website and company social media

channels. We also look forward to sharing more updates with you on our upcoming earnings call.

Thank

you for being with us on this journey, and for your continued support.

Sincerely,

David

Gandler, Co-Founder and CEO

About

FuboTV Inc.

FuboTV

Inc. (NYSE: FUBO) is a consumer-first live TV streaming company with the mission of delivering premium sports, news and

entertainment programming through a best-in-class user experience that offers greater choice, flexibility and value. The sixth

largest Pay TV company in the U.S. (UBS estimates) and ranked among Fast Company’s Most Innovative Companies (2026)

and the Financial Times’ The Americas’ Fastest-Growing Companies (2026, 2025), FuboTV Inc. owns Hulu +

Live TV (entertainment), Fubo (sports) and Molotov (entertainment and sports), which stream in markets around the globe. FuboTV Inc.

is an affiliate of The Walt Disney Company.

Learn

more at https://fubo.tv

Cautionary

Note Regarding Forward-Looking Statements

This

letter contains forward-looking statements of FuboTV Inc. (“Fubo” or the “Company”) that involve substantial

risks and uncertainties. All statements contained in this letter that do not relate to matters of historical fact are forward-looking