fuboTV Inc. (FUBO) Balance Sheet

The one-quarter jump in assets appears to be the balance-sheet counterpart of the inorganic revenue step-up flagged in the income statement, which means the apparent strengthening in scale should not be read as internally generated business quality. Equity's non-linear path, dipping to $275.5M at the deal quarter before tripling to $812.0M in 2026Q1, suggests issuance or accounting entries rather than retained profit accumulation, since operating losses persisted throughout. Net of that, the balance sheet is larger but not obviously stronger, and investors should monitor whether subsequent quarters show organic asset and equity build rather than further revaluation effects.

At roughly 10% of total assets, absolute leverage looks conservative on paper and the ratio has improved mainly because equity was restated upward rather than because debt was aggressively repaid. However, the $230.3M cash balance now sits well below the $402.7M debt load, and with cumulative operating cash outflow near $788.8M over the ten reported quarters, the low D/E may reflect limited appetite among lenders as much as deliberate conservatism. Any renewed draw on debt to fund the working-capital absorption seen in 2026Q2 would quickly alter this profile, so the durability of the 0.15 ratio warrants monitoring.

The goodwill share of assets has risen from approximately 52% in 2025Q3 ($631.1M against $1.2B) even as net PPE drifted from $39.7M to $37.9M, implying the enlarged asset base contributes little tangible productive capacity. Combined with capex of $9.1M versus depreciation and amortization of $98.6M in 2026Q2, the reinvestment rate appears far below asset consumption, which may indicate an increasingly asset-light cost structure but equally a under-maintained one. Because most of what cushions liabilities is intangible, the quality of that cushion depends entirely on whether the acquired revenue base holds its margin, which the current 7.9% gross margin does not yet confirm.

Retained earnings moving from approximately -$1.9B through 2025Q3 to -$6.0M in 2025Q4, and then to -$16.3M by 2026Q2, cannot plausibly be explained by operating results given ten consecutive quarters of negative operating income, so it likely reflects a recapitalization, reclassification, or valuation-related entry that investors should reconcile against the filings. The practical implication is that book equity of $813.4M may overstate the cushion built from trading profits, since no dividends or buybacks have been paid across the period and losses resumed after the reset. Quality of equity therefore rests on the sustainability of that credit rather than on demonstrated earnings retention.

A current ratio of 1.00 compares reasonably with WBD at 1.06 but is far below FOXA's 3.17, and the improvement from 0.69 in 2025Q3 stems largely from the enlarged asset base rather than from stronger current-asset coverage. The more telling signal is that cash has nearly halved in two quarters while working capital consumed $485.1M of operating cash in 2026Q2 alone; if that absorption were to repeat, the existing cash balance might not cover a single comparable quarter. Liquidity should therefore be treated as adequate today but sensitive to any renewal of the seasonal or acquisition-related working-capital pattern seen in recent filings.