Free cash flow remains deeply negative, with a significant $212.2 million cash burn in 2026Q1 highlighting a fundamental misalignment between accounting results and operational cash generation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | -453.52M | -166.36M | -79.48M | -177.62M | -316.7M | -192.6M | -149.02M | 1.73M | -3.15M | -612K | -579K | -914.69K | -462.87K | -131.37K | -103.7K | -155.07K |
| Operating CF Margin % | - | -6.11% | -4.9% | -12.98% | -31.4% | -30.17% | -68.44% | 40.53% | - | -1492.68% | -2412.5% | -94.87% | -58.56% | -10.97% | - | - |
| Operating CF Growth % | -4221.26% | -109.31% | 55.25% | 43.91% | -64.43% | -29.25% | -8708.78% | 154.9% | -415.2% | -5.7% | 36.7% | -97.61% | -252.34% | -26.68% | 33.13% | - |
| Net Income | -34.97M | -156.28M | -177.78M | -293.1M | -425.05M | -351.79M | -599.39M | -38.13M | -13.09M | 10.47M | -10.14M | -7.61M | -2.68M | -430.01K | -141.36K | -311.64K |
| Depreciation & Amortization | 84.25M | 0 | 42.54M | 39.62M | 39.81M | 38.62M | 44.65M | 20.96M | 8.22M | 188B | 2K | 859 | 3.14K | 2.62K | 2.46K | 642 |
| Stock-Based Compensation | 40.24M | 0 | 42.51M | 51.22M | 52.45M | 53.15M | 50.74M | 1.12M | 3.75M | 410K | 319K | 1.94M | 2.26M | 0 | 0 | 0 |
| Deferred Taxes | -2.85M | 0 | 218K | -995K | -1.67M | -2.68M | -9.66M | -5.27M | -2.11M | 0 | 8.53M | 4.01M | -2.26M | 0 | 0 | 0 |
| Other Non-Cash Items | -8.11M | -8.08M | -30.07M | -2.92M | -21.58M | -6.27M | 370.46M | 11.26M | 5.35M | -188.01B | 79K | 787.8K | 2.26M | 342.93K | 35.2K | 0 |
| Working Capital Changes | -514.87M | -2M | 43.11M | 28.55M | 39.33M | 76.36M | -5.82M | 11.79M | 600K | 177K | 623K | -40.35K | -53.31K | -46.92K | 35.2K | 155.93K |
| Change in Receivables | -550.68M | -2M | 9.03M | -36.2M | -9.78M | -15.06M | -12.59M | 7.71M | 0 | 10K | -11K | 11.25K | -11.25K | -58.34K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 56.53M | 0 | 0 | 0 | 103K | 492K | 6.76K | 0 | 69.55K | 0 | 0 |
| Change in Payables | -7.26M | 0 | -5.75M | 6.63M | 12.01M | 9.42M | -39.14M | 5.48M | 183K | 67K | 88K | 5.34K | -67.18K | -58.34K | 0 | 0 |
| Cash from Investing | 255.54M | 0 | -15.84M | -25.42M | -12.42M | -76.17M | -1.46M | 1.51M | 211.5M | -6K | 180K | -250K | -51.2K | -206.22K | -840 | -18.2K |
| Capital Expenditures | 2.38M | 0 | -2.73M | -1.07M | -5.99M | -13.48M | -166K | -175K | 0 | -6K | 0 | 0 | -1.2K | 0 | -840 | -18.2K |
| CapEx % of Revenue | 0.06% | - | 0.17% | 0.08% | 0.59% | 2.11% | 0.08% | 4.1% | - | 14.63% | - | - | 0.15% | - | - | - |
| Acquisitions | 268.06M | 0 | 0 | 0 | 0 | -22.89M | 8.75M | 1.96M | 211.5M | 0 | 180K | 0 | 0 | 28.78K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -14.9M | 0 | -13.11M | -20.85M | -6.44M | -39.8M | -10.04M | 74K | 0 | -6K | 180B | -250K | -50K | 50K | -840 | 0 |
| Cash from Financing | 394.47M | 166.36M | 11.46M | 111.23M | 296.27M | 511.96M | 279.07M | 4.35M | 3.11M | 618K | 452K | 1.05M | 538.84K | 470.05K | 53.3K | 170.09K |
| Debt Issued (Net) | -255K | 0 | -26.97M | -3.75M | -1.68M | 364.74M | -2.66M | 42K | -23K | 443K | -167K | 704K | 215.34K | 0 | 4.8K | 0 |
| Equity Issued (Net) | -2.47M | 0 | 43.3M | 116.89M | 292.12M | 140.45M | 278.2M | 4.04M | 3.13M | 175K | 260K | 349K | 197.5K | 422.5K | 48.5K | 170.09K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 435.35M | 166.36M | -4.86M | -1.9M | 5.83M | 6.78M | 3.53M | 267K | 0 | 0 | 359K | 0 | 126K | 47.55K | 0 | 0 |
| Net Change in Cash | -83.8M | 284.84M | -83.85M | -91.81M | -32.85M | 243.19M | 128.6M | 7.59M | -46K | 0 | 53K | -112.11K | 24.77K | 132.46K | -51.25K | -3.18K |
| Free Cash Flow | -454.48M | -166.36M | -95.31M | -178.69M | -322.69M | -206.08M | -149.23M | 1.31M | -3.15M | -618K | -579K | -914.69K | -464.07K | -131.37K | -104.54K | -173.28K |
| FCF Margin % | -11.71% | -6.11% | -5.87% | -13.06% | -31.99% | -32.28% | -68.53% | 30.58% | - | -1507.32% | -2412.5% | -94.87% | -58.71% | -10.97% | - | - |
| FCF Growth % | -423.48% | -74.54% | 46.66% | 44.62% | -56.58% | -38.1% | -11526.42% | 141.42% | -410.19% | -6.74% | 36.7% | -97.1% | -253.26% | -25.66% | 39.67% | - |
| FCF per Share | -14.80 | -5.72 | -3.58 | -7.76 | -21.22 | -17.99 | -3.35 | 0.06 | -0.24 | -0.29 | -512.39 | -2931.71 | -2578.17 | -1275.43 | -1055.99 | -1750.25 |
| FCF Conversion (FCF/Net Income) | 13.00x | -1.07x | 0.46x | 0.62x | 0.56x | 0.50x | 0.26x | -0.05x | 0.30x | -0.06x | 0.06x | 0.12x | 0.18x | 0.31x | 0.74x | 0.50x |
| Interest Paid | 9.81M | 0 | 0 | 0 | 0 | 0 | 5.37M | 170K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 881K | 0 | 251K | 258K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Content cost liquidity drain
According to recent financial disclosures, FUBO exhibits a chronic inability to convert net income into operating cash, evidenced by a massive $212.1 million cash outflow in 2026Q1 despite a reported net loss, highlighting a fundamental misalignment between accounting profitability and the actual cash-generating capacity of the business.
The wide variance between net income and operating cash flow suggests that the company's accrual-based earnings are heavily influenced by non-cash items or timing differences that do not translate into liquidity. Investors should monitor this divergence closely, as it indicates that the business model remains structurally dependent on external financing rather than internal cash generation.
As reported in quarterly filings, FUBO's free cash flow trajectory remains deeply negative, with the company burning $212.2 million in 2026Q1 alone, a trend that underscores the persistent difficulty in achieving self-sustaining operations while managing high-cost content licensing obligations and significant subscriber acquisition expenses.
The consistent failure to generate positive free cash flow suggests that the company's current scale is insufficient to cover its fixed content commitments. This trajectory warrants further investigation into whether the company can reach a cash-flow-positive state before its existing liquidity reserves are fully depleted.
Based on the provided cash flow statements, FUBO's working capital dynamics are highly erratic, with a significant $248.2 million outflow in 2026Q1, suggesting that the timing of content payments and subscriber collections creates substantial, unpredictable pressure on the company's available cash position throughout the fiscal year.
The extreme swings in working capital appear to be driven by the lumpy nature of content licensing prepayments, which often precede the actual delivery of content or the collection of subscription revenue. This volatility complicates cash management and suggests that the company's liquidity is highly sensitive to the specific timing of major media rights renewals.
Analysis of the cash flow statement reveals that stock-based compensation and capitalized costs frequently mask the true extent of cash burn, as evidenced by consistent SBC figures exceeding $10 million per quarter, which effectively dilutes shareholders while failing to offset the underlying operational cash deficits reported by the firm.
By relying on non-cash adjustments to manage the optics of its financial performance, the company obscures the actual cash cost of its human capital and operational infrastructure. Investors should be wary of these adjustments, as they do not mitigate the fundamental reality that the company is consuming cash at an unsustainable rate.
Quick answers to the most common questions about buying FUBO stock.
fuboTV Inc. (FUBO) generated $-166.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
fuboTV Inc. (FUBO) reported negative free cash flow of $166.4M in 2025, indicating capital requirements exceeded cash from operations.
fuboTV Inc. (FUBO) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.