fuboTV Inc. (FUBO) Cash Flow Statement

With add-backs of $98.6M in D&A and $32.4M in stock-based compensation, operating cash should have diverged modestly above the net loss; instead it fell roughly $391M further out the door, which suggests the cash leakage sits in accrual movements rather than in the P&L. The pattern is not confined to one quarter — the OCF/NI ratio has exceeded 30x in three of the last four periods — so the interpretation that accounting losses understate underlying cash consumption warrants further investigation against the working capital lines.

Free cash flow has been negative in eight of the last ten quarters, and the two positive quarters (2024Q4 and 2025Q1) coincide with working capital inflows rather than operating improvement, implying the headline recovery was timing-driven. The trajectory now deteriorates in magnitude — -$200.8M, -$212.2M, then -$426.2M over the last three quarters — which, read alongside the decelerating organic revenue growth flagged in the income statement work, suggests scale has not translated into cash breakeven.

The reversal from consistent working capital releases in 2024 to increasingly large draws from 2025Q2 onward tracks the revenue step-change, which may indicate that content and rights obligations, subscriber receivables, or payables timing scale faster than collections at the enlarged revenue base. Because the draw accelerates from -$215.8M to -$485.1M in sequential quarters, investors should monitor whether this is a one-time integration-cycle distortion or a structural feature of the post-acquisition business model.

Capital intensity has never exceeded 0.9% of revenue across the ten quarters shown, so free cash flow is effectively operating cash flow less a rounding error, meaning the entire FCF problem is an operating-cycle problem rather than a capital-spending one. The D&A-to-capex spread widened sharply only after 2025Q4, which appears consistent with amortization of intangibles recognized in the acquisition rather than physical asset wear, though that attribution warrants confirmation from the intangibles note.

The complete absence of distributions alongside persistent operating losses implies capital is being retained strictly for survival and inorganic expansion, which is a defensible posture but offers shareholders no cash-based validation of the business model. The recurrence of an identical $268.1M acquisition figure in two separate quarters is unusual and, taken with the simultaneous working capital deterioration, suggests cash is being committed on multiple fronts at once — a concentration investors should monitor given the absence of any offsetting returns.

The earnings line is flattered by a single $188.5M net income print in 2025Q1 that was never matched by cash — operating cash flow that quarter was $161.4M and was itself boosted by a $45.9M working capital draw — while nine of ten periods posted operating deficits. Because the divergence appears to be widening rather than closing, the cumulative gap may not represent a timing distortion that reverses, and profitability metrics for FUBO may need to be discounted when assessing solvency runway.