A closer look at FuboTV’s recent financials reveals an important nuance that headlines often miss: the business was operationally profitable when excluding extraordinary legal expenses.
In Q4, Fubo reported a GAAP net loss, but that figure was heavily impacted by one-time litigation and legal costs related to ongoing disputes and strategic transactions. When those costs are removed, Fubo’s adjusted EBITDA turns positive, indicating that the core business — subscriber revenue, advertising, and content economics — is generating profit.
This distinction matters. Legal expenses are non-recurring and not tied to day-to-day operations. By contrast, adjusted EBITDA reflects whether the underlying business model works. In Fubo’s case, it does.
The takeaway is straightforward:
Fubo’s losses were not driven by a broken business model, but by temporary legal overhead. As those expenses normalize, reported profitability should more closely reflect the company’s improving operational fundamentals.
For investors and observers focused on sustainability rather than short-term noise, that’s a meaningful signal.