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Equity-Based Compensation | 3 Months Ended
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Dec. 31, 2025
Equity [Abstract] |
Equity-Based Compensation | Equity-Based Compensation Stock-Based Compensation The Company recognized stock-based compensation expense as follows (in thousands):
|  |  | Three Months Ended
|  |  |  |  | December 31, 2025 |  | December 28, 2024
Subscriber related |  |  |  |  | $ | 48 |  |  | $ | — |
Sales and marketing |  |  |  |  | 3,014 |  |  | — |
Technology and development |  |  |  |  | 1,986 |  |  | — |
General and administrative |  |  |  |  | 7,647 |  |  | — |
Total stock-based compensation expense |  |  |  |  | $ | 12,695 |  |  | $ | — |
Equity Incentive Plans On April 1, 2020, Fubo's board of directors approved the establishment of the 2020 Equity Incentive Plan, as subsequently amended (the “2020 Plan”). The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares to its employees, directors and consultants. As of December 31, 2025, there are 16,127,543 shares available for future issuance under the 2020 Plan. On August 3, 2022, August 7, 2023, August 5, 2024 and August 8, 2025, Fubo's board of directors adopted the 2022 Employment Inducement Equity Incentive Plan ("2022 Plan"), the 2023 Employment Inducement Equity Incentive Plan ("2023 Plan"), the 2024 Employment Inducement Equity Incentive Plan ("2024 Plan") and the 2025 Employment Inducement Equity Incentive Plan (the “2025 Plan” and, collectively, the "Inducement Plans"), respectively, in each case without shareholder approval pursuant to Rule 303A.08 of the New York Stock Exchange Listed Company Manual. The Inducement Plans provide for the grant of equity-based awards, including non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares, and their terms are substantially similar to the 2020 Plan, with the exception that awards can only be made to new employees in connection with their commencement of employment. As of December 31, 2025, there are no shares available for future issuance under the 2022 Plan, 2023 Plan and 2024 Plan, and there are 2,925,680 shares available for future issuance under the 2025 Plan. Time-Based Stock Options A summary of time-based stock option activity for the three months ended December 31, 2025 is as follows (in thousands, except share and per share amounts):
| Number of Shares |  | Weighted Average Exercise Price |  | Total Intrinsic Value |  | Weighted Average Remaining Contractual Life (Years)
Outstanding as of September 27, 2025 | — |  |  | $ | — |  |  | $ | — |  |  | N/A
Assumed from Fubo | 7,861,967 |  |  | $ | 7.55 |  |  | $ | 2,755 |  |  | 3.9
Exercised | (28,004) |  |  | $ | 1.25 |  |  |  |  |
Forfeited or expired | (531,250) |  |  | $ | 10.44 |  |  |  |  |
Outstanding as of December 31, 2025 | 7,302,713 |  |  | $ | 7.36 |  |  | $ | 999 |  |  | 3.3
Options vested and exercisable as of December 31, 2025 | 6,984,568 |  |  | $ | 7.62 |  |  | $ | 840 |  |  | 4.2
There were no options granted during the three months ended December 31, 2025 and December 28, 2024. As of December 31, 2025, the estimated value of unrecognized stock-based compensation expense related to unvested options was approximately $0.2 million to be recognized over a weighted average period of 1.2 years. Market and Service Condition Based Stock Options A summary of activity under the 2020 Plan for market and service-based stock options for the three months ended December 31, 2025 is as follows (in thousands, except share and per share amounts):
| Number of Shares |  | Weighted Average Exercise Price |  | Total Intrinsic Value |  | Weighted Average Remaining Contractual Life (Years)
Outstanding as of September 27, 2025 | — |  |  | $ | — |  |  | $ | — |  |  | N/A
Assumed from Fubo | 4,453,297 |  |  | $ | 12.75 |  |  | $ | — |  |  | 1.8
Outstanding as of December 31, 2025 | 4,453,297 |  |  | $ | 12.75 |  |  | $ | — |  |  | 1.7
Options vested and exercisable as of December 31, 2025 | 4,453,297 |  |  | $ | 12.75 |  |  | $ | — |  |  | 1.7
There were no market and service-based options granted during the three months ended December 31, 2025 and December 28, 2024. As of December 31, 2025, there was no unrecognized stock-based compensation expense for market and service-based stock options. Performance-Based Stock Options On October 8, 2020, the Company granted the CEO a performance stock option to purchase 4,100,000 shares of common stock, with an exercise price of $10.00, subject to the achievement of certain predetermined performance goals. On April 20, 2023, the Company amended the award to modify the vesting conditions with respect to the 3,280,000 options that remained unvested as of the amendment date (the "Amended Options"), which became eligible to vest on February 20, 2026 (the "Vesting Date") subject to the achievement of certain amended performance goals. In connection with the Business Combination, the Amended Options were earned at the target performance level and will vest on the Vesting Date, subject to continued service. Compensation cost related to the Amended Options is recognized over the requisite service period for the amended award beginning on the amendment date and ending on the Vesting Date based on the probability of achievement of the Performance Criteria. The fair value of the Amended Options as of the amendment date totaled $1.2 million. The Amended Options are subject to acceleration upon certain events and conditions, including a change of control and qualifying terminations, and upon death, disability, and certain “good leaver” circumstances. Time-Based Restricted Stock Units A summary of the Company’s time-based restricted stock unit activity during the three months ended December 31, 2025 is as follows:
| Number of Shares |  | Weighted Average Grant-Date Fair Value
Unvested at September 27, 2025 | — |  |  | N/A
Assumed from Fubo | 34,636,138 |  |  | $ | 2.60 |
Granted | 4,403,744 |  |  | $ | 3.69 |
Vested | (9,168,762) |  |  | $ | 3.09 |
Forfeited or expired | (239,061) |  |  | $ | 1.84 |
Unvested at December 31, 2025 | 29,632,059 |  |  | $ | 2.62 |
During the three months ended December 31, 2025, the Company granted 4,403,744 time-based restricted stock units. The fair value of restricted stock units is measured based on their fair value at grant date which totaled approximately $16.2 million. As of December 31, 2025, the unrecognized stock-based compensation expense related to time-based restricted stock units totaled $72.1 million to be recognized over a weighted average period of 2.8 years and had an aggregate intrinsic value of approximately $74.7 million. Performance-Based Restricted Stock Units ("PRSUs") A summary of the Company’s performance-based restricted stock unit activity during the three months ended December 31, 2025 is as follows:
| Number of Shares |  | Weighted Average Grant-Date Fair Value
Unvested at September 27, 2025 | — |  |  | N/A
Assumed from Fubo | 4,295,101 |  |  | $ | 4.85 |
Granted | 1,556,447 |  |  | $ | 3.69 |
Unvested at December 31, 2025 | 5,851,548 |  |  | $ | 4.54 |
During the three months ended December 31, 2025, the Company granted an aggregate of 1,556,447 PRSUs with a grant date fair value of $5.7 million to certain executives. Compensation cost related to the target PRSUs will be recognized over the requisite service period. During the three months ended December 31, 2025, the Company recognized aggregate stock-based compensation expense of $1.2 million, related to these PRSUs. As of December 31, 2025, aggregate unrecognized stock-based compensation related to these PRSUs totaled $2.3 million. There was no stock-based compensation expense related to the PRSUs recognized during the three months ended December 28, 2024. Market and Service Condition Based Restricted Stock Units A summary of the Company’s market and service-based restricted stock unit activity during the three months ended December 31, 2025 is as follows:
| Number of Shares |  | Weighted Average Grant-Date Fair Value
Unvested at September 27, 2025 | — |  |  | N/A
Assumed from Fubo | 1,304,802 |  |  | $ | 2.81 |
Unvested at December 31, 2025 | 1,304,802 |  |  | $ | 2.81 |
During the three months ended December 31, 2025, there were no market and service condition based restricted stock units granted. Compensation cost related to the market and service condition based restricted stock units will be recognized over the requisite service period. During the three months ended December 31, 2025, the Company recognized $0.2 million of the stock-based compensation expense related to market and service-based restricted stock units. As of December 31, 2025, aggregate unrecognized stock-based compensation related to these restricted stock units totaled $3.0 million.

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