Now here's a topic that's been debated to death over the years. There are a couple of different ways you can look at it.
If you do cardio without fueling up first - you are forcing your body to use it's glycogen stores up first for energy. Then when they are gone it starts using your other stored energy sources - fat and muscle. Hopefully you'll use more fat than muscle.
Another thought on this is to treat cardio as any other workout - feed it. Fuel up first, refuel after. This allows you to work the muscles used - (remember cardio works the muscles too because fat don't flex) without catabolizing them as badly.
The truth is - both ways actually lead to
fat loss. So does a long walk, a medium run,
high intensity intervals, short very high intense (like max ot cardio) sessions. They all work.
Try one way for a while, then try another. Evaluate your results honestly. Use what works best for your body.