Fox Repeats Tubi’s Long-Term 20% Margin Goal After Revenue Rose 35%

Fox Executive Chair and CEO Lachlan Murdoch reiterated Tubi’s long-term goal of reaching a margin in the 20% range as the service posted 35% revenue growth in the fiscal first quarter.

Murdoch said Tubi could become “a 20% sort of range margin business once it reaches further maturity.” He gave no timetable and did not specify which margin measure he meant. Fox had previously discussed a long-range Tubi margin of 20% to 25% in an EBITDA context, so the latest comment restated an existing aim rather than setting a newly dated forecast.

Tubi’s revenue grew 35% year over year, while total viewing time rose 23% in the three months ended Sept. 30, 2026. Fox’s quarter included $4.571 billion in revenue, a 22% increase, and $1.641 billion in adjusted EBITDA, up 54%.

Murdoch put the share of recent FOX One sign-ups without cable at roughly 97%. The estimate applies to new subscribers, not the service’s entire subscriber base. Fox’s cable distribution revenue increased 10%, with affiliate-renewal pricing and a net subscriber gain contributing to the growth. Management also credited FOX One with a positive contribution to subscriber growth.

Murdoch cautioned that FOX One additions may vary with sports seasons and might not always offset declines in traditional distribution. The results follow TokenPost’s Oct. 30 preview of earnings estimates for Fox’s fiscal first quarter.