# Fox Repeats Tubi’s Long-Term 20% Margin Goal After Revenue Rose 35% By John Kim Canonical URL: https://www.tokenpost.com/news/business/47071 Published: 2026-11-03T00:04:44.000Z Updated: 2026-11-03T00:04:44.000Z Section: Business > Murdoch estimated that about 97% of new FOX One subscribers do not have a cable subscription; Tubi’s total viewing time rose 23% in the quarter ended Sept. 30. 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](). ## Links in this article - [Oct. 30 preview of earnings estimates for Fox’s fiscal first quarter](https://www.tokenpost.com/news/business/44959)