Fox’s Tubi streaming service recorded a 35% revenue gain in its fiscal first quarter, while Fox CEO Lachlan Murdoch left its long-term margin ambition without a deadline or defined measure.
Murdoch said Tubi may eventually operate near a 20% margin as it matures. He did not set a date for that possibility. The 35% revenue rise and 23% increase in viewing time describe separate sides of the service: sales and audience use. Neither figure directly measures Tubi’s profitability.
Earlier Fox comments put Tubi’s longer-range margin aim between 20% and 25%, using EBITDA as the reference. Murdoch’s latest remarks return to a figure near 20%, without a target date or a stated calculation method.
For the fiscal quarter ending Sept. 30, 2026, Fox reported companywide revenue of $4.571 billion, 22% above a year earlier. Adjusted EBITDA reached $1.641 billion, up 54%, but those group results do not establish Tubi’s own margin.
Murdoch estimated that roughly 97% of new FOX One subscribers were not cable subscribers. That figure applies to new sign-ups rather than the service’s entire subscriber base. Fox said cable distribution revenue rose 10%, citing renewal pricing at affiliate deals and a net increase in subscribers.
Executives said FOX One contributed to subscriber growth, but Murdoch said additions may fluctuate with the sports calendar and may fall short of losses among traditional distributors. That leaves overall subscriber gains potentially uneven.
