AbstractOutward transport of plasma in the inner and middle magnetospheres of gas giants results from an interplay between mass loading from the inner dominant mass sources (volcanic moons), flux tube interchange in the centrifugally unstable magnetospheric plasma disk, turbulent heating of the plasma, and coupling between the equatorial plasma and the planetary upper atmosphere through magnetic field‐aligned current loops and/or Alfvén waves. We present a new analytical formalism describing large scale transport in gas giant systems, combining two historical approaches: radial diffusion of mass and energy through flux tube interchange, and angular momentum transport through corotation enforcement. Under the hypotheses of axisymmetry, steady‐state, and multi‐fluid plasma, we provide transport equations for total contents of flux tubes. They feature new transport parameters accounting for the latitudinal extent of the disk, and self‐consistently include field‐aligned potential drops in the magnetosphere‐ionosphere coupling. Our general formalism has a wealth of applications, two of which are presented, corresponding to the cases of the two gas giants: the effect of interhemispheric asymmetries in the resistive and magnetic properties between the northern and southern ionospheres on the transport of angular momentum at Jupiter, and the influence of the plasma disk thickness on transport at Saturn. We apply our formalism to derive ionospheric parameters and reproduce the Juno and Cassini data. Further work will allow for more complete numerical solutions of our equations, with the aim of capturing the broad complexity of fast rotating magnetospheric systems which can be found inside and outside the Solar System.