Differentially rotating stars and planets transport angular momentum (AM) internally due to turbulence at rates that have long been a challenge to predict reliably. We develop a self-consistent saturation theory, using a statistical closure approximation, for hydrodynamic turbulence driven by the axisymmetric Goldreich–Schubert–Fricke instability at the stellar equator with radial differential rotation. This instability arises when fast thermal diffusion eliminates the stabilizing effects of buoyancy forces in a system where a stabilizing entropy gradient dominates over the destabilizing AM gradient. Our turbulence closure invokes a dominant three-wave coupling between pairs of linearly unstable eigenmodes and a near-zero frequency, viscously damped eigenmode that features latitudinal jets. We derive turbulent transport rates of momentum and heat and provide them in analytic forms. Such formulae, free of tunable model parameters, are tested against direct numerical simulations; the comparison shows good agreement. They improve upon prior quasi-linear or “parasitic saturation” models containing a free parameter. Given model correspondences, we also extend this theory to heat and compositional transport for axisymmetric thermohaline-instability-driven turbulence in certain regimes.