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Franklin Resources, Inc.

BEN

Franklin Resources, Inc. • NYSE
$22.59 ▲ 0.29% (+0.07)
Market Cap $11.77 B
52w High $26.08
52w Low $16.25
Dividend Yield 1.28%
P/E 24.82
Volume 1.42M
Outstanding Shares 520.97M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $2.344B ▲ $-955M ▼ $117.6M ▲ 5.018% ▲ $0.23 ▲ $387.9M ▲
Q3-2025 $2.064B ▼ $1.482B ▼ $79M ▼ 3.828% ▼ $0.15 ▼ $348.1M ▲
Q2-2025 $2.111B ▼ $1.52B ▼ $151.4M ▼ 7.171% ▼ $0.29 $206.5M ▼
Q1-2025 $2.252B ▲ $1.609B ▼ $163.6M ▲ 7.266% ▲ $0.29 ▲ $479.1M ▲
Q4-2024 $2.211B $1.925B $-84.7M -3.83% $-0.16 $92.6M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $3.574B ▼ $32.368B ▼ $18.18B ▲ $12.078B ▼
Q3-2025 $3.957B ▲ $32.552B ▲ $18.117B ▲ $12.204B ▼
Q2-2025 $3.539B ▼ $31.99B ▼ $16.812B ▼ $12.346B ▼
Q1-2025 $3.645B ▼ $32.39B ▼ $17.05B ▼ $12.462B ▼
Q4-2024 $4.409B $32.465B $17.9B $12.508B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $188.5M ▲ $-20.7M ▼ $-441.4M ▲ $88.5M ▲ $-383.1M ▼ $-51.9M ▼
Q3-2025 $116.7M ▲ $1.282B ▲ $-880.7M ▼ $-16.4M ▼ $417.9M ▲ $1.268B ▲
Q2-2025 $11.6M ▼ $-50.1M ▲ $-364.1M ▲ $292.4M ▲ $-106M ▲ $-87.6M ▲
Q1-2025 $232.1M ▲ $-145.2M ▼ $-656.5M ▲ $87.9M ▼ $-763.8M ▼ $-217M ▼
Q4-2024 $-55.7M $558.2M $-1.201B $909.2M $297.2M $488.4M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Investment Advisory Management and Administrative Service
Investment Advisory Management and Administrative Service
 $1.80Bn ▲$1.67Bn ▼$1.64Bn ▼$1.87Bn ▲
Sales And Distribution Fees
Sales And Distribution Fees
 $380.00M ▲$360.00M ▼$350.00M ▼$380.00M ▲
Service Other
Service Other
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Shareholder Service
Shareholder Service
 $60.00M ▲$60.00M ▲$60.00M ▲$80.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Franklin Resources shows fairly steady revenue over the last several years, but profits have clearly come down from earlier peaks. The company is still earning money, yet its operating and net margins have tightened, meaning it keeps less of each dollar of revenue as profit than it used to. Earnings per share have trended lower as well, pointing to a tougher environment with higher costs, fee pressure, or mix shifts toward lower‑margin products. Overall, the income statement reflects a solid but challenged asset manager: stable top line, but profitability under pressure compared with the early part of the decade.

Balance Sheet

Balance Sheet The balance sheet looks generally solid but more leveraged than a few years ago. Total assets have grown steadily, and shareholder equity has inched higher, which is a positive sign of underlying franchise value. Cash on hand has stayed broadly stable, giving the company a liquidity cushion. At the same time, debt levels have climbed meaningfully, which increases financial risk and interest costs. In short, Franklin has a sizable, established balance sheet, but it is relying more on borrowing than it did earlier in the decade.

Cash Flow

Cash Flow Franklin continues to generate positive cash flow from its operations, which is important for funding dividends, buybacks, and strategic investments. Free cash flow has consistently stayed in positive territory, and ongoing capital spending needs are modest relative to the cash the business produces. That said, cash generation has eased back from its strongest year, mirroring the decline in profitability. The cash flow profile still looks resilient, but with less headroom than during the company’s more profitable period.

Competitive Edge

Competitive Edge Franklin Resources operates in a very competitive asset management industry, where fee pressure, the rise of low‑cost index funds, and shifting investor preferences make growth harder. The firm benefits from a long-standing global brand, a broad product lineup, and wide distribution relationships with advisors and institutions. These strengths help it maintain relevance even as the market evolves. However, it competes with much larger players with enormous scale advantages, and it faces the same industry issues around performance, costs, and client retention. Its push into alternatives and new structures helps diversify, but competition in those areas is also intensifying.

Innovation and R&D

Innovation and R&D The company is leaning heavily into technology to stand out, especially in blockchain and artificial intelligence. Its tokenized money fund and Benji platform make it an early mover in bringing regulated, on‑chain investment products to market, which could open new ways for investors to trade and hold assets. Partnerships with AI firms and major cloud providers aim to embed advanced data and automation across research, operations, and client service. These efforts are still in the build‑out phase, so the long‑term payoff is uncertain, but they signal a willingness to invest in modern infrastructure and to experiment ahead of many traditional peers.

Summary

Overall, Franklin Resources looks like a mature asset manager navigating industry headwinds. Revenue has held up, but profits and cash generation are not as strong as they were a few years ago, while debt has crept higher. The firm still has a recognizable brand, solid balance sheet, and dependable cash flows, but faces structural pressures from lower fees and intense competition. Its strategic bet on tokenization, digital assets, and AI could create a differentiated niche and new growth avenues if client adoption and regulation develop favorably. The key questions going forward are whether these innovations can offset margin pressure in the core business and how well the firm manages higher leverage through market cycles.

NEWS

November 18, 2025 · 10:00 AM UTC

Franklin Templeton Institute Forecasts Broadening Global Opportunities Amid Monetary Easing and Dollar Weakness in 2026

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November 12, 2025 · 9:00 AM UTC

Franklin Templeton's Benji Technology Platform Expands to Canton Network

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November 7, 2025 · 8:30 AM UTC

Franklin Resources, Inc. Announces Preliminary Fourth Quarter and Fiscal Year Results

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November 6, 2025 · 5:27 PM UTC

Franklin Templeton and Wand AI Forge Multi-Year Strategic Partnership to Advance Agentic AI in Asset Management

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November 5, 2025 · 5:24 PM UTC

Franklin Resources, Inc. Announces Preliminary Month-End Assets Under Management

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