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Franklin Resources (BEN) investor relations material
Franklin Resources Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary7 Nov, 2025
Executive summary
Fiscal 2025 ended with AUM of $1.66T, diversified by asset class, client type, and region, with strong momentum in alternatives, ETFs, and digital assets.
Recognized as 2025 Asset Manager of the Year in the $500B+ AUM category by Money Management and Barron's, and by Central Banking for expertise with central banks.
Expanded leadership team and strengthened private wealth management and digital innovation, including AI and blockchain initiatives.
Excluding Western Asset, long-term net inflows were $44.5B, with eight consecutive quarters of positive net flows.
Over half of mutual fund/ETF and composite AUM outperformed benchmarks and peer medians across all periods.
Financial highlights
Q4 ending AUM reached $1.66T, up 3.1% sequentially; average AUM was $1.63T, up 4.4%.
Adjusted Q4 operating revenues rose 13.9% to $1.82B; adjusted operating income up 25% to $472.4M; adjusted net income up 35.7% to $357.5M; adjusted EPS $0.67, up 36.7%.
Fiscal 2025 adjusted operating revenues were $6.7B, up 2.1%; adjusted operating income $1.64B, down 4.3%; adjusted net income $1.2B, down 6.3%; adjusted EPS $2.22, down 7.5%.
Adjusted operating margin for the year was 24.5%; Q4 margin was 26%.
$200M non-cash impairment charge related to Western Asset mutual fund contracts.
Outlook and guidance
Fiscal 2026 Q1 guidance: EFR expected to remain at mid-37 bps; compensation/benefits ~$880M; IS&T $155M; occupancy $70M; G&A $190M–$195M; tax rate 26–28%.
$200M in gross expense efficiencies targeted for fiscal 2026, expected to fund investments and absorb APIRA acquisition costs.
Anticipate ending fiscal 2026 at or below 2025 adjusted expenses, with higher operating margin.
Private market fundraising target for 2026: $25B–$30B, with Lexington potentially half.
Continued focus on organic growth, digital assets, and strategic M&A to double AUM over five years.
Western Asset's strategic role in portfolio?
Growth drivers' contribution to AUM?
Capital deployment priorities for FY2026?
Strategy for private market wealth channel growth
How tokenization creates new product capabilities
Drivers for FY26 margin expansion
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Next Franklin Resources earnings date
Q1 202630 Jan, 2026
Next Franklin Resources earnings date
Q1 202630 Jan, 2026
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Frequently asked questions
Mutual Funds and More
Franklin Resources, Inc., operating as Franklin Templeton, is an American investment management organization with multinational operations. It provides a range of investment and wealth management services, including mutual funds, pension plans, and institutional and private wealth management solutions. It is headquartered in San Mateo, California, and its shares are listed on the NYSE.
Named After Benjamin Franklin
Franklin Templeton was founded in 1947 in New York by Rupert Johnson who named it after Benjamin Franklin, and initially operated as a traditional retail mutual fund company. During the 70s and 80s, the company saw significant growth under the leadership of Charles Johnson, Rupert’s son. During the first half of the 1980s, the company increased its assets under management by roughly 100% every single year. It also expanded its offerings and began to diversify its investment portfolios and Franklin made several key acquisitions that expanded its global reach. In 1992, it acquired Templeton, Galbraith & Hansberger Ltd., a move that significantly bolstered its international investment capabilities and gave the company the name it currently operates under.
The Key Business Segment
At its core, Franklin Templeton specializes in managing investment funds, which include mutual funds, institutional funds, and other pooled investment vehicles. The company provides investment management and advisory services to clients across various asset classes such as equities, fixed income, and alternative investments. Their investment approach combines individual stock selection, sector allocation, and macroeconomic analysis, aiming to deliver risk-adjusted returns over the long term. Some similar companies to Franklin Templeton listed on public exchanges are The Carlyle Group, KKR, and Apollo Global Management.
The Investment Products
The company offers a diversified range of investment products. These include traditional mutual funds, sector-specific funds, target-date retirement funds, and ETFs (Exchange-Traded Funds). Additionally, Franklin Templeton has expanded into alternative investments, offering products in areas like real estate, hedge funds, and private equity, catering to a broader range of investors and risk appetites.
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