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Investor Relations14 Oct 2025
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Franklin Resources (BEN) investor relations material
Franklin Resources Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary1 Aug, 2025
Executive summary
Assets under management (AUM) reached $1.61 trillion, up 4.6% sequentially, driven by positive markets and net inflows excluding Western Asset Management.
Long-term net outflows totaled $9.3 billion, but excluding Western, net inflows were $7.8 billion, marking the 7th consecutive quarter of positive ex-Western flows.
Alternatives and multi-asset strategies generated strong net inflows, with alternatives fundraising at $19 billion fiscal YTD and ETF net flows at $4.3 billion for a record 15th consecutive positive quarter.
Acquisition of Apera (Apira) Asset Management expands European private credit, bringing pro forma private credit AUM to nearly $90 billion.
Over half of mutual fund and strategy composite AUM outperformed peer medians and benchmarks over 3-, 5-, and 10-year periods.
Financial highlights
Adjusted operating income was $377.8 million, flat sequentially but down 11% year-over-year; adjusted operating margin was 23.7%.
Adjusted net income rose 3.5% sequentially to $263.4 million but fell 19% year-over-year; adjusted diluted EPS was $0.49, up from $0.47 last quarter but down from $0.60 a year ago.
Operating revenues for Q3 2025 were $2,064.0 million, down 3% year-over-year; net income for the quarter was $92.3 million, down 47% year-over-year.
Retail SMAs reached a new high of $156.3 billion in AUM, up 8% sequentially.
Cash and investments totaled $5.9 billion at quarter-end; $157.4 million was used to repurchase 7.3 million shares in the quarter.
Outlook and guidance
Institutional pipeline of won but unfunded mandates reached a record $24.4 billion, up $4 billion sequentially, indicating future growth potential.
Fiscal Q4 effective fee rate expected in the high 37 bps; comp and benefits $860–$870 million, including $100 million in performance fees.
Fiscal 2025 expenses expected to be roughly flat to slightly higher than 2024, with a $20–$30 million increase, excluding performance fees.
Entering fiscal 2026 with at least $200 million of run-rate cost savings relative to 2025, excluding performance fee compensation.
Management remains focused on investment performance, expense discipline, and strategic investments amid ongoing market and regulatory uncertainty.
Explain drivers behind alternatives fundraising.
Detail AUM changes in fixed income.
How does Apera acquisition impact private credit AUM?
How will Apera be integrated into Franklin's private credit platform?
How will blockchain change the financial system?
Update on wealth channel private market products.
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Next Franklin Resources earnings date
Q4 20257 Nov, 2025
Next Franklin Resources earnings date
Q4 20257 Nov, 2025
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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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