What is Franklin Resources' operating income?

Franklin Resources' total operating income in 2026 was $1.18 billion, based on the following breakdown: Total Gross Profit: $5.45 billion Total Operating Expenses: $4.28 billion

Franklin Resources (BEN) Financials

$36.29 0.00 (-0.01%)

Closing price 11/11/2026 03:59 PM Eastern

Extended Trading

$36.30 +0.01 (+0.04%)

As of 11/11/2026 07:55 PM Eastern

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Annual Income Statements for Franklin Resources

This table shows Franklin Resources' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025	9/30/2026
Net Income / (Loss) Attributable to Common Shareholders	1,727	-4,554	764	4,073	799	1,831	1,292	883	465	525	1,075
Consolidated Net Income / (Loss)	1,758	1,790	743	1,206	787	2,095	1,333	1,026	608	549	1,503
Net Income / (Loss) Continuing Operations	1,758	-4,501	743	2,887	787	2,095	1,333	1,026	608	549	1,503
Total Pre-Tax Income	2,500	2,549	2,215	1,648	1,018	2,444	1,729	1,338	823	787	1,902
Total Operating Income	2,366	2,264	2,028	1,467	1,049	1,875	1,774	1,102	408	604	1,176
Total Gross Profit	5,257	102	4,814	9,754	3,693	5,454	5,186	4,355	4,647	4,953	5,452
Total Revenue	6,618	102	6,205	11,339	5,567	8,426	8,275	7,849	8,478	8,771	9,415
Operating Revenue	6,618	102	6,205	11,339	5,567	8,426	8,275	7,849	8,478	8,771	9,415
Total Cost of Revenue	1,361	0.00	1,391	1,585	1,874	2,971	3,090	3,494	3,831	3,818	3,963
Operating Cost of Revenue	1,361	-	1,391	1,585	1,874	2,971	3,090	3,494	3,831	3,818	3,963
Total Operating Expenses	2,891	4,128	2,786	6,820	2,644	3,579	3,412	3,253	4,239	4,348	4,276
Selling, General & Admin Expense	547	542	616	259	739	1,023	1,065	1,070	1,323	1,418	1,567
Marketing Expense	2,210	2,131	2,040	1,820	1,703	2,106	1,846	1,613	1,863	2,011	2,201
Amortization Expense	-	-	1.80	15	54	232	282	341	338	407	198
Other Operating Expenses / (Income)	134	1,455	129	4,728	148	218	219	229	325	286	277
Impairment Charge	-	-	-	-	-	-	0.00	0.00	389	227	33
Total Other Income / (Expense), net	134	285	187	396	-31	569	-59	236	416	183	727
Other Income / (Expense), net	184	336	187	418	-31	569	40	236	416	183	727
Income Tax Expense	742	759	1,473	442	231	350	396	312	215	238	400
Net Income / (Loss) Attributable to Noncontrolling Interest	31	53	-22	9.80	-12	263	41	143	143	24	428
Basic Earnings per Share	$2.94	$3.01	$1.39	$2.35	$1.59	$3.58	$2.53	$1.72	$0.85	$0.91	$1.97
Weighted Average Basic Shares Outstanding	568.81M	553.91M	513.09M	498.07M	504.59M	501.80M	499.56M	494.58M	523.67M	520.97M	511.16M
Diluted Earnings per Share	$2.94	$3.01	$1.39	$2.35	$1.59	$3.57	$2.53	$1.72	$0.85	$0.91	$1.97
Weighted Average Diluted Shares Outstanding	568.81M	553.91M	513.09M	498.07M	504.59M	501.80M	499.56M	494.58M	523.67M	520.97M	511.16M
Weighted Average Basic & Diluted Shares Outstanding	568.81M	553.91M	513.09M	498.07M	504.59M	501.80M	499.56M	494.58M	523.67M	520.97M	511.16M

This table shows Franklin Resources' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Income / (Loss) Attributable to Common Shareholders	124	174	-85	164	151	92	118	256	268	172	380
Consolidated Net Income / (Loss)	175	232	-56	232	12	117	189	347	347	255	554
Net Income / (Loss) Continuing Operations	175	232	-140	232	12	117	189	347	347	255	554
Total Pre-Tax Income	238	300	-46	313	43	177	254	452	446	371	634
Total Operating Income	129	223	-151	219	146	154	85	281	323	216	356
Total Gross Profit	1,125	1,229	1,270	1,260	1,191	1,163	1,338	1,296	1,330	1,400	1,425
Total Revenue	2,153	2,123	2,211	2,252	2,111	2,064	2,344	2,327	2,295	2,358	2,435
Operating Revenue	2,153	2,123	2,211	2,252	2,111	2,064	2,344	2,327	2,295	2,358	2,435
Total Cost of Revenue	1,028	894	941	991	920	901	1,006	1,031	965	959	1,010
Operating Cost of Revenue	1,028	894	941	991	920	901	1,006	1,031	965	959	1,010
Total Operating Expenses	995	1,007	1,421	1,041	1,046	1,009	1,253	1,015	1,007	1,184	1,070
Selling, General & Admin Expense	350	337	374	341	342	346	389	353	345	474	396
Marketing Expense	484	481	497	512	498	481	520	541	544	555	560
Amortization Expense	85	84	84	113	113	112	69	55	51	51	42
Other Operating Expenses / (Income)	76	105	78	75	69	70	72	67	67	71	72
Total Other Income / (Expense), net	109	78	20	94	-103	23	169	171	122	155	278
Other Income / (Expense), net	109	78	117	94	-103	23	169	171	122	155	278
Income Tax Expense	63	68	9.50	81	31	60	66	105	99	116	80
Net Income / (Loss) Attributable to Noncontrolling Interest	51	58	29	69	19	24	71	91	78	84	174
Basic Earnings per Share	$0.23	$0.32	($0.20)	$0.29	$0.26	$0.15	$0.21	$0.46	$0.49	$0.31	$0.71
Weighted Average Basic Shares Outstanding	526.09M	523.00M	523.67M	525.40M	525.52M	519.20M	520.97M	520.76M	519.64M	508.08M	511.16M
Diluted Earnings per Share	$0.23	$0.32	($0.20)	$0.29	$0.26	$0.15	$0.21	$0.46	$0.49	$0.31	$0.71
Weighted Average Diluted Shares Outstanding	526.09M	523.00M	523.67M	525.40M	525.52M	519.20M	520.97M	520.76M	519.64M	508.08M	511.16M
Weighted Average Basic & Diluted Shares Outstanding	526.09M	523.00M	523.67M	525.40M	525.52M	519.20M	520.97M	520.76M	519.64M	508.08M	511.16M

This table details how cash moves in and out of Franklin Resources' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025	9/30/2026
Net Change in Cash & Equivalents	115	266	-1,839	-704	-2,217	657	135	-380	6.50	-835	816
Net Cash From Operating Activities	1,728	1,135	2,230	269	1,083	1,245	1,957	1,089	971	1,066	837
Net Cash From Continuing Operating Activities	1,728	1,135	2,230	269	1,083	1,245	1,957	1,089	971	1,066	837
Net Income / (Loss) Continuing Operations	1,758	1,790	743	1,206	787	2,095	1,333	1,026	608	549	1,503
Consolidated Net Income / (Loss)	1,758	1,790	743	1,206	787	2,095	1,333	1,026	608	549	1,503
Depreciation Expense	87	80	75	79	75	79	96	104	117	125	110
Amortization Expense	75	72	83	101	134	310	347	391	400	486	295
Non-Cash Adjustments To Reconcile Net Income	-159	-994	596	-1,263	-383	-1,139	110	-538	117	202	-973
Changes in Operating Assets and Liabilities, net	-33	188	734	147	471	-99	71	106	-270	-296	-98
Net Cash From Investing Activities	192	52	-290	-1,275	-4,062	-2,616	-3,329	-3,610	-2,424	-2,343	-4,323
Net Cash From Continuing Investing Activities	192	52	-290	-1,275	-4,062	-2,616	-3,329	-3,610	-2,424	-2,343	-4,323
Purchase of Property, Plant & Equipment	-98	-75	-107	-234	-104	-79	-90	-149	-177	-155	-21
Acquisitions	0.00	-14	-87	-494	-3,821	-9.00	-1,355	-501	175	0.00	-81
Purchase of Investments	-104	-487	-432	-402	-481	-770	-926	-758	-1,128	-1,037	-1,349
Sale and/or Maturity of Investments	405	713	360	343	880	594	1,026	609	1,407	776	918
Other Investing Activities, net	-12	-85	-25	-490	-535	-2,351	-1,984	-2,812	-2,701	-1,927	-3,790
Net Cash From Financing Activities	-1,801	-956	-3,762	340	734	2,030	1,585	2,107	1,416	452	4,336
Net Cash From Continuing Financing Activities	-1,801	-956	-3,762	340	734	2,030	1,585	2,107	1,416	452	4,336
Repayment of Debt	-187	-354	-362	-1.50	-0.40	-762	-300	-300	-250	-700	-1,300
Repurchase of Preferred Equity	-	-	-	-	-	0.00	0.00	175	5.30	145	60
Repurchase of Common Equity	-1,308	-765	-1,425	-755	-218	-208	-181	-256	-274	-240	-533
Payment of Dividends	-421	460	-1,957	632	-124	162	-383	38	-416	-237	320
Issuance of Debt	93	0.00	0.00	1.70	0.20	1,194	300	0.00	0.00	300	1,600
Issuance of Common Equity	24	25	25	23	21	22	25	23	21	24	24
Other Financing Activities, net	-2.40	-322	-43	439	1,056	1,622	2,124	2,427	2,330	1,161	4,166
Effect of Exchange Rate Changes	-4.00	35	-17	-37	27	-	-77	34	43	-11	-34
Cash Interest Paid	47	42	39	27	19	117	133	122	113	107	100
Cash Income Taxes Paid	759	712	524	521	359	498	468	233	436	465	521

This table details how cash moves in and out of Franklin Resources' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Change in Cash & Equivalents	245	-13	673	-764	-106	418	-383	-89	84	192	629
Net Cash From Operating Activities	137	528	558	-145	-50	1,282	-21	-255	-28	581	538
Net Cash From Continuing Operating Activities	137	528	558	-145	-50	1,282	-21	-255	-28	581	538
Net Income / (Loss) Continuing Operations	175	232	-56	232	12	117	189	347	347	255	554
Consolidated Net Income / (Loss)	175	232	-56	232	12	117	189	347	347	255	554
Depreciation Expense	32	29	30	30	31	34	31	29	29	32	19
Amortization Expense	100	99	103	133	131	132	90	78	76	77	65
Non-Cash Adjustments To Reconcile Net Income	-69	-81	367	-1.60	151	213	-160	-74	-345	-169	-386
Changes in Operating Assets and Liabilities, net	-101	250	115	-539	-375	787	-170	-635	-135	386	286
Net Cash From Investing Activities	-273	-812	-1,201	-657	-364	-881	-441	-317	-1,359	-1,661	-987
Net Cash From Continuing Investing Activities	-273	-812	-988	-657	-364	-881	-441	-317	-1,359	-1,661	-987
Purchase of Property, Plant & Equipment	-42	-46	-70	-72	-38	-14	-31	0.00	-	-15	-5.50
Acquisitions	178	-2.80	-	0.00	-	-	-	-70	-	-8.90	-2.60
Purchase of Investments	-234	-1,516	889	-458	203	-359	-133	-265	-369	-336	-379
Sale and/or Maturity of Investments	226	606	257	168	312	-36	332	219	238	153	308
Other Investing Activities, net	-402	147	-2,065	-295	-841	-471	-610	-211	-1,223	-1,449	-908
Net Cash From Financing Activities	391	274	909	88	292	-16	89	487	1,491	1,275	1,083
Net Cash From Continuing Financing Activities	391	274	1,071	88	292	-16	89	487	1,491	1,275	1,083
Repayment of Debt	-	-	-1,213	-	-450	-	-300	-	-	-	-700
Repurchase of Preferred Equity	-	-	5.30	39	2.30	57	47	0.00	0.50	20	39
Repurchase of Common Equity	-12	-102	-102	-5.80	-10	-157	-67	-42	-57	-346	-88
Payment of Dividends	-136	-33	-130	5.60	-197	-88	43	-45	305	52	8.30
Issuance of Debt	-	-	-	-	-	-	-	-	-	150	950
Issuance of Common Equity	-	-	14	-	-	-	14	-	-	-	11
Other Financing Activities, net	531	-554	2,497	49	637	172	352	575	1,330	1,398	863
Effect of Exchange Rate Changes	-	-	-	-50	-	-	-	-4.20	-21	-3.20	-5.60
Cash Interest Paid	41	16	46	9.90	39	13	44	11	37	16	37
Cash Income Taxes Paid	292	40	78	28	189	15	233	20	369	48	85

This table presents Franklin Resources' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025	9/30/2026
Total Assets	16,099	17,534	14,384	14,532	21,685	24,168	28,061	30,121	32,465	32,368	38,627
Total Current Assets	10,791	14,613	10,089	9,101	9,415	13,406	15,731	17,777	19,261	19,768	26,005
Cash & Equivalents	8,483	8,750	6,911	5,958	3,990	4,647	4,783	4,402	4,409	3,574	4,390
Short-Term Investments	1,513	4,861	2,109	2,304	4,074	7,330	9,549	11,859	13,373	14,653	19,976
Accounts Receivable	794	1,002	848	839	1,351	1,428	1,399	1,515	1,479	1,542	1,640
Plant, Property, & Equipment, net	523	517	535	684	814	770	743	800	946	949	871
Plant, Property & Equipment, gross	523	517	535	684	814	770	743	800	946	949	871
Total Noncurrent Assets	4,786	2,404	3,760	4,748	11,574	9,993	11,721	11,711	12,257	11,651	11,750
Goodwill	2,211	2,228	2,333	2,130	4,501	4,458	5,779	6,004	6,211	6,206	6,295
Intangible Assets	-	-	-	864	4,914	4,710	5,082	4,902	4,802	4,166	3,977
Other Noncurrent Operating Assets	2,575	177	1,427	1,754	2,159	825	860	805	1,243	1,279	1,479
Total Liabilities & Shareholders' Equity	16,099	17,534	14,384	14,532	21,685	24,168	28,061	30,121	32,465	32,368	38,627
Total Liabilities	3,510	2,656	3,132	3,161	10,274	11,425	14,236	16,547	17,900	18,180	23,962
Total Current Liabilities	1,063	1,189	1,687	1,521	3,694	2,249	2,165	1,861	2,784	4,439	2,923
Accounts Payable	299	292	227	304	1,038	1,037	1,113	880	1,413	1,678	1,945
Other Current Liabilities	357	397	-	0.00	1,685	518	528	468	965	1,001	978
Total Noncurrent Liabilities	2,521	1,476	1,454	1,641	6,591	9,189	12,246	14,711	15,155	13,758	21,039
Long-Term Debt	2,083	1,098	729	748	5,818	7,070	8,834	11,285	12,122	12,299	17,328
Noncurrent Deferred & Payable Income Tax Liabilities	162	171	127	120	305	312	348	450	285	262	290
Noncurrent Employee Benefit Liabilities	-	-	406	502	-	1,179	1,464	1,665	1,801	-	1,863
Other Noncurrent Operating Liabilities	276	207	193	271	468	628	1,600	1,311	947	1,197	1,559
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	61	1,942	1,044	747	542	933	1,526	1,026	1,322	1,182	1,416
Total Equity & Noncontrolling Interests	12,528	12,936	10,208	10,624	10,869	11,811	12,299	12,548	13,243	13,007	13,249
Total Preferred & Common Equity	11,936	12,620	9,899	9,907	10,115	11,223	11,475	11,917	12,508	12,078	11,893
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	11,936	12,620	9,899	9,907	10,115	11,223	11,475	11,917	12,508	12,078	11,893
Common Stock	57	56	52	50	50	50	50	50	1,000	1,009	685
Retained Earnings	12,226	12,849	10,218	10,288	10,473	11,551	12,046	12,377	11,928	11,516	11,702
Accumulated Other Comprehensive Income / (Loss)	-347	-285	-371	-432	-408	-378	-621	-509	-420	-447	-493
Noncontrolling Interest	592	316	309	718	755	587	824	631	735	929	1,356

This table presents Franklin Resources' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	12/31/2025	3/31/2026	6/30/2026
Total Assets	30,121	29,866	32,908	33,255	32,465	32,390	31,990	32,552	32,549	34,110	36,243
Total Current Assets	17,777	17,324	19,286	8,627	19,479	19,470	19,247	19,721	19,842	21,484	4,274
Cash & Equivalents	4,402	3,880	4,124	4,112	4,409	3,645	3,539	3,957	3,485	3,569	0.00
Short-Term Investments	11,859	11,680	13,527	2,945	13,373	14,290	14,089	14,041	14,912	16,380	2,707
Accounts Receivable	1,515	1,764	1,635	1,571	1,697	1,535	1,619	1,723	1,446	1,535	1,567
Plant, Property, & Equipment, net	800	807	899	905	946	978	988	975	930	904	887
Plant, Property & Equipment, gross	800	807	899	-	946	978	988	975	930	904	887
Total Noncurrent Assets	11,711	12,029	12,908	12,812	12,257	12,084	11,921	11,856	11,777	11,831	11,787
Goodwill	6,004	6,013	6,199	6,199	6,211	6,194	6,198	6,212	6,291	6,296	6,300
Intangible Assets	4,902	4,823	5,331	5,268	4,802	4,677	4,544	4,440	4,155	4,091	4,016
Other Noncurrent Operating Assets	805	1,193	1,378	1,346	1,243	1,212	1,179	1,204	1,331	1,444	1,471
Total Liabilities & Shareholders' Equity	30,121	29,866	32,908	33,255	32,465	32,390	31,990	32,552	32,549	34,110	36,243
Total Liabilities	16,547	16,150	18,072	18,354	17,900	17,050	16,812	18,117	18,157	19,495	21,842
Total Current Liabilities	1,861	2,487	2,635	915	4,586	3,986	2,250	3,041	2,429	2,274	1,607
Accounts Payable	880	1,001	1,318	532	1,413	1,446	1,121	1,877	1,216	1,286	633
Other Current Liabilities	468	865	983	-	965	946	989	1,002	985	988	975
Total Noncurrent Liabilities	14,711	13,688	24,618	7,084	13,354	22,131	24,105	24,668	26,590	29,391	5,657
Long-Term Debt	11,285	10,887	21,303	3,035	12,122	20,886	21,736	21,822	24,083	26,560	2,402
Noncurrent Deferred & Payable Income Tax Liabilities	450	393	438	421	285	280	211	264	318	337	341
Noncurrent Employee Benefit Liabilities	1,665	1,164	1,413	1,692	-	-	1,302	1,614	1,205	1,387	1,730
Other Noncurrent Operating Liabilities	1,311	1,244	1,464	1,937	947	965	857	968	984	1,107	1,184
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	1,026	1,079	1,254	1,266	1,322	2,106	2,017	1,381	1,292	1,479	1,481
Total Equity & Noncontrolling Interests	12,548	12,638	13,582	13,635	13,243	13,234	13,161	13,054	13,101	13,136	12,920
Total Preferred & Common Equity	11,917	12,002	12,861	12,870	12,508	12,462	12,346	12,204	12,135	12,124	11,738
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	11,917	12,002	12,861	12,870	12,508	12,462	12,346	12,204	12,135	12,124	11,738
Common Stock	50	50	1,075	1,037	1,000	1,067	1,115	1,007	1,043	1,052	711
Retained Earnings	12,377	12,402	12,265	12,321	11,928	11,919	11,730	11,610	11,540	11,561	11,521
Accumulated Other Comprehensive Income / (Loss)	-509	-450	-479	-488	-420	-524	-499	-413	-448	-489	-494
Noncontrolling Interest	631	636	721	765	735	772	815	851	966	1,013	1,182

This table displays calculated financial ratios and metrics derived from Franklin Resources' official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025	9/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	508,076,910.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	508,076,910.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.12
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-16.74%	-98.46%	6,000.79%	82.75%	-50.91%	51.36%	-1.78%	-5.15%	8.01%	3.45%	7.35%
EBITDA Growth	-17.27%	1.51%	-13.83%	-12.99%	-40.57%	130.94%	-20.36%	-18.74%	-26.24%	4.37%	65.00%
EBIT Growth	-16.89%	2.00%	-14.82%	-14.91%	-46.00%	140.12%	-25.80%	-26.22%	-37.54%	-4.42%	141.79%
NOPAT Growth	-20.95%	-4.43%	-57.23%	57.82%	-24.42%	98.11%	-14.89%	-38.21%	-64.38%	40.02%	120.41%
Net Income Growth	-16.49%	1.82%	-58.50%	62.31%	-34.71%	166.12%	-36.35%	-23.06%	-40.73%	-9.71%	173.78%
EPS Growth	-10.64%	2.38%	-53.82%	69.06%	-32.34%	124.53%	-29.13%	-32.02%	-50.58%	7.06%	116.48%
Operating Cash Flow Growth	-23.28%	-34.28%	96.38%	-87.96%	303.46%	14.96%	57.11%	-44.33%	-10.82%	9.76%	-21.52%
Free Cash Flow Firm Growth	-114.30%	659.80%	-97.72%	130.71%	-2,329.10%	174.19%	-72.79%	-56.60%	-110.83%	495.47%	48.40%
Invested Capital Growth	88.00%	-44.45%	21.30%	25.83%	124.53%	-17.99%	5.92%	5.46%	3.93%	-7.00%	-7.49%
Revenue Q/Q Growth	-3.81%	-98.41%	5,144.72%	97.73%	0.00%	0.00%	-2.84%	0.60%	2.73%	1.53%	0.98%
EBITDA Q/Q Growth	1.10%	0.72%	-8.83%	10.06%	116.16%	340.80%	-4.43%	14.14%	-27.63%	24.67%	17.43%
EBIT Q/Q Growth	1.64%	0.83%	-9.43%	10.22%	165.56%	830.77%	-7.33%	20.27%	-38.52%	57.74%	24.94%
NOPAT Q/Q Growth	-1.97%	-1.62%	-0.44%	-12.70%	0.00%	0.00%	-17.31%	0.23%	-57.69%	82.78%	37.36%
Net Income Q/Q Growth	5.49%	0.20%	-0.03%	-12.17%	-18.85%	41.69%	-28.72%	14.71%	-43.63%	80.14%	32.15%
EPS Q/Q Growth	5.00%	-1.63%	12.10%	-11.65%	-22.44%	47.52%	-24.70%	6.83%	-47.85%	82.00%	34.01%
Operating Cash Flow Q/Q Growth	7.81%	-25.33%	32.28%	-69.85%	35.11%	11.20%	22.57%	-8.56%	-20.85%	-35.19%	201.19%
Free Cash Flow Firm Q/Q Growth	-124.48%	872.52%	-94.82%	115.53%	-2,468.87%	156.59%	7.60%	-86.84%	95.05%	-44.77%	26.31%
Invested Capital Q/Q Growth	204.69%	-2.94%	80.50%	-3.31%	126.86%	-22.37%	-23.92%	-0.16%	-12.02%	-4.88%	-6.23%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	79.44%	100.00%	77.59%	86.02%	66.34%	64.73%	62.66%	55.49%	54.81%	56.47%	57.90%
EBITDA Margin	40.98%	2,706.88%	38.24%	18.20%	22.04%	33.62%	27.26%	23.36%	15.95%	15.94%	24.51%
Operating Margin	35.75%	2,226.45%	32.69%	12.94%	18.84%	22.25%	21.44%	14.04%	4.81%	6.89%	12.49%
EBIT Margin	38.53%	2,557.13%	35.70%	16.62%	18.29%	29.01%	21.91%	17.05%	9.86%	8.97%	20.21%
Profit (Net Income) Margin	26.56%	1,759.78%	11.97%	10.63%	14.14%	24.86%	16.11%	13.07%	7.17%	6.26%	15.96%
Tax Burden Percent	70.31%	70.21%	33.53%	73.16%	77.33%	85.70%	77.09%	76.66%	73.85%	69.76%	79.00%
Interest Burden Percent	98.04%	98.02%	100.00%	87.42%	100.00%	100.00%	95.36%	100.00%	98.50%	100.00%	100.00%
Effective Tax Rate	29.69%	29.79%	66.47%	26.84%	22.67%	14.30%	22.91%	23.34%	26.15%	30.24%	21.01%
Return on Invested Capital (ROIC)	43.34%	40.80%	22.08%	28.15%	11.77%	18.51%	16.98%	9.93%	3.38%	4.93%	11.71%
ROIC Less NNEP Spread (ROIC-NNEP)	42.26%	38.76%	21.45%	26.38%	12.30%	4.15%	17.63%	6.44%	-2.57%	2.74%	2.87%
Return on Net Nonoperating Assets (RNNOA)	-29.36%	-27.76%	-16.39%	-17.49%	-4.86%	-1.17%	-6.94%	-2.44%	0.94%	-1.11%	-1.29%
Return on Equity (ROE)	13.98%	13.03%	5.68%	10.66%	6.91%	17.34%	10.04%	7.49%	4.32%	3.82%	10.42%
Cash Return on Invested Capital (CROIC)	-17.77%	97.94%	2.83%	5.27%	-64.98%	38.28%	11.23%	4.61%	-0.48%	12.18%	19.49%
Operating Return on Assets (OROA)	15.72%	15.46%	13.88%	13.04%	5.62%	10.66%	6.94%	4.60%	2.67%	2.43%	5.36%
Return on Assets (ROA)	10.84%	10.64%	4.65%	8.34%	4.35%	9.14%	5.11%	3.53%	1.94%	1.69%	4.23%
Return on Common Equity (ROCE)	13.22%	11.65%	4.90%	9.33%	6.07%	15.32%	8.57%	6.39%	3.75%	3.26%	8.65%
Return on Equity Simple (ROE_SIMPLE)	14.73%	14.18%	7.50%	12.17%	7.78%	18.66%	11.62%	8.61%	4.86%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	1,663	1,590	680	1,073	811	1,607	1,368	845	301	421	929
NOPAT Margin	25.13%	1,563.17%	10.96%	9.46%	14.57%	19.07%	16.53%	10.77%	3.55%	4.81%	9.87%
Net Nonoperating Expense Percent (NNEP)	1.08%	2.03%	0.63%	1.76%	-0.53%	14.36%	-0.66%	3.48%	5.95%	2.19%	8.84%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	1.20%	3.04%
Cost of Revenue to Revenue	20.56%	0.00%	22.41%	13.98%	33.66%	35.27%	37.34%	44.51%	45.19%	43.53%	42.10%
SG&A Expenses to Revenue	8.27%	532.94%	9.92%	2.28%	13.27%	12.15%	12.87%	13.63%	15.61%	16.17%	16.64%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	43.69%	4,058.90%	44.90%	60.15%	47.49%	42.48%	41.23%	41.44%	50.00%	49.58%	45.42%
Earnings before Interest and Taxes (EBIT)	2,550	2,601	2,215	1,885	1,018	2,444	1,814	1,338	836	787	1,902
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,712	2,753	2,372	2,064	1,227	2,833	2,256	1,833	1,352	1,398	2,307
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.19	1.39	1.28	1.20	0.86	1.19	0.85	0.98	0.84	0.99	1.37
Price to Tangible Book Value (P/TBV)	1.46	1.69	1.67	1.72	12.40	6.50	15.85	11.53	7.05	7.04	10.06
Price to Revenue (P/Rev)	2.15	172.82	2.04	1.05	1.56	1.59	1.18	1.49	1.24	1.37	1.73
Price to Earnings (P/E)	8.25	0.00	16.56	2.91	10.86	7.30	7.53	13.20	22.67	22.88	15.18
Dividend Yield	2.91%	2.54%	3.83%	4.41%	6.17%	4.21%	5.94%	5.14%	6.15%	5.53%	4.11%
Earnings Yield	12.13%	0.00%	6.04%	34.31%	9.21%	13.70%	13.28%	7.57%	4.41%	4.37%	6.59%
Enterprise Value to Invested Capital (EV/IC)	1.45	2.74	1.78	1.43	0.84	1.28	0.79	0.95	1.79	2.20	1.58
Enterprise Value to Revenue (EV/Rev)	1.10	75.07	0.97	0.54	1.44	1.18	0.80	1.06	1.92	2.07	1.28
Enterprise Value to EBITDA (EV/EBITDA)	2.69	2.77	2.54	2.94	6.52	3.52	2.92	4.55	12.04	12.96	5.22
Enterprise Value to EBIT (EV/EBIT)	2.86	2.94	2.72	3.22	7.85	4.08	3.63	6.23	19.48	23.04	6.34
Enterprise Value to NOPAT (EV/NOPAT)	4.38	4.80	8.85	5.66	9.85	6.21	4.81	9.87	54.07	43.02	12.98
Enterprise Value to Operating Cash Flow (EV/OCF)	4.22	6.72	2.70	22.63	7.38	8.01	3.36	7.65	16.76	17.01	14.41
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	2.00	69.06	30.23	0.00	3.00	7.28	21.24	0.00	17.40	7.79
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.19	0.09	0.09	0.09	0.53	0.55	0.64	0.83	1.47	1.57	1.18
Long-Term Debt to Equity	0.17	0.07	0.06	0.07	0.51	0.55	0.64	0.83	1.47	1.57	1.18
Financial Leverage	-0.69	-0.72	-0.76	-0.66	-0.39	-0.28	-0.39	-0.38	-0.37	-0.41	-0.45
Leverage Ratio	1.29	1.22	1.22	1.28	1.59	1.90	1.97	2.12	2.22	2.25	2.46
Compound Leverage Factor	1.26	1.20	1.22	1.12	1.59	1.90	1.87	2.12	2.19	2.25	2.46
Debt to Total Capital	15.93%	8.66%	8.36%	8.10%	34.78%	35.68%	38.99%	45.40%	59.57%	61.05%	54.16%
Short-Term Debt to Total Capital	2.02%	1.92%	2.43%	2.05%	1.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	13.91%	6.74%	5.93%	6.04%	33.25%	35.68%	38.99%	45.40%	59.57%	61.05%	54.16%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.36%	13.86%	11.01%	11.84%	7.41%	7.67%	10.37%	6.67%	5.71%	5.80%	8.66%
Common Equity to Total Capital	79.71%	77.48%	80.63%	80.07%	57.81%	56.64%	50.64%	47.94%	34.72%	33.16%	37.17%
Debt to EBITDA	0.88	0.51	0.43	0.49	4.96	2.50	3.92	6.16	15.87	15.90	7.51
Net Debt to EBITDA	-2.81	-4.43	-3.37	-3.52	-1.61	-1.73	-2.44	-2.71	2.72	2.87	-3.05
Long-Term Debt to EBITDA	0.77	0.40	0.31	0.36	4.74	2.50	3.92	6.16	15.87	15.90	7.51
Debt to NOPAT	1.43	0.89	1.51	0.93	7.50	4.40	6.46	13.35	71.31	52.76	18.65
Net Debt to NOPAT	-4.58	-7.67	-11.76	-6.76	-2.44	-3.05	-4.02	-5.89	12.23	9.51	-7.58
Long-Term Debt to NOPAT	1.25	0.69	1.07	0.70	7.17	4.40	6.46	13.35	71.31	52.76	18.65
Altman Z-Score	5.16	6.41	5.06	5.08	1.91	2.61	2.10	2.04	1.76	1.87	1.96
Noncontrolling Interest Sharing Ratio	5.44%	10.60%	13.82%	12.45%	12.12%	11.66%	14.57%	14.63%	13.20%	14.49%	16.92%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	10.16	12.29	5.98	5.99	2.55	5.96	7.27	9.55	4.25	6.85	8.90
Quick Ratio	10.16	12.29	5.85	5.99	2.55	5.96	7.27	9.55	4.25	6.85	8.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-682	3,817	87	201	-4,480	3,323	904	392	-43	1,042	1,546
Operating Cash Flow to CapEx	1,770.18%	1,515.89%	2,093.62%	114.89%	1,044.65%	1,570.49%	2,166.89%	731.99%	548.45%	690.03%	4,081.46%
Free Cash Flow to Firm to Interest Expense	-13.66	74.11	0.00	8.97	0.00	0.00	9.21	0.00	-0.44	0.00	0.00
Operating Cash Flow to Interest Expense	34.62	22.05	0.00	11.99	0.00	0.00	19.93	0.00	9.99	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	32.67	20.59	0.00	1.55	0.00	0.00	19.01	0.00	8.17	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.41	0.01	0.39	0.78	0.31	0.37	0.32	0.27	0.27	0.27	0.27
Accounts Receivable Turnover	8.00	0.11	6.71	13.44	5.08	6.06	5.85	5.39	5.28	5.81	5.92
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	12.81	0.20	11.79	18.61	7.43	10.64	10.94	10.17	9.71	9.25	10.35
Accounts Payable Turnover	4.80	0.00	5.37	5.97	2.79	2.86	2.87	3.51	3.34	2.47	2.19
Days Sales Outstanding (DSO)	45.61	3,223.27	54.41	27.15	71.81	60.21	62.35	67.75	69.14	62.86	61.67
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	76.00	0.00	68.03	61.19	130.75	127.47	127.01	104.09	109.21	147.75	166.83
Cash Conversion Cycle (CCC)	-30.39	3,223.27	-13.62	-34.04	-58.93	-67.27	-64.67	-36.34	-40.07	-84.89	-105.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,010	2,783	3,376	4,249	9,539	7,823	8,286	8,739	9,082	8,244	7,626
Invested Capital Turnover	1.72	0.03	2.01	2.97	0.81	0.97	1.03	0.92	0.95	1.03	1.19
Increase / (Decrease) in Invested Capital	2,345	-2,227	593	872	5,291	-1,717	463	453	344	-621	-618
Enterprise Value (EV)	7,282	7,634	6,015	6,075	7,993	9,977	6,580	8,337	16,276	18,130	12,053
Market Capitalization	14,240	17,576	12,656	11,871	8,674	13,364	9,728	11,657	10,538	12,009	16,319
Book Value per Share	$20.72	$22.63	$18.78	$19.67	$20.42	$22.32	$23.02	$23.88	$23.92	$23.26	$23.41
Tangible Book Value per Share	$16.88	$18.63	$14.35	$13.72	$1.41	$4.09	$1.23	$2.03	$2.86	$3.29	$3.19
Total Capital	14,975	16,289	12,278	12,373	17,497	19,814	22,659	24,859	36,028	36,425	31,992
Total Debt	2,385	1,411	1,026	1,002	6,086	7,070	8,834	11,285	21,463	22,237	17,328
Total Long-Term Debt	2,083	1,098	729	748	5,818	7,070	8,834	11,285	21,463	22,237	17,328
Net Debt	-7,611	-12,200	-7,994	-7,260	-1,978	-4,907	-5,498	-4,977	3,681	4,010	-7,038
Capital Expenditures (CapEx)	98	75	107	234	104	79	90	149	177	155	21
Debt-free, Cash-free Net Working Capital (DFCFNWC)	34	126	-321	-428	-2,075	-821	-766	-346	-2,889	-1,345	-1,283
Debt-free Net Working Capital (DFNWC)	10,031	13,737	8,699	7,834	5,989	11,157	13,566	15,916	14,893	16,882	23,083
Net Working Capital (NWC)	9,729	13,423	8,401	7,580	5,721	11,157	13,566	15,916	14,893	16,882	23,083
Net Nonoperating Expense (NNE)	-94	-200	-63	-132	24	-488	34	-181	-307	-127	-574
Net Nonoperating Obligations (NNO)	-7,579	-12,094	-7,875	-7,122	-1,872	-4,921	-5,539	-4,835	-5,483	-5,945	-7,038
Total Depreciation and Amortization (D&A)	162	152	157	179	209	389	443	495	517	612	405
Debt-free, Cash-free Net Working Capital to Revenue	0.51%	123.70%	-5.17%	-3.77%	-37.28%	-9.75%	-9.25%	-4.41%	-34.08%	-15.33%	-13.63%
Debt-free Net Working Capital to Revenue	151.56%	13,506.88%	140.21%	69.09%	107.59%	132.41%	163.93%	202.76%	175.67%	192.48%	245.16%
Net Working Capital to Revenue	147.00%	13,198.82%	135.41%	66.85%	102.77%	132.41%	163.93%	202.76%	175.67%	192.48%	245.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.94	$3.01	$1.39	$2.35	$1.59	$3.58	$2.53	$1.72	$0.85	$0.91	$1.97
Adjusted Weighted Average Basic Shares Outstanding	568.81M	553.91M	513.09M	498.07M	504.59M	501.80M	499.56M	494.58M	523.67M	520.97M	511.16M
Adjusted Diluted Earnings per Share	$2.94	$3.01	$1.39	$2.35	$1.59	$3.57	$2.53	$1.72	$0.85	$0.91	$1.97
Adjusted Weighted Average Diluted Shares Outstanding	568.81M	553.91M	513.09M	498.07M	504.59M	501.80M	499.56M	494.58M	523.67M	520.97M	511.16M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	568.81M	553.91M	513.09M	498.07M	504.59M	501.80M	499.56M	494.58M	523.67M	520.97M	511.16M
Normalized Net Operating Profit after Tax (NOPAT)	1,663	1,590	1,420	1,073	811	1,607	1,368	845	588	580	955
Normalized NOPAT Margin	25.13%	1,563.17%	22.88%	9.46%	14.57%	19.07%	16.53%	10.77%	6.94%	6.61%	10.14%
Pre Tax Income Margin	37.77%	2,506.49%	35.70%	14.53%	18.29%	29.01%	20.90%	17.05%	9.71%	8.97%	20.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	51.10	50.50	0.00	84.15	0.00	0.00	18.47	0.00	8.60	0.00	0.00
NOPAT to Interest Expense	33.33	30.87	0.00	47.91	0.00	0.00	13.93	0.00	3.10	0.00	0.00
EBIT Less CapEx to Interest Expense	49.14	49.04	0.00	73.71	0.00	0.00	17.55	0.00	6.78	0.00	0.00
NOPAT Less CapEx to Interest Expense	31.38	29.41	0.00	37.48	0.00	0.00	13.01	0.00	1.27	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	23.93%	-25.73%	263.53%	-52.39%	15.72%	-7.72%	28.74%	-3.67%	68.43%	43.10%	-21.29%
Augmented Payout Ratio	98.34%	17.04%	455.37%	10.19%	43.44%	2.22%	42.30%	21.32%	113.57%	86.88%	14.19%

This table displays calculated financial ratios and metrics derived from Franklin Resources' official financial filings.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	520,763,448.00	519,637,162.00	508,076,910.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	520,763,448.00	519,637,162.00	508,076,910.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	0.52	0.33	0.75
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.71%	7.82%	11.33%	13.08%	-1.92%	-2.77%	5.99%	3.35%	8.69%	14.26%	3.89%
EBITDA Growth	-24.98%	-5.64%	-81.62%	4.41%	-44.64%	-20.07%	335.11%	17.28%	169.44%	40.24%	91.21%
EBIT Growth	-34.95%	-9.25%	-108.18%	-5.43%	-82.07%	-41.15%	650.43%	44.25%	943.79%	110.02%	149.31%
NOPAT Growth	-49.99%	-26.75%	-138.12%	1.56%	-58.45%	-40.80%	160.01%	32.91%	535.62%	45.87%	391.23%
Net Income Growth	-35.81%	-5.92%	-116.52%	-9.44%	-93.38%	-49.70%	438.42%	49.42%	2,887.93%	118.77%	193.95%
EPS Growth	-39.47%	-27.27%	-134.48%	-42.00%	13.04%	-53.13%	205.00%	58.62%	88.46%	106.67%	238.10%
Operating Cash Flow Growth	286.36%	-19.24%	-26.99%	42.36%	-136.68%	142.64%	-103.71%	-75.69%	44.91%	-54.67%	2,700.00%
Free Cash Flow Firm Growth	-13.60%	-158.92%	-155.32%	-93.54%	26.40%	225.72%	395.44%	237.07%	365.01%	-61.18%	35.76%
Invested Capital Growth	6.81%	17.94%	3.93%	0.58%	4.37%	-16.04%	-7.00%	-1.60%	-7.50%	-6.16%	-7.49%
Revenue Q/Q Growth	8.12%	-1.39%	4.16%	1.83%	-6.23%	-2.25%	13.55%	-0.71%	-1.38%	2.77%	3.24%
EBITDA Q/Q Growth	-19.01%	15.89%	-76.92%	381.98%	-57.06%	67.34%	9.73%	48.74%	-1.34%	-12.90%	49.61%
EBIT Q/Q Growth	-28.11%	26.04%	-111.23%	1,029.38%	-86.37%	313.58%	44.00%	77.66%	-1.35%	-16.78%	70.94%
NOPAT Q/Q Growth	-40.43%	80.69%	-161.33%	253.85%	-75.63%	157.45%	-37.84%	240.73%	16.56%	-40.92%	109.34%
Net Income Q/Q Growth	-31.60%	32.34%	-124.01%	516.70%	-95.00%	906.03%	61.53%	83.98%	-0.06%	-26.34%	117.04%
EPS Q/Q Growth	-54.00%	39.13%	-162.50%	245.00%	-10.34%	-42.31%	40.00%	119.05%	6.52%	-36.73%	129.03%
Operating Cash Flow Q/Q Growth	154.23%	286.82%	5.64%	-126.01%	65.50%	2,659.08%	-101.61%	-1,132.37%	89.18%	2,205.80%	-7.40%
Free Cash Flow Firm Q/Q Growth	-130.37%	-174.15%	67.89%	124.16%	-445.97%	568.32%	-61.09%	-46.53%	172.01%	-37.19%	33.30%
Invested Capital Q/Q Growth	1.94%	8.74%	-12.02%	3.13%	5.78%	-12.52%	-4.88%	11.79%	-0.56%	-10.36%	-6.23%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	52.24%	57.90%	57.45%	55.97%	56.43%	56.34%	57.09%	55.71%	57.96%	59.36%	58.54%
EBITDA Margin	17.16%	20.17%	4.47%	21.15%	9.69%	16.58%	16.02%	24.00%	24.01%	20.35%	29.49%
Operating Margin	6.01%	10.48%	-6.82%	9.73%	6.90%	7.47%	3.64%	12.08%	14.09%	9.15%	14.61%
EBIT Margin	11.06%	14.14%	-1.52%	13.91%	2.02%	8.56%	10.85%	19.41%	19.42%	15.73%	26.04%
Profit (Net Income) Margin	8.14%	10.93%	-2.52%	10.31%	0.55%	5.65%	8.04%	14.90%	15.10%	10.83%	22.76%
Tax Burden Percent	73.62%	77.31%	120.56%	74.11%	27.17%	66.08%	74.13%	76.76%	77.77%	68.83%	87.40%
Interest Burden Percent	100.00%	100.00%	137.09%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	26.38%	22.69%	0.00%	25.89%	72.83%	33.92%	25.88%	23.24%	22.23%	31.17%	12.60%
Return on Invested Capital (ROIC)	3.90%	7.01%	-4.54%	6.74%	1.68%	4.49%	2.77%	8.83%	10.37%	6.99%	15.15%
ROIC Less NNEP Spread (ROIC-NNEP)	2.27%	5.74%	-5.50%	5.40%	2.21%	4.20%	0.62%	6.47%	8.60%	5.22%	11.41%
Return on Net Nonoperating Assets (RNNOA)	-0.79%	-1.90%	2.02%	-1.93%	-0.78%	-1.48%	-0.25%	-2.43%	-3.09%	-2.18%	-5.13%
Return on Equity (ROE)	3.10%	5.12%	-2.52%	4.82%	0.90%	3.01%	2.52%	6.40%	7.28%	4.81%	10.02%
Cash Return on Invested Capital (CROIC)	1.88%	-9.00%	-0.48%	2.68%	-1.18%	19.87%	12.18%	6.76%	14.45%	14.41%	19.49%
Operating Return on Assets (OROA)	2.89%	3.68%	-0.41%	3.91%	0.54%	2.25%	2.94%	5.29%	5.31%	4.26%	6.91%
Return on Assets (ROA)	2.13%	2.84%	-0.68%	2.89%	0.15%	1.48%	2.18%	4.06%	4.13%	2.93%	6.04%
Return on Common Equity (ROCE)	2.71%	4.46%	-2.19%	4.05%	0.76%	2.57%	2.15%	5.29%	5.98%	4.00%	8.32%
Return on Equity Simple (ROE_SIMPLE)	8.50%	8.38%	0.00%	4.68%	3.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	95	172	-105	162	40	102	63	216	251	149	311
NOPAT Margin	4.42%	8.10%	-4.77%	7.21%	1.87%	4.93%	2.70%	9.27%	10.96%	6.30%	12.77%
Net Nonoperating Expense Percent (NNEP)	1.63%	1.27%	0.97%	1.35%	-0.53%	0.29%	2.15%	2.35%	1.78%	1.77%	3.75%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	0.48%	0.11%	0.29%	0.18%	0.58%	0.63%	0.52%	1.02%
Cost of Revenue to Revenue	47.76%	42.10%	42.55%	44.03%	43.57%	43.66%	42.91%	44.29%	42.04%	40.64%	41.46%
SG&A Expenses to Revenue	16.27%	15.86%	16.89%	15.15%	16.17%	16.78%	16.60%	15.15%	15.04%	20.08%	16.24%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	46.23%	47.42%	64.27%	46.24%	49.53%	48.88%	53.45%	43.63%	43.88%	50.21%	43.93%
Earnings before Interest and Taxes (EBIT)	238	300	-34	313	43	177	254	452	446	371	634
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	369	428	99	476	205	342	376	559	551	480	718
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.15	0.91	0.84	0.85	0.82	1.03	0.99	1.03	1.01	1.47	1.37
Price to Tangible Book Value (P/TBV)	11.12	8.38	7.05	6.68	6.31	8.08	7.04	7.37	7.08	12.15	10.06
Price to Revenue (P/Rev)	1.83	1.42	1.24	1.22	1.16	1.45	1.37	1.41	1.36	1.85	1.73
Price to Earnings (P/E)	16.47	13.92	22.67	28.18	25.02	38.85	22.88	20.18	16.77	21.27	15.18
Dividend Yield	4.34%	5.50%	6.15%	6.16%	6.55%	5.32%	5.53%	5.40%	5.50%	3.94%	4.11%
Earnings Yield	6.07%	7.19%	4.41%	3.55%	4.00%	2.57%	4.37%	4.96%	5.96%	4.70%	6.59%
Enterprise Value to Invested Capital (EV/IC)	2.15	0.95	1.79	1.76	1.72	2.14	2.20	2.21	2.34	1.68	1.58
Enterprise Value to Revenue (EV/Rev)	2.52	1.18	1.92	1.88	1.96	2.15	2.07	2.30	2.37	1.47	1.28
Enterprise Value to EBITDA (EV/EBITDA)	10.78	5.23	12.04	11.99	14.12	16.57	12.96	13.77	11.71	6.96	5.22
Enterprise Value to EBIT (EV/EBIT)	14.70	7.19	19.48	20.12	27.40	37.27	23.04	22.03	16.11	8.99	6.34
Enterprise Value to NOPAT (EV/NOPAT)	26.26	13.73	54.07	54.03	56.74	80.62	43.02	42.69	33.74	20.23	12.98
Enterprise Value to Operating Cash Flow (EV/OCF)	15.10	7.96	16.76	15.26	19.13	11.30	17.01	21.32	21.87	49.26	14.41
Enterprise Value to Free Cash Flow (EV/FCFF)	118.35	0.00	0.00	65.62	0.00	9.85	17.40	32.49	15.54	11.31	7.79
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.44	0.20	1.47	1.36	1.43	1.51	1.57	1.67	1.82	1.09	1.18
Long-Term Debt to Equity	1.44	0.20	1.47	1.36	1.43	1.51	1.57	1.67	1.82	1.09	1.18
Financial Leverage	-0.35	-0.33	-0.37	-0.36	-0.35	-0.35	-0.41	-0.38	-0.36	-0.42	-0.45
Leverage Ratio	2.20	2.23	2.22	2.14	2.16	2.24	2.25	2.18	2.22	2.39	2.46
Compound Leverage Factor	2.20	2.23	3.05	2.14	2.16	2.24	2.25	2.18	2.22	2.39	2.46
Debt to Total Capital	58.95%	16.92%	59.57%	57.66%	58.88%	60.19%	61.05%	62.59%	64.50%	52.21%	54.16%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	58.95%	16.92%	59.57%	57.66%	58.88%	60.19%	61.05%	62.59%	64.50%	52.21%	54.16%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	5.46%	11.32%	5.71%	7.94%	7.67%	6.15%	5.80%	5.87%	6.05%	8.83%	8.66%
Common Equity to Total Capital	35.59%	71.75%	34.72%	34.40%	33.45%	33.66%	33.16%	31.54%	29.44%	38.95%	37.17%
Debt to EBITDA	11.25	1.62	15.87	15.22	18.00	19.45	15.90	16.26	14.54	8.01	7.51
Net Debt to EBITDA	1.93	-2.15	2.72	2.15	3.40	3.41	2.87	3.84	3.62	-3.19	-3.05
Long-Term Debt to EBITDA	11.25	1.62	15.87	15.22	18.00	19.45	15.90	16.26	14.54	8.01	7.51
Debt to NOPAT	27.39	4.27	71.31	68.58	72.32	94.64	52.76	50.42	41.87	23.27	18.65
Net Debt to NOPAT	4.70	-5.65	12.23	9.69	13.67	16.58	9.51	11.90	10.42	-9.27	-7.58
Long-Term Debt to NOPAT	27.39	4.27	71.31	68.58	72.32	94.64	52.76	50.42	41.87	23.27	18.65
Altman Z-Score	1.89	1.46	1.68	1.76	1.79	1.81	1.82	1.87	1.84	1.90	1.85
Noncontrolling Interest Sharing Ratio	12.56%	12.89%	13.20%	15.80%	16.01%	14.53%	14.49%	17.27%	17.87%	16.97%	16.92%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	7.32	9.43	4.25	4.89	8.55	6.49	6.85	8.17	9.45	8.35	8.90
Quick Ratio	7.32	9.43	4.25	4.89	8.55	6.49	6.85	8.17	9.45	8.26	8.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-510	-1,398	-449	108	-375	1,758	684	366	995	682	928
Operating Cash Flow to CapEx	327.58%	1,146.20%	799.71%	-202.23%	-133.60%	9,157.86%	-66.35%	0.00%	-575.00%	3,874.67%	9,785.45%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.26	0.26	0.27	0.28	0.27	0.26	0.27	0.27	0.27	0.27	0.27
Accounts Receivable Turnover	5.39	5.45	5.28	5.30	5.35	5.25	5.81	5.94	5.73	5.67	5.92
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	9.82	9.65	9.71	9.79	9.22	9.19	9.25	9.28	9.55	10.02	10.35
Accounts Payable Turnover	3.19	4.47	3.34	3.15	3.07	3.12	2.47	2.90	3.24	2.11	2.19
Days Sales Outstanding (DSO)	67.77	67.02	69.14	68.90	68.28	69.59	62.86	61.50	63.73	64.40	61.67
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	114.43	81.57	109.21	115.88	118.81	117.15	147.75	125.94	112.54	173.05	166.83
Cash Conversion Cycle (CCC)	-46.66	-14.55	-40.07	-46.99	-50.53	-47.56	-84.89	-64.44	-48.81	-108.65	-105.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,493	10,323	9,082	9,366	9,908	8,667	8,244	9,216	9,165	8,133	7,626
Invested Capital Turnover	0.88	0.87	0.95	0.94	0.90	0.91	1.03	0.95	0.95	1.11	1.19
Increase / (Decrease) in Invested Capital	605	1,570	344	54	415	-1,656	-621	-150	-743	-534	-618
Enterprise Value (EV)	20,428	9,768	16,276	16,454	17,054	18,588	18,130	20,390	21,403	13,683	12,053
Market Capitalization	14,802	11,758	10,538	10,625	10,114	12,534	12,009	12,446	12,300	17,288	16,319
Book Value per Share	$24.42	$24.46	$23.92	$23.80	$23.50	$23.22	$23.26	$23.29	$23.28	$22.59	$23.41
Tangible Book Value per Share	$2.53	$2.67	$2.86	$3.04	$3.05	$2.95	$3.29	$3.24	$3.34	$2.74	$3.19
Total Capital	36,139	17,936	36,028	36,226	36,914	36,257	36,425	38,475	41,175	30,136	31,992
Total Debt	21,303	3,035	21,463	20,886	21,736	21,822	22,237	24,083	26,560	15,735	17,328
Total Long-Term Debt	21,303	3,035	21,463	20,886	21,736	21,822	22,237	24,083	26,560	15,735	17,328
Net Debt	3,652	-4,022	3,681	2,951	4,108	3,824	4,010	5,686	6,611	-6,268	-7,038
Capital Expenditures (CapEx)	42	46	70	72	38	14	31	-9.30	4.80	15	5.50
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-999	656	-2,889	-2,450	-631	-1,318	-1,345	-983	-739	-1,055	-1,283
Debt-free Net Working Capital (DFNWC)	16,652	7,712	14,893	15,485	16,997	16,680	16,882	17,413	19,210	20,948	23,083
Net Working Capital (NWC)	16,652	7,712	14,893	15,485	16,997	16,680	16,882	17,413	19,210	20,948	23,083
Net Nonoperating Expense (NNE)	-80	-60	-50	-70	28	-15	-125	-131	-95	-107	-243
Net Nonoperating Obligations (NNO)	-5,343	-4,579	-5,483	-5,974	-5,270	-5,768	-5,945	-5,176	-5,451	-6,268	-7,038
Total Depreciation and Amortization (D&A)	131	128	133	163	162	166	121	107	105	109	84
Debt-free, Cash-free Net Working Capital to Revenue	-12.34%	7.95%	-34.08%	-28.04%	-7.26%	-15.25%	-15.33%	-11.12%	-8.18%	-11.31%	-13.63%
Debt-free Net Working Capital to Revenue	205.60%	93.45%	175.67%	177.20%	195.43%	193.10%	192.48%	196.84%	212.74%	224.67%	245.16%
Net Working Capital to Revenue	205.60%	93.45%	175.67%	177.20%	195.43%	193.10%	192.48%	196.84%	212.74%	224.67%	245.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.23	$0.32	($0.20)	$0.29	$0.26	$0.15	$0.21	$0.46	$0.49	$0.31	$0.71
Adjusted Weighted Average Basic Shares Outstanding	526.09M	523.00M	523.67M	525.40M	525.52M	519.20M	520.97M	520.76M	519.64M	508.08M	511.16M
Adjusted Diluted Earnings per Share	$0.23	$0.32	($0.20)	$0.29	$0.26	$0.15	$0.21	$0.46	$0.49	$0.31	$0.71
Adjusted Weighted Average Diluted Shares Outstanding	526.09M	523.00M	523.67M	525.40M	525.52M	519.20M	520.97M	520.76M	519.64M	508.08M	511.16M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	526.09M	523.00M	523.67M	525.40M	525.52M	519.20M	520.97M	520.76M	519.64M	508.08M	511.16M
Normalized Net Operating Profit after Tax (NOPAT)	95	172	-105	162	119	102	63	216	251	171	311
Normalized NOPAT Margin	4.42%	8.10%	-4.77%	7.21%	5.64%	4.93%	2.70%	9.27%	10.96%	7.26%	12.77%
Pre Tax Income Margin	11.06%	14.14%	-2.09%	13.91%	2.02%	8.56%	10.85%	19.41%	19.42%	15.73%	26.04%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	49.77%	39.11%	68.43%	50.09%	84.31%	134.20%	43.10%	43.32%	-21.52%	-31.16%	-21.29%
Augmented Payout Ratio	78.03%	72.33%	113.57%	88.02%	136.62%	224.65%	86.88%	84.98%	10.88%	13.85%	14.19%

Financials Breakdown Chart

Key Financial Trends

Franklin Resources’ latest quarter showed stronger revenue and earnings, continuing a recovery from weaker results in fiscal 2025. However, operating cash flow remains uneven, and the supplied balance-sheet figures contain inconsistencies that make liquidity trends difficult to assess confidently.

Revenue continued to grow. Q4 2026 revenue was $2.43 billion, up 3.3% from Q3 2026 and 3.9% from Q4 2025. Across the supplied period, quarterly revenue has generally risen from around $1.9 billion in late 2022.
Profitability improved sharply year over year. Operating income reached $355.8 million in Q4 2026, up from $215.8 million in Q3 and $85.4 million in Q4 2025. Operating margin improved to about 14.6%, from 9.2% in Q3 2026.
Common-shareholder earnings rebounded. Net income attributable to common shareholders rose to $380.1 million, or $0.71 per share, from $171.5 million and $0.31 per share in Q3. Q4 2025 reported $117.6 million, or $0.21 per share.
Recent operating cash flow was positive. Franklin Resources generated $538.2 million of operating cash flow in Q4 2026. Combined with the prior three quarters, operating cash flow for the latest four quarters was about $836.7 million.
Other income contributed meaningfully to pretax results. Q4 2026 net other income was $278.2 million, compared with operating income of $355.8 million. This supported earnings, but means results were not driven solely by operating performance.
Share count was lower than earlier in 2026. Weighted-average shares were about 511.2 million in Q4, versus 519.6 million in Q2. The Q4 data provided does not include a dividend-per-share figure, so the latest quarter’s dividend cannot be compared here.
Operating cash flow has been volatile. Several quarters in the supplied history had negative operating cash flow, including Q1 and Q2 2026. Q4 cash from operations also slipped from $581.2 million in Q3 despite the increase in net income, underscoring the effect of cash-flow adjustments and working-capital movements.
Investment and financing flows were sizable and complex. Q4 2026 investing activities used $986.5 million, while financing activities provided $1.08 billion. The quarter included $950 million of debt issuance and $700 million of debt repayment, so the increase in cash was not solely generated by operations.
Balance-sheet data should be treated cautiously. The supplied Q3 2026 balance sheet reports no cash and $2.7 billion of short-term investments, versus $3.6 billion of cash and $16.4 billion of short-term investments in Q2. Some reported liability subtotals also do not reconcile with their listed components. These apparent inconsistencies prevent a reliable conclusion about the company’s underlying liquidity or debt trend.

11/12/26 03:12 AM ETAI Generated. May Contain Errors.

Franklin Resources Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Franklin Resources' fiscal year ends in September. Their fiscal year 2026 ended on September 30, 2026.

Franklin Resources' net income appears to be on a downward trend, with a most recent value of $1.50 billion in 2026, falling from $1.76 billion in 2016. The previous period was $548.90 million in 2025. Check out Franklin Resources' forecast to explore projected trends and price targets.

Franklin Resources' total operating income in 2026 was $1.18 billion, based on the following breakdown:

Total Gross Profit: $5.45 billion
Total Operating Expenses: $4.28 billion

Over the last 10 years, Franklin Resources' total revenue changed from $6.62 billion in 2016 to $9.42 billion in 2026, a change of 42.3%.

In the past 11 quarters, Franklin Resources' cash and equivalents has ranged from $0.00 in Q3 2026 to $4.41 billion in Q4 2024, and is currently $0.00 as of their latest financial filing in Q3 2026.

Franklin Resources had total debt of $17.33 billion at the end of 2026, a 22.1% decrease from 2025, and a 626.4% increase since 2016.

Over the last 10 years, Franklin Resources' book value per share changed from 20.72 in 2016 to 23.41 in 2026, a change of 13.0%.

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Financial statements for NYSE:BEN last updated on 11/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Franklin Resources (BEN) Financials

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Franklin Resources (BEN) Financials

Annual Income Statements for Franklin Resources

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Quarterly Cash Flow Statements for Franklin Resources

Annual Balance Sheets for Franklin Resources

Quarterly Balance Sheets for Franklin Resources

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Quarterly Metrics And Ratios for Franklin Resources

Financials Breakdown Chart

Key Financial Trends

Franklin Resources Financials - Frequently Asked Questions

When does Franklin Resources' financial year end?

How has Franklin Resources' net income changed over the last 10 years?

What is Franklin Resources' operating income?

How has Franklin Resources' revenue changed over the last 10 years?

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How has Franklin Resources' book value per share changed over the last 10 years?

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